Key macro instruments that drive gold price movements: dollar, yields, risk appetite
Gold Flat; Focus on U.S. July Payrolls
Gold held steady as the market digested the implications of the U.S. July payrolls report, which indicated a softer labor market. This development has led investors to reassess their expectations, resulting in a weaker dollar, which typically supports gold prices. As the dollar declines, gold becomes more attractive to investors holding other currencies, enhancing its appeal as a safe-haven asset. The stability in gold prices reflects a balance between ongoing geopolitical tensions and the potential for central bank policy adjustments in response to labor market conditions. Additionally, the current environment of uncertainty surrounding inflation continues to bolster demand for gold as a hedge. We are witnessing a structural shift where precious metals are increasingly favored amid concerns over economic growth and employment figures. The interplay between labor data and currency strength is crucial, as a sustained weaker dollar could further elevate gold's attractiveness. Investors should remain vigilant, as shifts in central bank sentiment could also influence gold's trajectory. Overall, the current dynamics suggest that gold is well-positioned to benefit from these macroeconomic factors.
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(ASX: SNM) Sentinel Metals has delivered a 46.8-metre intersection grading 5.5 grams per tonne gold from its maiden diamond drill hole at the Columbia gold-silver project in Montana, including a higher-grade 13.5m section at 16.6g/t gold. The broader intercept began from 88.2m and also contained 21.4m at 11.1g/t gold, with mineralisation above and below the high-grade core returning 17.3m at 1.1g/t gold and 16.0m at 1.0g/t gold respectively. Gold was confirmed in fresh rock beneath the redox boundary at about 135m down-hole, extending across four discrete intervals to 218m, including a peak individual sample of 4.3g/t gold at 183.5m. Core recovery through the 105.5m to 119.0m interval averaged just 20%, and Sentinel plans to re-drill this zone using triple-tube equipment. The existing Columbia Mineral Resource comprises an inferred 21.4 million tonnes at 1.3g/t gold and 4.6g/t silver, reported within a US$2,200-per-ounce optimised shell and above a 0.4865g/t gold cut-off. Gold grades were generated by PhotonAssay and remain preliminary pending fire-assay checks expected later this month, while silver and multi-element assays are also pending. The company projects additional assays over the coming weeks as drilling continues, providing further tests of both the oxide mineralisation and the extent of the fresh-rock system beneath it.
(CSE: GLDR) Golden Rapture Mining Corporation announced that it has entered into an agreement with 1544230 Ontario Inc. and Gravel Ridge Resources Ltd. to acquire a 100% interest in four mineral claim cells located approximately 500 metres south of NexGold Mining's proposed Goliath Project open pit, approximately 20 kilometres east of Dryden, Ontario. The acquisition will be completed by making a $600.00 cash payment and immediately issuing a total of 200,000 "GLDR" shares to the sellers, who will retain a 1.5% NSR on all gold or mineable products. Golden Rapture Mining presently has 52,389,390 shares issued and became listed on March 14 of 2024. The company has assembled a portfolio of five (5) exceptional gold projects, encompassing a total of 25 historical, underexplored mine shafts. Historical results by King's Bay Gold in 2001 on the Swell Bay property returned assay results including grades of up to 718.06 g/t Au and 535.93 g/t Au. The purchase agreement is subject to CSE approval. The company projects that further details regarding the acquisition and exploration plans for the property will be provided as they become available.
(TSXV:SRC) Stakeholder Gold Corp. has closed a non-brokered flow-through private placement for aggregate gross proceeds of $700,400. The private placement was completed at a price of $2.06 per unit for a total of 340,000 units, with each unit consisting of one common share issued on a flow-through basis and one half of one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of $2.40 per share for a period of two years from the date of issuance, and includes an early exercise provision triggered if the 10-day average price exceeds $3.00 per share. The financing was completed with investors secured by Wealth Creation Preservation & Dominion Inc. and all securities issued are subject to a 'hold' period expiring four months and one day from the date of closing. Stakeholder holds 100% ownership of 1,140 contiguous mineral claims covering 22,700 hectares and spanning 20 km of the Coffee Mine Project's Northern Access Route in the Yukon Territory, Canada. The company intends to incur qualifying expenditures on its Ballarat exploration property and to renounce such expenditures to subscribers effective December 31, 2026. Stakeholder also generates cash flow from the production and sale of exotic stones through its 100%-owned Brazilian subsidiary Mineração VMC Ltda., which is currently producing from 4 independent stone quarries in Brazil.
(TSXV: PEX) (OTCQB: PEXZF) Pacific Ridge Exploration Ltd. announced that drilling is underway at its 100% owned RDP copper-gold project, located in B.C.'s Golden Horseshoe at the southern end of the Toodoggone Mining District, 40 km to the west of the Company's 100% owned Kliyul copper-gold project. The company plans to drill ~3,000 m at the Day target, which previously returned 112.2m of 1.35% copper equivalent or 2.02 g/t gold equivalent within 405.0 m of 0.71% CuEq or 1.06 g/t AuEq in drill hole RDP-25-011. Prior to the start of this year's drill program, the company completed 1,057 line-kilometres of high-resolution, 60 metre-spaced magnetics and 283 line-km of 200 metre-spaced magnetotellurics, as well as 9 line-km of 100 metre-spaced ground Induced Polarization geophysics over Day. The 2025 drill program at Day confirmed that the porphyry copper-gold-silver mineralization intersected in the eastern magnetic lobe is in an east-northeast-striking, steeply northward-dipping tabular body, and that the western magnetic lobe is also mineralized. The company estimates copper recoveries of 80%, gold recoveries of 60%, and silver recoveries of 60%. The company projects that this year's ~3,000 m drill program at Day will focus on testing the interpreted porphyry center between the western and eastern lobes and more fully defining the 2025 western lobe discovery.
(TSX-V:NCAU, OTCQX:NCAUF) Newcore Gold Ltd. announced that it has filed the technical report supporting the Pre-Feasibility Study ("PFS") for the Company’s Enchi Gold Project in Ghana. The technical report, titled "Enchi Gold Project, Pre-Feasibility Study, NI 43-101 Technical Report", was prepared by Lycopodium (Americas) Limited of Mississauga, Ontario, and has an effective date of June 23, 2026. The PFS assesses developing Enchi as a conventional open pit mining operation with standard milling and carbon-in-leach processing 5.5 million tonnes per annum utilizing contract mining. The PFS is based on a Mineral Resource Estimate announced by Newcore on March 18, 2026, which incorporated drilling completed through October 6, 2025, and excludes more than 50,000 of additional metres from the 80,000 metre drill program underway at Enchi. Enchi’s 248 km2 land package covers 40 kilometres of Ghana’s Bibiani Shear Zone, a gold belt which hosts several multi-million-ounce gold deposits, including the Chirano mine 50 kilometres to the north. The company projects that results from drilling completed in 2026 will be incorporated into future reserve and resource estimates, as well as future project economic studies. Newcore Gold’s leadership is aligned with shareholders through their 12% equity ownership.
(CSE: TGII) Trojan Gold Inc. announced that Charles Elbourne has stepped down as President and Chief Executive Officer of the Company, effective as of today, and Jason Bagg, a current director, will assume the role of Chief Executive Officer. Mr. Elbourne will continue to serve as a director of the Company and will work closely with Mr. Bagg to support an orderly transition process. The Company, Tashota Resources Inc., and Strike Copper Corp. entered into a non-binding letter of intent dated March 1, 2026, setting out the principal terms of a proposed business combination pursuant to which Trojan would acquire all of the issued and outstanding common shares and convertible securities of Tashota and Strike Copper. The Company anticipates filing a notice in the near future to announce the meeting date at which the shareholders of the Company will be asked to consider and approve the Proposed Transaction. Upon closing of the Proposed Transaction, the board of Trojan will consist of four directors in total: Charles Elbourne, Rodney Barber, Jason Bagg, and Sarah Morrison. The Proposed Transaction is subject to a range of conditions including entering into one or more binding definitive agreements, receipt of all required approvals, and shareholder approval of Trojan, Strike Copper, and Tashota. The Company is listed on the Canadian Securities Exchange under the symbol (CSE: TGII), on the OTC Pink Market under the ticker symbol TRJGF, and on the Frankfurt Exchange under the symbol KC1.
(TSX: BTO) B2Gold Corp. announced that the State of Mali has granted the Menankoto exploitation permit to B2Gold’s Malian subsidiary. The Menankoto Exploitation Permit, together with the Dandoko exploration permit, make up Fekola Regional, which is described as a key near-term production growth driver for B2Gold. The issuance of the Menankoto Exploitation Permit follows productive dialogue between B2Gold and the State of Mali. The announcement was made from Vancouver, British Columbia, on August 07, 2026. The company states that the Menankoto Exploitation Permit is a significant development for its operations in Mali. The company projects that Fekola Regional will be a key near-term production growth driver.
(CSE: GLDS) (OTCQB: GSPRF) Golden Spike Resources Corp. has issued 1,720,000 common shares at $0.05 per Share as settlement of indebtedness with three directors and the corporate secretary of the Company totaling CAD$86,000. All Shares issued pursuant to the Transaction will be subject to a four-month and one-day hold period expiring on December 8, 2026. The Company currently holds 100% interest in the 5,175-hectare Gregory River Property in Newfoundland, strategically centered over an approximate 11-kilometre-long stretch of the Gregory River VMS-belt. The Property hosts a cluster of historically explored, high-grade, copper ±gold-zinc vein structures and breccia hosted stockworks. Golden Spike Resources remains dedicated to sustainable exploration practices and continues to collaborate with local communities, consultants, and stakeholders as it progresses its exploration initiatives. The Company determined to satisfy this outstanding indebtedness with Shares to preserve its cash for operations. The company projects potential to host Cyprus-type polymetallic VMS deposits at the Gregory River Property.
(LSE:WPM) Wheaton Precious Metals Corp. announced that its Board of Directors has declared its third quarterly cash dividend payment for 2026 of US$0.195 per common share, representing an 18% increase from the third quarterly cash dividend declared in 2025. The dividend will be paid to holders of record as of the close of business on August 20, 2026, and will be distributed on or about September 3, 2026. The ex-dividend trading date is August 20, 2026. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. For this quarterly dividend, the Company has elected to issue common shares under the Dividend Reinvestment Plan (DRIP) through treasury at the Average Market Price, without a discount. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.
(TSX: WDO) (OTCQX: WDOFF) Wesdome Gold Mines Ltd. announced that it has filed independent technical reports prepared in accordance with National Instrument 43-101 for its Eagle River Mine in Ontario and its Kiena Mine in Québec. The Technical Reports are titled "Independent Technical Report for the Eagle River Mine, Ontario, Canada" and "NI 43-101 Technical Report and Feasibility Study for the Kiena Mine Complex, Val-d'Or, Québec, Canada". These reports support and are consistent in all material respects with the updated mineral reserve and mineral resource estimates and additional disclosure in the Company's news release dated June 24, 2026. Both Eagle River and Kiena are now supported by eight-year operating plans. At Kiena, there is a pathway to increasing annual production by approximately 10-15% through additional mining fronts, productivity improvements, and continued technical optimization. The company expects to evaluate the potential for an open pit operation at Mishi-Magnacon through a conceptual study over the next 12 to 18 months.
(TSX:XAU) Goldmoney Inc. announced financial results for the fiscal 2027 first quarter for the period ended June 30, 2026. Group Tangible Equity was $216.9 million, representing an increase of 3.6% quarter-over-quarter. Group Tangible Equity per share was $17.34, up 4.0% quarter-over-quarter, and Group Tangible Equity per share excluding MENE was $16.27, an increase of 4.2% quarter-over-quarter. The company repurchased and cancelled a total of 40,600 common shares at an average price of $15.55 during the first quarter of fiscal 2027. Total operating income for Q1 2027 was $9,844,000, and net income was $4,365,000. Shares outstanding at the end of Q1 2027 were 12,502,000. The company states that forward-looking information in the release includes statements with respect to the business objectives of the Company.
(TSX: BTO) B2Gold Corp. announced its operational and financial results for the second quarter of 2026, reporting consolidated gold production of 203,648 ounces and gold revenue of $789,354,000 for the quarter. Consolidated cash operating costs were $1,201 per gold ounce produced and all-in sustaining costs were $2,356 per gold ounce sold. Net income attributable to shareholders was $417 million, or $0.31 per share, with adjusted net income of $41 million, or $0.03 per share. The company completed the sale of its 70% interest in Fingold Ventures Ltd. to Agnico Eagle Mines Ltd. for $325 million and repurchased 19 million shares for $92 million under its normal course issuer bid. As of June 30, 2026, B2Gold had cash and cash equivalents of $287 million and working capital of $405 million. The company projects consolidated gold production for 2026 to be between 820,000 and 920,000 ounces and expects free cash flow to improve in the second half of 2026 relative to the second quarter.
(TSX: TXG) (OTCQX: TORXF) Torex Gold Resources Inc. reported financial and operational results for the three and six months ended June 30, 2026, including production of 96,297 gold equivalent ounces and free cash flow of $94 million during the quarter. The company generated revenue of $406.9 million for the quarter (YTD - $946.2 million), with gold equivalent ounces sold of 92,351 at an average realized gold price of $4,525 per oz AuEq. Quarterly all-in sustaining costs were $2,459 per oz AuEq sold, and net income was $113.8 million, or $1.22 per share (basic). Torex returned $55 million to shareholders during the quarter, including $44 million through share repurchases, and year-to-date has returned $176 million, representing 50% of its targeted annual return of $350 million. The company incurred $12.0 million in non-sustaining capital expenditures for Media Luna North in Q2 2026 and paid dividends of $10.8 million. The company projects full-year production guidance of 420,000 to 470,000 oz AuEq, with production expected to increase significantly in the second half of the year and revised AISC guidance to $2,000 to $2,100 per oz AuEq sold. The Los Reyes PEA estimates an after-tax NPV (5%) of $1,491 million, an after-tax IRR of 37.3%, a 1.9-year payback period, and an upfront capital investment of $515 million.
(TSXV: LUCA) (OTCQX: LUCMF) Luca Mining Corp. announced new underground drill results from its ongoing exploration program at the Campo Morado polymetallic VMS mine in Guerrero State, Mexico. The company states that the results continue to expand high-grade mineralization in multiple unmined zones located adjacent to existing underground infrastructure. The announcement highlights the potential to grow near-mine resources and extend mine life. The company refers to several figures (Figure 1 through Figure 7) as highlights. No specific drill intercepts, grades, tonnages, or dollar amounts are disclosed in the provided text. No counterparties, revenue figures, or financing amounts are mentioned. The company highlights the potential for resource growth and mine life extension based on these results.
(CSE: NRED) (OTCQB: NREDF) NovaRed Mining Inc. reported a new geological interpretation of its Wilmac Copper-Gold Project in British Columbia's Quesnel porphyry belt. The regional magnetic anomaly underlying the Project is interpreted to potentially represent a multi-phase batholith approximately 18 kilometres in diameter, segmented into three domains: Copper Mountain (13.1 km), Whipsaw (12.7 km), and Lamont (8.7 km), each about 5.7 km wide. The total area underlain by the Total Magnetic Intensity anomaly is a minimum of 188 km2, with approximately 46 km2 captured by the property, and the Project covers 16,078 hectares. The 2024 3DIP/AMT survey on the Lamont grid penetrated to approximately 1,500 metres and covered approximately 4.7 square kilometres, or about three percent of the Project's area. Historical drilling in the Trojan-Condor Corridor included four holes (WS14-001 to WS14-004) totaling approximately 728 metres at depths between 135 and 215 metres. Copper-in-soil values reached a maximum of 1,125 ppm, correlating with geophysical anomalies. The company projects that, subject to receipt of the required permit and financing, its proposed drilling program, unlikely to occur prior to 2027, would be designed to test selected targets at depth where geological and geophysical evidence suggests copper-gold mineralization could potentially be concentrated.
(TSXV: TUD) Tudor Gold Corp. announced results from the first four holes drilled at the Perfectstorm Zone as part of the 2026 Treaty Creek Project Exploration Program, leading to the discovery of a new copper-gold-silver-molybdenum porphyry system (the "PSP Zone") and confirmation of a previously identified gold-silver-dominant epithermal system (the "PSE Zone"). The Treaty Creek Project is located in the heart of the Golden Triangle of Northwestern British Columbia and is 80%-owned by Tudor Gold. Drillhole PS-26-15 intersected 4.59 g/t gold and 0.67 g/t silver over 10.50 meters, including 11.15 g/t gold and 0.84 g/t silver over 3.00 meters, and 0.24 g/t gold, 2.11 g/t silver, 0.21% copper, and 50.76 ppm molybdenum over 82.90 meters. The Goldstorm Deposit at Treaty Creek hosts Indicated Mineral Resources of 24.9 million ounces of gold, 148.7 million ounces of silver, and 3.048 billion pounds of copper (912.3 million tonnes grading 0.85 g/t gold, 5.07 g/t silver, and 0.15% copper) and Inferred Mineral Resources of 2.6 million ounces of gold, 7.2 million ounces of silver, and 67.9 million pounds of copper (21.8 million tonnes grading 3.64 g/t gold, 10.22 g/t silver, and 0.14% copper). A permit application has been filed for approval to construct an underground ramp for access to drill the high-grade gold SC-1 Zone. The company states that a Preliminary Economic Assessment on placing the Goldstorm Deposit in production as an underground mine is now underway.
(ASX:GA8) GoldArc Resources has entered into a strategic binding agreement to acquire. No specific dollar amount, quantity, or metric is disclosed in the provided text. The announcement states the action as a binding agreement but does not provide further figures or counterparties. No revenue, production volumes, grades, tonnage, financing amounts, dates, percentages, or named counterparties are included in the source text. No forward-looking claims, targets, projections, or expectations are present in the provided excerpt. No additional disclosed facts are available from the source text.
(LON: NTVO) Nativo Resources Plc, a precious metals company with gold mining and processing interests in Peru, announced the publication of a research note benchmarking its proposed La Patona Gold Ore Processing Plant against five operating comparators in Peru's artisanal and small-scale mining gold processing sector. The benchmark analysis confirms that the ore-purchasing, asset-light gold processing model generates 10-13% operating margins at scale in Peru, validated by Dynacor (US$397.6m revenue, 12.4% gross margin, 2025) and Paltarumi (~US$268m revenue, 11.6% EBITDA). La Patona's proposed 350 tpd full-build plant is designed to operate within this benchmark range, with a phased build from 70 to 350 tpd and a lean workforce of 65-100 employees. The independent ore-supply market study identified approximately 1,500-3,000 active potential producers in the plant's direct area of influence and at least one producer willing to commit approximately 30 tonnes per day under an offtake arrangement. Key operational targets include a minimum head grade of 15 g/t Au (target 20-25 g/t), recovery rate ≥90%, and plant utilisation rate ≥85% of permitted throughput. The company projects a phased ramp-up beginning at approximately 70-110 tonnes per day, scaling as the supplier network is established, and aims for LBMA-aligned governance and 100% traceable deliveries from first shipment.
(ASX: BGD) (OTCQB: BGDFF) Barton Gold has completed a Phase 2 resource upgrade drilling campaign at its Tunkillia gold project in South Australia. The company has drilled a total of 520 reverse circulation and diamond holes for 57,653 metres during the Phase 1 and Phase 2 campaigns. The S1 starter pit has been modelled to yield 206,000 ounces gold and 491,000oz silver at a cash cost of $997/oz to produce over $800 million in operating cash, repaying the development more than twice over in the first year. The S1 and S2 pits have been modelled to produce 365,000oz gold, 923,000oz silver, and $1.75 billion in free cash during the first 27 months of operation. In June, Barton added 10,500m of drilling to expand the Phase 2 campaign to 40,000m. A pre-feasibility study (PFS) is underway for a large-scale gold development, with publication targeted for the first quarter of calendar year 2027 and a Mining Lease application planned to follow. Barton expects to release a significant volume of outstanding assays and resource updates in the coming months.
(NYSE: GROY) Gold Royalty Corp. announced the filing of its operating and financial results for the three and six months ended June 30, 2026. Revenue for the second quarter of 2026 was $6.7 million, with Total Revenue, Land Agreement Proceeds and Interest increasing by approximately 80% to $7.9 million and GEOs increasing by approximately 31% to 1,757 GEOs compared to the second quarter of 2025. Adjusted EBITDA was $5.6 million (net income of $1.8 million), approximately 137% higher than the same period in 2025, and the company ended the quarter with over $11.3 million of cash, no debt, and a fully undrawn $150 million credit facility. Gold Royalty acquired an additional 0.875% NSR royalty interest over the Ren project for $6.25 million and, subsequent to quarter-end, acquired NSR royalties on the Sterling project and a portion of the Granite Creek mine for $0.8 million, all located in Nevada, USA. The company remains on track to achieve its previously announced annual guidance of 7,500 - 9,300 GEOs in 2026, based on an assumed gold price of $5,150 per ounce and copper price of $5.75 per pound. Portfolio updates include 14,251 GEOs produced at Borborema during Q2 2026, first phase of shaft sinking completed at Odyssey at a depth of 1,586 metres, and Vareš producing approximately 35,000 GEOs in Q2 2026 including 1.3 million pounds copper. The company projects continued volume and cash flow growth and progress at key projects including first production from Ren, construction start at South Railroad, and full production at Vareš.
(TSXV:JAY) Blue Jay Gold Corp. provided an update on its ongoing Phase 1 drilling program at the Steller Gold Project in southern Yukon, where two drill rigs are advancing, one at the Mt. Skukum Epithermal Corridor and the other at the Skukum Creek Au-Ag deposit. The company reported that Skukum Creek has seen more than 44,000 metres of drilling and over four kilometres of underground drifting, while the Mt. Skukum corridor has had more than 56,000 metres of drilling between 1982 and 1997. From February 1986 to August 1988, Mount Skukum Gold Mining Corporation processed 233,400 tonnes of mineralized material, recovering approximately 77,790 troy ounces of gold through a 270 tonne-per-day process plant. Blue Jay Gold Corp. disclosed a $112,000 fee (plus applicable goods and services tax, for an aggregate of $117,600) payable to Market One Media Group Inc., and a $100,000 fee (plus applicable taxes) to CanaCom Group, payable in four quarterly installments of $26,250 each. CanaCom Group acquired 100,000 common shares of the company via a private placement that closed on April 8, 2026, and holds 20,100 common shares from the spinout of the company from Riverside Resources Inc. The company projects that its 2026 Framework program is designed to better understand the structural characteristics of mineralization zones and to follow up on defined structural extensions to deposits and proximal targets.
Gold Bulletin
Friday, 7 August 2026
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