Equinox Gold: A Substantial Budget
Equinox Gold has led the way and recently published data on its exploration activities, which focus in particular on the three Canadian projects: Musselwhite, Valentine and Greenstone. For the current year, the company has allocated a global exploration budget of approximately USD 155 million. Of the planned 477,000 m of drilling, approximately 308,000 m have already been completed so far this year. Worldwide, the company currently operates 45 drill rigs.
At the Musselwhite site in Ontario, the latest drilling indicates a continuation of gold mineralization. This extends up to 2 km beyond the current mining area. The results include, among other things, intervals of 22.9 m with a gold grade of 10 g/t. In addition, significant gold grades were also identified during underground drilling in various zones, such as Lynx and Redwings.
Progress was also made at the Valentine project in Newfoundland and Labrador. Drilling here is focused on expanding known zones and exploring the new Minotaur discovery. Among other results, 33.2 m with 1.57 g/t gold were measured here. At the Greenstone project in Ontario, the first comprehensive exploration program since 2020 began in August. Initial assay results from the target zones are still pending.
Canada plays a central role in Equinox Gold’s corporate strategy. In 2026, more than 60% of total gold production is expected to come from Canadian operations. The current strategy calls for using the exploration data obtained to expand mineral resources and reserves. This is intended to extend the life of the existing mines and use the existing infrastructure more efficiently.
A second expansion phase is also planned for the Valentine project. This expansion is expected to double the plant’s processing capacity to an estimated 5 million metric tons per year.
Equinox Gold plans to incorporate the latest drill results from Musselwhite and Valentine into its mineral resource and reserve updates. These updates are expected in the first quarter of 2027. A corresponding update for the Greenstone Project is scheduled for late 2027.
Lahontan Gold: Multiple Paths to New Ounces
Lahontan Gold is advancing its Nevada portfolio on several fronts. The focus is currently on the standalone West Santa Fe satellite project. A drill rig has been mobilized there for a program comprising approximately 3,500 m across 20 drill holes.
The drilling is targeting known mineralizations and extension targets. Previous drilling returned, among other results, 36.6 m grading 3.11 g/t gold equivalent directly from surface.
However, the company’s flagship project is the former Santa Fe Mine. There, Lahontan increased the mineral resource by 22% in August. The company now reports 1.195 million ounces of gold equivalent as “Indicated” and an additional 1.190 million ounces as “Inferred,” for just under 2.4 million ounces total.
In addition, the company is investigating historic tailings and heap-leach pads. Drilling in a stockpile previously classified as low-grade yielded an average of 1.96 g/t gold equivalent. This material could become of interest if the company pursues future reprocessing.
The planned acquisition of Emergent Metals provides additional growth potential. Upon completion, Lahontan would gain full control of West Santa Fe and eliminate existing royalties there. At the same time, the New York Canyon Project would be added, whose northern claim block directly adjoins the southern boundary of the Santa Fe Mine. The regional land package would thereby grow to more than 93 km².
Lahontan aims to release an initial resource estimate for West Santa Fe by the end of the year. An updated PEA and the permitting process are currently underway at Santa Fe. Subject to studies, permits, and financing, the company aims to begin construction in 2027. At the same time, further exploration drilling is intended to expand the gold and silver resources, and the historical material will be evaluated for potential reprocessing. Lahontan is thus pursuing multiple growth paths simultaneously.
B2Gold: New Gold Discovery and Operational Progress
B2Gold is also discovering new deposits in Canada. The company has released new, up-to-date data on its activities in the Back River Gold District in Nunavut, Canada. A highlight is the discovery of a new, high-grade gold zone at the Goose Mine. The newly named “Tattuk” zone is located at a depth of just under 1,200 m, placing it approximately 150 m below the previously known Nuvuyak ore body. Initial drilling data show grades of 10.94 g/t gold over nearly 10 m.
In addition, infill drilling at the Llama deposit yielded strong results, including 19.12 g/t gold over a length of more than 21 m. To further unlock the region’s potential, B2Gold has allocated a USD 51 million exploration budget for the current year. Of the targeted 35,000 drilling metres, 75% had already been completed by the end of August.
In addition to its exploration successes, the company is also making significant strides in mining operations. After a fire in the crushing circuit in April caused temporary production outages, the situation has stabilized significantly. A mobile crushing plant, which began operations in August, is now processing more than 3,000 metric tons of ore per day as planned.
At the same time, repair and initial modernization work on the stationary plant is nearing completion. Starting in mid-October, this facility is expected to reach a capacity of 3,200 metric tons per day. For now, both facilities will operate in parallel to build sufficient reserves for a further expansion phase in 2027.
Despite the technical challenges encountered in the meantime, B2Gold remains on track to achieve its annual targets. The company confirms its previous production forecast for the Goose Mine, which projects a volume of 170,000 to 200,000 ounces of gold for 2026. The upcoming fourth quarter is expected to be the strongest in terms of production for the year.
Equinox Gold is investing millions in new discoveries, while B2Gold is searching for additional gold around its existing infrastructure. Lahontan Gold is positioning itself with nearly 2.4 million ounces of gold equivalent at Santa Fe and additional potential at West Santa Fe. If the company succeeds in further expanding its resource base and consistently advancing its projects, the strong precious metals market could become a major catalyst for the Nevada-based explorer.
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