WTI drops 5.34%: what’s next for gold?

GOLD

4,038.60

$/oz

▼ -35.90 (-0.88%)

SILVER

57.52

$/oz

▼ -0.96 (-1.64%)

PLATINUM

1,624.30

$/oz

▲ +3.70 (+0.23%)

PALLADIUM

1,272.50

$/oz

▼ -17.10 (-1.33%)

COPPER

6.36

$/lb

▲ +0.02 (+0.30%)

GOLD MINERS INDEX

618.38

pts

▼ -11.52 (-1.83%)

SPDR GOLD ETF

370.34

$/sh

▼ -4.29 (-1.15%)

SILVER ETF

51.85

$/sh

▼ -1.08 (-2.04%)

Gold Market Context: Macro Drivers

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

DXY

US Dollar Index

101.32 pts

▼ 0.11 (-0.11%)

tailwind for gold

Gold inverse — rising dollar pressures gold

US10Y

10-Yr Treasury

4.59 %

▼ 0.07 (-1.40%)

tailwind for gold

Real yield pressure — higher yields weigh on gold

SPX

S&P 500

7,450.19 pts

▼ 59.01 (-0.79%)

tailwind for gold

Risk appetite — equity rallies reduce safe-haven demand

BTC

Bitcoin

63,960.89 USD

▼ 137.61 (-0.21%)

negative for gold

Alt safe haven — moves with gold in risk-off

WTI

Crude Oil (WTI)

78.81 $/bbl

▼ 13.38 (-14.51%)

negative for gold

Inflation proxy — rising oil can lift gold

EURUSD

EUR / USD

1.14

▲ 0.00 (+-0.04%)

positive 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

What is a Gold-Backed Stablecoin? How One Private Buyer Changed the Gold Market

Gold demand dynamics are shifting significantly as Tether has emerged as a major player in the market, purchasing physical gold at a pace that surpasses nearly all central banks since Q2 2025. This aggressive accumulation by a private entity indicates a growing institutional interest in gold, particularly in the context of inflationary pressures and economic uncertainty. The introduction of gold-backed stablecoins is likely to create a new layer of demand that is price-insensitive, as these stablecoins are designed to maintain a fixed value relative to gold. This mechanism could lead to increased stability in gold prices, as the demand from Tether may not fluctuate with typical market forces. Investors should note that such developments could attract more institutional capital into the gold market, further solidifying its status as a hedge against inflation and currency devaluation. Additionally, the implications of a private buyer outpacing central banks in gold purchases could signal a shift in how gold is perceived as a reserve asset. As geopolitical tensions and economic instability persist, the allure of gold as a safe haven is likely to strengthen. The interplay between stablecoin demand and traditional gold investment could redefine market dynamics, potentially leading to a more robust gold price environment. Overall, Tether's actions underscore a transformative moment for gold, suggesting that the market may be on the cusp of a new era of demand driven by innovative financial instruments.

Hike Odds Doubled. Gold is Down. Here is Why.

Gold is down as Fed rate hike odds have surged from 16% to 36.5% over the past two weeks, reflecting a significant shift in market sentiment. This increase in rate hike expectations typically leads to higher real yields, which diminishes the appeal of non-yielding assets like gold. As interest rates are anticipated to rise, the opportunity cost of holding gold increases, prompting investors to reassess their positions. The dollar's strength often correlates with rising rates, further pressuring gold prices as a stronger dollar makes gold more expensive for foreign buyers. Despite this short-term decline, the structural case for gold remains intact, driven by ongoing inflation concerns and geopolitical uncertainties that continue to underpin demand for safe-haven assets. Central banks are still actively diversifying their reserves, which supports long-term gold prices. ETF flows can also influence market dynamics, and any significant outflows in response to rising rates could exacerbate downward pressure on gold. Investors should remain vigilant, as the interplay between interest rates, inflation, and geopolitical factors will be crucial in determining gold's trajectory in the coming weeks. Overall, while the immediate outlook appears challenging, the fundamental drivers for gold may still provide support in the longer term.

Chinese Gold Imports Surged to 2-Year High in June

Chinese gold imports surged to a two-year high in June, with the country bringing in 173 tonnes of gold, the highest monthly total since March 2024. This increase in demand is largely attributed to lower gold prices, which have made the metal more attractive to buyers. As China continues to be a significant player in the global gold market, this uptick in imports could signal a shift in sentiment among investors, particularly in the context of ongoing economic uncertainties. The resurgence in demand from China may provide upward pressure on gold prices, especially if this trend continues in the coming months. Additionally, the increase in imports reflects a broader trend of central bank buying, as countries look to bolster their reserves amid geopolitical tensions and inflationary pressures. Investors should note that heightened demand from one of the world's largest consumers can influence global supply dynamics, potentially leading to tighter markets. Furthermore, as inflation concerns persist, gold remains a favored hedge, which could further support prices. The interplay between the dollar's strength and gold's appeal will also be crucial, as a weaker dollar typically enhances gold's attractiveness. Overall, the significant rise in Chinese gold imports is a bullish signal for the gold market, suggesting that demand may continue to strengthen in the face of economic challenges.

Gold Back Below $4,100 as Investors Await Fed Speech

Gold fell back below $4,100 an ounce as investors brace for remarks from Federal Reserve Chairman Kevin Warsh this week. This decline reflects ongoing uncertainty in the market, particularly regarding the Fed's stance on interest rates. As the central bank continues to navigate inflationary pressures, any hints of tightening monetary policy could further weigh on gold prices. The dollar's strength also plays a crucial role, as a robust dollar typically dampens demand for gold, which is priced in dollars. Investors should note that the market is highly sensitive to central bank communications, and any indication of a shift in policy could lead to increased volatility. Additionally, the current geopolitical landscape remains a factor, as tensions can drive safe-haven demand for gold. However, with yields on government bonds rising, the opportunity cost of holding non-yielding assets like gold increases, adding further pressure. ETF flows have been relatively muted, suggesting a cautious sentiment among investors. Overall, the combination of these factors indicates that gold may struggle to regain upward momentum in the near term as we await clarity from the Fed.

If You’re Waiting for the Silver or Gold Bottom, You Need to See This

Gold has recently stabilized around the $4,000 per ounce mark, demonstrating resilience despite a brief dip below this threshold. This level of support suggests that investors are increasingly viewing gold as a safe haven amid ongoing economic uncertainties. The current macroeconomic environment, characterized by fluctuating interest rates and persistent inflation, continues to influence gold's appeal. As central banks remain vigilant in their monetary policies, the demand for gold as a hedge against inflation is likely to persist. Additionally, geopolitical tensions are contributing to a heightened sense of risk, further bolstering gold's status as a store of value. ETF flows have shown signs of recovery, indicating renewed interest from institutional investors who are seeking to diversify their portfolios. The dollar's performance remains a critical factor; a weaker dollar typically enhances gold's attractiveness to foreign buyers. As we navigate these complex dynamics, it is essential for investors to monitor these indicators closely, as they will play a significant role in determining gold's trajectory in the near term. Overall, the current price action suggests that gold may be establishing a new base, which could lead to further upside if macroeconomic conditions remain favorable.

The Petrodollar System Explained: What it is, How it Worked, and What’s Replacing It

The petrodollar system has historically underpinned the dominance of the US dollar, as countries required dollars to purchase oil, leading to a cycle where oil exporters reinvested those dollars into US Treasuries. However, this arrangement is now facing significant stress, prompting a shift in how countries view reserve assets. Central banks are increasingly turning to gold as a viable alternative, which directly impacts gold prices. As demand for gold rises among these institutions, we can expect upward pressure on gold valuations. The weakening of the petrodollar system suggests a potential decline in dollar dominance, which typically benefits gold as a safe-haven asset. Investors should note that this transition could lead to increased volatility in currency markets, further enhancing gold's appeal. Additionally, as geopolitical tensions rise, the allure of gold as a hedge against uncertainty becomes even more pronounced. The interplay between inflation concerns and central bank policies will also play a crucial role in shaping gold's trajectory. Overall, the evolving landscape of global finance, marked by a diminishing reliance on the dollar, positions gold favorably in the coming months.

The Fed Votes Wednesday. Watch the Tally, Not the Decision.

The Federal Reserve's upcoming vote will be pivotal for gold prices, as the focus should not solely be on whether rates are held or hiked, but rather on the vote tally itself. A unanimous vote would signal a strong consensus among policymakers, potentially leading to a more stable outlook for interest rates, which could support gold prices. Conversely, a split vote, such as 10-2, would indicate divisions within the Fed, suggesting uncertainty and possibly a more aggressive stance on future rate hikes. This division could lead to increased volatility in real yields, which historically have an inverse relationship with gold. As real yields rise, the opportunity cost of holding non-yielding assets like gold increases, typically pressuring prices downward. Additionally, the dollar's strength is closely tied to Fed decisions; a hawkish tone could bolster the dollar, further complicating gold's appeal. Investors should also consider the broader implications of the Fed's stance on inflation and economic growth, as persistent inflation could drive demand for gold as a hedge. Central bank demand remains a crucial factor, and any signals from the Fed regarding future monetary policy could influence their buying behavior. ETF flows will also be telling; if investors anticipate a more dovish Fed, we may see increased inflows into gold-backed ETFs, supporting prices. Overall, the outcome of the Fed's vote and the accompanying commentary will be critical in shaping the near-term trajectory of gold.

Pilar Gold | Pre-IPO Investment Opportunity

• Equity raise for the restart of a fully equipped gold mine in Brazil.

• 4 million oz resource, full infrastructure, resuming production Q3 2026.

• Estimated AISC below $1,400/oz: highly profitable at today's gold prices.

• Hub & spoke growth strategy targeting 40k oz/yr near-term, 80k oz/yr medium-term.

• Management team behind Laiva Gold, Gold Road, Tucano Gold & Pure Tungsten.

• C$5M private placement at C$0.30/share: closing July 31, 2026.

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Today's Interesting Company News

Transition Metals Commences 2026 Exploration Program at Pike Warden Epithermal Gold-Silver and Porphyry Copper Project, Yukon

(TSXV: XTM) Transition Metals Corp. announces the resumption of field activities at its Pike Warden Project, a district-scale epithermal gold-silver and porphyry copper property located in southern Yukon. The Project covers approximately 41 square kilometres and is situated along the northern margin of the Bennett Lake Caldera Complex, one of Canada's largest collapsed volcanic centres. Previous sampling at the Saddles epithermal Au-Ag system targets returned values including 44.5 g/t Au, 491 g/t Ag, 59.6% Pb, 0.61% Cu, 0.35% Zn, and 59.66 ppm Mo. Exploration activities to date have included the collection of 2,380 rock and soil samples and the discovery of 33 polymetallic showings, with standout assays such as 48.1 g/t Au, 11,270 g/t Ag, 7.49% Cu, and 2.37% Mo. In October 2025, Transition completed two diamond drill holes at Copper Junction totaling 504 m, though no significant mineralization was encountered. Maiden drilling at the ERT Zone in 2022 returned percussion samples with highest values up to 468 g/t Ag, 0.19 g/t Au, 163.5 ppm Cu, and 1,150 ppm Zn over 1.5 metres. The company plans to refine drill targets for a planned RC program and follow up with petrographic analysis and additional core sampling activities.

Cambria Gold Mines Announces 24.36 G/t Au Over 6.3 Meters From Prew Zone; Announces Start of Infill Drilling at Big Missouri and Silver Coin Deposits

(TSXV: CAMB) (OTCQX: CAMVF) Cambria Gold Mines Inc. announced additional assay results from its underground infill drilling program at the Prew Zone of the Premier-Northern Light deposit at the Premier Gold Project, located near Stewart in northwestern British Columbia. Results are reported from a total of 3,151 metres over 42 underground drillholes, with highlight results including 24.36 g/t Au over 6.3 m (including 76.70 g/t Au over 1.8 m) in hole P26U-0023, and 13.17 g/t Au over 10.6 m (including 64.66 g/t Au over 1.9 m) in hole P26U-0026. The company operates a 2,500 tonnes per day mill adjacent to the Premier-Northern Lights deposit. The first phase of underground infill at the Prew Zone is now complete, with assay results from an additional 86 drill holes expected over the coming weeks. Drilling at 12.5 metre average spacing is proving successful in defining continuity of higher-grade mineralization along a primary quartz-breccia sulfide domain. The company projects that once all assays have been returned, the information will be used to develop underground mining plans and guide additional infill drilling for the Prew Zone. Three drills are currently turning at the Silver Coin and Big Missouri deposits, with infill drilling underway on these structures.

Xali Gold Continues to Demonstrate the Scale and Grade of Gold Mineralization at Pico Machay

(TSXV:XGC) Xali Gold Corp. announced the completion of assay results from its initial underground and surface channel and rock chip sampling program at its Pico Machay Gold Project in Central Peru. The company reported that 67 of 119 surface samples returned more than 0.50 g/t gold, and Surface Channel 1 returned 2.92 g/t Au over 31.5 meters, including 13.76 g/t Au over 4.5 meters. UG Channel 3 NS returned 1.49 g/t Au over 41.1 meters, including 3.44 g/t Au over 8.0 meters, while UG Channel 8 returned 1.18 g/t Au over 4.3 meters and UG Channel 9 returned 2.10 g/t Au over 1.35 meters. The sampling program included 197 samples: 78 underground channel samples and 119 surface samples, with 13 underground workings mapped and sampled since 2020. The historical resource area extends over approximately 750 meters east-west by 150 meters north-south, and the underground workings occur across an area of approximately 1.35 kilometers by 825 meters. The company projects a near-term production goal at Pico Machay and considers the upside potential to be very strong, with several untested targets and historical engineering studies targeting an open-pit heap-leach operation based on a long-term gold price of $700/oz. Xali Gold has now defined ten exploration targets, four of which overlap with those previously identified by Aquiline Resources.

Intrepid Metals Launches First Systematic Exploration Program at Mattie Gold Prospect

(TSXV: INTR) (OTCQB: IMTCF) Intrepid Metals Corp. has commenced a rock and soil sampling program at the Mattie Prospect within the Corral Copper Project in Cochise County, Arizona. The program includes approximately 1,170 soil samples to be collected across an area measuring approximately 1,900 by 1,500 meters, with sample spacing of 50 meters. The company expects the field program to take approximately 3 weeks to complete. The ongoing work at Corral includes a 65-line-kilometre induced polarization survey planned for August and a September drill program with approximately 5,000 metres dedicated to testing high-priority porphyry targets. The Corral Copper Project covers an area of approximately 3.5-kilometre by 1.5-kilometre and is located approximately 24 kilometres east of Tombstone and 35 kilometres north of the Bisbee mining district, which has produced more than eight billion pounds of copper. Intrepid Metals Corp. is also advancing multiple targets for a potential porphyry copper-gold system associated with known CRD mineralization. The company projects that results from the current program will be integrated with historical data to refine exploration models and identify targets for potential follow-up mapping, sampling, geophysics, and drilling.

Golden Pursuit Resources Announces the Commencement of the 2026 Mineral Exploration Program at the Gordon Lake Project in the Northwest Territories, Canada

(TSXV: GDP) Golden Pursuit Resources Ltd. announced the commencement of the 2026 Mineral Exploration Program, located in the high-grade Gordon Lake gold mining district of Canada's Northwest Territories. The program will include a 1,500 line-kilometre unmanned aerial vehicle (UAV) magnetic geophysical survey, together with a rock sampling and geochemistry program. The Gordon Lake Project covers 6,850 hectares and includes 18 territorial claims, 13 federal claims, and five historic mining leases—all fully owned by Golden Pursuit. The project is about 80-90 km northeast of Yellowknife, NWT, and has a history of exploration and mining dating back to 1937 and continuing into the late 1980s. The Gordon Lake project holds active land and water permits until 2030, supporting exploration and development. Golden Pursuit Resources owns 11 properties with histories of mining and exploration dating back to the 1930s, including five classified as "former producers" by the NWT government. The company projects that the results from the survey and sampling program will be compiled and interpreted as they become available.

Legacy Gold Extends Zone 150m (492ft) South and Proves Mineralization in 150m (492ft) Gap in the North at the Baner Gold Mine Property, Idaho

(TSXV: LEGY) Legacy Gold Mines Ltd. reports assay results from the first two holes of the Phase 1 core drilling portion of its 2026 drill program at the Baner Gold Mine Property in Idaho County, Idaho, USA. The first hole, LG26-009, intersected five mineralized zones and extended mineralization up to 150m (492ft) south of the nearest previous intersection, with a 2.9 g/t Au and 41.8 g/t Ag over 3.6m (11.8ft) intersection. LG26-015 filled in a 150m (492ft) gap at the northern end of the Baner Main Zone and returned four mineralized zones, with the two best zones grading 1.1 g/t Au over 12.4m (40.7ft) and 0.42 g/t Au over 14.5m (47.4ft). The initial exploration target at the Baner Property is approximately 50.3 million to 55.3 million tonnes at average grades ranging from approximately 0.72 g/t Au to 0.91 g/t Au. The Phase 1 core drilling portion is expected to be completed this week, and the Phase 2 reverse circulation drilling portion is well underway. Thirty-five holes are planned in the Baner Zones, ten holes in the NE Zone, and six holes in the NW Zone. The company projects that further drilling and technical studies will evaluate whether sufficient data may be obtained to support a future mineral resource estimate.

Star Gold Corp. Finalizes Summer 2026 Drill Program at Longstreet, Advancing Nevada Gold-Silver Project Toward Permitting and Development

(OTCQB: SRGZ) Star Gold Corp. announced it has finalized the design of its summer 2026 drill campaign at the wholly owned Longstreet Gold-Silver Project in Nye County, Nevada, and that earthwork to establish drill site access is underway. The campaign consists of a single 11-hole HQ core program intended to advance exploration, metallurgy, hydrology, and permitting simultaneously. The first hole is a vertical exploration water production well collared at the bottom of the canyon below the Main resource, and is the first water production well at Longstreet. Eight angled holes at -45 degrees will focus on resource definition and expansion within and adjacent to Main, and will also generate metallurgical test material. The remaining two are vertical holes near Main to be completed as monitor wells with piezometers, one of which will be drilled to a total depth of 800 feet and will represent the Company's first test of the Opal Ridge target at depth. The Longstreet Project spans approximately 2,600 acres, comprising 137 unpatented mining claims and 5 additional unpatented claims held under lease with an option to purchase. All recovered core will be logged, cut and stored in secure facilities in Tonopah, Nevada, with one quarter of each sampled interval bagged and transported directly from Tonopah to ALS Global in Reno for assay.

Southern Cross Gold Drills 481 Metres of Mineralization Linking Christina to Golden Dyke in Westernmost Hole Including 0.8 Metres @ 141.0 G/t Gold

(TSX:SXGC) (ASX:SX2) (OTCQX:SXGCF) Southern Cross Gold Consolidated Ltd announced results from five drill holes at the 100%-owned Sunday Creek Gold-Antimony Project in Victoria, with drilling extending approximately 300 m west of any previous drilling. SDDSC235, the westernmost hole released from Christina, returned 481 m @ 0.9 g/t Au (uncut), including seven individual assays above 50 g/t Au, up to 496.0 g/t Au, and intersected 39.5% Sb over 0.10 m from 91.79 m. Across the five holes, eight individual Au assays exceeded 50 g/t Au and four individual Sb assays exceeded 10% Sb. The project now totals 273 drill holes for 130.6 km reported since late 2020, with 93 composite intersections exceeding 100 g/t Au and 110 exceeding 10% Sb. Eleven drill rigs are currently operational, with 68 holes pending results and a 200,000 m drill program continuing through to Q1 2027. The company projects continued growth in scale and confidence at Sunday Creek as drilling progresses.

Roxmore Resources | TSX: RMO

• 5.57Moz Au M+I resource at Converse, one of the largest undeveloped gold projects in the US not owned by a major.

• Located on Nevada's prolific Battle Mountain trend alongside some of the world's biggest gold mines.

• PEA filed June 2026.

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Walhalla Gold Corp. Commences Trading on OTCQB

(CSE: WAU) (OTCQB: WAUXF) Walhalla Gold Corp. announced that, effective of opening of trading on July 28, 2026, Walhalla Gold's common shares will be quoted on the OTCQB Market under the new stock symbol WAUXF. The OTCQB is described as one of the world's largest and most liquid trading markets, providing access to a wide base of investors across the United States. The Company owns the Walhalla Gold Project, located in the state of Victoria, which is a district-scale project consisting of 1,230 sqkm 2 of concessions. Cohens Reef is identified as one of the largest and most productive gold-bearing quartz reefs ever discovered in Victoria, and the Company's early exploration will target the identification of potential repeat structures nearby old developments. The Walhalla Gold Project contains high-priority greenfield targets such as Pinnacles, where extensive soil geochemistry has highlighted a 400m x 1,100m gold mineralized aplitic dyke. The Pinnacles target is fully permitted, accessible, and ready for immediate drilling.

Lake Victoria Gold Commences Phase 1 Earthworks at Fully Permitted Imwelo Gold Project

(TSXV: LVG) (OTCQB: LVGLF) Lake Victoria Gold Ltd. announced that Phase 1 earthworks have commenced at its fully permitted Imwelo Gold Project in Tanzania, with construction of the Project's site camp nearing completion. The initial earthworks program includes upgrades to the existing access road and preparation of the plant-site footprint, and the construction camp has water storage and power installed, plumbing completed, and electrical work advancing. The program is being delivered under the Company's previously announced EPCM structure led by City Engineering Company Ltd. (CECL), with international technical support from Sutton Consulting International Limited and day-to-day coordination by LVG's mobilized on-site project team. The Company has a 100% interest in the Tembo project, which has over fifty thousand meters of drilling and is located adjacent to Barrick's Bulyanhulu Mine, and also holds a 100% interest in the Imwelo Project, which is fully permitted for mine construction and production. Management, directors, and partners own more than 60% of the shares. Taifa Group has entered into an agreement with the Company to obtain an equity stake, and Taifa Mining will conduct all contract mining and civil works for the Imwelo project. The company projects that the infrastructure initially used to accommodate the construction workforce will remain in service during operations, avoiding duplicated expenditure and supporting disciplined capital deployment.

Barton Gold Reports Productive Quarter of Work Across South Australian Portfolio

(ASX: BGD) (OTCQB: BGDFF) Barton Gold reported a productive three months to the end of June, focusing on continued progress across its South Australian gold portfolio. Drilling at the Challenger project confirmed new mineralisation grading up to 170 grams per tonne gold at the main historic pit and up to 60g/t gold at Challenger West, with new open-pittable mineralisation discovered at Challenger South-Southwest and Challenger 3 targets. A definitive feasibility study (DFS) targeting an initial four-year Stage 1 ‘baseline’ operation showed the existing Challenger mill to be suitable for recommissioning and will incorporate a mineral resource estimate update, with release expected during the first quarter of 2027. At the Tunkillia gold project, a Phase 2 upgrade drilling campaign returned the highest-grade assays to date from the Area 51 and southern Area 223 zones, and the reverse circulation component was expanded to 40,000 metres during the quarter, alongside a 3,000m dual-rig diamond drilling campaign. Results are pending from 3,700m of follow-up drilling at the Tolmer high-grade silver discovery, where preliminary metallurgical trials yielded concentrates grading more than 100,000g/t (or 10%) silver from a simple gravity process. At end June, Barton had $31.9 million in cash, plus $4.5m in interest-bearing deposits posted as security for rehabilitation performance bond guarantee facilities, and spent $5.7m on exploration primarily focused on Tunkillia and Challenger resource upgrade drilling, feasibility programs, and analysis of the Tolmer discovery. The company increased its strategic diesel reserve to more than 250,000 litres—sufficient to meet all budgeted FY27 field programs and site requirements.

St Barbara Announces 20% Increase for 15-Mile Gold Processing Hub MRE

(ASX: SBM) St Barbara has boosted the mineral resource estimate at its 15-Mile processing hub development in Nova Scotia by 5 million ounces (or 20%) to support the next phase of study work. The project’s new estimate sits at 62.4 million tonnes grading 1.2 grams per tonne for 2.5Moz contained gold, lifting the group’s global mineral resources estimate to 5.4Moz. The estimate incorporates a historical data package of 436 drill holes for 71,000 metres across the 15-Mile, Old Mitchell, and Old Austen mines, with a total of 1,700 holes now included. The new resource estimate follows the start of the 15-Mile environmental permitting process between St Barbara and Impact Assessment Agency of Canada. A pre-feasibility study announced in January confirmed gold production of more than 100,000ozpa over at least 11 years based on proven and probable ore reserves. St Barbara recently announced a final investment decision approval for the restart of the Touquoy processing plant at the 15-Mile mine. The company confirmed the design changes have resulted in a 23% reduction in land disturbance despite an overall capacity increase for the processing of ore from Old Mitchell and Old Austen.

Spanish Mountain Gold Expands Mineralization Intersecting 252.3 Meters of 0.82 G/t Gold Including 93.5 Meters of 1.32 G/t Gold as Part of Its Feasibility Study Drill Program

(TSX-V:SPA, OTCQB:SPAUF) Spanish Mountain Gold Ltd. announced assay results for ten diamond drill holes on the Spanish Mountain Gold project in the Cariboo Gold Corridor, British Columbia, Canada. Approximately 18,500 meters of a planned 60,000 m 2026 Feasibility Drill Program have been completed to date, with results pending for 16 additional drill holes. Drill hole 26-DH-1390 returned 252.30 m of 0.82 g/t gold from 75.50 m, including 93.50 m of 1.32 g/t gold and a higher-grade interval of 5.2 m of 3.23 g/t gold. On May 1, 2026, the Company received the first instalment of US$22.5 million in connection with the sale of a 1.5% NSR to Wheaton Precious Metals for US$55 million. The 2026 Feasibility Drill Program was initiated in March 2026, targeting infill drilling and gold mineralization expansion for the Main Deposit. The feasibility study is targeted for completion by early 2028 and is fully funded. The Company is seeking new ways to achieve optimal financial outcomes that are safer, minimize environmental impact and create meaningful sustainability for communities.

Phenom Commences Drilling at Dobbin Gold Project, Nevada

(TSXV: PHNM) (OTCQX: PHNMF) Phenom Resources Corp. announced that core drilling is now underway at the Dobbin Gold Project to test a strong 2.1 kilometres long (1.3 miles) and 200 meters (660 feet) wide northeast trending gold in soils anomaly with values between 0.1 g/t Au up to 2.73 g/t Au (approx. 0.09oz/ton). The Dobbin project is located 85 miles south of Eureka in the Monitor Range, central Nevada. The permit at Dobbin allows for up to 26 core holes (two holes per 13 drill sites) and up to 12 mechanical trenches (5,291 feet in total length). Phenom Resources Corp. holds a 100% interest in the Carlin Gold-Vanadium Project, located in Elko County, 6 miles south from the town of Carlin, Nevada, which hosts the Carlin Vanadium deposit, North America's largest highest grade primary vanadium resource. Approximately 9 million ounces comprised of multiple gold deposits, including past producing mines, are present near the Phenom property (5-15km). The Company has earned a 100% interest in the Crescent Valley Property and has options on two other gold projects in Nevada, the King Solomon and Dobbin Properties. The company states that permissive carbonate host units below the Eureka Formation may be assessed in the future.

Axo Metals Secures Major Environmental Permit Approval; Clears Path for Production at the San Antonio Gold Project

(TSXV: AXO) Axo Metals Corp. announced that the Mexican Federal Environmental Department (SEMARNAT) has approved the Environmental Impact Statement (MIA) for the San Antonio gold project located in the State of Sonora. This approval grants the primary authorization required for the construction and operation of the mine. The newly issued MIA covers all existing infrastructure and current resources across all deposits at San Antonio. Total resources at San Antonio stand at 576koz Au and 1.37moz Ag grading 1.20 g/t Au and 2.9g/t Ag in the Indicated category, with 544koz Au and 1.76moz Ag grading 1.02 g/t Au and 3.3g/t Ag in the Inferred category. The company is finalizing a standard administrative follow-up regarding the Change of Use of Soils (CUS), which was submitted earlier this year and anticipates approval prior to yearend. Axo’s second project is the La Huerta property, a new copper discovery in Jalisco, Mexico, where initial exploration has yielded high-grade copper both at surface and at depth. The company is focused on continuing to define near-surface mineralization along the La Huerta Trend, expanding mineralization at depth, and targeting new discoveries in an underexplored district.

Benton Plans to Spin Out Great Burnt Copper-Gold Project to Shareholders for $15.0 M Valuation in Conjunction With Concurrent $10.0 M Financing

(TSXV:BEX) Benton Resources Inc. announced the execution of a letter agreement dated July 24, 2026, with Silverback Metals Corp. to create a new well-funded public resource company ('Spinco') which will own several mineral projects including Benton's Great Burnt Project. A private placement to be completed concurrently with the closing of the agreement will provide $10 million in immediately available exploration funds. Benton shareholders will collectively own a direct 45% stake in Spinco and its Great Burnt project, with Benton retaining a 5% shareholding in Spinco and a 1% uncapped Net Smelter Return (NSR) royalty in certain claims on the project. The transaction provides Benton and its shareholders with an imputed direct $15.0 million dollar value for the Great Burnt Project, based on the $10 million financing for 33% of Spinco. The arrangement is targeted to close in November, 2026, subject to conditions including negotiation of a definitive agreement, shareholder and court approvals, TSX-V approval, and completion of the private placement. Shareholder approval will be sought at a meeting to be convened for about mid-October 2026, and further details will be included in an information circular to be mailed in September. Benton will retain a 1% NSR on the Great Burnt property, one-half of which can be purchased by Spinco for $1 million.

Cabral Gold | TSX-V: CBR

• Stage 1 heap-leach operation fully funded via US$45M gold loan.

• First gold pour expected Q4 2026.

• Located next to GMining's Tocantinzinho, Brazil's third-largest gold mine producing 200,000 oz/yr.

• 78% IRR, 10-month payback at $2,500/oz gold.

• Recent drill hit: 11m @ 33.0 g/t incl. 4m @ 89.3 g/t at Machichie NE.

• District-scale Cuiú Cuiú project covers 15 x 10km with 50 targets.

• Four new hard-rock discoveries in progress.

Find out more →

For informational purposes only.

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