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KGHM Polska Miedz S.A.

www: kghm.com   email: ir@kghm.com
Category: Major
Rating:
Upside Downside Quality
3.0 3.0 B+
Risk: Moderate View History

Rating History

Date Category Rating Risk
Upside Downside Quality
04/24/2026 Major 3.0 3.0B+Moderate
Current Major 3.0 3.0B+Moderate
Profile
Notes
Forum
Your Data



Waiting for

TradingView Chart

Price Data

Symbol Traded Checked Price
OTCMKTS:KGHPF 10/02/2026 10/05/2026 USD 85.0000

Performance

+/-
since 		1 Day Last Friday 4 Weeks
0.00% % 11.52%
3 Months 6 Months 1 Year
11.52% 11.84% 106.4%

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Scorecard   (1 Star = Poor, 5 Stars = Excellent)

Category Don's Site Average Yours Category
Balance Sheet Balance Sheet
Costs (Exp/Dev/Prod) Costs (Exp/Dev/Prod)
Exploration Potential Exploration Potential
Management/Execution Management/Execution
Ownership/Hedging Ownership/Hedging
Project Locations/Taxes Project Locations/Taxes
Properties/Projects/Pipeline Properties/Projects/Pipeline
Share Structure/Dilution Share Structure/Dilution
Risk (1 = High, 5 = Low) Risk (1 = High, 5 = Low)
Upside Potential Upside Potential
2 Ratings

Your Summary (edit)

Stock Summary (from last analysis - 04/24/2026)

KGHM Polska. I had never analyzed this stock because their website is in polish. I used Grok to translate the data. Woo-woo. We can now include it on GSD. They produce 40M oz of silver in Poland and have 2B oz's of resources, and 700M oz of reserves. The grade is only 50 gpt, so I think it is all open pit mining, but I'm guessing.

Their current FCF multiple is around 10. If silver prices blast off, they have huge leverage with that much silver production. They also produce gold and copper, which I am using as offsets to lower their costs. I have their cash costs around $15 and their AISC around $19. At $75 silver, they should generate around $1.5B in FCF.

I think they could easily reach $2B in FCF if silver prices rise, and potentially $3B or $4B. That is huge leverage.

They have three large silver mines in Poland. The largest is Rudna, where the mine 19M oz of silver using 43,000 tpd. Next, is Polkowice, where they mine 15M oz. Finally, they have Lubin, with only 6M oz. With their huge 2B oz of resources, they will be mining 40M oz or more for many years to come.

They have $350M in cash and $1.6B in debt. Once they clean up their balance sheet, they will likely pay a high dividend and buyback shares.

Note: The OTC symbol only trades in the pinks with low volume, or else it would be a top pick.


DD

General Details

Financial 04/24/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $17,224.00M $17,000.00M 04/24/2026 $-224.00M
MCap (OS): $17,224.00M $17,000.00M 04/24/2026 $-224.00M
Total Assets: $16,000.00M $16,000.00M 04/24/2026 $0.00M
Total Liabilities: $7,000.00M $7,000.00M 04/24/2026 $0.00M
Current Assets: $3,700.00M $3,700.00M 04/24/2026 $0.00M
Current Liabilities: $3,300.00M $3,300.00M 04/24/2026 $0.00M
Total Debt: $1,600.00M $1,600.00M 04/24/2026 $0.00M
Cash: $351.00M $351.00M 04/24/2026 $0.00M
Debt (Net): $1,249.00M $1,249.00M $0.00M
Enterprise Value: $18,473.00M $18,249.00M $-224.00M
Cash Flow: $1,591.20M $997.20M never $-594.00M
Cash Flow Multiple: 10.82 17.05 never 6.22
Net Debt to
Cash Flow Ratio:		 0.78 1.25 never 0.47
Finance within 1 year: 04/24/2026 n/a
Misc 04/24/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 200,000,000 200,000,000 04/24/2026 0
Shares (FD): 200,000,000 200,000,000 04/24/2026 0
Insider Ownership: n/a n/a 04/24/2026 n/a
Dividend (Annual): n/a n/a 04/24/2026 n/a
Company Type: Mostly Silver Mostly Silver never n/a
Group: Producer Producer never n/a
Production ETA: n/a n/a 04/24/2026 n/a
Production (Gold Eq Oz.): (guess) 
643,587		 (guess) 
589,113		 04/24/2026 -54,475
Production (Silver Eq Oz.): (guess) 
40,000,000		 (guess) 
40,000,000		 04/24/2026 0
Development Phase: Producer (Multiple Mines) Producer (Multiple Mines) 04/24/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 25
Producer: Quality
 25
Producer: Quality
 04/24/2026 0
Cash Flow Multiple: 20 20 04/24/2026 0.00

Resource Data

GOLD 04/24/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 04/24/2026 0.00M
Measured & Indicated: n/a n/a 04/24/2026 0.00M
Inferred: n/a n/a 04/24/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 04/24/2026 0.00M
Measured & Indicated: n/a n/a 04/24/2026 0.00M
Inferred: n/a n/a 04/24/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 04/24/2026 $0.00
Extra Operating Cost: n/a n/a 04/24/2026 $0.00
Total: n/a n/a 04/24/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AuEq): $26,762.49 $28,856.96 $2,094.47
EV / Production (AuEq): $28,703.17 $30,977.10 $2,273.93
G
R
A
D
E		 Underground (Avg): n/a n/a 04/24/2026 n/a
Open Pit (Avg): n/a n/a 04/24/2026 n/a
Recovery Rate: n/a n/a 04/24/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 04/24/2026 0.00M
Annual Production: n/a n/a 04/24/2026 n/a
Cash Cost: n/a n/a 04/24/2026 n/a
Extra Operating Cost: n/a n/a 04/24/2026 n/a
SILVER 04/24/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 700.00M 700.00M 04/24/2026 0.00M
Measured & Indicated: 1,001.00M 1,001.00M 04/24/2026 0.00M
Inferred: 1,001.00M 1,001.00M 04/24/2026 0.00M
Reserves & Resources: 2,002.00M 2,002.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 525.00M 525.00M 04/24/2026 0.00M
Measured & Indicated: 705.60M 705.60M 04/24/2026 0.00M
Inferred: 375.38M 375.38M 04/24/2026 0.00M
Reserves & Resources: 1,080.98M 1,080.98M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
40,000,000oz.		 (guess) 
40,000,000oz.		 04/24/2026 0oz.
Cash Cost: $18.00 $18.00 04/24/2026 $0.00
Extra Operating Cost: $18.00 $18.00 04/24/2026 $0.00
Total: $36.00 $36.00 04/24/2026 $0.00
Margin (Free Cash Flow): $39.78 (52.49%) $24.93 (40.92%) $-14.85
MCap / Production (AgEq): $430.60 $425.00 $-5.60
EV / Production (AgEq): $461.83 $456.23 $-5.60
G
R
A
D
E		 Underground (Avg): n/a n/a 04/24/2026 n/a
Open Pit (Avg): n/a 0.50 g/t 04/24/2026 n/a
Recovery Rate: (CG)  75.00% (CG)  75.00% 04/24/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 1,001.00M 1,001.00M 04/24/2026 0.00M
Annual Production: 40,000,000oz. 40,000,000oz. 04/24/2026 0oz.
Cash Cost: $20.00 $20.00 04/24/2026 $0.00
Extra Operating Cost: $18.00 $18.00 04/24/2026 $0.00

Property

Last Analysis Data  (04/24/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Lubin
100 show
6 million oz year in 2025
Prod Polkowice
100 show
15M oz production in 2025
Prod Rudna
100 show
19M oz production 2025
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Lubin
100 show
6 million oz year in 2025
Prod Polkowice
100 show
15M oz production in 2025
Prod Rudna
100 show
19M oz production 2025

Profitability (by resource)

Proven &
Probable		 04/24/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a -0.95M
Total (Silver Eq. Oz.): 700.00M 700.00M n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a -0.71M
Silver Eq. Oz.: 525.00M 525.00M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $20,884.50M $13,088.25M n/a $-7,796.25M
Total Maximum Profit: $20,884.50M $13,088.25M n/a $-7,796.25M
Max Profit / Current MCap: 1.213 0.770 n/a -0.443
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $104.42 $65.44 n/a $-38.98
Total Max Profit Per Share: $104.42 $65.44 n/a $-38.98
Total Free Profit Per Share: $18.30 $0.00 n/a $-18.30
FD MCap / Gold Eq.: $2,039.05 $2,198.63 n/a $159.58
FD MCap / Silver Eq.: $32.81 $32.38 n/a $-0.43
FD MCap / Per Metal
as % Spot Price:		 43.29% 53.14% n/a 9.85%
EV / Gold Eq.: $2,186.91 $2,360.16 n/a $173.25
EV / Silver Eq.: $35.19 $34.76 n/a $-0.43
EV / Per Metal
as % Spot Price:		 46.43% 57.05% n/a 10.62%
Measured &
Indicated		 04/24/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a -1.36M
Total (Silver Eq. Oz.): 1,001.00M 1,001.00M n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a -0.96M
Silver Eq. Oz.: 705.60M 705.60M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $28,068.77M $17,590.61M n/a $-10,478.16M
Total Maximum Profit: $28,068.77M $17,590.61M n/a $-10,478.16M
Max Profit / Current MCap: 1.630 1.035 n/a -0.595
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $140.34 $87.95 n/a $-52.39
Total Max Profit Per Share: $140.34 $87.95 n/a $-52.39
Total Free Profit Per Share: $54.22 $2.95 n/a $-51.27
FD MCap / Gold Eq.: $1,517.15 $1,635.88 n/a $118.73
FD MCap / Silver Eq.: $24.41 $24.09 n/a $-0.32
FD MCap / Per Metal
as % Spot Price:		 32.21% 39.54% n/a 7.33%
EV / Gold Eq.: $1,627.16 $1,756.07 n/a $128.91
EV / Silver Eq.: $26.18 $25.86 n/a $-0.32
EV / Per Metal
as % Spot Price:		 34.55% 42.45% n/a 7.90%

Reserves &
Resources		 04/24/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: 100.00% 100.00% n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a -2.73M
Total (Silver Eq. Oz.): 2,002.00M 2,002.00M n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a -1.47M
Silver Eq. Oz.: 1,080.98M 1,080.98M n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): $43,001.19M $26,948.71M n/a $-16,052.48M
Total Maximum Profit: $43,001.19M $26,948.71M n/a $-16,052.48M
Max Profit / Current MCap: 2.497 1.585 n/a -0.911
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): $215.01 $134.74 n/a $-80.26
Total Max Profit Per Share: $215.01 $134.74 n/a $-80.26
Total Free Profit Per Share: $128.89 $49.74 n/a $-79.14
FD MCap / Gold Eq.: $990.31 $1,067.81 n/a $77.50
FD MCap / Silver Eq.: $15.93 $15.73 n/a $-0.21
FD MCap / Per Metal
as % Spot Price:		 21.03% 25.81% n/a 4.78%
EV / Gold Eq.: $1,062.12 $1,146.27 n/a $84.14
EV / Silver Eq.: $17.09 $16.88 n/a $-0.21
EV / Per Metal
as % Spot Price:		 22.55% 27.71% n/a 5.16%

Future Valuation (Cash Flow & Totals)

Totals 04/24/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
C
U
R
R
E
N
T		 R & R Valuation: $20,479.07M $16,465.95M n/a $-4,013.12M
FD MCap: $17,224.00M $17,000.00M n/a $-224.00M
Annual Gold Production: n/a n/a 0oz.
Annual Silver Production: (guess) 
40,000,000oz.		 (guess) 
40,000,000oz.		 04/24/2026 0oz.
F

U

T

U

R

E		 FD MCap (Resources): $50,050.00M $50,050.00M n/a $0M
FD MCap Growth (Resources): 191% 194% n/a 4%
FD MCap (Cash Flow): $129,600.00M $129,600M n/a 0.00M
FD MCap Growth (Cash Flow): 652% 662% n/a 10%
Estimated
Price		 USD: $648.00 $648.00 n/a $0.00
Ratio FD MCap (Resources : Cash Flow): 0.39 0.39 n/a 0.00
Annual
Production		 Gold: n/a n/a n/a n/a
Silver: 40,000,000 oz. 40,000,000 oz. n/a 0 oz.
Current
FD MCap / 		Gold Eq. Reserves: 602.24 594.41 n/a -7.83
Silver Eq. Reserves: 17.21 16.98 n/a -0.22
Gold Eq. Production: 15,071.00 14,875.00 n/a -196.00
Silver Eq. Production: 430.60 425.00 n/a -5.60
P&P
Reserves
(oz.)		 Gold: n/a n/a 04/24/2026 n/a
Silver: 1,001.00M 1,001.00M 04/24/2026 n/a
Gold Eq.: 28.60M 28.60M 04/24/2026 n/a
Silver Eq.: 1,001.00M 1,001.00M 04/24/2026 n/a
P&P Reserves
per FD
Share (oz.)		 Gold: n/a n/a n/a n/a
Silver: 5.005 5.005 n/a n/a
Gold Eq.: 0.143 0.143 n/a n/a
Silver Eq.: 5.005 5.005 n/a n/a
Free Cash Flow 04/24/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Current: $1,591.20M $997.20M n/a $-594.00M
Current Multiple: 10.82 17.05 n/a 6.22
Current FCF/MCap Ratio: 9.24% 5.87% n/a -3.37%
Current FCF/Share: $7.96 $4.99 n/a $-2.97
F
U
T
U
R
E		 @ current pm prices: $1,511.20M $917.20M n/a $-594.00M
Multiple @ current pm prices: 11.40 18.53 n/a 7.14
Growth @ current pm prices: -5.03% -8.02% n/a -0.03
@ future prices: $6,480.00M $6,480.00M n/a $0.00M
Multiple @ future prices: 2.66 2.62 n/a -0.03
Growth @ future prices: 549.82% 549.82% n/a 2.43

Defaults

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