Lahontan Gold: Resources Are Growing Rapidly
Lahontan Gold is moving forward at a breakneck pace. The Canadian company aims to bring the historic Santa Fe gold mine in Nevada into production. The permitting process is already underway to begin construction of the mine in 2027.
The company has now released an updated mineral resource estimate. The total resource optimized for open-pit mining is 22% higher than in the previous study. This corresponds to an increase of 435,000 ounces of gold equivalent. The indicated resource now totals 1.195 million ounces of gold equivalent and has a pure gold grade of 0.72 g/t. The inferred resource totals 1.190 million ounces of gold equivalent at 0.61 g/t. It is important to note that the main deposit, Santa Fe, saw its resource increase by 26%.
The resource study is the result of extensive drilling conducted since 2021, covering a total of 136,515 drill meters. Further exploration work could increase the resource even further, which would extend the mine’s operational life in the long term. Armed with this data, Lahontan Gold is now working toward submitting a preliminary economic assessment (PEA) of the deposit. It is being prepared by the independent consultants KCA and RESPEC. Founder and CEO Kimberly Ann stated that the PEA will evaluate options involving a cost-effective open-pit mine and heap-leach processing.
Lahontan Gold aims to make the transition from developer to gold producer in 2027. The company benefits from the established infrastructure in Nevada—by far the largest gold-producing state in the US—in terms of construction costs. Between August 1988 and 1995, approximately 359,202 ounces of gold and 702,067 ounces of silver were mined via open-pit operations at Santa Fe. Lahontan plans to continue this legacy next year. The stock reacted positively to the updated MRE on its home exchange in Toronto, rising by more than 7%. The company currently has a market capitalization of approximately CAD 160 million. That is fair for a developer. However, the stock is likely to undergo a re-rating now that the start of production is drawing ever closer. This should bring entirely different valuations into play in the medium term.
G Mining Ventures: Costs Are a Concern Here, Too
G Mining Ventures is one of the rising stars in the gold sector in recent years. Behind it is the famous Gignac family from Quebec. Father Louis Gignac is a renowned member of the Canadian Mining Hall of Fame and founder of G Mining Services. His son, Louis-Pierre Gignac, is the CEO and President of G Mining Ventures. Backed by this expertise, the company built its first mine—the Tocantinzinho gold mine in the state of Pará, Brazil—in a record time of just under two years. The mine began commercial production in 2024 and remains the company’s operational foundation to this day.
But the Gignac family’s plans are far grander. G Mining Ventures’ second gold mine, Oko West in Guyana, is currently under construction. This country in northern South America is set to become the hub of the young group. A few weeks ago, the company successfully completed the acquisition of its neighbour, G2 Goldfields. This could give rise to an entire gold district.** Once consolidated, production—initially from open-pit mining and later from an underground mine—is expected to reach approximately 500,000 ounces of gold per year for the group. In Guyana, G Mining Ventures plans to pour its first gold in the second half of 2027.
But right now, the quarterly figures are exciting as well. Revenue rose to USD 157.1 million, a 21% increase compared to the same quarter last year. Bottom line, the company earned USD 72 million, or USD 0.30 per share. As of the end of June, the gold producer held USD 226 million in cash and cash equivalents and had a net cash position of USD 193 million.
Gold production itself totaled 36,845 ounces in Q2, up 16% from Q1. However, like the rest of the industry, G Mining Ventures is feeling the effects of rising global inflation, compounded by a stronger Brazilian real and royalty-related cost increases due to the higher gold price. All-In Sustaining Costs (AISC) came in at USD 1,690 per ounce, USD 345 higher than in Q2 2025. Management expects production of 160,000 to 190,000 ounces for 2026. The company aims to bring full-year costs into the USD 1,330 to USD 1,544 per ounce range. This is still a low figure, but higher than expected at the beginning of the year.
Equinox Gold: Back on Track
Following the extremely sharp sell-off of Equinox Gold shares in the spring, the shares are now slowly recovering. The stock had lost half its value—significantly more than the industry average. Recently, however, both the share price and operating performance have been on the rise again. In the second quarter, the Canadian company benefited from the ramp-up of the new Greenstone and Valentine mines as well as from portfolio restructuring. Revenue rose to USD 769.8 million, and the company posted a net profit of USD 230.6 million, or USD 0.29 per share. This represents a nearly tenfold increase in net income compared to the same quarter last year. Equinox is in good financial shape: its net cash position stands at USD 214 million, and total liquidity exceeds USD 1.2 billion.
Gold production totaled 176,836 ounces, with costs reaching USD 2,175 per ounce (AISC), primarily due to the ramp-up phases of the new mines. Normally, AISC should decline in the coming quarters. For the full year, management is targeting production of 870,000 to 920,000 ounces of gold. In the medium term, this is expected to grow to more than 1.9 million ounces of gold from the company’s own projects.
With the rising gold price, Equinox should be able to deliver in the third quarter, and there might even be a surprise in store. The technical risk associated with ramping up the new mines remains.
Lahontan Gold is on its way to becoming a producer. The stock could receive its next boost with the presentation of the PEA. Equinox regained its footing in the second quarter; the ramp-up of the new mines is proceeding as planned so far, and the stock has also ended its correction. G Mining Ventures is aiming for big things in South America. Pullbacks in the share price present opportunities for a long-term portfolio.
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