{
  "report_id": "theme_precious_metals_node_senior_gold_producers_and_reserve_replacement",
  "report_type": "theme_value_chain_node",
  "site_path": "themes/precious-metals/nodes/senior-gold-producers-and-reserve-replacement/index.html",
  "title": "Senior Gold Producers And Reserve Replacement",
  "as_of": "2026-06-22",
  "generated_at": "2026-06-22T22:45:00-07:00",
  "freshness": {
    "price_data_as_of": "2026-06-22",
    "daily_ohlc_latest": "2026-06-22",
    "chart_interval": "weekly",
    "knowledge_reviewed_as_of": "2026-06-22",
    "local_discovery_reviewed_as_of": "2026-06-22",
    "api_required": true,
    "runtime_price_data": "Resolved by local report API at request time; authoring validation used read-only discovery checks and DuckDB daily_ohlc row counts.",
    "selected_security_chart_source": "/api/securities/{ticker}/chart?frequency=weekly&window=3y&as_of=latest",
    "chartable_core_names": 8,
    "canonical_lane_count": 1,
    "source_gap_count": 7,
    "mapping_note": "Local B maps to Barrick Mining Corporation. Local GOLD maps to Gold.com, Inc. and is excluded from this Barrick producer node."
  },
  "revision": {
    "version": 1,
    "updated_label": "Initial tactical node page built from 15 primary ranking subagents and one tournament merge subagent; final basket order is AEM, NEM, B, KGC, AU, AGI, BTG, EGO.",
    "metadata_path": "themes/precious-metals/nodes/senior-gold-producers-and-reserve-replacement/report.json",
    "curation_source": "Manual static node update using read-only discovery coverage checks, local AEM canonical lane support, official annual filing routes, and tournament-selected basket order.",
    "shared_file_updates": "Parent precious metals metadata and sitemap registration updated only for route agreement."
  },
  "node": {
    "slug": "senior-gold-producers-and-reserve-replacement",
    "order": 3,
    "level": "L2 operating miner cash-flow route",
    "parent_report_id": "theme_precious_metals",
    "parent_site_path": "themes/precious-metals/index.html",
    "parent_anchor": "senior-gold-producers-and-reserve-replacement",
    "role": "Tests whether realized gold prices become per-share value after AISC, sustaining capital, growth capex, taxes, royalties, reserve replacement, jurisdiction risk, and capital allocation.",
    "description": "Senior and intermediate gold producers operate mines, process ore, sell gold and byproduct metals, replace depleted reserves, and decide whether cash flow funds mine reinvestment, debt reduction, dividends, buybacks, or acquisitions."
  },
  "ranking_method": {
    "primary_subagents": 15,
    "merge_subagents": 1,
    "reasoning_effort": "xhigh",
    "primary_lenses": [
      "Pure senior/intermediate gold producer ranking and basket construction",
      "Local discovery/API coverage and ticker mapping",
      "Canonical knowledge coverage and source gaps",
      "Production scale, mine portfolio, and asset concentration",
      "AISC, sustaining capital, cost inflation, and margin conversion",
      "Reserve replacement, mine life, exploration success, and project pipeline",
      "Jurisdiction, permitting, tax, labor, and operating risk",
      "Balance sheet, capital returns, debt, buybacks, dividends, and M&A discipline",
      "Commodity mix: gold purity versus copper, silver, or other byproduct exposure",
      "Official filings, annual reports, reserve statements, MD&A, and IR presentations",
      "Relative valuation, free cash flow, and reinvestment burden",
      "Technical/chart setup using local OHLC only",
      "Missing universe/subscription expansion queue",
      "Plain-language report usefulness",
      "Metadata, source trail, and validation requirements"
    ],
    "final_decision": "Kept the requested senior/intermediate producer universe, led with AEM because it is the only name with both local chart coverage and canonical lane support, kept NEM and B as required senior-scale comparables, ranked KGC and AU ahead of AGI, BTG, and EGO on operating scale and producer relevance, and treated all non-AEM names as API-backed source gaps until company lanes or official filing projections are filed.",
    "final_rank": [
      "AEM",
      "NEM",
      "B",
      "KGC",
      "AU",
      "AGI",
      "BTG",
      "EGO"
    ]
  },
  "ticker_baskets": {
    "core": [
      "AEM",
      "NEM",
      "B",
      "KGC",
      "AU",
      "AGI",
      "BTG",
      "EGO"
    ],
    "api_backed_local_coverage": [
      "AEM",
      "NEM",
      "B",
      "KGC",
      "AU",
      "AGI",
      "BTG",
      "EGO"
    ],
    "canonical_lane_supported": [
      "AEM"
    ],
    "source_gap_core": [
      "NEM",
      "B",
      "KGC",
      "AU",
      "AGI",
      "BTG",
      "EGO"
    ],
    "source_only_watchlist": [],
    "missing_local_api": [],
    "subscription_expansion_candidates": [
      "GFI",
      "Northern Star",
      "HMY",
      "EQX",
      "IAG",
      "CGAU"
    ],
    "excluded_or_deferred": [
      {
        "ticker": "GOLD",
        "reason": "Local GOLD maps to Gold.com, Inc.; Barrick is local ticker B."
      },
      {
        "ticker": "GLD",
        "reason": "Bullion wrapper, not an operating producer."
      },
      {
        "ticker": "GDX",
        "reason": "ETF wrapper, not a single producer."
      },
      {
        "ticker": "FNV",
        "reason": "Royalty and streaming finance node."
      },
      {
        "ticker": "WPM",
        "reason": "Royalty and streaming finance node."
      },
      {
        "ticker": "RGLD",
        "reason": "Royalty and streaming finance node."
      },
      {
        "ticker": "PAAS",
        "reason": "Silver industrial demand and mine supply node."
      }
    ]
  },
  "basket_card_metrics": [
    {
      "ticker": "AEM",
      "rank": 1,
      "company": "Agnico Eagle Mines Limited",
      "market_cap": "$83.3B",
      "local_chart": "API-backed local coverage",
      "daily_rows": 1284,
      "latest_ohlc_date": "2026-06-22",
      "canonical_lane": "../../../knowledge/wiki/lanes/security/aem.md",
      "source_state": "API-backed with canonical lane",
      "ranking_rationale": "Highest-confidence producer route because the local lane already supports production, AISC, free-cash-flow, net-cash, and project proof points."
    },
    {
      "ticker": "NEM",
      "rank": 2,
      "company": "Newmont Corporation",
      "market_cap": "$124.4B",
      "local_chart": "API-backed local coverage",
      "daily_rows": 1283,
      "latest_ohlc_date": "2026-06-22",
      "canonical_lane": null,
      "source_state": "Missing canonical lane",
      "ranking_rationale": "Required senior-scale producer comparable; included for scale and reserve-replacement relevance, with mine-level claims held to official filings."
    },
    {
      "ticker": "B",
      "rank": 3,
      "company": "Barrick Mining Corporation",
      "market_cap": "$67.6B",
      "local_chart": "API-backed local coverage",
      "daily_rows": 1212,
      "latest_ohlc_date": "2026-06-22",
      "canonical_lane": null,
      "source_state": "Missing canonical lane",
      "ranking_rationale": "Required senior producer comparable; local B is Barrick and should not be replaced with local GOLD."
    },
    {
      "ticker": "KGC",
      "rank": 4,
      "company": "Kinross Gold Corporation",
      "market_cap": "$37.6B",
      "local_chart": "API-backed local coverage",
      "daily_rows": 1283,
      "latest_ohlc_date": "2026-06-22",
      "canonical_lane": null,
      "source_state": "Missing canonical lane",
      "ranking_rationale": "Intermediate producer with enough scale to test whether higher gold prices fund mine reinvestment after costs and project spend."
    },
    {
      "ticker": "AU",
      "rank": 5,
      "company": "AngloGold Ashanti plc",
      "market_cap": "$45.9B",
      "local_chart": "API-backed local coverage",
      "daily_rows": 1284,
      "latest_ohlc_date": "2026-06-22",
      "canonical_lane": null,
      "source_state": "Missing canonical lane",
      "ranking_rationale": "Large global producer route with jurisdiction and reserve-replacement questions that belong in the senior/intermediate basket."
    },
    {
      "ticker": "AGI",
      "rank": 6,
      "company": "Alamos Gold Inc.",
      "market_cap": "$15.3B",
      "local_chart": "API-backed local coverage",
      "daily_rows": 1284,
      "latest_ohlc_date": "2026-06-22",
      "canonical_lane": null,
      "source_state": "Missing canonical lane",
      "ranking_rationale": "Intermediate producer included for mine-life, project-execution, and margin-conversion comparison against larger producers."
    },
    {
      "ticker": "BTG",
      "rank": 7,
      "company": "B2Gold Corp.",
      "market_cap": "$5.7B",
      "local_chart": "API-backed local coverage",
      "daily_rows": 1283,
      "latest_ohlc_date": "2026-06-22",
      "canonical_lane": null,
      "source_state": "Missing canonical lane",
      "ranking_rationale": "Smaller intermediate producer retained for operating leverage and jurisdiction risk comparison, subject to official-source mine and cost extraction."
    },
    {
      "ticker": "EGO",
      "rank": 8,
      "company": "Eldorado Gold Corporation",
      "market_cap": "$8.6B",
      "local_chart": "API-backed local coverage",
      "daily_rows": 1283,
      "latest_ohlc_date": "2026-06-22",
      "canonical_lane": null,
      "source_state": "Missing canonical lane",
      "ranking_rationale": "Smallest ranked producer route; included for reserve-replacement and project-spend optionality, but needs official filing extraction before stronger claims."
    }
  ],
  "chart_artifacts": [
    {
      "chart_id": "chart-aem",
      "ticker": "AEM",
      "source_table": "daily_ohlc",
      "daily_rows": 1284,
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, and volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed by the report API from weekly closes using available local history before visible-window clipping.",
      "price_data_as_of": "2026-06-22",
      "visible_years": 3,
      "rendering": "report_api_selected_security",
      "api_route": "/api/securities/AEM/chart?frequency=weekly&window=3y&as_of=latest"
    },
    {
      "chart_id": "chart-nem",
      "ticker": "NEM",
      "source_table": "daily_ohlc",
      "daily_rows": 1283,
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, and volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed by the report API from weekly closes using available local history before visible-window clipping.",
      "price_data_as_of": "2026-06-22",
      "visible_years": 3,
      "rendering": "report_api_selected_security",
      "api_route": "/api/securities/NEM/chart?frequency=weekly&window=3y&as_of=latest"
    },
    {
      "chart_id": "chart-b",
      "ticker": "B",
      "source_table": "daily_ohlc",
      "daily_rows": 1212,
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, and volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed by the report API from weekly closes using available local history before visible-window clipping.",
      "price_data_as_of": "2026-06-22",
      "visible_years": 3,
      "rendering": "report_api_selected_security",
      "api_route": "/api/securities/B/chart?frequency=weekly&window=3y&as_of=latest"
    },
    {
      "chart_id": "chart-kgc",
      "ticker": "KGC",
      "source_table": "daily_ohlc",
      "daily_rows": 1283,
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, and volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed by the report API from weekly closes using available local history before visible-window clipping.",
      "price_data_as_of": "2026-06-22",
      "visible_years": 3,
      "rendering": "report_api_selected_security",
      "api_route": "/api/securities/KGC/chart?frequency=weekly&window=3y&as_of=latest"
    },
    {
      "chart_id": "chart-au",
      "ticker": "AU",
      "source_table": "daily_ohlc",
      "daily_rows": 1284,
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, and volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed by the report API from weekly closes using available local history before visible-window clipping.",
      "price_data_as_of": "2026-06-22",
      "visible_years": 3,
      "rendering": "report_api_selected_security",
      "api_route": "/api/securities/AU/chart?frequency=weekly&window=3y&as_of=latest"
    },
    {
      "chart_id": "chart-agi",
      "ticker": "AGI",
      "source_table": "daily_ohlc",
      "daily_rows": 1284,
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, and volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed by the report API from weekly closes using available local history before visible-window clipping.",
      "price_data_as_of": "2026-06-22",
      "visible_years": 3,
      "rendering": "report_api_selected_security",
      "api_route": "/api/securities/AGI/chart?frequency=weekly&window=3y&as_of=latest"
    },
    {
      "chart_id": "chart-btg",
      "ticker": "BTG",
      "source_table": "daily_ohlc",
      "daily_rows": 1283,
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, and volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed by the report API from weekly closes using available local history before visible-window clipping.",
      "price_data_as_of": "2026-06-22",
      "visible_years": 3,
      "rendering": "report_api_selected_security",
      "api_route": "/api/securities/BTG/chart?frequency=weekly&window=3y&as_of=latest"
    },
    {
      "chart_id": "chart-ego",
      "ticker": "EGO",
      "source_table": "daily_ohlc",
      "daily_rows": 1283,
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, and volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed by the report API from weekly closes using available local history before visible-window clipping.",
      "price_data_as_of": "2026-06-22",
      "visible_years": 3,
      "rendering": "report_api_selected_security",
      "api_route": "/api/securities/EGO/chart?frequency=weekly&window=3y&as_of=latest"
    }
  ],
  "source_trail": {
    "knowledge_sources": [
      "../../../../../knowledge/wiki/lanes/security/aem.md",
      "../../../../../knowledge/raw/sources/security_research__aem__watchlists_security_theme_wiki_20260524/output.md",
      "../../../../../knowledge/raw/sources/security_profile__aem__watchlists_security_theme_wiki_20260524/output.md",
      "../../../../../knowledge/wiki/lanes/sector/materials.md",
      "../../../../../knowledge/wiki/concepts/themes/energy-input-cost-pass-through.md"
    ],
    "discovery_sources": [
      "discovery:status:AEM|NEM|B|KGC|AU|AGI|BTG|EGO",
      "discovery:duckdb:daily_ohlc:senior_gold_producers_and_reserve_replacement:2026-06-22",
      "report-api:/api/securities/{ticker}/chart?frequency=weekly&window=3y&as_of=latest",
      "discovery:instrument_mapping:B=Barrick_Mining_Corporation;GOLD=Gold.com_Inc"
    ],
    "annual_filing_sources": [
      {
        "ticker": "AEM",
        "form": "40-F",
        "filed_at": "2026-03-19",
        "url": "https://www.sec.gov/Archives/edgar/data/2809/0001104659-26-032153.txt"
      },
      {
        "ticker": "NEM",
        "form": "10-K",
        "filed_at": "2026-02-19",
        "url": "https://www.sec.gov/Archives/edgar/data/1164727/0001164727-26-000010.txt"
      },
      {
        "ticker": "B",
        "form": "40-F",
        "filed_at": "2026-02-27",
        "url": "https://www.sec.gov/Archives/edgar/data/756894/0001193125-26-079253.txt"
      },
      {
        "ticker": "KGC",
        "form": "40-F",
        "filed_at": "2026-03-26",
        "url": "https://www.sec.gov/Archives/edgar/data/701818/0001104659-26-035268.txt"
      },
      {
        "ticker": "AU",
        "form": "20-F",
        "filed_at": "2026-03-26",
        "url": "https://www.sec.gov/Archives/edgar/data/1973832/0001973832-26-000066.txt"
      },
      {
        "ticker": "AGI",
        "form": "40-F",
        "filed_at": "2026-03-26",
        "url": "https://www.sec.gov/Archives/edgar/data/1178819/0001178819-26-000048.txt"
      },
      {
        "ticker": "BTG",
        "form": "40-F",
        "filed_at": "2026-03-11",
        "url": "https://www.sec.gov/Archives/edgar/data/1429937/0001104659-26-026310.txt"
      },
      {
        "ticker": "EGO",
        "form": "40-F",
        "filed_at": "2026-03-27",
        "url": "https://www.sec.gov/Archives/edgar/data/918608/0000918608-26-000007.txt"
      }
    ],
    "external_reference_sources": [
      "https://www.gold.org/goldhub/research/gold-demand-trends",
      "https://www.usgs.gov/centers/national-minerals-information-center/gold-statistics-and-information"
    ]
  },
  "source_gaps": [
    {
      "scope": "canonical_security_lanes",
      "tickers": [
        "NEM",
        "B",
        "KGC",
        "AU",
        "AGI",
        "BTG",
        "EGO"
      ],
      "needed": "File source-routed company lanes or raw official-filing projections before adding company-specific production, AISC, reserve, sustaining-capital, project-capex, dividend, buyback, debt, or valuation claims."
    },
    {
      "scope": "local_api",
      "tickers": [],
      "needed": "No local API gaps were found for the final eight-name ranked basket as of 2026-06-22 daily_ohlc coverage."
    },
    {
      "scope": "ticker_mapping",
      "tickers": [
        "B",
        "GOLD"
      ],
      "needed": "Keep B as Barrick. Do not use local GOLD for Barrick unless discovery instrument mapping changes and is revalidated."
    }
  ],
  "format_contract": {
    "required_sections": [
      "Opening paragraph",
      "Current Setup",
      "Basket",
      "What Confirms Or Weakens",
      "Source Trail",
      "Categories"
    ],
    "current_setup_source_fields": [
      "why-it-matters-to-the-theme",
      "tailwinds",
      "headwinds"
    ],
    "basket_card_detail_sections": [
      "Role in stack",
      "Revenue mix",
      "Proof burden"
    ],
    "evidence_board_columns": [
      "What confirms",
      "What weakens",
      "Next source check"
    ]
  },
  "validation_expectations": {
    "json": "jq empty on this report.json, parent report.json, and sitemap.json",
    "html": "Relative links resolve from file://; required sections and basket card shape are present.",
    "chart": "data-report-api is required only because every final-ranked ticker has local daily_ohlc coverage through 2026-06-22.",
    "writing": "Do not add unverified production volumes, AISC, reserves, resources, mine life, capex, FCF, dividends, buybacks, or valuation multiples for source-gap names."
  }
}