Alt Thinking December 31, 2025
Commentary
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Ninepoint Gold & Precious Minerals Fund

Ninepoint Gold & Precious Minerals Fund - December 2025
Investment Team
  • Nawojka Wachowiak, M.Sc., CIM
    Senior Portfolio Manager
    Nawojka Wachowiak, M.Sc., CIM
    Senior Portfolio Manager
    Nawojka Wachowiak is a natural resources professional with 25 years of capital markets experience as an investment manager, sell-side equity analyst, and investor relations executive. Most recently, she was a Portfolio Manager at Dynamic Funds, specializing in metals and mining. She previously served in an executive position for a multinational mining company and spent a decade as a sell-side equity analyst covering North American mining equities. Nawojka holds Bachelor’s and Master’s degrees...
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  • Eric Yao
    Analyst
    Eric Yao
    Analyst
    Eric holds a Master in Asset Management from Yale University and graduated from the University of Waterloo with a double major in Mathematical Finance and Statistics. Before joining Ninepoint, Eric worked as an Alpha Researcher at WorldQuant. He has experience across investment research, asset allocation, and risk management. 
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Key Takeaways
  • Gold prices hit record highs in Q4 2025, supported by strong central‑bank buying, safe‑haven demand, and a more accommodative Federal Reserve.
  • Gold‑mining equities improved but still lagged bullion, with solid margins and attractive valuations suggesting further room for re‑rating as sentiment strengthens.

The Ninepoint Gold and Precious Metals Fund achieved steady results in the final quarter of 2025, concluding a year of notable performance for the precious metals sector. On a year-to-date basis as of December 31, 2025, the Fund generated a total return of 154.57%, compared to the benchmark’s return of 146.24%. In Q4, the Fund gained 19.60%, compared to the benchmark return of 11.87%.

NINEPOINT GOLD & PRECIOUS MINERALS FUND - COMPOUNDED RETURNS¹ (%) AS OF DECEMBER 31, 2025 (SERIES F NPP300) | INCEPTION DATE: OCTOBER 13, 2004

1M

YTD

3M

6M

1YR

3YR

5YR

10YR

15YR

INCEPTION

FUND

9.13%

154.57%

19.60%

74.35%

154.57%

48.96%

19.67%

21.04%

4.23%

8.22%

INDEX

2.37%

146.24%

11.87%

66.06%

146.24%

45.97%

23.51%

22.03%

6.02%

7.82%

Gold continued its rise in the fourth quarter, peaking at US$4,356/oz before a correction in mid-October and re-testing the $4,000/oz support level. Following the correction, gold prices stabilized before surging again to reach a new high of $4,533/oz in late December.

An important and continuing trend of Q4 2025 was the consistent appetite from global Central Banks, which remained net buyers, despite the rise in the spot price. This consistent buying activity has helped establish a supportive floor for gold, lending support during pullbacks.

The macroeconomic environment continued to provide several tailwinds for safe-haven assets throughout the quarter. Economic uncertainty, the US government shutdown and ongoing geopolitical tensions, combined with trade tariffs and increased inflation concerns, continued to support the gold price during the quarter. The positive sentiment for gold was further supported by the Federal Reserve’s shift toward a more accommodative stance, with three consecutive 25-basis point rate cuts through the latter half of the year. This reduced the opportunity cost of holding non-yielding bullion and encouraged continuing inflows from investors to gold-backed ETFs.

As gold bullion reached new record highs, the fourth quarter also saw additional price support in gold equities. For much of the past two years mining stocks have not participated fully in the positive momentum of the gold price but in mid-2025, equity performance improved. Despite gains in H2 2025, we believe that gold equity performance has yet to fully reflect the rally in bullion, suggesting there may be further room for a fundamental re-rating as market sentiment for gold equities continues to improve.

In the meantime, the fundamentals of the sector remain supportive. As gold prices averaged above $4,000/oz in Q4, producers saw their margins continue to expand.  Despite the strong performance, equity valuations remain compelling with producers trading at ~ 5x EBITDA on spot gold and remain at discounts to their five-year average on P/NAV. With a strong balance sheet and buyback continuing, a further improvement in sentiment should help the sector re-rate in the future.

Our top contributors for the quarter included producer G Mining Ventures and developer Snowline Gold.

It was a pivotal year for G Mining as the company achieved commercial production at TZ and continues to advance and finance its second project, Oko West.

Snowline Gold also outperformed, supported by continuing strong exploration results and growing investor interest as the market digested the favourable PEA for the Valley deposit, which showcased a Tier-1 scale asset.

Conversely, performance was slightly offset by exploration-stage companies, including Australian-based Waratah Minerals and GBM Resources, where the underperformance was mainly due to a lack of news flow. Both companies remain in the Fund as we await further results in 2026.

2026 Outlook and Investment Strategy

Going forward, we continue to see structural support for gold as well as gold equities. While the gains in 2025 were notable, the sector is still under owned and many investors remain on the sidelines, which is reflected in the discounted valuation in the equities. In this environment, our focus remains on identifying quality companies that offer attractive risk-adjusted exposure to precious metals. We continue to increase our exposure to earlier stage names (i.e., developers and explorers), which tend to outperform in the latter stages of a gold cycle.

Nawojka Wachowiak, M.Sc., CIM
Ninepoint Partners

Historical Commentary

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    December 2025
    Ninepoint Mining Evolution Fund
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  • Commentary
    December 2025
    Ninepoint Silver Equities Fund
    For the full year ending December 31, 2025, the Ninepoint Silver Equities Fund generated a total return of 219.68%, compared to the MSCI Silver Select Index (CAD) at 188.89%.
    Sector Investments
  • Commentary
    December 2025
    Ninepoint Resource Fund Class
    For the full year, the Fund delivered a total return of 71.05%, compared to the benchmark’s 55.58%.
    Sector Investments
  • Commentary
    July 2025
    Focused on: Gold
    In this update, Senior Portfolio Manager Nawojka Wachowiak shares her latest insights on the outlook for gold and precious metals, against the backdrop of geopolitical shocks, persistent inflation, and central bank buying.
    Gold & Precious Minerals
  • Commentary
    March 2025
    Ninepoint Precious Minerals & Resource Strategy
    Gold has been one of the few asset classes which has benefited from the tariff turmoil and, as investors in this space, we are excited by the opportunities and performance this has provided.
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View All
All Funds
  • NPP300
    (Series F)
    Mutual Funds Exchange Traded Funds Sector Equity
    $209.77 $4.95 (2.42%)
    As at 1/28/2026
    Growth of $10,000 Invested as at 12/31/2025
    Performance as at 12/31/2025
    1 Year
    154.57%
    3 Year
    48.96%
    5 Year
    19.67%
    10 Year
    21.04%
    Incept.1
    8.22%
    1 Inception Date 10/13/2004
    Go To Fund

    All returns and fund details are a) based on Series F shares; b) net of fees; c) annualized if period is greater than one year; d) as at 12/31/2025. Where applicable, all figures are annualized and based on monthly returns since inception. Risk-free rate and minimum acceptable rate calculated using rolling 90-day CDN T-bill rate. The rate of return or mathematical table shown is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Top ten holdings, sector allocation and geographic allocation as at 12/31/2025. Top ten holdings based on % of net asset value. Sector allocation based on % of net asset value. Geographic allocation based on % of net asset value and excludes cash. Numbers may not add up due to rounding. Cash and cash equivalents include non-portfolio assets and/or liabilities.

    The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or returns on investment in the investment fund.

    The Fund is generally exposed to the following risks: Active management risk; Borrowing risk; Commodity risk; Currency risk; Cybersecurity risk; Derivatives risk; Exchange traded funds risk; Foreign investment risk; Inflation risk; Leverage risk; Liquidity risk; Market risk; Performance fee risk; Securities lending, repurchase and reverse repurchase transactions risk; Series risk; Short selling risk; Small capitalization natural resource company risk; Specific issuer risk; Tax risk; Uninsured losses risk.

    Ninepoint Partners LP is the investment manager to a number of funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The indicated rates of return for series F units of the Funds for the period ended 12/31/2025 are based on the historical annual compounded total returns including changes in unit value and reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. This communication does not constitute an offer to sell or solicitation to purchase securities of the Funds.

    The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not a resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

    Ninepoint Partners LP: Toll Free: 1.866.299.9906. Dealer Services: CIBC Mellon GSSC Record Keeping Services: Toll Free: 1.877.358.0540

  • NPP967
    (Series F)
    Mutual Funds Sector Equity
    $12.83 $0.37 (2.93%)
    As at 1/28/2026
    Growth of $10,000 Invested as at 12/31/2025
    Performance as at 12/31/2025
    1 Year
    71.05%
    3 Year
    19.67%
    5 Year
    -
    10 Year
    -
    Incept.1
    4.32%
    1 Inception Date 2/8/2022
    Go To Fund

    All returns and fund details are a) based on Series F shares; b) net of fees; c) annualized if period is greater than one year; d) as at 12/31/2025. Where applicable, all figures are annualized and based on monthly returns since inception. Risk-free rate and minimum acceptable rate calculated using rolling 90-day CDN T-bill rate. The rate of return or mathematical table shown is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Top ten holdings, sector allocation and geographic allocation as at 12/31/2025. Top ten holdings based on % of net asset value. Sector allocation based on % of net asset value. Geographic allocation based on % of net asset value and excludes cash. Numbers may not add up due to rounding. Cash and cash equivalents include non-portfolio assets and/or liabilities.

    The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or returns on investment in the investment fund.

    The Fund is generally exposed to the following risks: Active management risk; Capital gains risk; Commodity risk; Concentration risk; Convertible securities risk; Currency risk; Cybersecurity risk; Derivatives risk; Exchange traded funds risk; Foreign investment risk; Inflation risk; Liquidity risk; Market risk; Performance fee risk; Regulatory risk; Rule 144A and other exempted securities risk; Securities lending, repurchase and reverse repurchase transactions risk; Series risk; Short selling risk; Small capitalization natural resource company risk; Small company risk; Specific issuer risk; Tax risk; Uninsured losses risk.anager to a number of funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The indicated rates of return for series F units of the Funds for the period ended 12/31/2025 are based on the historical annual compounded total returns including changes in unit value and reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. This communication does not constitute an offer to sell or solicitation to purchase securities of the Funds.

    The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not a resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

    The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering or tax, legal, accounting or professional advice. Readers should consult with their own accountants and/or lawyers for advice on the specific circumstances before taking any action. 

    Ninepoint Partners LP: Toll Free: 1.866.299.9906. Dealer Services: CIBC Mellon GSSC Record Keeping Services: Toll Free: 1.877.358.0540

  • NPP864
    (Series F)
    Mutual Funds Sector Equity
    $15.70 $0.77 (5.14%)
    As at 1/28/2026
    Growth of $10,000 Invested as at 12/31/2025
    Performance as at 12/31/2025
    1 Year
    80.29%
    3 Year
    15.71%
    5 Year
    14.05%
    10 Year
    12.76%
    Incept.1
    3.68%
    1 Inception Date 10/18/2011
    Go To Fund

    All returns and fund details are a) based on Series F shares; b) net of fees; c) annualized if period is greater than one year; d) as at 12/31/2025. Where applicable, all figures are annualized and based on monthly returns since inception. Risk-free rate and minimum acceptable rate calculated using rolling 90-day CDN T-bill rate. The rate of return or mathematical table shown is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Top ten holdings, sector allocation and geographic allocation as at 12/31/2025. Top ten holdings based on % of net asset value. Sector allocation based on % of net asset value. Geographic allocation based on % of net asset value and excludes cash. Numbers may not add up due to rounding. Cash and cash equivalents include non-portfolio assets and/or liabilities.

    The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or returns on investment in the investment fund.

    In each taxation year, the Fund will distribute to its investors a sufficient amount of the Fund’s net income and net realized capital gains so that the Fund will not pay any income tax. The net income and the net realized capital gains of the Fund will be distributed annually in December.

    The Fund is generally exposed to the following risks: Active management risk; Commodity risk; Concentration risk; Convertible securities risk; Currency risk; Cybersecurity risk; Derivatives risk; Exchange traded funds risk; Foreign investment risk; Inflation risk; Liquidity risk; Market risk; Performance fee risk; Regulatory risk; Rule 144A and other exempted securities risk; Securities lending, repurchase and reverse repurchase transactions risk; Series risk; Short selling risk; Small capitalization natural resource company risk; Small company risk; Specific issuer risk; Tax risk; Uninsured losses risk.

    Ninepoint Partners LP is the investment manager to a number of funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The indicated rates of return for series F units of the Funds for the period ended 12/31/2025 are based on the historical annual compounded total returns including changes in unit value and reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. This communication does not constitute an offer to sell or solicitation to purchase securities of the Funds.

    The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not a resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

    Ninepoint Partners LP: Toll Free: 1.866.299.9906. Dealer Services: CIBC Mellon GSSC Record Keeping Services: Toll Free: 1.877.358.0540

All Ninepoint Gold & Precious Minerals Fund returns and fund details are a) based on Series F units; b) net of fees; c) annualized if period is greater than one year; d) as at 12/31/2025. The index is 100% S&P/TSX Global Gold Total Return Index and is computed by Ninepoint Partners LP based on publicly available index information. 

The Fund is generally exposed to the following risks: Active management risk; Borrowing risk; Commodity risk; Currency risk; Cybersecurity risk; Derivatives risk; Exchange traded funds risk; Foreign investment risk; Inflation risk; Leverage risk; Liquidity risk; Market risk; Performance fee risk; Securities lending, repurchase and reverse repurchase transactions risk; Series risk; Short selling risk; Small capitalization natural resource company risk; Specific issuer risk; Tax risk; Uninsured losses risk; Absence of an active market for ETF Series risk; Halted trading of ETF Series risk; Trading price of ETF Series risk. 

Ninepoint Partners LP is the investment manager to the Ninepoint Funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), other charges and expenses all may be associated with mutual fund investments. Please read the prospectus carefully before investing. The indicated rate of return for series F units of the Fund for the period ended 12/31/2025 is based on the historical annual compounded total return including changes in unit value and reinvestment of all distributions and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction. 

The opinions, estimates and projections (“information”) contained within this report are solely those of Ninepoint Partners LP and are subject to change without notice. Ninepoint Partners makes every effort to ensure that the information has been derived from sources believed to be reliable and accurate. However, Ninepoint Partners assumes no responsibility for any losses or damages, whether direct or indirect, which arise out of the use of this information. Ninepoint Partners is not under any obligation to update or keep current the information contained herein. The information should not be regarded by recipients as a substitute for the exercise of their own judgment. Please contact your own personal advisor on your particular circumstances. Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any investment funds managed by Ninepoint Partners. Any reference to a particular company is for illustrative purposes only and should not be considered as investment advice or a recommendation to buy or sell nor should it be considered as an indication of how the portfolio of any investment fund managed by Ninepoint Partners is or will be invested. Ninepoint Partners LP and/or its affiliates may collectively beneficially own/control 1% or more of any class of the equity securities of the issuers mentioned in this report. Ninepoint Partners LP and/or its affiliates may hold short positions in any class of the equity securities of the issuers mentioned in this report. During the preceding 12 months, Ninepoint Partners LP and/or its affiliates may have received remuneration other than normal course investment advisory or trade execution services from the issuers mentioned in this report. 

Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any investment funds managed by Ninepoint Partners LP. These views are not to be considered as investment advice nor should they be considered a recommendation to buy or sell. 

Ninepoint Partners LP: Toll Free: 1.866.299.9906. DEALER SERVICES: CIBC Mellon GSSC Record Keeping Services: Toll Free: 1.877.358.0540