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.

McEwen agreed to sell its Fuller and Paymaster properties in Timmins, Ontario, to Discovery Mining subsidiary Dome Mine for $55M, comprising $5M in cash and $50M in Discovery common shares. The sale includes Lexam VG Gold's wholly-owned Fuller property, its 60% interest in the Paymaster property held in joint venture with Dome, and a surface rights parcel owned by VG Holdings; both properties are part of McEwen's Fox complex land position in the Timmins mining district. McEwen said it plans to use the sale proceeds to invest across its operations and development projects to support a goal of producing 250K–300K gold equivalent oz annually by 2030 with minimal to no share dilution. The company said its operations and development at the Fox complex will remain centered on the Froome, Stock and Grey Fox properties. McEwen shares gained 4.5% in Friday's trading.

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.

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.

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.

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.

Phenom Resources Corp. announced that SSR Mining has exercised its right to acquire a 15% interest in the Dobbin Project for US$4,000,000, forming a Nevada joint venture company in which Copper One holds 85% and SSR Mining holds 15%. The joint venture structure includes pro rata funding obligations, dilution provisions, and potential net smelter return royalties, giving SSR Mining a new exploration-focused asset exposure with clearly defined governance and capital commitments. The Dobbin interest is small in the context of SSR Mining's overall portfolio and does not materially change the near-term focus on cost discipline and progress on Çöpler-related approvals. The deal arrives shortly after SSR Mining expanded its revolving credit facility to US$600,000,000, which underpins its ability to fund exploration, remediation, and project pipelines, including ongoing capital demands at Hod Maden and Buffalo Valley. SSR Mining's narrative projects $2.3 billion revenue and $791.0 million earnings by 2029, while some bullish analysts forecast revenue of about US$2.9 billion and earnings of about US$1.1 billion.

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.

Franco-Nevada Corporation has acquired 10,000,000 common shares of Kenorland Minerals Ltd., representing approximately 12.42% of the company's outstanding common shares, making it a significant shareholder. The shares were purchased through private agreements at $2.22 per share, with 7,950,000 acquired from John Tognetti and 2,050,000 from Zach Flood, Kenorland's President and CEO, for an aggregate purchase price of $22.2 million. Prior to the transaction, Franco-Nevada held no common shares of Kenorland, while Tognetti held 11,115,603 shares, or approximately 13.80% of the outstanding common shares. Following the transaction, Tognetti holds 3,165,603 shares, or approximately 3.93%, and has ceased to be an insider of Kenorland, while Flood continues to hold 3,422,888 common shares. Franco-Nevada said it acquired the shares for investment purposes and has no current plans to acquire additional securities or dispose of its holdings, though it may do so in the future depending on market conditions.

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.

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.

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.

Aris Mining has cleared a key permitting hurdle for its Soto Norte gold copper project in Colombia by completing its Environmental and Social Impact Assessment and beginning formal community engagement ahead of an environmental licence application. The milestone follows earlier approvals on the mine plan and clarifications to Colombian regulatory protections. The company's shares have returned 15.19% year to date and posted a very large 3 year total shareholder return, though the 30 day share price return has eased 8.37%. Analysts see a narrative fair value of CA$41.53 against a last close of CA$24.95, with the gap linked to project build out and operating scale. The ongoing expansion at the Segovia operations, with the new second ball mill increasing processing capacity by 50% and a targeted production ramp up to 300,000 ounces in 2026, is described as a driver of sustained revenue growth and structurally higher operating margins.

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.

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.

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.

Aris Mining Corporation has completed preparation of the Environmental and Social Impact Assessment for the Soto Norte gold-copper project in Santander, Colombia, and will begin community engagement ahead of submitting the ESIA and its environmental license application. Community meetings are scheduled for October in Matanza, Suratá and California, after which the company will incorporate feedback before finalizing the ESIA. The redesigned project carries high-grade mineral reserves of 4.6 million ounces of gold at an average grade of 7.0 g/t Au, an initial 22-year mine life, and a 3,500 tonnes per day mill, of which 750 tpd is dedicated to processing material from local miners. Average gold production is estimated at approximately 203,000 ounces per year from owner-mined ore over years 1 to 21, including approximately 263,000 ounces per year during years 2 to 10, and the project is expected to generate an estimated US$2.6 billion in income taxes and US$393 million in royalty payments to the Colombian government based on the 2025 Prefeasibility Study base case gold price assumption of US$2,600 per ounce. Aris Mining said recent government actions removed key regulatory constraints: the La Baja permanent reserve was revoked, the Temporary Reserve Area reverted to its original expiry of March 4, 2027, and the Santurbán Páramo delimitation process will continue under applicable constitutional, legal, technical, environmental and participatory requirements. The National Mining Agency approved the modification to the Programa de Trabajos y Obras for mining concession 0095-68 on July 29, 2026, though construction and mining may not commence until the required environmental license is obtained.

Namib Minerals announced that its wholly owned subsidiary, Bulawayo Mining Company (Private) Limited, has secured a non-dilutive $6.5M new term loan facility from African Banking Corporation of Zimbabwe Limited, or BancABC. The new debt facility is in addition to the company's existing term loan and overdraft lines with BancABC, with all credit facilities now consolidated into a single unified structure to optimize working capital and liquidity. Net proceeds from the $6.5M facility will fund Step 3 of the Redwing Mine development, following the early completion of Step 1 dewatering and the fully funded Step 2 Definitive Feasibility Study, which aims to upgrade and extend the asset's resource base. The remaining balance for Step 3 is expected to be funded through the company's broader sequenced financing strategy, with further market updates anticipated in due course.

Jinyi Culture announced after market close on September 29 that it has signed a cooperation framework agreement with the Yuanmingyuan Administration Office of Haidian District, Beijing. Through its wholly owned subsidiary Beijing Yuewang Culture Co., Ltd., the company plans to carry out a Yuewang and Yuanmingyuan co-branded project, jointly developing and operating gold jewelry and peripheral products for a cooperation period of five years. Beijing Yuewang was established in February 2025 with registered capital of 30 million yuan. As of June 30, 2026, its total assets were approximately 581 million yuan and net assets approximately 467 million yuan. In the first half of 2026, its operating revenue was approximately 236 million yuan and net profit approximately 30.13 million yuan. This is not the first cooperation between the two parties. Jinyi Culture's 2022 annual report shows that the Yuanmingyuan Ruins Park had already been listed among its cultural industry partners, with products such as the Twelve Zodiac Heads Yuanming Auspicious Tiger Gold Bracelet developed. Jinyi Culture will bear joint and several liability to the Yuanmingyuan Administration Office, and the amount under this guarantee is expected not to exceed 1 million yuan, accounting for 0.05 percent of the company's most recent audited net assets. The company cautioned that specific cooperation details will be further implemented in subsequent business agreements and are subject to some uncertainty.

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.