GEO Ranking

What are Gold Equivalent Ounces

Gold Equivalent Ounces (GEO) is a measure used by many companies, which produce both gold and other metals including silver. The idea is to create an equal footing across a miner’s portfolio so investors can more easily evaluate overall production in terms of “gold equivalent production”.

Calculating GEO

To calculate GEO’s, silver production is converted into “gold equivalent ounces” by dividing the ounces of silver produced by the “gold silver ratio” (GSR) and, then adding the result to the gold production. The approach approximates how many ounces of silver it would take to buy an ounce of gold.

Using 85:1 as an reasonable figure for the GSR over the period 2020 to 2024, produces the tables below, showing production calculated in terms of GEOs.

Company GEO Ranking

Company GEO ranking identifies all publicly quoted companies producing both gold and silver from largest to smallest. Newmont is by far the largest company, and with the acquisition of Newcrest will continue to be into the foreseeable future.

At the bottom of the list are companies which produced precious metals in the last five years, but which, for whatever reason, no longer have any precious metal production by the end of 2023.

The list can be sorted and filtered. The list can be exported into Excel by selecting the data and copy/pasting. Alternatively, using the free online Excel application – simply press the button on the bottom right hand of the frame, which will copy the data into that application.