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Friday, August 7, 2026

Gold Market Context: Macro Drivers

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

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Today's Interesting Company News

B2Gold Reports Q2 2026 Results

(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.

Torex Gold Reports Q2 2026 Results

(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.

NovaRed Mining Interprets Multiple Porphyry Copper-Gold Targets Above Large Interpreted Batholith at Wilmac

(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.

Tudor Gold Discovers New Copper-Gold Porphyry System and Confirms Gold-Silver Epithermal Trend Within Treaty Creek's Perfectstorm Zone

(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.

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