First a Message from our Friends at Millionaire Publishing [ad] | Dear Reader, | Make this one simple trade at 2:59pm on Friday afternoon... | And you'll thank me on Monday morning. | Hurry, before you miss this opportunity... | >>>Click here to get the details on the trade. | - Tim Sykes | | Hey there, bargain hunter — welcome to today's Daily Cheap List: Gold Edition. πͺ | You asked for gold stocks under $20 that look potentially cheap, backed by up-to-date consensus targets and balance sheets that don't scream "emergency financing." Below are three names that fit the "cheap investor" profile in different ways (producer, growth producer, royalty optionality). | Quick note: "cheap" here means discounted vs what analysts think the business is worth over ~12 months and/or priced for a worse reality than the numbers imply. It does not mean "no risk." Gold equities are volatile by design. |
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| | The Cheap Investor setup: why gold equities can still be "cheap" even with gold high | Gold has been ripping — and on January 22, 2026, Reuters reported Goldman Sachs raised its end-2026 gold forecast to $5,400/oz (from $4,900), citing strong demand dynamics. | But here's the fun part for bargain hunters: a lot of gold equities haven't rerated proportionally, which is why you still see double-digit (and in one case, very chunky) implied upside in analyst targets. | | 1) B2Gold (BTG) — "Cheap cash-flow torque" under $6 | Price (Jan 22, 2026): $5.20
Consensus 12-mo target: $6.25 (range ~$6.00–$6.50)
Implied upside to consensus: about +20% (6.25 / 5.20 − 1) | Why it might be cheap (with numbers) | Cash on hand: B2Gold reported $367M cash & cash equivalents at Sep 30, 2025. Debt: Yahoo's "most recent quarter" stats show ~$637.6M total debt. Translation for Cheap Investor brains: this isn't a miner living hand-to-mouth. It's operating with real liquidity while the stock still trades like investors expect perpetual disappointment.
| Near-term upside catalysts (the kind the market actually reacts to) | | Cheap Investor read: BTG is the classic "not exciting, just mispriced" setup — the type that quietly works while everyone argues about AI. | | 2) Equinox Gold (EQX) — "The under-$20 rerating candidate" | Price (Jan 22, 2026): $15.93
Consensus 12-mo target: $26.00 (range $17–$35)
Implied upside to consensus: about +63% | That's the biggest "bargain hunter" spread on this list — and it comes with real balance-sheet narrative fuel. | Balance sheet + "not just vibes" proof points | EQX reported $406.7M unrestricted cash & equivalents at June 30, 2025. EQX also reported net debt of $1,278.2M at Sep 30, 2025. And importantly: the company has been positioning for a balance-sheet improvement event, including the announced Brazil asset sale intended to materially strengthen the balance sheet through debt repayment.
| Why the stock can still be "cheap" even after gold's run | Markets often punish miners for leverage — until there's a clear, credible path to reduce it. When that path becomes believable, the rerating can happen fast. | Cheap Investor read: EQX is a "show me" stock. If the balance-sheet cleanup continues to track, the upside implied by consensus targets stops looking crazy and starts looking like simple repricing. | | 3) Gold Royalty (GROY) — "Cheap optionality with a tighter financial leash" | Price (Jan 22, 2026): $4.93
Consensus 12-mo target: $5.393 (high estimate: $7.00)
Implied upside: about +9% to consensus, +42% to the high target | This one is for the bargain hunter who wants a "pick-and-shovel" style gold exposure (royalties/streams are typically less operationally messy than owning mines outright), but still wants the price tag under a coffee bill. | Balance sheet reality check (hard numbers) | Yahoo stats list ~$5.66M total cash and ~$50.92M total debt (mrq), plus a current ratio ~2.03. In late 2025, the company announced an amended and upsized revolving credit facility up to $100M and highlighted a cleaner debt profile after retiring convertible debentures.
| Why it belongs on a "cheap list" anyway | GROY isn't "cheap because distressed" — it's cheap because it's small, underfollowed, and the market often discounts micro/mid royalty platforms until revenue growth becomes undeniable. | Cheap Investor read: Lower consensus upside than EQX/BTG, but higher optionality if the royalty portfolio ramps faster than expected. | | | Your Bargain Hunter Checklist (use this before buying anything) | If you want to stay disciplined (and actually remain a Cheap Investor), here are the three numbers that matter most over the next 1–2 quarters: | Net debt trend (especially for EQX) — does it fall as expected? Cash + liquidity staying stable — BTG's cash position is a key "not broken" signal. Revenue/royalty ramp clarity — for GROY, watch whether growth shows up cleanly in results and guidance cadence.
| | Closing: the "cheap" thesis in one sentence | Hey bargain hunter — the goal isn't to find the cheapest gold stock… it's to find the one that's priced like it's stuck, while the numbers quietly improve. | Disclaimer: This content is for informational and educational purposes only and should not be considered investment advice. Investing in stocks involves risk, including the potential loss of principal. Always do your own research or consult a qualified financial professional before making investment decisions. | | | | | |
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