Is CNL or EQX more undervalued in 2026?

CirclFi compares Collective Mining Ltd. (CNL) and Equinox Gold Corp. (EQX) using 13 institutional-grade valuation models. CNL has a Quality of Company score of 2.0/10 while EQX scores 2.0/10.

Which is a better buy — CNL or EQX?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do CNL and EQX valuations compare?

CNL at $15.22 and EQX at $12.58 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

CNL vs EQX Valuation Comparison 2026 — Intrinsic Value Analysis

CNL

Gold

Collective Mining Ltd.

Quality

2.0

out of 10

Value Trap

—

Price

$15.22

Last close

Models

6/13

Active

EQX

Gold

Equinox Gold Corp.

Quality

2.0

out of 10

Value Trap

SAFE

Price

$12.58

Last close

Models

13/13

Active

Model-by-Model Comparison

Model	Type	CNL Fair Value	CNL Upside	EQX Fair Value	EQX Upside
Bayesian DCF	Intrinsic	$4.03	-73.5%	$2.73	-78.3%
Earnings Power Value	Intrinsic	—	—	$2.36	-83.6%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$14.53	-4.2%	$12.15	-0.6%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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CNL vs EQX — Which Stock Is More Undervalued?

CNL scores higher with a 2.0/10 quality rating vs EQX's 2.0/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Collective Mining Ltd. (CNL) and Equinox Gold Corp. (EQX) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

CNL currently trades at $15.22 with a QOC of 2.0/10, while EQX trades at $12.58 with a QOC of 2.0/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).