Current Gold Setup Greatly Surpasses Prior Bull Cycles

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Gold Market Context: Macro Drivers

Key macro instruments that drive gold price movements: dollar, yields, risk appetite

DXY

US Dollar Index

99.67 pts

▲ 0.51 (+0.52%)

headwind for gold

Gold inverse — rising dollar pressures gold

US10Y

10-Yr Treasury

4.78 %

▲ 0.12 (+2.53%)

headwind for gold

Real yield pressure — higher yields weigh on gold

SPX

S&P 500

7,635.58 pts

▼ 41.70 (-0.54%)

tailwind for gold

Risk appetite — equity rallies reduce safe-haven demand

BTC

Bitcoin

77,558.04 USD

▼ 272.25 (-0.35%)

negative for gold

Alt safe haven — moves with gold in risk-off

WTI

Crude Oil (WTI)

89.79 $/bbl

▲ 6.26 (+7.49%)

positive for gold

Inflation proxy — rising oil can lift gold

EURUSD

EUR / USD

1.16

▼ 0.01 (-0.74%)

negative for gold

Dollar strength gauge — inverse to DXY

▲ Rising DXY or yields typically pressure gold | ▲ Falling yields or geopolitical risk support gold | Live data — fetched at send time

Market Commentary

Current Gold Setup Greatly Surpasses Prior Bull Cycles

Current market conditions for gold are exceptionally favorable, suggesting a strong potential for price appreciation. We are witnessing a convergence of factors that significantly surpass previous bull cycles, making this an opportune moment for investors. Central bank demand remains robust, as many institutions continue to diversify their reserves into gold, reinforcing its status as a safe-haven asset. Inflationary pressures are persistent, eroding purchasing power and driving investors toward gold as a hedge. Additionally, geopolitical tensions are escalating, creating an environment of uncertainty that typically benefits gold prices. The dollar's fluctuations also play a critical role; a weaker dollar enhances gold's appeal to foreign investors, further supporting demand. ETF flows have shown positive trends, indicating renewed interest from institutional investors who recognize gold's long-term value. As yields remain low, the opportunity cost of holding gold diminishes, making it a more attractive investment. We should also consider that the current macroeconomic landscape, characterized by high debt levels and potential economic instability, adds to gold's allure. In summary, the combination of strong central bank buying, persistent inflation, geopolitical risks, and favorable market dynamics positions gold for significant upside potential in the near term.

Hike Odds Doubled This Week, Real Yields Didn’t

Hike odds have surged from 35% to 57% following a significant speech from the Federal Reserve, indicating a heightened expectation for interest rate increases. However, real yields have remained largely unchanged, moving only two basis points, which suggests that the market is not fully pricing in the potential impact of these rate hikes on inflation-adjusted returns. This divergence between rising hike odds and stable real yields creates a complex environment for gold prices. Investors should note that gold typically benefits from lower real yields, as they diminish the opportunity cost of holding non-yielding assets. The upcoming four data prints will be crucial in determining market sentiment and could sway perceptions regarding inflation and economic growth. If these prints indicate stronger economic performance, we may see real yields rise, which could pressure gold prices. Conversely, if the data reflects persistent inflation or economic weakness, gold could find support as a hedge against uncertainty. The interplay between these factors will be critical in shaping gold's trajectory in the near term. Central bank demand remains a key factor, as any shift in policy could influence gold's appeal as a safe haven. Overall, the market is at a pivotal juncture, and the next few days will be instrumental in setting the tone for gold's performance.

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Today's Interesting Company News

DRC Gold Corp. Enters Into Option Agreement to Acquire Interests in Giro Goldfields

(CSE:DRC) DRC Gold Corp. has entered into an option agreement dated August 25, 2026 with Amani Consulting SARL, Giro Goldfields SARL, and Mabanga Mining SARL, granting DRC Gold an option to acquire interests in Giro Goldfields from Amani Consulting. Giro Goldfields holds the Giro Gold Project and is the intended transferee of Permis d'Exploitation 5110 (the Nizi Gold Project). Amani Consulting holds a 65% interest in Giro Goldfields and SOKIMO holds the remaining 35%. DRC Gold has been granted a first option to acquire a 55% registered and beneficial interest in Giro Goldfields by issuing an initial 25 million common shares (already issued to Vertex Wealth Limited) and an additional 325 million shares to Amani Consulting or its nominee by the later of shareholder/CSE approval or twelve months from the Option Agreement date. The Giro Gold Project comprises two exploitation permits (PE 5046 and PE 5049) covering about 497 km² in the Kilo Moto Greenstone Belt, Haute-Uele Province, DRC, and contains a historic JORC 2012 Mineral Resource estimate for the Kebigada deposit of 69.2 Mt at 1.09g/t Au for 2.44 Moz (Indicated) and 54.4 Mt at 0.95g/t Au for 1.67 Moz (Inferred), totaling 123.7 Mt at 1.03g/t Au for 4.10 Moz contained (at a 0.5g/t Au cut-off grade). The Nizi Gold Project consists of exploitation licence PE 5110, covering 113 km² in the Ituri District, and includes the King Leopold Gold Mine, which was developed over a strike of 600m and to a depth of approximately 160m to 180m, operating intermittently for about 12 years between 1913 and 1931. Upon exercise of the First Option, DRC Gold agrees to assume Mabanga's obligations under the SOKIMO Loan to advance any additional funds to SOKIMO. On closing, Amani Consulting and/or Mabanga have the right to appoint a majority of directors to the DRC Gold board. All shares issued under the Option Agreement will be subject to an escrow agreement as required by CSE policies and Canadian National Policy 46-201.

Maverick Gold and Silver Confirms Exploration Potential for On-Trend Targets at Jericho Property, Nevada

(CSE:MAV) Maverick Gold and Silver Corp. announces results from chip channel and grab samples from the northern portion of the Jericho Property in Lincoln County, Nevada. Eighteen samples were taken covering the Fluorite Flat, Upper Flats and NE Extension Zones, representing the northeastern 2-kilometre portion of the West Trend. Sampling returned greater than 1 g/t gold in two targets that are 500 metres apart. In the Fluorite Flat Zone, fourteen samples were taken with gold grades ranging from trace to 2.16 g/t gold, and five samples returned greater than 0.5 g/t gold. Sample numbers 568-570 from Fluorite Flat returned 1.37 g/t Au over 1.40 metres, sample 571 returned 0.97 g/t Au, and sample 572 returned 0.56 g/t Au. In the Upper Flats Zone, sample 582 returned 2.56 g/t Au over a width of 1.5 metres. In the NE Extension Zone, three samples were taken from an area measuring 25 by 45 metres and contained trace amounts of gold and silver and were weakly anomalous in mercury and arsenic. The West Trend has been traced for in excess of 4 kilometres and the East Trend for 2 kilometres. The Fluorite Flat Zone is 550 metres from the Tempa Zone and, together with the Tempa and Helen Zones, has been traced for approximately two kilometres in strike length and over 250 metres vertically. Previous sampling at the Helen and Tempa Zones returned up to 644.0 g/t silver and up to 7.21 g/t gold.

DLT Resolution Inc. Signs Letter of Intent to Acquire Emerging Gold Production Company

(OTC:DLTI) DLT Resolution Inc. announced that it has signed a Letter of Intent to acquire J3M Gold Corporation, a Canadian company with subsidiaries in Chile and Colombia. J3M has signed a Letter of Intent with the owners of eight mineral concessions permitted for mining and the Las Palmas mill in Chile, which has a processing capacity of approximately 250 tonnes per day. The Las Palmas mill is currently producing between 35 and 38 tonnes per day. The proposed transaction is expected to be completed through the issuance of DLT Resolution Inc. common shares and a 52% earn-in on the Chilean operation. DLT and J3M would invest approximately US$3 million to upgrade the Las Palmas mill and related mine infrastructure and thereby earn a 52% direct interest in the Las Palmas mill and mining concessions, to be held by J3M Gold Chile SpA. The company expects to produce some 10,000 oz gold in the first operating year. The J3M agreement was to bring the mill production to 80 tonnes per day and the mine production to 100 tonnes per day. Mining infrastructure includes a spiral ramp descending some 98m vertically on the principal Olguita vein with three eventual production levels. J3M has defined a mineralized zone of approximately 128m long on the second level, with gold values averaging over 10 g/t and as high as 297 g/t, over a vein width of 1.8m. Sampling on the La Nena vein has shown average grades above 5 g/t with values to 45.9 g/t.

Transatlantic Provides an Exploration Update for Its Golden Jubilee Project in Montana

(TSXV: TCO) Transatlantic Mining Corp. provided an exploration update on its Golden Jubilee project in Granite County, Montana. A set of 3 additional geophysical offsets of the mineralization was recently confirmed through a reconnaissance sampling program. The footprint of the geophysical anomaly at anomaly #2 correlates directly with visual surface grab sample #28386 over 2.0 m at 22.3 g/t Au and 7.46 g/t Ag. The sample on Anomaly 2 is approximately 200 metres offset from the mined mineralisation (Resource Target Area). Drilling at Golden Jubilee previously disclosed Sept 8, 2025, was postponed and an extension was filed and granted on March 16, 2026, allowing for new drilling and dewatering of the Golden Jubilee Mine to December 1, 2026. Transatlantic has planned for 1,600 m of drilling through four holes for its next program, with two holes targeting the down-dip extension to 400 m depth and two testing the newly identified offset lateral extension also to 400 m depth. Mine dewatering work is in progress, and pipes have been recently laid and a generator purchased. Work on the Maiden Mineral Resource Estimate (MRE) continues and the MRE is expected in the next quarter or by year end. Highlights from the previous April 13, 2023 program include Drillhole #2201 with 9.1 metres at 7.8 g/t Au from 64 metres depth (8.0 m true width), including 1.5 metres at 16.11 g/t Au, and 6.1 metres at 6.86 g/t Au from 86.9 metres depth (5.5 m true width); and Drillhole #2203 with 6.1 metres at 13.1 g/t Au from 111.3 metres depth (6.0 m true width), including 3.0 metres at 17.3 g/t Au. In 2014, a bulk sample was mined and processed through 2 toll treating facilities recording 10,000 tonnes at 9 g/t Au.

Great Pacific Gold Confirms Broad Shallow Gold Mineralization at Kavasuki and Defines Priority Targeting Window Across Wild Dog

(TSXV:GPAC) Great Pacific Gold Corp. announced results from its completed maiden diamond drill program at the Kavasuki target at the Wild Dog Project in East New Britain Province, Papua New Guinea. The program comprised 12 diamond drill holes (KVH-01 to KVH-12) for a total of 1,844.8 metres. Significant intercepts include 58.90 m @ 2.43 g/t Au (2.50 g/t AuEq) and 18.10 m @ 2.08 g/t Au (2.15 g/t AuEq) in KVH-01; 38.40 m @ 2.07 g/t Au (2.14 g/t AuEq) in KVH-03; and 59.90 m @ 1.38 g/t Au (1.47 g/t AuEq) in KVH-04. Higher-grade intervals include 1.20 m @ 17.93 g/t Au and 2.20 m @ 15.78 g/t Au. New results include 5.20 m @ 1.02 g/t Au from 22.40 m in KVH-06 and 11.50 m @ 0.73 g/t Au (0.76 g/t AuEq) in KVH-12, including 2.05 m @ 2.45 g/t Au (2.53 g/t AuEq). The strongest gold mineralization is concentrated from surface to approximately 70 metres vertical depth. The program refined the 3DIP interpretation, indicating the principal chargeability response reflects disseminated pyrite rather than gold mineralization. Both rigs are now drilling at Magiabe and Mengmut.

Oreterra Expands the Kinkaid, Nevada, Copper-Gold-Silver Project With 43 More Claims Encompassing Numerous New Showings

(TSXV:OTMC) (OTCQB:OTMCF) Oreterra Metals Corp. reports a significant expansion in the size of the Kinkaid, Nevada porphyry copper-gold-silver project due to the identification of strong copper-bearing mineralization in outcrop at several locations over a promising new porphyry copper target within the newly staked area. 43 new claims have been staked to cover the new "KJ Porphyry" target and surrounding areas. A roughly 13 line-km Induced Polarization ("IP") and magnetotelluric ("MT") geophysical survey is planned over the KJ target and other targets on the Kinkaid property. Of the 18 chip and grab samples collected to date, 13 returned assays between 0.28% to 5.79% Cu with four samples assaying between 0.9 and 7.6 g/t Au. A prominent 1.3 x 0.9 km potassic anomaly with a coincident magnetic low has been outlined over the KJ area. Numerous copper prospects have now been located across an area 600 metres in width. The company expects the Kinkaid project will be drill-ready by year end 2026, subject to BLM permitting. Five possible porphyry copper-gold centres have now been identified on the Kinkaid claim block in addition to a developing target on the nearby KIN claims.

Roxmore Resources Reports Additional Drill Results From the Converse Gold Project in Nevada

(TSX:RM) Roxmore Resources Inc. reported additional gold and silver assay results from its ongoing infill and extension drill campaign at the Converse Gold Project, located on the Battle Mountain - Eureka Trend in Nevada, USA. Drill hole CV26-017 returned 85.3 metres grading 0.52 g/t Au and 2.34 g/t Ag from 207.3 metres, and 32.0 metres grading 0.48 g/t Au and 2.85 g/t Ag from 300.2 metres. Drill hole CV26-020 intersected 57.9 metres grading 0.62 g/t Au and 3.02 g/t Ag from 76.2 metres, including 32.0 metres grading 0.84 g/t Au from 77.7 metres, and 62.5 metres grading 0.79 g/t Au and 3.16 g/t Ag from 163.1 metres, including 39.6 metres grading 1.07 g/t Au from 178.3 metres. Drill hole CV26-022 intersected 94.5 metres grading 0.73 g/t Au and 2.34 g/t Ag from 114.3 metres. The drill program has now expanded to three active rigs, consisting of one reverse circulation drill rig and two diamond core rigs. Approximately 30,000 metres of indicated infill drilling has been planned, of which approximately 31% has been completed to date.

Omai Gold Drills 5.12 G/t Au Over 40.5m and 2.68 G/t Au Over 40.7m at Wenot

(TSXV:OMG) (OTCQB:OMGGF) Omai Gold Mines Corp. announced assay results from eleven additional diamond drill holes from its ongoing 50,000 metre drilling program at its 100% owned Omai Gold Project in Guyana, South America. Hole 26ODD-193 in central Wenot intersected 11 discrete gold zones, including 5.12 g/t Au over 40.5m, which included 11.29 g/t Au over 10.4m at a vertical depth of between -260 to -290m. Five rigs continue to drill at Omai, and to date this year, 74 drill holes have been completed, totalling 35,149m. Hole 26ODD-208, testing the depth potential of the Gilt Deposit, was completed at a downhole depth of 1,438m (~1,200m vertical depth). The Preliminary Economic Assessment (PEA) recently announced for the Omai Project delivered a mine plan for production averaging 351,000 oz per year over an 18-year mine life. Over the past 16 months, the Omai Mineral Resource Estimate (MRE) increased by 86%. The Omai PEA supports a net present value (NPV) of $6.2 billion at a 5% discount rate, with the current gold price around $4,500/oz. An additional 77 holes, totalling 37,077m, have been completed that are not included in the April 2026 MRE. The next resource update is planned for completion before year end and will support the objective of advancing the project towards a feasibility study.

DeSoto Resources Confirms Major Exploration Expansion at Siguiri Goldfields Projects

(ASX:DES) DeSoto Resources has announced a major expansion of exploration activity across its projects in the Siguiri goldfields of Guinea in West Africa. The company recently commenced soil sampling at the wholly owned Yarakoura, Woussoubadou, and Branama projects in southwest Siguiri following the collection of 143 samples from more than 687 square kilometres of drainage catchments during bulk leach extractable gold (BLEG) stream sediment sampling. DeSoto identified three priority areas to be progressively advanced through soil and rock chip sampling, further geological and regolith mapping, auger drilling, and potentially deeper drill testing. DeSoto has recommenced power auger drilling of 485 holes for 10,000 metres at the Timbakouna project, targeting 6km of artisanal workings and historical intercepts of up to 18m at 11.8 grams per tonne that were never followed up. The company has completed a 6,262-line-kilometre geophysical survey across the Timbakouna, Dadjan, Tolè, Nèrèkoro Sud, Koba, Kassa Est, and Mini projects to produce magnetic and radiometric datasets and digital terrain models. DeSoto has begun rolling out its southeast Siguiri exploration strategy nearby to Timbakouna with JV partner Fortuna Mining, including stream sediment sampling and systematic mapping of artisanal workings ahead of a planned airborne magnetic survey. Fortuna holds an initial 70% equity and is responsible for sole funding up to US$12.5 million of exploration expenditure across four contiguous blocks totalling 591 sq km of the Birimian-aged Siguiri Basin. DeSoto has acquired approximately 1,300 sq km of prospective gold tenure and 22 reconnaissance authorisations and exploration permits in the Siguiri Basin since early 2025, establishing itself as the region’s fifth-largest landholder.

Goldgroup Files Second Quarter 2026 Financial Results and Provides Update on Combined Company

(TSXV:GORO) Goldgroup Mining Inc. announced the appointment of Javier Reyes as permanent Chief Executive Officer by unanimous decision of the Board of Directors. The company reported a cash balance of US$15,700,000 as of June 30, 2026, with Gold Resource holding US$43,300,000, for a pro forma combined cash balance of US$59,000,000 and zero debt. Goldgroup filed its financial statements and MD&A for the second quarter ended June 30, 2026, which do not include Gold Resource's results. For the three months ended June 30, 2026, Goldgroup mined 305,300 tonnes of high-grade ore, 13,955 tonnes of run-of-mine, and 2,623,628 tonnes of waste, with a total of 2,942,883 tonnes mined and a waste-to-ore ratio of 8.22. Gold ounces produced were 3,843 and ounces sold were 4,748, with an average realized price per ounce of $4,429. Gold sales revenue was $21,031,000 and silver sales were $75,000, for total revenue of $21,106,000. The company reported a loss before income taxes of $4,355,000 and a comprehensive loss of $6,080,000 for the quarter, with a basic and diluted loss per share of $0.02 and 74,624,000 weighted average shares outstanding. The completed combination with Gold Resource brings together four 100%-owned precious-metals assets across Mexico and the United States, including two producing mines, a formerly producing mine under evaluation for restart, and a major development project. Combined sales for the first half of 2026 included 2,903 ounces of gold, 732,819 ounces of silver, 1,806,843 pounds of lead, 4,081,793 pounds of zinc, and 318,370 pounds of copper from Don David, and 8,996 ounces of gold and 3,775 ounces of silver from Cerro Prieto, for a total gold equivalent of 27,425 ounces. Goldgroup completed 25,726 metres of diamond drilling in 123 holes at Don David and is advancing a 26,000-metre diamond drilling program at San Francisco. The company entered into a 12-month arm's-length consulting services agreement with First Globe Capital International Inc. effective August 31, 2026, granting 500,000 stock options and a monthly cash retainer of CAD$5,000.00.

Gold Runner Exploration Samples up to 25,306 Grams Per Ton Silver With 11.22 Grams Per Ton Gold for a Gold Equivalent of 12.7 Ounces Per Ton in New 350 Meter Gold Stack Trend on the 100% Controlled Golden Girl Property, Golden Triangle, B.C.

(CSE:GRUN) Gold Runner Exploration Inc. announced initial assay results from surface sampling at the newly discovered Gold Stack Trend on the Golden Girl property, Golden Triangle, British Columbia, with samples assaying up to 25,306 g/t Ag and 11.2 g/t Au, or 12.7 oz/t AuEq. Eleven samples from the first batch of 60 collected during the 2026 exploration program assayed over 1 g/t AuEq, with seven of those assaying over 10 g/t AuEq. The Gold Stack Trend forms a mineralized corridor up to 50 meters wide with a confirmed exposed strike length of 350 meters that remains open for expansion. Sample N908103 returned 11.22 g/t Au, 25,306 g/t Ag, 2.96% Cu, 8.19% Pb, 5.89% Zn, and 396.66 g/t AuEq. Additional high-grade discoveries outside the Gold Stack Trend include showings assaying up to 36.86 g/t AuEq (1.6 km east), 24.54 g/t AuEq (2 km south), and 17.12 g/t AuEq (3 km northwest). The Golden Girl Property covers 5,873 hectares in the Iskut River region of Northwestern British Columbia, 17 km from the Snip Mine and 14 km from the Bronson Airstrip. Discovery exploration in 2024 identified a gold-silver system measuring 12 km by 7 km, with grab samples assaying up to 11.28 g/t Au, 3,262 g/t Ag, 5.37% Cu, 20% Pb, and 14% Zn, and channel cuts up to 3.74 g/t Au, 2,105.45 g/t Ag, 0.88% Cu, 5.48% Pb, and 7.42% Zn. Goliath Resources and Juggernaut Exploration are partners within the B-ALL Syndicate, the optionor of Golden Girl, holding 4% and 13% interest in B-ALL, respectively. The 2026 exploration program is designed to generate drill targets for a planned 2027 inaugural drill program. Assays are pending for multiple channel cuts and grab samples collected across the property.

Tapanahony & Lawatino Gold Projects, Suriname

• Canadian gold exploration company operating two gold projects in Suriname's Guiana Shield, a world-class gold belt hosting multimillion-ounce deposits: the 29,000-hectare Tapanahony Gold Project and the 18,468-hectare Lawatino Gold Project.

• LATEST DRILL RESULTS at Tapanahony: 11m @ 7.33 g/t Au including 4m @ 14.59 g/t Au and 1m @ 44.60 g/t Au at shallow depths. Over 4,189m completed in H2 2025 with 900m+ mineralized shear corridor defined. Drilling continued into 2026 with 14 holes completed across Poeketi and Randy's Pit zones as of June 9, 2026.

• SECOND DRILL RIG MOBILIZED: 5,000m Poeketi Zone program underway, 4.5km NW of Randy's Pit. Minimum 12,500m targeted for 2026 across both zones. Rock chip sampling returned grades up to 108.3 g/t Au from Poeketi Zone surface pits.

• FINANCING CLOSED: Oversubscribed $3.6M private placement fully funds aggressive 12,500m drill program at Tapanahony and funds exploration at Lawatino. Phase I field crews mobilized June 9, 2026. Fracture density modelling (MUD® SAR) identified high-priority structural targets along the Central Guiana Shear Zone.

• LAWATINO RESULTS: Phase I reconnaissance sampling returns grab samples up to 101.5 g/t Au from the 101 Zone and 15.73 g/t Au from the Bodoe Zone. Two high-grade zones separated by ~1.5km along the Central Guiana Shear Zone. 11 of 43 first-batch samples grade above 1 g/t Au. Area between zones yet to be sampled.

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