Newmont Corporation
NEMNewmont Corporation (NYSE: NEM) is the world's largest gold mining company, producing approximately 5.5 to 6 million ounces of gold annually. The company operates a globally diversified portfolio of Tier 1 gold and copper assets. The recent acquisition of Newcrest Mining solidified Newmont's industry dominance, expanding its resource base and project pipeline while enabling the divestiture of six non-core assets to streamline operations. In 2025, Newmont reported $13.5 billion in Adjusted EBITDA and $7.3 billion in Free Cash Flow, reflecting the operational leverage of its portfolio to prevailing gold prices.
The company's asset base spans top-tier mining jurisdictions including Australia, Canada, and the United States, alongside established operations in Ghana, Peru, Mexico, and the Dominican Republic. Key Tier 1 assets include Boddington, Cadia, Lihir, Tanami, Peñasquito, and the Nevada Gold Mines joint venture. Proven and probable gold reserves stand at a robust 118.2 million ounces, translating to a substantial reserve life that supports decades of future production. Growth projects such as Ahafo North and Tanami Expansion 2 provide clear catalysts for sustaining production levels.
Leadership transitioned to President and CEO Natascha Viljoen on January 1, 2026, succeeding Tom Palmer. Viljoen brings extensive operational and executive experience from major mining companies. The company maintains a strong liquidity position with $8.7 billion in cash and a manageable debt load of $5.5 billion. With significant margin per ounce at current gold prices exceeding $4,000/oz, Newmont is generating substantial shareholder returns through its base dividend, supplemental dividends, and an aggressive share repurchase program.
Data Quality
Market Cap
$129.68B
Total valuation
Stock Price
$123.07
▼ 2.95% today
Free Cash Flow
N/A
Annual
Financial Position
$3.48B
Net cash positive
PEG Ratio
ⓘN/M
Not meaningful
Analysis
Score Interpretation
Hover any criterion below to reveal its full rationale, key metrics, strengths, concerns, and source documentation.
Criterion Detailed Analysis
Recommendation
Newmont represents a high-quality, low-risk investment in the world's largest gold producer. With 118.2 million ounces of reserves, diversified Tier 1 assets, and significant free cash flow generation at current gold prices above $4,000/oz, the company offers strong fundamental value. The transition to CEO Natascha Viljoen introduces minor uncertainty, but the experienced management team and robust balance sheet with a net cash position of $3.2 billion provide stability. The active $4 billion share buyback program and dividend framework offer compelling shareholder returns. While the large market cap limits explosive upside, the risk/reward profile remains highly attractive for investors seeking leveraged exposure to gold with company-specific growth catalysts from projects like Tanami Expansion 2 and Ahafo North.
Red Flags
| Criterion | Severity | Score | Description |
|---|---|---|---|
| cost_structure | Low | 8.00 | Reported AISC of $1,651/oz is mid-range; significant cost inflation pressures across the mining industry could compress margins if gold prices retreat. |
| management_team | Low | 8.00 | CEO transition to Natascha Viljoen in January 2026 introduces execution risk during handover period. |
| share_structure | Low | 7.00 | Large absolute share count of 1.07 billion limits per-share value leverage compared to smaller, growing producers. |
Scenario Analysis
Bull Case
Bull case assumes gold sustains $4,500+/oz driven by central bank buying and monetary easing. Newmont's operational leverage generates $15B+ in annual FCF, enabling accelerated debt reduction and a 50% increase in shareholder returns. The expansion of copper projects like Norte Abierto adds diversification premium.
Base Case
Base case assumes gold trades in a $3,800-$4,200 range. Newmont delivers steady 5.5M oz production, maintains cost discipline, and continues share buybacks. The company sustains its dividend yield and slowly grows NAV through project advancement.
Bear Case
Bear case assumes a cyclical gold correction to $3,000/oz combined with operational disruptions at key assets. Margin compression limits FCF generation, and capital returns are curtailed to protect the balance sheet.
Audit Trail
Analysis updated Jun 25, 2026
| # | Source |
|---|---|
| 1 | 10-K Annual Report (2025): Financial statements, properties, reserves, share structure - https://sec.gov/Archives/edgar/data/0001164727/000116472726000010/nem-20251231.htm |
| 2 | Q1 2026 10-Q: Current financial position, cash balances, debt structure - https://sec.gov/Archives/edgar/data/0001164727/000116472726000019/nem-20260331.htm |
| 3 | Evidence Ledger (2026-06-25): SEC filing data extraction for costs, financials, management, and projects |
| 4 | Market Data (2026-06-25): Stock price, volume indicators, and technical analysis |
| 5 | Newmont Investor Relations: 2026 guidance, capital allocation framework, Q4 2025 results - https://www.newmont.com/investors/news-release/news-details/2026/ |
| 6 | Newmont Q1 2026 Earnings Release: Record quarterly FCF, increased buyback authorization - https://www.newmont.com/investors/news-release/news-details/2026/Newmont-Generates-Record-Quarterly-Earnings-and-Free-Cash-Flow-Reports-First-Quarter-2026-Results-and-Announces-Increased-Share-Repurchase-Authorization/default.aspx |
Financials
Core Metrics
Annual Production
N/A
Troy oz per year
Revenue
$22.00B
Fiscal year 2026
Net Income
$5.46B
Annual
Enterprise Value
$97.15B
Net debt: -$3.24B
Adj. EBITDA
$13.50B
EV/EBITDA 7.20x
Income & Cash Flow
Waterfall · Revenue to Free Cash Flow
Key P&L Ratios
N/A
Free Cash Flow Generated
Balance Sheet & Leverage
Capital Structure
- Equity $35.10B
- Long-Term Debt $5.08B
- Short-Term Debt $0.00
- Cash & Equivalents $9.01B
Leverage & Coverage
-$3.24B
Net Debt (Strong)
Cash Uses & Returns
- Capital Expenditures $3.50B
- Dividends Paid $1.50B
- Share Buybacks $1.50B
- Interest Expense $65.00M
- Debt Repayment / Other $8.44B
Profitability & Returns
Returns
Margins
Liquidity & Coverage
Yield
Valuation
Valuation Multiples
Share Structure & Ownership
Share Structure
- Outstanding 1.07B 1.07B
- Options 4.66M 4.66M
- RSUs 4.66M 4.66M
- Warrants 0.00 0.00
Per-Share & Buyback Metrics
$2.50B
Remaining Buyback Capacity
Health Indicators
Strength across all solvency and liquidity metrics
16.0% of 1.0x threshold
0.0% of 3.0x threshold
0.0% of 3.0x target
100.0% of 48 months target
5.8% of 15% threshold
Asset Pipeline
Jurisdiction Exposure
Geographic distribution of mining properties · Equal-weighted (no NPV data)
- Australia20.8% · Tier 1 · 5 properties
- Canada12.5% · Tier 1 · 3 properties
- Peru12.5% · Tier 3 · 3 properties
- Ghana8.3% · Tier 3 · 2 properties
- United States8.3% · Tier 1 · 2 properties
- Papua New Guinea8.3% · Tier 4 · 2 properties
- Chile8.3% · Tier 2 · 2 properties
- Argentina4.2% · Tier 3 · 1 property
- Ecuador4.2% · Tier 4 · 1 property
- Suriname4.2% · Tier 4 · 1 property
- Mexico4.2% · Tier 3 · 1 property
- Dominican Republic4.2% · Tier 4 · 1 property
Operating Mines
Distribution across development stages · Equal-weighted (no NPV data)
- Depletion/Closure4.2% · 1 Asset
- Production (Steady-State)58.3% · 14 Assets
- Production (Ramp-Up)4.2% · 1 Asset
- Development & Construction12.5% · 3 Assets
- Feasibility Study12.5% · 3 Assets
- Preliminary Economic Assessment (PEA)8.3% · 2 Assets
Cost Structure
All-in Sustaining Cost (AISC) breakdown • Peer-leading efficiency
$1,307/oz • 79%
$400/oz • 24%
Ahafo North
Ahafo South
Boddington
Brucejack
Cadia
Cadia Panel Caves
Cerro Negro
Conga
Fruta del Norte
Galore Creek
Jerritt Canyon
Lihir
Merian
Nevada Gold Mines
Norte Abierto
NuevaUnión
Peñasquito
Pueblo Viejo
Red Chris
Tanami
Tanami Expansion 2
Wafi-Golpu
Yanacocha
Yanacocha Sulfides
Information
Key Information
Legal Entity
Newmont Corporation
Sector
Precious Metal
Founded
March 17, 1980
Employees
22,200
Reporting Currency
USD
Contact Phone
303 863 7414
Website
www.newmont.comHeadquarters Address
6900 East Layton Avenue , Denver , CO 80237 , US
Identifiers
Commodity Portfolio
Liquidity
- Avg dollar volume (50d)
- —
- Last trade date
- Sep 14, 2026
- Days since last trade
- 28
- Last evaluated
- Oct 12, 2026 10:30 PM
Stock Exchanges
Organization
Management Team
Natascha Viljoen
President & Chief Executive Officer
Insider Ownership
2.00%
Brian Tabolt
Senior Vice President, Global Finance and Chief Accounting Officer
Insider Ownership
0.50%
Jennifer Cmil
Executive Vice President and Chief People Officer
Insider Ownership
1.00%
Mr. Francois Hardy
Executive Vice President and Chief Technical Officer
Insider Ownership
1.00%
Peter Wexler
Executive Vice President, Chief Legal Officer, and Interim Chief Financial Officer
Insider Ownership
1.00%
Industry Partnerships
Barrick Gold Corporation
Joint Venture
Project: Pueblo Viejo
Ownership: 40.0%
Source: 10-K Partnership Agreements, NGM Operating Agreement
Partner Market Cap
$30.00B
Chart
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Videos
Craig Hemke – Inflation, Warsh Presser, Geopolitics, Seasonality, Mid-terms To Drive Precious Metals
Key Highlights
brief- The guest calls Newmont the bellwether stock that everybody watches to lead off the Q3 earnings season, likely around the 28th or 29th of October.
The guest argues US deficit spending structurally requires inflation, making a return to the Fed's 2% target unlikely regardless of who chairs the Fed. This week's CPI and PPI readings plus Kevin Warsh's Thailand speech could reset rate expectations just before next week's FOMC meeting. Gold holding above $4,000 and silver oscillating around $60 after two huge up-years is consolidation, not weakness; gold is down only about 4% year to date. Gold seasonality turns favorable from November through January, driven by Indian festival demand, holiday jewelry buying, and year-end portfolio repositioning. Q3 margins for gold and silver producers remain historically strong, pointing to a solid earnings season, potential M&A, dividends, and buybacks.
Weekend Show - Doc & Marc Chandler - Is the Fed Irrelevant? Gold Targets vs Rising Rates & USD
Key Highlights
brief- Doc says he sold a good part of his Newmont position during the August bounce and expects the stock to go lower before he buys back in.
- He otherwise kept his remaining positions, citing a very low cost basis and a reluctance to realize taxable gains.
Doc argues the bond market, not the Fed, now drives tightening, and sees gold bottoming near $3,500 and silver at $40-50, possibly not until 2028. He advises holding heavy cash and preferred bonds yielding over 7% while slowly building positions in gold, silver, and beaten-down uranium stocks. Marc Chandler notes global yields stabilizing but sees hotter US CPI risk keeping upward pressure on rates and the dollar firm above 102. Chandler argues the AI build-out is absorbing global savings and lifting the dollar, leaving the yen roughly 60% and the euro about 33% undervalued. Chandler urges dollar-based investors to diversify into foreign equities, especially Japan, to capture both the strong dollar now and future currency appreciation.
I'm Buying These Gold & Silver Stocks 'Hand Over Fist': John Feneck
John Feneck says the backdrop for gold and silver has never looked better, and he is buying gold equities hand over fist for leverage. He runs a hub and spoke portfolio, holding ETFs like GDX as the core and selling satellite juniors after 200 to 300 percent gains. He expects a 25 basis point Fed hike on December 9, sees gold support at 3,900 to 4,000 dollars and prefers equities over bullion. His picks span BlackRock Silver, the Silver 47 Bunker Hill merger, Triumph Gold, Western Star tungsten and First Phosphate. Gold miners are 0.1 percent of the investable universe, and he sees potential sector rotation when the tech led bull market changes.
StrikePoint Gold: Nevada’s Next Big Gold Discovery? | Mike Allen & Robert Sinn
Key Highlights
brief- Newmont is named only as the seller of the Northumberland project, with Allen confirming that StrikePoint has taken ownership of the asset.
StrikePoint Gold closed a financing that CEO Mike Allen sizes at $190 million — unusual cash depth for a junior explorer. BlackRock holds just over 10% after joining an upsized round, alongside London family offices Tembo and Athaka. Two of five drill permits come first, targeting one core rig and one RC rig on site by year-end. The 4.4 million ounce resource is capped by drill density rather than geology; infill could push it toward 6 million ounces. Bull-case upside lies beyond the pit, benchmarked against Nevada Gold Mines' 32 million ounce Betsey Post deposit.
They Just Hit Almost Pure Silver in Canada’s Forgotten Silver Capital | DD-on-the-GO Brixton Metals
Key Highlights
brief- Gary Thompson says he cut his teeth at some of the biggest names in the business, including Newmont, early in his exploration career.
Brixton Metals is drilling extraordinarily high-grade native silver at the historic Langis Mine in Cobalt, Ontario, including over 5,000 g/t silver across 20 metres. The best intercept came from ground with no old shafts or historic mining, showing the century-old camp still holds undiscovered veins. Record silver prices, modern exploration technology, and Ontario's new tailings reprocessing rules are together reviving Cobalt's camp economics. Brixton is drilling the Langis tailings pile toward a maiden resource estimate that could generate early cash flow before any new shaft. The company also owns Thorn, a large copper-gold project in British Columbia that has attracted partners like BHP and Ivanhoe Electric.
Lab Report | Oct 7 Deep Dives on Southern Cross, Goliath, Prospector Metals, and Vizsla
Key Highlights
brief- The host notes the former Pretium Brucejack mine is now one of Newmont's tier-one mines.
- He argues Goliath's Surebet discovery could grow into a comparable tier-one mine of the kind Newmont owns.
Valuing drill intersections per gram of in-situ metal is a quick way to compare high-grade hits and bulk tonnage on equal terms. Closer-spaced infill drilling that lifts grades, as at Southern Cross Gold, signals a system improving like a mine rather than shrinking. Goliath's broad low-grade zones between high-grade veins could suit block caving, bulk underground mining at roughly open-pit cost. A mineral resource estimate published before the mining method is settled can cap a project's value; follow it quickly with economics. Sentiment lags the metals: gold, silver, and copper are in bull markets while junior mining equities still price like a bear market.
GOLD GIANT BETS $50M ON JAPAN | Japan Gold x Solidcore
Key Highlights
brief- The host cites Newmont as a comparable-case partner: it owns about 15% of Irving Resources, whose Yamagano Noto joint venture started with Newmont at 60% and Irving at 27.5%, with Irving required to fund its share or be diluted.
Solidcore Resources, the renamed Polymetal, commits US$50 million to Japan Gold across an earn-in on five projects, premium equity, and a royalty top-up. The deal funds up to 34,000 metres of drilling versus about 3,000 under Barrick, with a written earn-in path through pre-feasibility and bankable feasibility. Japan Gold keeps 22 projects at 100%, retires its convertible debt, and adds cash — but shareholders absorb roughly 36% dilution and Solidcore takes control levers. Implied earn-in value of about C$71 million for five projects is roughly 2.6 times Japan Gold's entire enterprise value, yet the stock still trades below Solidcore's entry price.
Tungsten Went 6X. I Went to See the Deposit Time Forgot | DD-on-the-GO! - Rackla Metals Inc
Key Highlights
brief- Named only at the end of a corporate succession chain: the host says Simon Ridgeway found two gold deposits in Central America in the 1990s that were sold to Glamis Gold, which became Goldcorp and then Newmont, using it as a track-record point rather than discussing the company itself.
Rackla Metals must twin 27 historic Union Carbide holes to prove a 44-year-old tungsten deposit still exists. Tungsten, a hard heat-resistant metal used in cutting tools and defence, rose roughly sixfold in a year as China cut exports. Scheelite, the mineral hosting tungsten, fluoresces under UV light, so crews can grade core on site instead of waiting for assays. One central zone carries a historical envelope of 1.5 million tonnes at roughly 1.27% tungsten, but no compliant resource exists. With no independent estimate and a $0.90-to-$0.10 crash behind it, the 2026 drill season settles the story.
Upside Gold ($UG | $UGODF): 3.31 Moz Historical Gold Resource and 5,180 Metres Drilled in BC
Key Highlights
brief- Sophy Cesar points to Newmont's Red Cliff operation, which uses block caving, as a possible mining-method model for the Kena project's mountain setting that could carry a smaller environmental footprint, while stressing no economic study has been done yet.
Upside Gold's Kena project in southern British Columbia holds a historical 3.31 million ounce gold resource, with an updated 43-101 estimate expected in Q1 2027. The 2026 drill program reached 5,180 metres, beating its 4,000 metre plan and finishing ahead of schedule, with assay results still pending. Management is targeting 4 to 5 million ounces by adding recent drilling, the Kena copper gold zone, and previously excluded copper and silver values. The host sees the company valued near $850 an ounce in the ground against a $34 million market cap, framing shares as cheap optionality. Flow-through dollars (tax-incentive financing for Canadian exploration) make up $3.7 million of the June raise, already covering the 2027 drill program.
Coppernico Metals Has the Audience of Two Potential Buyers
Key Highlights
brief- Bebek says Newmont holds a strategic stake in Coppernico and has kept it, not selling shares even though it did not take part in the summer 2026 financing.
- He cites Newmont as an about-$90-billion company and the second of two potential buyers should Coppernico's drilling lead to a discovery.
Coppernico Metals (TSX: COPR) expects its final Peruvian permit mid-October, unlocking an 18-month, 20,000-metre drill program across seven targets. The founder argues retained stakes from Teck and Newmont give the company two potential buyers if drilling proves up a discovery. Erosional windows reveal the same limestone-hosted skarn and porphyry geology as neighbouring major mines, with targets extending under volcanic cover. The guest says Keiko Fujimori's election win is already speeding Peruvian permit timelines, arguing it will close the junior discount. Holding roughly $4 million in cash, management calls capital an afterthought and sees no need to raise before early Q1.
John Feneck: Why These Critical Metals Will Explode Higher, 'Uncharted Territory' For Gold
Key Highlights
brief- Also named as a major that accumulates 5%, 10% and 20% stakes in junior explorers and then ends up taking them over.
The guest keeps gold's bull case intact through a painful consolidation, with $3,900–$4,000 support and $3,600 the next test if it breaks. He argues the Federal Reserve has no more bullets for aggressive hikes, calling current bond yields the highest since 2002. His portfolio uses GDX and GDXJ (gold miner sector ETFs) as a hub, then adds juniors and developers seen as eventual takeover targets. Critical minerals now make up roughly a quarter of his book, anchored by tungsten names as China supplies 81% of world output. He favours Nevada and Colombian explorers over riskier jurisdictions like the Congo, where nationalization concerns warrant a bigger discount.
BREAKING: Strikepoint Acquires Massive Gold Deposit From Newmont
Key Highlights
detailed- Newmont is the seller of the Northumberland asset; the guest says it has held the deposit for about the last 15 years, after acquiring the previous owner, Frontier Gold, around the top of the last major mining cycle - he offers 2010, with an announcement he places in 2011 - and that the deposit was the secondary asset in that deal.
- The guest says Newmont focused entirely on Long Canyon and left Northumberland in what he calls the storage locker for 15 years, and that the deposit is not quite big enough for Newmont to justify building a whole new Nevada mining team for it.
- Northumberland sits outside the Nevada Gold Mines joint venture, so per the guest it is a 100% Newmont asset; he adds that most of Newmont's Nevada people took the package when that venture was created, leaving very few Newmont staff in the state.
- The guest says Newmont tried to sell the asset in 2016 and did not, and that a processing technology licence Newmont had held over the property has expired with its patents, so it is no longer an encumbrance.
- He points to a pattern of Newmont divesting: the guest says Newmont had recently sold the coffee asset to Talamore and was selling another asset to StrikePoint, which is what he says led StrikePoint into the conversation about Northumberland.
StrikePoint agreed to pay Newmont $70 million US cash for Northumberland, adding 2.57 million indicated and 1.72 million inferred ounces. Closing is expected in early-to-mid September, with $25 million US more due after a feasibility study and after commercial production. A 15,000-metre October drill program, two-thirds reverse circulation, targets resource upgrade and expansion, with a PEA targeted for early 2028. The guest says the undrilled eastern limb and the Rockwell gap could support 8 to 10 million ounces; the last public estimate dates to 2010. A Canaccord-led $100 million US raise funds the purchase, leaving about $15 million, with a 10-for-1 consolidation ahead of a $2 unit.
Contango Silver & Gold: Low-Capex Direct-Ship Ore Model Yields Big Returns
Key Highlights
brief- Khunkhun names Newmont as one of the three super majors created by the consolidation wave during the post-2013 metals depression, which he says left the mid-tier space vacant.
President Shawn Khunkhun says Manh Choh's high-grade output self-funds growth, generating roughly $100 million in yearly free cash flow at his $3,700 budgeted gold price. Manh Choh's 2027 guidance: 75,000-80,000 ounces at $1,213-$1,300 cash costs (the direct cost to mine an ounce) as mining shifts into the richer South Pit. The guest argues 2025's rally - gold up 70%, silver 200% - and supportive governments make this mining's best financing market in a century. Management frames the portfolio at about 10 grams per tonne (metal content per tonne), with the new KB estimate lifting indicated silver ounces 93%. Direct shipping ore (DSO - ore sold without on-site processing) needs infrastructure and simple permitting; the guest credits it for Manh Choh's two-and-a-half-year feasibility-to-production timeline.
Gold Royalty: $100m FCF Targeted by 2030 at Spot
Key Highlights
brief- Griffith notes Newmont was the acquirer of Franco-Nevada, the sector's first public royalty company, back when it was a roughly $1 billion market cap business.
Gold Royalty targets 28,000-34,000 gold equivalent ounces by 2030 — a six-fold rise — with 70% of that growth already permitted and built. The president projects about $100 million of free cash flow by 2030 at spot prices against flat G&A near $8 million and no debt. Growth is spread across Cote, REN, Vares, Borborema and Agnico's Odyssey, so no single asset carries the ramp and geopolitical risk stays low. The Vares copper stream reached commercial production under DPM Metals after a six-month mine-plan pause and could soon make copper a quarter of revenue. About $200 million of debt-free dry powder supports busy deal flow, while a sustainable, growable dividend is under internal discussion ahead of buybacks.
Lab Report | Sep 30 Deep Dives on ICG, Arizona Gold & Silver, and Hercules
A takeover wave looks unlikely: majors are too large and targets too scarce, so expect equity stakes in juniors rather than mergers. ICG Silver & Gold hit 24.3 metres of 10.14 grams per tonne gold in Nevada; its C$19 million market cap still prices it as a concept. Arizona Gold & Silver keeps hitting gold-rich breccia at Philadelphia; the payoff comes when drilling reaches the boiling (bonanza) zone of the epithermal vein. Hercules Metals extended its Southern Flats porphyry copper hit in Idaho; George Ogilvie's new team must justify a $450 million valuation with deeper drilling. With 30-year yields near 5.5% and war-driven inflation, the host stays extremely bullish on gold, silver and copper equities.
Gold and Silver Are Setting Up for a “Meteoric” Move, Michael Oliver Warns | Sprott Money
Key Highlights
detailed- Michael Oliver argues Newmont's marginal new high during the August rebound, achieved while gold failed to regain its own high, shows big asset managers have begun rotating into blue-chip gold miners.
- He says funds that want gold-sector exposure but are not allowed to hold bullion gravitate to the biggest names first, making Newmont an early destination for institutional money entering the miners.
- He points to Newmont's August rally back to its highs, much stronger than gold's modest bounce, as a technical statement that the depressed miner-versus-gold valuation relationship is starting to normalize.
Gold miners broke a 12-year valuation range versus gold; the guest argues big asset managers are rotating in, starting with Newmont and Wheaton. The guest says silver's 8-month, 50% correction mirrors 2008's, after which silver quintupled while gold merely tripled; this pullback looks exhausted. Western governments face debt crises with only one exit, printing money, and the guest calls that ongoing debasement the driver of higher gold. Ratio math puts $8,000 gold at a mere repeat of past 8-fold bull waves, and about $500 silver just matching its old range. Several major banks sit on momentum structure one weak quarter-end close from breaking down, shades of 2007-08, which would push the Fed to print.
Collin Kettell of Palisades Goldcorp Ltd. talks to Chen Lin | Metals Investor Forum Sept. 2026
Key Highlights
brief- Kettell names Newmont as one of the other large landholders alongside Made in America Gold's Nevada property package on the Battle Mountain-Cortez trends.
Palisades Goldcorp holds 1.7 billion warrants (rights to buy shares at set prices) across roughly 330 junior companies, or about 22 warrants per PALI share. Kettell says those warrants' intrinsic value rose 25-fold, from $2.5 million to $125 million, during the junior bull market's first innings. Weighted average warrant expiry is November 2028, giving shareholders about 26 months for the junior market recovery to play out. Palisades also founded New Found Gold, holds 90% of Nevada's largest junior claimholder Made in America Gold, and owns the Eco Ridge uranium project. Host Chen Lin argues the private assets could cover the share price, making Palisades' warrant exposure effectively free upside with no management or performance fees.
Stakeholder Gold: Brazil Cash Flow to Fund Yukon Drilling Without Dilution
Key Highlights
brief- Newmont is named once, in passing: the guest says that when Newmont was the owner it "did further work when they were the owner along the road route" for the northern access route serving the coffee mine, a route first identified in 2016 as permitting for the coffee moved forward. The recording offers nothing further about Newmont — no operations, production, reserves, tenure dates or commercial terms.
The CEO says Brazilian quartzite quarry cash flow will internally fund Yukon drilling, with no share issuance expected and just over 25 million shares outstanding. Quarry profit is unsettled: the host totalled four operations near US$4 million, the CEO answered nearer US$3 million, citing problems at another site. Management projects 5,000 to 8,000 metres of drilling next year at a reduced US$250 to US$300 per metre once the new road opens. The first Loki hole, extended to 488 metres on visible chalcopyrite, returned five metals from one hole rather than a zone-wide result. The CEO calls Sky epithermal across subparallel veins over roughly 4 km of strike, and the Golden Saddle comparisons are his own characterisations.
A2Gold Keeps Delivering High-Grade Gold Discoveries in Nevada
Key Highlights
brief- The guest names Newmont in the same list of majors that, in his view, only look at district-scale projects of about 2 to 4 million ounces.
A2 Gold's Castle zone in Nevada returned 141.1 g/t gold over 0.9 m, the company's highest-grade Eastside intercept to date. The CEO credits new exploration leadership for shifting strategy toward high-grade feeder zones that materially improve deposit economics. Taylor, acquired in May, returned 200 g/t silver with gold and unexpectedly high-grade antimony in its first four drill results. Permitting for Taylor's skarn and porphyry targets could take 12 to 18 months, leaving Eastside as the 2027 focus. The guest argues public juniors must pursue district scale, since majors only buy multi-million-ounce, preferably higher-grade projects.
Lab Report | Sep 28 Deep Dives on NevGold, Equinox, Sirios, Ashley, and Emperor Metals
Key Highlights
brief- The host describes Muskrat as a tier-two project for Newmont that got little attention inside the company, which mined what it already knew was there without doing extra drilling.
- He contrasts that with the 2 km step-out drilling Orla and now Equinox are doing at Muskrat, work he says Newmont never bothered with.
High-grade hits below and beside known resources, NevGold feeders, Sirios margins, and Emperor deep shoots, drive the next re-ratings. The Lassonde Curve, a mine developer's typical share-price lifecycle, warns that publishing a resource puts juniors in a development discount window. Equinox Gold's Orla acquisition and 45-rig, 308,000-metre drilling program show majors must replace mined ounces through exploration to keep growing. Chasing high-grade feeders under low-grade open pits can excite the market, cut financing costs, and limit dilution for juniors. Judge juniors on market cap, not share count: rollbacks and warrant pressure matter less than discovery and valuation potential.
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