Gold

The Government of Tanzania has renewed the Special Mining Licenses for Barrick Mining Corporation's North Mara Gold Mine for another 15 years, the company announced. The renewal allows North Mara to keep investing in the mine, its people, and its communities for the long term. Since Barrick took over operations in 2019, Tanzanian nationals have come to make up 96% of the workforce of approximately 3,000 in the country, with 47% drawn from communities surrounding the mines. Barrick has injected approximately $5.3 billion into the Tanzanian economy since 2019, including $1.2 billion in 2025 alone through taxes, royalties, salaries, dividends and local procurement, while more than 90% of procurement is sourced from Tanzanian registered companies. Barrick and the Government of Tanzania established Twiga Minerals in 2019 to operate the North Mara and Bulyanhulu mines together, with the Government holding a 16% interest in each mine and the two partners splitting the economic benefits equally.

Orezone Gold President and CEO Patrick Downey outlined a plan to grow annual gold production from roughly 230,000 ounces to 500,000 ounces, anchored by Bomboré, Casa Berardi and a fully permitted development pipeline. Downey also flagged the Heva-Hosco project in Quebec as a source of additional, currently under-recognized value that could materially reshape the company's longer-term production and asset mix. The most relevant recent update is the new Casa Berardi life of mine plan, which outlines a 14 year production profile averaging about 116,000 ounces per year at an AISC of US$1,877 per ounce. Orezone's narrative projects $807.7 million revenue and $555.0 million earnings by 2029, requiring 7.1% yearly revenue growth and a $437.2 million earnings increase from $117.8 million today, while some of the most optimistic analysts had penciled in about US$1.5 billion of revenue and US$450.5 million of earnings by 2029. Bomboré's execution and grid reliability remain the key catalyst and main operational risk, with country risk in Burkina Faso still firmly in focus.

Eldorado Gold Corporation reported that its Skouries mine in northern Greece has been successfully energized after completing and receiving approval for a permanent connection to the Greek national power grid. The connection secures a long-term electricity supply for ongoing processing and mining activities as the project advances toward expected commercial production in the fourth quarter of 2026. The company said the grid link materially reduces a key infrastructure risk for Skouries and clarifies the path toward bringing its planned gold and copper output into Eldorado's broader production mix. The milestone follows the first copper gold concentrate from Skouries on 8 September 2026, confirming that commissioning is already underway while power security is now in place. Eldorado's narrative projects $4.5 billion in revenue and $1.5 billion in earnings by 2029, requiring 30.0% yearly revenue growth and a roughly $0.9 billion earnings increase from $618.1 million today, with a CA$71.91 fair value implying 32% upside to its current price.

Aris Mining has completed the Environmental and Social Impact Assessment for its Soto Norte gold-copper project in Santander, Colombia, and in 2026 began formal community engagement across three municipalities ahead of submitting the ESIA and environmental license application. The company said Soto Norte lies outside the Santurbán Páramo and its buffer zone, and it aligned the ESIA and consultation process with Colombia's regulatory framework and the Escazú Agreement. The milestone follows the ANM's July 29, 2026 approval of the modified technical mine plan for Soto Norte, which confirmed regulators have reviewed the project's geology, reserves and mine design but does not replace the need for an environmental license before construction or mining can begin. Aris Mining's narrative projects $2.2 billion revenue and $688.8 million earnings by 2029, requiring 19.9% yearly revenue growth and a $404.1 million earnings increase from $284.7 million today, with a CA$41.53 fair value implying 66% upside. Some of the lowest estimate analysts had assumed about US$2.0 billion of revenue and US$797.7 million of earnings by 2029 while still citing Soto Norte's lengthy permitting and heavy ESG commitments as reasons for caution.

B2Gold Corp. reported positive results from its 2026 Back River Gold District exploration program in Nunavut, Canada, backed by a US$51 million budget and more than 35,000 m of drilling focused on infill, resource definition, and regional target generation. The program confirmed high-grade mineralization at the Llama deposit and yielded the new Tattuk discovery at Goose, which the company says underscores the district's potential to contribute materially to future mine planning and resource growth options. The update mainly reinforces the Goose Mine resource story rather than changing the key near-term catalyst, which remains Goose ramp-up, or the biggest current risk, which is still cost and execution pressure at Goose and in higher-risk jurisdictions like Mali. The quality and convertibility of new ounces at Llama, Nuvuyak and Tattuk will influence whether Goose can offset permitting and cost risks tied to projects such as Fekola regional and Gramalote. B2Gold's narrative projects $3.7 billion revenue and $1.8 billion earnings by 2028, with a CA$8.60 fair value implying 16% upside to its current price, while some of the lowest analysts assume revenue growth of only about 5.4 percent a year and US$1.4 billion of earnings by 2029.

Torex Gold Resources Inc. reported strong drilling and exploration results across the Morelos Property, including the San Miguel corridor, Media Luna, ELG Underground, and regional targets such as Atzcala and El Naranjo. A particularly important development is evidence of a vertically continuous, high-grade mineralized feeder zone along the San Miguel fault, which could meaningfully influence how Torex sequences and optimizes future production at Media Luna and surrounding areas. The company reaffirmed 2026 production guidance of 420,000 to 470,000 ounces AuEq, a target that stronger grades at Media Luna and ELG Underground, combined with the emerging high-grade potential along the San Miguel corridor, could help support. Torex's narrative projects $2.2 billion revenue and $713.1 million earnings by 2029, requiring 6.4% yearly revenue growth and about a $110.6 million earnings increase from $602.5 million today. Three Simply Wall St Community fair value estimates for Torex range from CA$71.40 to CA$92.82, against a CA$92.36 fair value estimate implying 33% upside to the current price.

Epic Gold Corp. has closed its non-brokered private placement, issuing 22,200,000 units at $0.14 per unit for proceeds of $3,108,000. Each unit consists of one common share and one warrant, with each warrant entitling the holder to purchase one common share at $0.20 for a period of 42 months expiring March 29, 2030. The company paid finders fees of $238,445 and issued 1,703,177 finder warrants at $0.20 for a term of 42 months expiring March 29, 2030, and all securities issued are subject to a four month hold period expiring January 30, 2027. Insiders of the company participated in the offering for $127,440.46, a related party transaction under Multilateral Instrument 61-101 for which Epic Gold is relying on exemptions from formal valuation and minority shareholder approval requirements. Proceeds will be used for exploration on Epic Gold's Canadian mineral properties and general working capital.

B2Gold Corp. said its newly commissioned mobile crushing plant at the Goose mine has averaged more than 3,000 tons of ore throughput per day since mid-August, in line with plan. The company is now proceeding with Phase 1 upgrades to the fixed crushing plant, adding a run-of-mine mass-flow bin and apron feeder, a new larger jaw crusher and a rock breaker, which is expected to reach a sustained average of 3,200 tons per day; the additional crushing plant cost around $16 million and the Phase 1 upgrades are expected to cost $11 million. A Phase 2 upgrade to the fixed crushing plant is scheduled for the first half of 2027 and is expected to lift average crushing capacity to a design throughput of 4,000 tons per day. The Goose mine remains on track for 2026 annual production guidance of 170,000-200,000 ounces, with third-quarter production expected in line with the first quarter and fourth-quarter 2026 production expected to be the strongest of the year. B2Gold also reported positive results from its Back River Gold District exploration drilling program, which has a 2026 budget of $51 million, more than half allocated to the Goose Mine to infill Inferred Mineral Resources at the Llama deposit and Nuvuyak zone, and has completed 27,493 meters of drilling as of August-end toward a plan to drill more than 35,000 meters in 2026.

Liberty Gold Corp. has received the final staged payment of US$2.6 million from the previously announced sale of its 72.1% interest in the TV Tower copper-gold project in Biga Province, northwest Türkiye, completing the total US$8.5 million consideration payable under the transaction. The company said the sale converted a non-core asset into non-dilutive capital, allowing it to keep its focus on advancing the Black Pine Oxide Gold Project in southeastern Idaho. Since the sale was announced in 2024, Liberty Gold has completed a feasibility study for Black Pine and is advancing the project through formal mine permitting, with Black Pine designated a Covered Project under the U.S. federal FAST-41 program. President and CEO Jon Gilligan said the final payment completes the monetization of a non-core asset and adds US$2.6 million to the treasury, and that engineering, permitting and financing work is advancing to support a disciplined construction decision.

Newmont Corporation, the gold and copper miner in the Zacks Mining - Gold industry, holds a positive Earnings ESP of +6.16% ahead of its next quarterly report, scheduled for release on October 22, 2026. The company has topped estimates by 21.27% on average over the last two quarters, including a 2.44% surprise in the last reported quarter with earnings of $2.1 per share versus the Zacks Consensus Estimate of $2.05 per share, and a 40.10% surprise in the prior quarter with earnings of $2.9 per share against an expected $2.07 per share. The positive Earnings ESP, combined with a Zacks Rank #3 (Hold), suggests another beat is possibly around the corner, as Zacks research shows stocks with this combination produce a positive surprise nearly 70% of the time. Investors should note that a negative Earnings ESP reading is not indicative of an earnings miss, but it does reduce the predictive power of the metric.

Agnico Eagle Mines is positioned to potentially beat earnings estimates again when it reports on October 28, 2026, according to Zacks Investment Research. The gold mining company has topped estimates in each of its last two reports, with an average surprise of 6.06% over that span. In the most recent quarter, Agnico posted earnings of $3.05 per share against the Zacks Consensus Estimate of $2.89 per share, a surprise of 5.54%, while the prior quarter delivered earnings of $3.4 per share versus an expected $3.19 per share, a surprise of 6.58%. The company currently carries a Zacks Earnings ESP of +6.05% alongside a Zacks Rank #3 (Hold), a combination that Zacks research shows produces a positive surprise nearly 70% of the time. Agnico Eagle Mines belongs to the Zacks Mining - Gold industry.

Amaroq Ltd. has completed its 2026 resource drilling programme at the Nanoq Gold Project in South Greenland, with 4,728.9 metres of core drilling across 33 holes focused on infill drilling of the Central Zone to support a planned maiden Mineral Resource Estimate, alongside step-out drilling to the south and at the West 1 target. Approximately 88% of holes intersected visible gold and copper sulphides similar to that observed in 2024 and 2025, with assay results still pending. Metallurgical test work by SGS Lakefield indicates Nanoq mineralisation is amenable to processing at the Nalunaq facility, with total gold recoveries of approximately 97 to 99% using the existing flow-sheet. Construction has also commenced on the Nanoq beach landing facility and starter access track, improving access to the mineralised area. CEO Eldur Ólafsson said the results provide the basis for bulk sampling Nanoq ore at Nalunaq towards the end of 2027 or into 2028, and for further resource and exploration drilling.

Osisko Gold Group Inc. has completed its previously announced offering of US$600 million aggregate principal amount of 9.250% senior secured notes due 2031. The notes mature on October 1, 2031, are non-callable for the first two years, and pay interest semi-annually in arrears on April 1 and October 1, beginning April 1, 2027. Net proceeds were approximately US$578.0 million after deducting initial purchasers' discounts and commissions and estimated offering expenses, with the initial purchasers buying the notes at 98.25% of principal. Of that net proceeds total, approximately US$120.8 million was used to repay all amounts outstanding and terminate all commitments under the company's senior secured credit facility with Appian Capital Advisory Limited, while the remainder funded a segregated interest reserve account covering the first five interest payments on the notes and a segregated disbursement account to advance the Cariboo Gold Project. The notes are fully and unconditionally guaranteed by certain subsidiaries, including Barkerville Gold Mines Ltd., which holds the Cariboo Gold Project in British Columbia, and are secured by a first priority lien on the company's and each guarantor's property. Chairman and CEO Sean Roosen said the offering, alongside other available capital, fully funds the company through commercial production anticipated in 2029.

Lode Gold Resources Inc. has appointed Patrick W. Garretson as Senior Technical Advisor to its Fremont Gold Mine, bringing 35 years of international mining experience to the project. Garretson has held senior roles at South32, Newmont, Goldcorp, Barrick and BHP Billiton, and most recently served as Project Lead for Technical Services and the Feasibility Study at South32's Hermosa Project in Arizona, where he helped deliver the Taylor-Hermosa Feasibility Study. CEO and Director Wendy T. Chan said Garretson's experience is highly relevant to the current development stage at Fremont, where the company is conducting engineering studies for mine planning and permitting, with upcoming milestones including an internal scoping study, expansion drilling, a resource upgrade, initiation of environmental and permitting work, mine planning optimization, a PFS, an FS and mine construction. The Fremont Gold Mine is a brownfield project in Mariposa, California, with 43,000 m drilled, 10,000 underground channel samples, 14 adits and 2 shafts, where mining halted in 1942; a 2023 PEA was based on 1.16 Moz at 1.90 g/t Au within 19.0 Mt Indicated and 2.02 MOz at 2.22 g/t Au within 28 Mt Inferred, and an updated MRE in 2026 showed 89% of the ounces were left unmined compared with historical production. Lode Gold also holds the Dingman Property in Ontario, Canada, an orogenic deposit with over 22,000 m drilled and a 2013 PEA and MRE of 376,000 oz at 0.94 g/t within 12.5 Mt measured and indicated and 47,000 oz at 0.71 g/t within 2.1 Mt Inferred.

Alamos Gold's Island Gold District produced 128,700 ounces of gold in the first half of 2026, up 4% year over year, including record second-quarter production of 67,500 ounces. The district's strength offset lower output at the Young-Davidson mine, helping Alamos Gold produce 130,600 ounces in the second quarter, in line with its revised quarterly guidance of 130,000-135,000 ounces. The Ontario district, made up of the Island Gold and Magino mines with 8.2 million ounces of proven and probable gold reserves, is expected to drive production to more than 530,000 ounces per year for 10 years post-expansion at some of the lowest costs in the industry. Underground mining rates at the district averaged a record 1,550 tons per day in the second quarter, while the Magino mine's milling rates averaged a record 8,900 tons per day, and the district is on track to produce 290,000-310,000 ounces in 2026. Alamos Gold expects its overall production to reach around one million ounces annually by 2030, with the Island Gold District as a key driver.

Visible Gold Mines Inc. has appointed Carl Caumartin, P.Eng, MBA, to its Board of Directors, effective immediately, succeeding Joël Gagné, who has resigned from the Board. Caumartin is a mining executive and consultant with more than 35 years of international experience in exploration, resource and reserve optimization, project evaluation and management, feasibility studies, and open-pit and underground operations, primarily in precious and base metals. He holds a B.Sc. in Geological Engineering from Queen's University and an international MBA from the University of Sherbrooke and E.S.S.C. Angers, France, and in November 2021 joined Winsome Resources as Vice President Exploration and General Manager, where he played a key role in the Adina lithium discovery in northern Quebec within 10 months of the company's listing, followed by a positive PEA approximately one year later. Subject to regulatory approval, the Company has granted Caumartin 100,000 stock options pursuant to its stock option plan, each exercisable at a price of $0.165 per common share for a period of 10 years from the date of grant, vesting immediately. Martin Dallaire, Chairman of Visible Gold, said the Board is pleased to welcome Carl as the company continues to expand its portfolio of district-scale gold projects in Québec, and thanked Joël for his contributions over the years.

Albright Metals Limited has announced a new Mineral Resource Estimate for the Vail Road Gold Deposit in New Brunswick, held under option from Globex Mining Enterprises, reporting 188,000 tonnes grading 9.0 g/t Au for 54,200 contained gold ounces at a 2.0 g/t Au cut-off grade. The global estimate includes an initial Indicated category portion of 33,500 tonnes grading 20.9 g/t Au for 22,500 contained gold ounces, with the remainder in the Inferred category. The estimate, prepared under the Australian JORC 2012 Code, incorporates geology logging and assay results from 24 additional drill holes totaling 4,349.5 meters completed by Rockport in 2011 and 2012, plus 15 additional diamond core holes totaling 1,022.5 meters drilled by Albright Metals in 2025. The new resource uses a lower cut-off grade of 2 g/t Au, versus 5 g/t Au in the 2011 NI 43-101 resource estimate it updates, and the JORC 2012 estimate will serve as the basis for a Scoping Study. Globex said high-grade extensions have been identified for additional drilling, and Jack Stoch, Executive Chairman and CEO of Globex, prepared the disclosure as a Qualified Person under NI 43-101.

Carlin Gold Corporation has closed its previously announced brokered private placement, selling an aggregate of 7,519,231 units at C$1.30 per unit for gross proceeds of approximately C$9.8 million, including proceeds from the exercised agent option. Each unit consists of one common share and one common share purchase warrant, with each warrant exercisable at C$1.50 per warrant share until September 29, 2028. Canaccord Genuity Corp. acted as sole bookrunner and received a cash commission equal to 5% of the gross proceeds plus 451,153 non-transferable compensation warrants exercisable at C$1.50 until September 29, 2028. Net proceeds are intended for exploration on the company's Nevada properties and general corporate purposes, and all securities are subject to a statutory hold period expiring January 30, 2027. Separately, Carlin Gold announced that Pete Shabestari, CPG, has joined its board of directors, replacing Dong Shim, who remains CFO, and that it granted an aggregate of 800,000 stock options to purchase 1,300,000 common shares at $1.53 per share, expiring September 29, 2031.

Lake Victoria Gold Ltd. reported that attrition scrubbing followed by desliming lifted 24-hour gold extraction from 49.99% to 84.54% in agitated-leach testing on weathered Area C material at its fully permitted Imwelo Gold Project in Tanzania, with bottle-roll recovery of up to 88.15% on the pretreated fraction versus 70.76% on as-received material. The testwork, completed by Nesch Mintech Tanzania Limited on 38 HQ whole-core samples weighing 120.34 kg with an average composite head grade of 3.80 g/t Au, complements the company's March 18, 2026 program on deeper transitional and fresh mineralization, which returned recoveries of up to approximately 96% to 97%. Early works are advancing at Imwelo, with 14 km of access road repaired, bulk earthworks progressing and the construction camp substantially complete, while shallow Area C drilling returned 28.71 g/t Au over 2.75 metres from 21 metres and 12.20 g/t Au over 4.50 metres from 32 metres. The funding pathway includes a gold loan facility with Monetary Metals & Co. of up to 6,000 ounces of gold, approximately US$25 million, repayable in gold, alongside a convertible debenture financing later upsized to $5 million. The development comes as Tanzania's gold exports rose 37.4% to US$5.67 billion in the year ending July 2026, according to the Bank of Tanzania, with gold accounting for 47.4% of goods export earnings over that period.

Banyan Gold Corp. has closed a brokered private placement and a concurrent non-brokered placement for combined gross proceeds of $54.3 million. The brokered offering, led by Canaccord Genuity Corp. as lead agent and sole bookrunner, issued 23,156,500 common shares at $2.00 per share for gross proceeds of $46,313,000. The concurrent non-brokered offering issued an additional 4,000,000 shares at $2.00 per share for gross proceeds of $8,000,000. President and CEO Tara Christie said the company is pleased to welcome Franco-Nevada as a new shareholder, and that the financing will allow Banyan to rapidly advance its AurMac and Nitra projects through 2028, including drilling, engineering and permitting what she called one of Canada's largest gold deposits. Net proceeds will fund advancement of Banyan's Yukon projects and general corporate and working capital purposes, and both offerings remain subject to final approval of the TSX Venture Exchange.

Emperor Metals Inc. has reported additional drill hole assays from the Duquesne West property in Duparquet, Quebec, where Globex Mining Enterprises Inc. retains a 50% interest through its ownership of Duparquet Assets Ltd. The best new intersection came in hole DQ-26-37, which at a vertical depth of 335 m assayed 5.9 g/t Au over 32.0 m, or 104 feet. Emperor has completed 20,479 m of new drilling and approximately 7,884 m of targeted historical unsampled core, generating more than 28,000 m of combined drilling data, while a total of 142,758 m of drilling has been completed on the property to date. Results have been received for 44 of 66 holes, covering 13,943 m, which represents 68% of new 2026 drilling and approximately 50% of the total expected assays. Jack Stoch, P.Geo., Executive Chairman and CEO of Globex, prepared the information as a Qualified Person under NI 43-101.

Kenorland Minerals Ltd. announced complete assay results from 20 exploration drill holes totalling 14,980 metres at the Frotet Project in northern Quebec, the first drilling since the cut-off date for the Regnault deposit's maiden Inferred Mineral Resource of 14.5 Mt at 5.47 g/t Au for 2.55 million ounces of gold. The 2025 fall and 2026 winter programs focused on step-outs along known mineralised structures and targeted infill drilling, with six intercepts returning greater than 100 grade x width, of which four were step-out holes outside the current mineral resource estimate, one was within the 100 metre crown pillar, and one was infill along the R6 trend. Highlights include hole 25RDD269 returning 2.35m at 71.89 g/t Au including 0.65m at 252.00 g/t Au, a 105 metre step-out east along the R11 vein sets, and hole 26RDD273 returning 73.42m at 2.24 g/t Au including 3.42m at 8.73 g/t Au, a 60 metre step-out east from hole 23RDD172. Hole 26RDD287 returned 14.25m at 9.72 g/t Au including 2.00m at 55.24 g/t Au and 4.85m at 17.34 g/t Au including 1.92m at 31.04 g/t Au along the R6 trend, while hole 25RDD270A returned 15.40m at 8.19 g/t Au including 4.40m at 26.43 g/t Au, a 65 metre step-out east along R6. Kenorland holds a 4% NSR royalty across the entire Frotet Project, which is 100% owned and operated by Sumitomo Metal Mining Canada Ltd.

Shandong Gold Chairman Wang Chenglong has proposed that the company repurchase part of its shares, with total buyback funds of no less than 300 million yuan and no more than 400 million yuan, and all repurchased shares will be cancelled to reduce the company's registered capital. On September 29, Shandong Gold announced that this buyback will be conducted through the Shanghai Stock Exchange trading system via centralized competitive trading, funded by the company's own funds and self-raised funds. The upper limit of the buyback price will not exceed 150% of the average trading price of the company's shares over the 30 trading days before the board of directors approves the buyback plan, and the buyback period is within 12 months from the date the shareholders' meeting approves the plan. Wang Chenglong stated that the proposal is based on confidence in the company's future development prospects and recognition of the company's value, aiming to safeguard the interests of all shareholders, enhance investor confidence, maintain share price stability, and improve the long-term investment value of the stock. The announcement shows that Wang Chenglong did not buy or sell company shares in the six months before the proposal, and has no plans to increase or decrease his holdings during the buyback period. Cancellation-style buybacks directly reduce total share capital, and the enhancement effect on existing shareholders' equity is more direct than buybacks for equity incentives or employee stock ownership. However, this buyback is still at the chairman's proposal stage and will need to be reviewed by the board of directors and the shareholders' meeting, so the final plan may differ from the announcement. As one of last year's bull stocks, Shandong Gold's share price has fallen more than 30% since September 3, and has pulled back more than 55% from its January high of 65.27 yuan per share.