Gold Bulletin

Thursday, July 30, 2026

Gold Market Context: Macro Drivers

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Today's Interesting Company News

Agnico Eagle Reports Second Quarter 2026 Results - Record Quarterly Free Cash Flow

(NYSE:AEM, TSX:AEM) Agnico Eagle Mines Limited reported financial and operating results for the second quarter of 2026, with payable gold production of 855,816 ounces at production costs per ounce of $1,114, total cash costs per ounce of $1,054, and all-in sustaining costs (AISC) per ounce of $1,459. The company achieved record quarterly free cash flow, reporting net income of $1,600 million or $3.19 per share, adjusted net income of $1,541 million or $3.07 per share, cash provided by operating activities of $2,144 million or $4.27 per share, and free cash flow of $1,335 million or $2.66 per share. Agnico Eagle increased its cash balance by $352 million to $3,464 million as at June 30, 2026, resulting in a net cash position of $3,267 million with total debt outstanding of $197 million. The company returned a record $625 million to shareholders during the quarter, including a quarterly dividend of $0.45 per share and the repurchase of 2,235,947 common shares at an average price of $178.86 per share for an aggregate cost of $400 million. Total capital expenditures for 2026 (excluding capitalized exploration) are now expected to be between $2.6 billion and $2.8 billion, up from previous guidance of $2.2 billion to $2.4 billion, reflecting the approval of construction activities at Hope Bay. The company projects full year 2026 payable gold production near the lower end of the guided range of 3.3 to 3.5 million ounces, with total cash costs per ounce and AISC per ounce guidance for 2026 remaining unchanged at $1,020 to $1,120 and $1,400 to $1,550, respectively. The company completed the regional consolidation in Finland and published its first Reconciliation Action Plan Progress Report in June 2026.

Delta Resources Advances Systematic Evaluation of High-Priority Targets at the I-Zone: Delta-1 Gold Project - Thunder Bay, Ontario

(TSXV: DLTA) (OTCQB: DTARF) Delta Resources Limited announced an update on the largest field exploration program in the Company's history at its Delta-1 Gold Project. The program involves a team of 10 geologists conducting trenching, channel sampling, and prospecting across multiple target areas within the I-Zone and surrounding high-priority gold prospects. Historical grab samples returned anomalous to high-grade gold values, including reported historical grab samples grading up to 759.0 g/t Au, with additional samples returning 554.0 g/t Au, 371.9 g/t Au and 170.1 g/t Au (Inco 1989). The Delta-1 property covers approximately 340 square kilometres and hosts multiple gold-bearing corridors, including the Eureka Gold Deposit, which extends over 2.5 km in strike length and to depths exceeding 300 metres, with mineralization intersected to approximately 600 metres vertical depth and remaining open in all directions. Highlights include drill intercepts such as 5.92 g/t Au over 31 m (including 14.8 g/t Au over 11.9 m) and 1.79 g/t Au over 128.5 m. Drilling is scheduled to begin in August, while metallurgical testing and environmental baseline studies continue. The first channel sample results are expected shortly and will be reported as they become available.

Galleon Gold Intersects 6.8 G/t Au Over 19.45 M at West Cache, Confirming the High-Grade Core of Zone #9

(TSXV:GGO) (OTCQX:GGOXF) Galleon Gold Corp. announced additional high-grade intercepts from Zone #9 at its 100%-owned West Cache Gold Project in Timmins, Ontario, including 6.8 g/t Au over 19.45 m. The company has completed 11,500 metres of its planned 18,000-metre drill program, with 21 drill holes completed to date. Notable assay results include WC-26-239: 6.25 g/t Au over 10.2 m (including 10.17 g/t Au over 4.95 m), WC-26-241: 6.8 g/t Au over 19.45 m (including 16.84 g/t Au over 6.15 m within a broad intercept of 4.72 g/t Au over 29.05 m), and WC-26-242: 2.26 g/t Au over 10.45 m (including 5.60 g/t Au over 2.75 m). The West Cache Gold Project covers approximately 11,600 ha located 13 km west of Timmins, Ontario, and features an 86,500-tonne bulk sample program. Zone #9 remains open in all directions, with approximately 200 m of up- and down-plunge length still untested. The company projects continued resource growth and advancement of the project through exploration and infill drilling while developing surface and underground infrastructure.

Pan Global Expands Near-Surface Gold Mineralization at Providencia With 2.36 G/t Gold Over 80 Meters, Cármenes Project, Spain

(TSXV: PGZ; OTCQB: PGZFF) Pan Global Resources Inc. reported new channel sampling results from the Providencia target at its 100%-owned Cármenes Project in northern Spain, including a continuous 80-meter zone grading 2.36 g/t Au. Surface channel sampling included 3.21 g/t Au over 23 meters, 7.40 g/t Au over 8 meters, and 20.18 g/t Au over 5 meters (previously reported). Underground channel sampling at the 1438m Level returned 2.40% Cu, 0.83% Ni, 0.27% Co, 0.25 g/t Au over 9 meters, including 6.96% Cu, 2.34% Ni, 0.74% Co, 0.74 g/t Au over 2 meters. Surface sampling comprised 234 samples and underground sampling comprised 351 samples. The Cármenes Project comprises five Investigation Permits over 5,653 hectares held 100% by Pan Global. Drilling is in progress with results pending for six completed drillholes of an eight-hole campaign. The company ststes that the current eight diamond drillhole campaign is on-going and is expected to be expanded.

First Majestic Announces Q2 2026 Financial Results and Quarterly Dividend Payment

(NYSE: AG) (TSX: AG) First Majestic Silver Corp. announced its unaudited condensed interim consolidated financial results for the second quarter ended June 30, 2026, reporting revenues up 57% year-over-year to $415.5 million. Net earnings for the quarter were $109.4 million, with earnings per share of $0.22, and free cash flow of $194.6 million after paying $46.8 million in cash income taxes. The company ended the quarter with $1,252.7 million in treasury, a 34% increase compared to $937.7 million at the end of 2025, including $159.4 million held in restricted cash. Silver and gold production increased by 3% and 2% respectively, to 3,799,823 silver ounces and 34,660 gold ounces, while finished goods inventory included 1,007,450 silver ounces and 4,730 gold ounces valued at $78.0 million. Cash costs and All-in Sustaining Costs per attributable payable AgEq ounce for the quarter were $18.06 and $25.68, respectively, both below guidance. The company declared a cash dividend of $0.0152 per common share for the second quarter of 2026, a 217% increase year-over-year, and purchased and cancelled 1,200,000 common shares for US$22.7 million at an average price of CAD$26.18 per share. The company projects continued operational efficiency and margin expansion, with management targeting further improvements in production and financial performance.

1911 Gold Reports High-Grade Intercepts From Near-Mine Targets at True North, Including the New Baker Target

(TSXV:AUMB) (OTCQX:AUMBF) 1911 Gold Corporation announced assay results from the surface and underground exploration drill program at the Company's wholly-owned operational and fully permitted True North Gold Project. Significant intercepts include 5.99 g/t Au over 4.90 m at the Shore target, 15.89 g/t Au over 2.70 m at the SAM SE target, and 36.44 g/t Au over 1.10 m at the Baker target. The True North Gold Project is centrally located within the Company's 100%-owned Rice Lake Gold property, southeast Manitoba, Canada. The Company describes the True North Gold Project as operational and fully permitted. The drill program included both surface and underground drilling at multiple targets within the SAM Gabbro Unit.

T2 Metals Commences Drilling at Aurora Gold-Silver Project, Yukon, Canada

(TSXV: TWO) (OTCQB: TWOSF) T2 Metals Corp. announced that drilling has commenced at its Aurora Gold-Silver Project in the Yukon's Tombstone Gold Belt, one of North America's most prolific gold regions. This is the Company's first drill program in the Yukon and the first drilling at Aurora in over 15 years. Approximately 20 holes for 1,400 m are planned in this initial phase, targeting multiple shallow zones in the vicinity of three known mineralized areas: TK, JC, and Rainbow (the Anaconda prospect). Aurora covers a district-scale 76 km² land package in the Yukon's Dawson Mining District, first staked by Shawn Ryan in 2004. The project has seen less than 3,000 m of historical drilling in total. Drill cuttings are being analyzed in the field using a portable XRF unit, and a downhole viewer is being used to assess structural controls on mineralization. The company ststes that the commencement of this program represents a significant and long-awaited step to unlock the project's exploration potential.

Independence Gold Discovers New Dixie Vein Returning 2.8 G/t Gold and 12.54 G/t Silver Over 11.40 Metres at the 3Ts Project, BC

(TSXV: IGO) (OTCQB: IEGCF) Independence Gold Corp. announced the discovery of the Dixie Vein, a previously unknown blind epithermal vein system at its wholly owned 3Ts Gold and Silver Project in British Columbia. The 3Ts Project comprises thirty-one mineral claims covering approximately 35,486 hectares in the Nechako Plateau region, situated approximately 185 kilometres southwest of Prince George, British Columbia. Discovery hole 3TS-26-29 intersected 11.40 metres grading 2.80 grams per tonne gold and 12.54 grams per tonne silver, including 1.99 metres grading 6.94 grams per tonne gold and 25.13 grams per tonne silver. The lower polymetallic zone returned 14.19 metres grading 0.43% lead and 1.37% zinc, including 1.31 metres grading 3.05% lead and 13.15% zinc. A significant update to the mineral resource estimate for the 3Ts Gold and Silver Project was completed in the fourth quarter of 2025, reporting a total indicated resource of 2,794,000 tonnes at 3.18 g/t gold and 82.35 g/t silver, and a total inferred resource of 2,962,000 tonnes at 3.14 g/t gold and 73.27 g/t silver. Approximately 10,000 metres of diamond drilling have been completed in the 2026 spring exploration program, with assays still pending from several additional holes. The company plans a summer exploration program followed by a fall drill program.

Verity Resources Confirms Gold Mineralisation at Three Targets Within Monument Project BIF Corridor

(ASX: VRL) Verity Resources has confirmed gold mineralisation at the A4, A1, and Perseverance prospects spanning the 9-kilometre banded iron formation (BIF) corridor along strike from the Korong-Waihi resource within its Monument project in Western Australia. First-pass aircore drilling of 58 holes for a total 2,622 metres returned gold in 19 of a total 24 holes at A4 and A1, including 13 of 15 holes at A4. Best assays from 4m composite samples were 8m at 0.73 grams per tonne gold from 8m, 6m at 0.4g/t gold from 11m, and 7m at 0.73g/t gold from 12m. Other highlight hits included 4m at 0.38g/t gold from 58m, 2m at 0.87g/t gold from 15m, 7m at 0.34g/t gold from 47m, and 4m at 0.54g/t gold from 7m. The company holds a 137,700 ounce Korong-Waihi resource. Verity defined new gold intrusive targets and anomalies last month from infill and soil sampling at the Gum Well, Star Well, McKenzie Well, McKenzie Granite, and Korong Syenite prospects. The company is planning to re-assay individual 1m splits from the best composite intervals ahead of reverse circulation drilling to define true width and grade and test the mineralisation for its potential to contribute to future resource growth.

Barton Gold Extends Tunkillia Resource Upgrade With Broad Gold Assays

(ASX: BGD) (OTCQB: BGDFF) Barton Gold has reported further broad gold intersections from Phase 2 resource upgrade drilling at its Tunkillia gold project in South Australia, with results infilling Area 223 North and the southern end of the main Area 223 optimised open pit. The expanded reverse circulation program is about 40,000 metres and is nearing completion, with a large number of assays still pending. Reported results include 29m at 1.24 grams per tonne gold from 48m with 4m at 4.08g/t, 22m at 0.93g/t gold from 44m with 4m at 2.82g/t, 16m at 0.84g/t gold from 183m, 20m at 1.24g/t from 205m with 3m at 3.87g/t, 19m at 1.34g/t gold from 149m including 4m at 2.85g/t, and 16m at 1.15g/t from 134m. The May 2025 Optimised Scoping Study (OSS) outlined annual production of about 120,000 ounces of gold and 250,000oz silver, with total life-of-mine operating cash of about A$2.7 billion on an unlevered, pre-tax basis. The S1 and S2 pits were modelled to produce 365,000oz gold and 923,000 oz silver during the first 27 months, generating about A$1.3bn in operating free cash at assumed gold and silver prices of A$5,000 and A$50/oz. Barton expects the completed program to support gold and silver Mineral Resource upgrades ahead of a pre-feasibility study (PFS) targeted for the first quarter of calendar 2027. Work supporting the PFS includes resource upgrade and diamond drilling, environmental and cultural heritage surveys, geotechnical and metallurgical analysis, and studies covering tailings storage, other infrastructure and potential renewable energy options.

Fairchild Gold Announces Upsizing of Its Private Placement

(TSXV: FAIR) Fairchild Gold Corp. announced it has upsized its previously announced non-brokered private placement, intending to raise up to an additional $400,000 through the issuance of up to 6,666,666 units at a price of $0.06 per Unit, for aggregate gross proceeds of up to $2,200,000. Each Unit consists of one common share and one common share purchase warrant, with each whole Warrant exercisable at $0.10 for a period of sixty (60) months from the date of issuance. The closing of the Offering is subject to certain conditions, including regulatory approvals such as the approval of the TSX Venture Exchange. No finder's fee was paid in this Offering, and all securities issued are subject to a hold period expiring four months and one day from the closing date. Fairchild intends to use the net proceeds to complete the closing of the Golden Arrow Project acquisition and for general working capital purposes. The company has entered into a Definitive Agreement and received required shareholder approval toward the acquisition of the Golden Arrow property in the Walker Lane mineral belt, with a combined measured, indicated and inferred resource base outlined in a National Instrument 43-101 technical report prepared by RESPEC and filed in February 2026. The company projects to leverage Nevada's established mining infrastructure, technical expertise and supportive operating environment as it advances its portfolio of properties.

Greenheart Gold Announces Results From the Maiden Drill Program at Igab, Including Hole D-007 Intersecting 7.0 M @ 5.82 G/t Au, and Results at Majorodam

(TSXV: GHRT) (OTCQX: GHRTF) Greenheart Gold Inc. reported initial diamond drill and trenching results from its Igab project in Suriname, including 7.0 meters @ 5.82 g/t Au in IGBD26-007, 8.0 m @ 2.16 g/t Au in IGBD26-003, and 4.0 m @ 4.68 g/t Au in IGBD26-011 at the Koela target. Additional trenching at Igab yielded 22.0 m @ 2.13 g/t Au, including 15.0 m @ 3.01 g/t Au, in IGBT26-094 at Cannibal Creek, and 3.0 m @ 11.59 g/t Au in IGBT26-113 at Koela East. At the Majorodam project, Greenheart Gold completed a shallow RC drilling program comprising 160 holes for a total of 11,748 m, with results such as 8.0 m @ 2.47 g/t Au in MAJR26-025 and 12.0 m @ 1.57 g/t Au in MAJR26-053. Approximately 35% of the results from the RC drill program remain pending due to significant assay laboratory delays in Paramaribo. All significant intervals have been calculated using a cut-off of 0.30 g/t Au, a minimum length of 5.0 m, and a maximum length of 5.0 m of consecutive internal waste. The company plans to drill test selected targets at Cannibal Creek commencing in the next few weeks. Greenheart Gold is currently reviewing the results to determine next steps for the Lemon Tree and Desiberg targets.

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