Gold

Aura Minerals reported record preliminary Q3 2026 production of 95,557 gold equivalent ounces, its highest-ever quarterly and nine-month output across six operating mines. The result was driven by sharp gains at MSG and strong performances at Borborema and Aranzazu. The company said production and sales growth remained strong even after adjusting for metal prices, while construction and development at the Era Dorada project continued on schedule. Aura Minerals also recently secured a new US$200 million syndicated loan facility to help finance supplier payments and prepay production costs while advancing its growth pipeline. The company's narrative projects $2.3 billion in revenue and $1.0 billion in earnings by 2029, requiring 21.0% yearly revenue growth and roughly a $701 million earnings increase from $298.6 million today.

Discovery Mining Ltd. reported past drilling results from 52 holes at the Pamour Mine that confirm and expand existing open-pit mineral resources across multiple zones, with numerous high-grade gold intersections both within and beyond the current resource shell. Several of the strongest Pamour intercepts sit just outside the current pit design, hinting that future resource updates could reframe the scale and configuration of this core asset. The company also recently received key environmental and land use permits for Cordero in Mexico, reducing permitting risk around a future growth project. Discovery Mining's narrative projects $1.7 billion in revenue and $400.5 million in earnings by 2029, requiring 16.0% yearly revenue growth and a $158.9 million earnings increase from $241.6 million today, while some optimistic analysts assume revenue of about US$2,600,000,000 and earnings of about US$695,000,000 by 2029. The company's forecasts yield a CA$14.86 fair value, a 29% upside to its current price.

UBS has identified its preferred gold mining stocks as the sector navigates volatile conditions following a turbulent 2026, recommending selective exposure to gold equities heading into third-quarter results and 2027 guidance. The bank expects sustained energy and broader cost pressures to drive higher unit costs in 2027, though it notes gold valuations are generally reasonable and margins remain attractive if prices hold above $4,000 per ounce. Newmont is UBS's preferred senior producer, cited for clarity on cash returns, low probability of mergers and acquisitions, and modest improvement in operating outlook; the Nevada Gold Mines dispute with Barrick is now resolved, with Newmont paying $1.95 billion to bring Fourmile, Fiberline and Mike into the joint venture under a modernized agreement. UBS also favors Barrick, whose relative performance and valuation reflect that outcome, and Endeavour, whose spot free cash flow yield exceeds 10 percent with a further step-up in cash returns expected in 2026 and roughly 40 percent growth over 2025-2029 through the Assafou project in Ivory Coast. The list also includes SSR Mining, where the investment case has shifted to delivery, life extensions and deployment of over $2 billion of cash with production sustainable just below 500,000 ounces per annum of gold equivalent, plus Skeena Resources, which secured key permits for the Eskay Creek project in February, and Franco-Nevada, where the Cobre Panama restart remains mostly unpriced and the stock trades at approximately 15 times spot 2028 enterprise value to EBITDA versus its five-year average of 21.5 times.

Newmont is preparing to report earnings on 22 October 2026, with analysts expecting higher earnings per share and revenue than the prior-year quarter and forecasts revised upward on a generally favorable business outlook. Stronger bullion prices, supported by softer expectations for an October Federal Reserve rate hike, have improved sentiment toward Newmont and other gold producers. The company's strong first half 2026 results, including US$13,425 million in sales and US$5,464 million in net income, frame how much cushion Newmont may have if costs rise or grades decline. Newmont's narrative projects $31.3 billion in revenue and $12.6 billion in earnings by 2029, requiring 6.7% yearly revenue growth and a $4.0 billion earnings increase from $8.6 billion today, while the most pessimistic analysts assumed roughly flat revenues around US$24.9 billion and earnings near US$9.4 billion over time. Risks remain around higher sustaining capital needs, lower grade mine sequencing and potential safety or operational disruptions.

DPM Metals Inc. reported third-quarter 2026 production of 97,000 gold-equivalent ounces and said it was on track for the high end of its full-year production guidance, with the Vareš mine ramp-up running ahead of plan and expected to exceed its 2026 output target. The company also decided to begin developing twin declines into the Wedge Zone at Chelopech by year-end, a move it says points to additional near-term production potential and a longer mine life. The company's narrative projects $1.4 billion in revenue and $837.1 million in earnings by 2029, yielding a CA$67.78 fair value, a 25% upside to its current price. The most pessimistic analysts expected revenue to fall to about US$1.0 billion and earnings to about US$572.7 million. Investors are still watching how higher costs or permitting delays could affect the outlook.

Namib Minerals announced the completion of commissioning of its expanded milling plant at How Mine, ahead of the mid-October deadline previously communicated. The company said the completed installation and commissioning is expected to raise How Mine's monthly processing capacity from approximately 40,500 tonnes to 55,000 tonnes, an increase of approximately 36%. Chairman and CEO Tulani Sikwila said the focus now turns to a disciplined ramp-up to full capacity and to delivering the expected annualized run-rate of more than 30,000 ounces at current grades outlined on the company's recent call. Namib Minerals is targeting full processing capacity of 55,000 tonnes per month by December 2026, while the restart of Redwing Mine remains on schedule with first gold targeted by January 2027. Namib Minerals, which trades on Nasdaq under the symbol NAMM, is a gold producer, developer and explorer with operations focused in Zimbabwe.

Lundin Gold Inc. reported third quarter 2026 gold production of 153,736 ounces from its Fruta del Norte mine in southeast Ecuador, the highest quarterly output since commercial production began at the site. Of that total, 103,311 ounces were produced as concentrate and 50,425 ounces as doré, compared with 122,086 ounces in the same quarter of 2025. The mill processed 535,711 tonnes of ore in the quarter at an average throughput of 5,823 tonnes per day, an average grade of 10.1 grams per tonne and recoveries of 88.3 percent. For the first nine months of 2026, the mill processed 1,532,652 tonnes and produced 392,472 ounces of gold. President and CEO Jamie Beck said the company is well positioned to deliver full-year production within its 2026 guidance range of 475,000 to 525,000 ounces, adding that year-to-date sales trailed production due to timing and that most of those ounces are expected to be sold in the fourth quarter. Lundin Gold will publish its third quarter 2026 results on November 4, 2026, after market close in North America, and will host a conference call and webcast on November 5.

GoldHaven Resources Corp. has closed its previously announced non-brokered flow-through financing, issuing 3,773,584 flow-through common shares at $0.265 per share for aggregate proceeds of $1 million. The company said the additional capital is expected to provide increased financial flexibility to advance exploration at its Magno Project and build upon its ongoing 2026 exploration program. In connection with the closing, GoldHaven paid cash finder's fees totaling $70,000 and issued 264,151 non-transferable finder warrants to certain eligible arm's-length finders, with each warrant entitling the holder to purchase one common share at $0.35 for a period of 24 months from issuance. All securities issued are subject to a statutory hold period expiring four months plus one day from closing. The gross proceeds will be used to incur eligible Canadian exploration expenses qualifying as Critical Mineral Mining Expenditures under the Income Tax Act (Canada), with the expenditures renounced to subscribers effective December 31, 2026.

G Mining Ventures Corp. reported preliminary third-quarter 2026 production of 44,960 ounces of gold from its 100%-owned Tocantinzinho Gold Mine in Pará State, Brazil, a 22% increase over the second quarter of 2026. The company said the result keeps it on track to hit the midpoint of its full-year production guidance of 160,000 to 190,000 ounces of gold. Year-to-date, G Mining has produced 113,651 ounces and sold 114,325 ounces of gold. Average plant throughput for the quarter was 12,372 tonnes per day, average grade processed was 1.33 grams per tonne, gold recovery was 92.0%, and the strip ratio was 2.47 to 1. Chief Executive Officer Louis-Pierre Gignac said mining rates averaged 74,209 tonnes per day during the quarter, a 7% increase over the second quarter, and that access to higher-grade Phase 2 mineralization positions the operation for a significant increase in grade and production in the fourth quarter. The company expects to release its third-quarter 2026 financial and operating results after market close on November 12, 2026, with a conference call scheduled for November 13, 2026.

AuMEGA Metals Ltd announced a 100.5 g/t gold float sample from its 100%-owned Intersection Project along the Cape Ray Shear Zone in southwest Newfoundland and Labrador, the second-highest grade gold sample ever collected across the company's Newfoundland property portfolio. Two additional float samples graded 23.8 g/t gold and 23.1 g/t gold, confirming multiple high-grade gold occurrences within the project area. The 169 square kilometre Intersection Project sits at the convergence of the Cape Ray Shear Zone and the Hermitage Flexure, two of Newfoundland's largest known gold-bearing structural corridors, and shares geological characteristics with the Valentine Gold District while lying adjacent to mineral claims recently staked by Equinox Gold. The results advance Intersection from the broad gold-in-till anomalism identified in 2024, when 914 till samples outlined four large gold target areas, to the identification of high-grade gold mineralisation at surface. A total of 56 grab samples were collected during the 2026 reconnaissance geological mapping program, and assays remain pending for the majority of program samples; AuMEGA said it will integrate the complete dataset to design a follow-up exploration program expected to advance priority targets toward drill testing.

K92 Mining Inc. reported Q3 2026 production of 49,776 ounces gold equivalent from its Kainantu Gold Mine in Papua New Guinea, its second-highest quarterly result to date, comprising 46,063 oz gold, 1,948,951 lbs copper and 55,746 oz silver. The quarter also marked one million AuEq ounces produced since commercial production was declared in February 2018, and set records for ore processed at 250,042 tonnes, ore mined at 252,744 tonnes, total material mined at 485,812 tonnes and mine development at 3,486 metres. The company reiterated its 2026 production guidance of 190,000 to 225,000 oz AuEq and said output is expected to be strongest in Q4 on a planned higher-grade stoping sequence and the ramp-up of the second and third mining fronts. As at September 30, 2026, 98% of Stage 3 Expansion growth capital had been spent or committed, with the expansion remaining on budget. Chief Executive Officer David Medilek said the Phase 4 Primary Ventilation Upgrade, remaining haul road upgrades and deployment of new 60-tonne surface trucks position K92 for its strongest production quarter of the year.

Arras Minerals Corp. reported additional drill results from its ongoing 40,000-metre diamond drill program at the Elemes Project in Pavlodar Region, Kazakhstan, including a broad copper-gold intercept at Berezski Central and high-grade gold at the newly defined K-Ozek epithermal target. Hole EL26042 intersected 574m grading 0.40% CuEq from 98 m, including a higher-grade zone returning 0.57% CuEq over 211m from 433m depth, while hole EL26041 returned 707m grading 0.26% CuEq from 4m, including 271m grading 0.31% CuEq from 492m to 709m depth. At K-Ozek, hole EL26039 drilled 22.8m grading 5.37 g/t Au from 124.2m, including 13.8m grading 8.84 g/t Au and 6.1m grading 17.0 g/t Au, and hole EL26029 intersected 229m grading 0.30 g/t Au from 2m with a higher-grade core of 25m grading 1.11 g/t Au from 174m. CEO Tim Barry said the K-Ozek results show a preserved high-level epithermal system in a down-dropped block between Berezski Central and Berezski North, raising the possibility of another porphyry system preserved at depth beneath it, an exploration concept not yet confirmed by drilling. The company also announced the grant of 5,605,000 stock options to directors, officers, employees and advisors at an exercise price of C$1.33 per share for a five-year term, vesting over three years.

Zhongjin Gold and other enterprises have jointly established a gold investment company in Henan. According to Qichacha, Henan Xinyuan Gold Investment Co., Ltd. was recently incorporated, with Wang Feng as its legal representative and registered capital of 20 million yuan. Its business scope includes investment activities using its own funds, basic geological exploration, geological exploration technical services, and mineral resource reserve evaluation services. Equity penetration shows that the company is jointly held by Songxian Industrial and Mining Resources Holding Co., Ltd. and Henan Jinyuan Gold Mining Co., Ltd., a subsidiary of Zhongjin Gold.

Aquitaine Metals Corp. has completed a non-brokered strategic private placement with Kinross Gold Corporation and Alpayana S.A.C., issuing an aggregate of 6,278,949 common shares at C$7.50 per share for proceeds of approximately C$47.1 million. Following the financing, Aquitaine has 52,207,711 common shares issued and outstanding and approximately C$92 million in cash. CEO Chris Taylor said the backing of a leading global gold producer and a mining group with a proven operational record represents a strong endorsement of Aquitaine and the potential of the Limousin Gold and Critical Metals Project. The company intends to use the proceeds primarily to accelerate exploration at the Limousin project in Nouvelle-Aquitaine, France, with the majority of funds expected to go toward expanding drilling activities and increasing metres drilled. The Limousin project covers 330 square kilometres of exploration licenses and includes 23 past-producing small-scale gold mines, with historical operations most recently conducted by COGEMA, which produced approximately one million ounces of gold between 1988 and 2002.

Granada Gold Mine Inc. has applied for drill permits at its 100%-owned Granada Gold Project near Rouyn-Noranda, Quebec, adjacent to the Cadillac Break in the Abitibi gold belt. The company said it intends to combine infill drilling to improve confidence in the existing mineral resource with exploration drilling to test potential extensions, with results guiding future exploration spending and supporting resource updates. Historical exploration at Granada has included more than 150,000 metres of drilling in approximately 1,000 drill holes, with mineral resources delineated over approximately 2 km of an estimated 5.5 km east-west mineralized structure, leaving the deposit open along strike and at depth with only about 20% of the property explored to date. The 2026 mineral resource estimate, effective June 8, 2026, reports Measured and Indicated Mineral Resources of 890,600 ounces of gold, or 15,982,000 tonnes at 1.73 g/t Au, and separately Inferred Mineral Resources of 865,500 ounces, or 20,096,000 tonnes at 1.34 g/t Au. The move follows J.W. Dumont's appointment as President on September 28, 2026, and the company said it will announce the finalized scope, budget and schedule once confirmed, with drilling remaining subject to required permits, financing and contractor availability.

GMV Minerals Inc. has completed its 2026 diamond drill program at the Mexican Hat Gold project in southeast Arizona, reporting 4,775 metres drilled across 25 holes from 24 platforms that tested the deposit over 950 metres of strike length and 370 metres of width. The company said all drill holes intersected significant gold mineralization within the established solids, with notable assays including 12.64 gpt gold over 4.88 m in MHC26-14, 3.30 gpt gold over 12.39 m in MHC26-24, and 1.33 gpt gold over 29.57 m in MHC26-09. A total of 94 significant mineralized intervals exceeding the previous 0.2 gpt gold cut-off were encountered, averaging 0.87 gpt gold over 7.74 m, and drilling has now tested over 90% of the mineralization. President and CEO Ian Klassen said MHC26-14 returned one of the highest gold drill intersections reported at the project to date, adding that the company looks forward to an updated NI Mineral Resource estimate this fall, the first since June 22, 2020, when it was compiled using a base case of $1,375 per ounce gold. The 25 new drill holes will be incorporated into a revised NI 43-101 Mineral Resource Estimate that the company intends to release in the coming months.

B2Gold has reported encouraging drilling results from its Back River Gold District program in Nunavut, confirming high-grade mineralization and a new Tattuk discovery near the Nuvuyak zone. The exploration update follows a 90 day share price return of 37.62% and a year to date gain of 19.19%, though the 30 day share price return slipped 4.77% and the 1 year total shareholder return stands at 2.81%. B2Gold's most followed narrative pegs fair value at CA$11.06 per share against a last close of CA$7.39, a 33% undervaluation gap. Planned operational upgrades including a wind farm and medium-speed generators at Goose are expected to structurally lower long-term fuel costs and emissions. The company's heavy exposure to higher risk regions and its finite reserve base remain key risks to that undervaluation story.

Eldorado Gold has secured permanent connection of its Skouries mine in northern Greece to the national power grid after final approval from the Greek transmission authority. The grid link provides long-term electricity supply for Skouries and supports ongoing processing and mining work as the operation moves toward planned commercial production in the fourth quarter of 2026. The company's shares last closed at CA$54.78, down 8.0% over the past month after a 90-day gain of about 30.2%, with a one-year total shareholder return of roughly 35.7%. Commissioning of the Skouries copper-gold project is slated for the first quarter of 2026 and remains on schedule, with the most followed analyst narrative pegging fair value at about CA$71.91, implying the stock is 24% undervalued.

GoldInxs Mining Corp. has closed the first tranche of its previously announced non-brokered private placement, issuing 4,315,270 flow-through units at $0.13 each for gross proceeds of $560,985.10 and 784,831 units at $0.11 each for gross proceeds of $86,331.41, for aggregate gross proceeds of $647,316.51. Each unit consists of one common share and one common share purchase warrant, with each warrant exercisable at $0.25 for 24 months after closing, subject to an accelerated expiry provision if the shares trade at or above $0.50 for ten consecutive trading days. The company said proceeds will fund exploration work and other operations at its flagship Fishpot Project in Central British Columbia, along with general working capital. GoldInxs intends to pay aggregate cash finder's fees of $28,366.25 and issue 218,201 non-transferable finder's warrants, subject to TSX Venture Exchange acceptance, and may complete additional tranches of the offering. An insider purchased 385,000 flow-through units representing $50,050 of the gross proceeds, a related party transaction the company said is exempt from formal valuation and minority shareholder approval under MI 61-101.

StrikePoint Gold Inc. has completed its acquisition of the Northumberland Gold Project in Nevada's Walker Lane from subsidiaries of Newmont Corporation, paying US$70 million in upfront cash at closing on October 6, 2026. The company also agreed to two additional contingent cash payments of US$25 million each, the first due within 120 days after completion of a feasibility study and the second within 120 days after achieving certain commercial production milestones at Northumberland. The project hosts an initial independent mineral resource estimate of 2.86 million ounces of gold equivalent in the indicated category and 1.57 million ounces of gold equivalent in the inferred category, contained within 67 million tonnes and 31 million tonnes respectively, based on more than 1,500 historical drill holes. The escrow release conditions for a C$190 million bought deal private placement of 95 million subscription receipts at C$2.00 each, led by sole underwriter Canaccord Genuity Corp., were satisfied on October 6, 2026, ahead of the October 24 deadline, and the subscription receipts converted into 95 million common shares. Concurrently with closing, StrikePoint sold a 0.5% net smelter return royalty over Northumberland to an affiliate of Tembo Capital for US$10 million, with the company holding a right to buy back half of that royalty for US$25 million. Alan Pangbourne, who brings over 35 years of global mining operations experience, has been appointed to the board as chairman, and trading in the shares is expected to resume on the TSX Venture Exchange on or about October 8, 2026.

Big Bear Gold Corp. says its common shares are expected to resume trading on the TSX Venture Exchange at market open on Thursday, October 8, 2026. Trading had been halted on September 28, 2026, pending news of the company's acquisition of an optioned interest in the Peerless Property. Under an assignment and assumption of property option agreement dated September 25, 2026, with Bathurst Metals Corp. and Stanley R McClay as bare trustee for BCT Holdings Corp., the company will acquire Bathurst's 100% optioned interest in the Peerless Property in the Bridge River Mining Camp, British Columbia. The transaction remains subject to TSXV approval, and full details were set out in the company's news release dated October 1, 2026.

Barrick Mining Corporation announced that the Government of Tanzania has renewed the Special Mining Licenses for its North Mara Gold Mine for another 15 years, supporting continued investment in the mine, its workforce and surrounding communities. Since Barrick took over operations in 2019, Tanzanian nationals have come to account for 96% of the company's approximately 3,000 employees in the country, with 47% drawn from communities surrounding its mines. Barrick has contributed approximately $5.3 billion to Tanzania's economy since 2019, including $1.2 billion in 2025 through taxes, royalties, salaries, dividends and local procurement, and more than 90% of its procurement is sourced from Tanzanian-registered companies, the majority of them indigenous businesses. The renewal reinforces the partnership between Barrick and the Tanzanian Government, which established Twiga Minerals in 2019 to jointly operate the North Mara and Bulyanhulu mines, with the Government holding a 16% interest in each mine while the two partners share the economic benefits equally. Barrick said the license renewal marks an important milestone for North Mara and its partnership with Tanzania, reinforcing its commitment to long-term relationships with government, communities and other stakeholders.

Kinross Gold Corporation has raised its 2026 return of capital target to 50% of free cash flow from 40%, citing its cash flow outlook and balance sheet strength. The company returned $752.4 million to shareholders through dividends and buybacks in 2025, and has returned approximately $800 million so far in 2026, including $655 million through share repurchases. Earlier this year its board approved a 14% increase to its quarterly dividend, amounting to 16 cents per share on an annualized basis. Kinross logged attributable free cash flow of $726.8 million in the second quarter and $1.56 billion in the first half of 2026, with Tasiast and Paracatu remaining the key contributors to cash flow generation and production. Among peers, Barrick Mining Corporation returned $2.4 billion to shareholders in 2025 and $1.5 billion in the second quarter, while Agnico Eagle Mines Limited returned around $1.4 billion in 2025 and plans to return 40% of its annual free cash flow this year.

Amaroq Ltd. reported gold production of approximately 12 koz for Q3 2026 and approximately 21 koz for the nine months ended 30 September 2026 from its Nalunaq gold mine in southern Greenland, reaching its Q4 2026 production target of 12 koz one quarter early. The company reiterated its FY2026 gold production guidance of 25 to 35 koz. Amaroq also announced its inclusion in the FTSE 250 Index as of market open on 8 October 2026, following the announcement from FTSE Russell. CEO Eldur Olafsson said the quarter demonstrated growing operational consistency and the impact of enhanced recoveries from the flotation recovery circuit commissioned earlier in the summer, and that the index inclusion validates the company's move from AIM to the Main Market of the London Stock Exchange. Amaroq is listed on the LSE and Nasdaq Iceland under the ticker AMRQ and on OTCQX under AMRQF.

Lightning Minerals Ltd has started Phase 2 diamond drilling at its wholly owned Mt Turner Gold Project in North Queensland, targeting extensions to mineralisation along the 14-kilometre Drummer Fault corridor. Managing director Troy Brice said the rig is mobilised and crews are on site, with the program comprising five targeted diamond drill holes for around 650 metres. The campaign follows the company's 2025 program, which Brice said delivered a 100% success rate, and is designed to test mineralisation along strike and at depth while adding support to the geological model, including validation from a University of New South Wales petrology report. Results are expected to contribute to a 3D geological model and support work towards a maiden mineral resource estimate for the Mt Turner Gold Project in 2027. Brice said Lightning Minerals believes Mt Turner has the potential to represent a district-scale gold system, with further exploration targets available beyond the current drilling area, and noted the company's strategic focus remains on gold and copper, with tungsten also emerging as an additional opportunity at Warby.

The World Gold Council estimates that the above-ground stock of gold mined by humanity stood at about 220,000 tonnes at the end of 2025, with two-thirds of that mined since 1950. The above-ground stock in 2010 was about 160,000 tonnes, meaning roughly 60,000 tonnes were added over the past 15 years. Mine production rose from around 400 tonnes a year in the early 1900s to about 3,800 tonnes in 2025, a record high, while gold prices are also at record levels. Comparing 2011 with 2025, among demand derived from mine production, jewellery demand fell by 300 tonnes, from 700 tonnes to 400 tonnes, while central banks increased their purchases by 300 tonnes, from 500 tonnes to 800 tonnes, and investment demand rose by 500 tonnes, from 1,700 tonnes to 2,200 tonnes. Central banks have been net buyers since 2010, exceeding 1,000 tonnes a year from 2022 to 2024 and surpassing 800 tonnes in 2025, well above the 2010-2021 average of 473 tonnes.

NOVAGOLD RESOURCES INC. has filed and begun mailing its management information circular and definitive proxy statement for a November 3, 2026 special meeting at which shareholders will vote on the previously announced all-share transaction that would take its ownership of the Donlin Gold project in Alaska from 60% to 100%. Under the arrangement, a newly incorporated Delaware company, New NOVAGOLD, would become the ultimate parent of NOVAGOLD and its subsidiaries and would acquire the 40% interest in Donlin Gold LLC held by Paulson Advisers LLC and certain affiliates through Donlin Gold Holdings LLC. NOVAGOLD's board has unanimously recommended that shareholders vote FOR the Arrangement Resolution and each other resolution, and Citigroup Global Markets Inc. has delivered an opinion that the consideration to be received by NOVAGOLD shareholders other than Paulson is fair from a financial point of view. Shareholders of record as of September 23, 2026 are being asked to approve the arrangement by not less than two-thirds of votes cast, along with resolutions covering a New NOVAGOLD 2026 Omnibus Incentive Plan, a New NOVAGOLD Employee Stock Purchase Plan, a NOVAGOLD Employee Share Purchase Plan and advisory compensation for named executive officers. The proxy voting deadline is October 30, 2026 at 10:00 a.m. Vancouver Time, and the board says the combined company is expected to have a market capitalization of approximately $4.9 billion, based on a NOVAGOLD closing price of $7.25 per share on September 15, 2026, with projected production of 1.3-million ounces of gold annually in its first 10 full years and 1.1-million ounces annually over the 27-year mine life.

Pan American Silver Corp. estimates 2026 project capital of $40-$43 million for its Timmins operation in Ontario, where it expects to produce 105.5-115 thousand ounces of gold at an estimated AISC of $2,575-$2,675 per ounce. The Timmins operations consist of the Timmins West and Bell Creek underground gold mines, which supply ore to the Bell Creek processing plant with a design capacity of 5,600 tons per day and current throughput of 4,400 tons per day. Timmins produced 103.6 thousand ounces of gold in 2025 at an AISC of $2,443 per ounce, and the company plans to drill 118,000 meters at Timmins in 2026. In June 2026, Pan American Silver identified mineral resources at the Bell Creek mine and satellite deposits, and it is proceeding with a conceptual plan for phased development of these new resources. The company has commenced the first phase of the Timmins Camp Project following board approval and a total investment of $146 million.

OceanaGold reported new drilling results from its Wharekirauponga project in New Zealand in late September 2026, highlighting multiple wide, high-grade gold intercepts that reinforce the continuity of the southern high-grade EG Vein and associated hanging-wall structures. Drilling has accelerated with five active rigs, and promising intercepts outside the current resource model point to a potentially larger, better-defined mineralized system that could influence future resource classification and project planning. The company's narrative projects $2.2 billion in revenue and $764.2 million in earnings by 2028, requiring 12.7% yearly revenue growth and a $388.4 million earnings increase from $375.8 million today. The update comes as OceanaGold plans the April 2027 retirement of CEO Gerard Bond, who is set to stay on as a Special Advisor for six months. Before this Wharekirauponga update, the most pessimistic analysts were still penciling in about US$2.6 billion of revenue and US$1.4 billion of earnings by 2029.