Lahontan Gold: Resource Grows, and Production Start Takes Centre Stage
Lahontan Gold’s equity story is straightforward. The company is on the verge of becoming a gold producer while simultaneously expanding its resource. To advance the Santa Fe project in the US state of Nevada, the company recently strengthened its team with three experienced professionals in the fields of engineering, mine operations, and business development. According to CEO Kimberly Ann, Lahontan is simultaneously working on permits, technical studies, and preparations for future mining operations.
The foundation for mine development has recently improved significantly. The updated resource estimate for Santa Fe totals approximately 2.4 million ounces of gold equivalent, representing a 22% increase across the project. The Slab Zone showed particularly strong growth, with an increase of 37%. Meanwhile, the drilling program continues. According to management, up to 150 drill holes are still in the lab, and their results have largely not yet been included in the current resource estimate. In addition, there are 110 drill holes in the historic heap-leach areas. Historical data suggests approximately 200,000 ounces there, which could be processed at a relatively low cost because the material has already been crushed. With more than USD 12 million in cash and cash equivalents, Lahontan also considers itself financially well positioned to advance exploration and mine development in parallel.
The next major step is a detailed economic assessment of the Santa Fe project. This assessment will also provide key data for the final mining permit application. Among other things, it will address facility sizing and whether Santa Fe could eventually produce, for example, 80,000 or 100,000 ounces of gold per year. CEO Kimberly Ann summed up the priority in an interview: “What I care about is getting to production.” So, the company is moving full steam ahead toward gold production.
The further exploration potential remains considerable, however. In addition to Santa Fe itself, further zones are to be explored, and the resource estimate is set to be updated again. This should benefit the stock.
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Barrick: Billions for Host Countries
For a gold producer like Barrick Mining, it is no longer just about how many ounces are mined. Equally important is what economic benefits host countries derive from the mines. With its latest tax and economic contribution report, Barrick aims to show that billions remain in its host countries through taxes, fees, jobs, local suppliers, and infrastructure.
According to the report, Barrick generated USD 15.8 billion in economic value in its host countries in 2025, significantly more than the USD 12.4 billion the previous year. Of this amount, USD 5.0 billion went toward taxes and fees, up from USD 2.9 billion in 2024. In addition, there were, among other things, USD 283 million in dividends paid to governments, as well as substantial spending on employment, local procurement, and infrastructure. In total, Barrick operated in 17 countries and employed approximately 60,070 people at the end of 2025, 96% of whom were from the respective host countries.
In 2025, Barrick spent USD 7.1 billion with more than 7,400 local suppliers, accounting for 75% of its total procurement volume. In Tanzania, Barrick was recognised as the largest taxpayer, the largest contributor to government revenue, and the most significant dividend payer. Its operations there contributed approximately USD 1.2 billion to the economy. The Kibali mine in the Democratic Republic of the Congo generated approximately USD 1.1 billion in economic value. In the Dominican Republic, the mining company contributed more than USD 1.5 billion.
Beyond taxes and fees, Barrick states that it makes targeted investments in infrastructure, education, and local development. These include, for example, renovating employee housing at Paiam Hospital in Papua New Guinea, as well as the “Future Forward” education initiative in Tanzania, which aims to create additional school capacity for approximately 45,000 students. Barrick thus emphasises its commitment not only to providing economic stimulus during the mines’ operational lifetimes but also to strengthening local structures and long-term economic self-sufficiency.
First Majestic Silver Reports High-Grade Silver and Gold Intervals
While First Majestic Silver’s stock continues to trade sideways, the company has reported high-grade silver and gold intervals from its ongoing 2026 exploration program at the San Dimas mine in the Mexican state of Durango. The drilling is aimed at both upgrading existing resources and expanding them. According to the company, results from the Sinaloa-Elia and Coronado-Carmen Escobosa areas in particular underscore the potential for additional resource growth near the existing mine. At the same time, new hits at Convención and El Cristo have opened up further exploration targets.
For 2026, First Majestic plans a total of approximately 117,000 drill metres, of which about 89,000 m have already been completed. CEO Keith Neumeyer describes San Dimas as one of the group’s most promising and consistent mining areas. The extensive program is intended to further upgrade existing mineral resources, test new target areas, and identify additional growth opportunities throughout the district. As a result, San Dimas remains a central pillar of First Majestic’s exploration and growth strategy.
Although the gold price is currently undergoing a correction, the long-term outlook remains exciting. Regardless, Lahontan Gold’s stock appears to offer significant potential. CEO Kimberly Ann has emphasised on several occasions this year that the company can generate strong earnings even at current gold price levels and should recoup the costs of building the mine in record time. Barrick Mining impressively demonstrates the company’s economic impact worldwide. First Majestic Silver remains a core investment in the silver sector.
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