Lahontan Gold: PEA yields an after-tax net present value of around USD 820 million
Strong news from Lahontan Gold. The explorer has published a positive preliminary economic assessment (PEA) for its Santa Fe gold-silver project in Nevada. The results show the project’s economic potential. At an assumed gold price of USD 3,600 and a silver price of USD 49 per ounce, the after-tax net present value (NPV5) is around USD 820 million. Compared with the 2024 PEA, this represents an increase of more than 14-fold. The internal rate of return (IRR) is 40.1%.
The planned mine is expected to produce an average of about 91,900 ounces of gold equivalent per year over 11 years. From the fourth year of production, output is expected to rise significantly and exceed 120,000 ounces in individual years. Over the entire mine life, Lahontan expects revenue of around USD 3.68 billion and cumulative after-tax net cash flow of USD 1.32 billion. Initial capital expenditure is estimated at USD 172 million. The payback period is around 3.7 years. All-in sustaining costs (AISC) are expected to be USD 2,250 per ounce of gold. Open-pit mining is planned. The company envisages a conventional heap leaching process for gold and silver recovery.
The PEA results reinforce Lahontan’s confidence in its path to becoming a gold and silver producer. The study provides a key foundation for the final mine plan, which is to be submitted to the relevant US authorities. The required environmental studies have already been completed. The company expects to receive mine construction permits in 2027, with construction also scheduled to begin that year.
Lahontan sees additional upside in expanding its existing resources through further exploration work and in investigating historical heap-leach pads. In a recent interview with Lyndsay Malchuk of the International Investment Forum (IIF), Lahontan CEO Kimberly Ann highlighted the 22% increase in the resource estimate. It now comprises around 1.2 million ounces of gold in the indicated category and a further 1.2 million ounces in the inferred category. Notably, assay results from around 125 drill holes are still pending.
Vonovia: This is the state of play on potential expropriation
While Lahontan shareholders can look forward to the approaching start of gold production, Vonovia shareholders face an uncertain future. Potential expropriation in Berlin has weighed on the share price for months. What is the state of play?
The potential expropriation of large housing companies in Berlin is taking more concrete shape. On October 17, 2026, the Left Party, the Greens and the SPD agreed during exploratory talks on a joint roadmap to bring large property portfolios into public ownership. Under this plan, private housing companies would in future be allowed to retain a maximum of 10,000 flats in Berlin. Holdings exceeding this limit could be transferred into public ownership in exchange for compensation. According to the Left Party, around 160,000 flats owned by five large companies, including Vonovia, would be affected. Total compensation is to be capped at EUR 16 billion. New buildings constructed after January 1, 2021 are to be exempt, as are holdings owned by cooperatives. A corresponding law is to be presented by mid-2028. The SPD and the Greens have now given the green light for coalition negotiations. The Left Party intends to decide on this on October 31.
However, the federal government could thwart the plans. In early July, the CDU/CSU and SPD agreed to introduce legislation to prevent federal states from bringing privately owned rental housing portfolios into public ownership. Federal Building Minister Verena Hubertz recently reaffirmed this intention. However, no specific draft bill exists yet. Government spokesperson Stefan Kornelius stated on October 19 that the federal government would first monitor political developments in Berlin.
Vonovia considers Berlin’s plans legally unworkable. Speaking to the news agency “dpa” on October 19, the property group stated: “We are convinced that bringing these assets into public ownership in the manner presented and planned is unconstitutional and would not withstand judicial review.” Substantial private investment was needed to tackle the housing shortage. This required legal certainty and a reliable framework. Nevertheless, political uncertainty remains a burden for shareholders. Even if Berlin’s law on bringing these assets into public ownership were actually passed, lengthy legal disputes would be expected. Therefore, when and whether flats could be transferred into public ownership remains an open question.
Vonovia shares have reacted moderately to the latest news. Although the share price briefly fell below EUR 16, it quickly recovered and is moving back towards EUR 17. JPMorgan reaffirmed its Overweight recommendation on Monday. Analysts view the risk of expropriation as low. If necessary, the federal government would intervene. The analysts therefore see the fair value of Vonovia shares at EUR 26.
Evotec strengthens its team
Evotec shares have gained a notable 10% over the past few trading days. This may be due to its recent team addition. Evotec has reported that Dr Joanna Holbrook has been appointed Chief Scientific Officer (CSO), effective November 1, 2026. In this role, Dr Holbrook will lead the Hamburg-based biotech company’s global scientific strategy and, in particular, drive further development of drug discovery, technology platforms and proprietary innovations. Holbrook has more than 25 years of international experience in the pharmaceutical and biotech industries as well as in academic research. Her focus includes using artificial intelligence, data science and precision medicine to develop new medicines. Evotec CEO Christian Wojczewski sees her expertise as a key foundation for strengthening the company’s competitive position as a partner in drug discovery and development.
Most recently, Holbrook worked at pharmaceutical group Novo Nordisk. There, she was responsible for research areas covering cardiovascular, kidney and liver diseases as well as platforms for early drug discovery. Previously, she held leadership positions at the British biotechnology companies Biomodal and BenevolentAI. Other stages of her career included GSK as well as research institutions and universities in the UK and Singapore. In addition to her scientific expertise, Holbrook brings experience in commercialising new technologies and building strategic partnerships. At Evotec, she intends to integrate existing capabilities more closely and unlock new technological opportunities. The aim is to accelerate the development of innovative medicines and improve the chances of research programmes succeeding.
Analysts’ opinions remain widely divided. Berenberg rates Evotec shares as Hold, with a price target of EUR 3.60. RBC is significantly more optimistic. Its analysts see the fair value of the German biotech company’s shares at EUR 10. The shares are currently trading just below EUR 3.
Conclusion
With its PEA, Lahontan has taken an important step toward gold production. The results are promising, and the company is also working to expand its resource base. Vonovia, by contrast, continues to face considerable uncertainty, although expropriation is considered unlikely. Evotec’s shares remain in a downtrend, leaving its new executive board member with plenty of work ahead.
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