Gold prices could easily rally to $4,000 by 2026, creating substantial opportunity for stocks, such as Equinox Gold Corp. (NYSE: EQX) (TSX: EQX), Newmont Corporation (NYSE: NEM) (TSX: NGT), Franco Nevada Corp. (NYSE: FNV) (TSX: FNV), Alamos Gold (NYSE: AGI) (TSX: AGI) and Barrick Gold (NYSE: B) (TSX: ABX). In fact, analysts at Goldman Sachs and JPMorgan say it could happen by the middle of next year.
Fueling a good deal of momentum, China is still aggressively buying physical gold as it’s done for the last three years. In June, China’s central bank bought another 70,000 troy ounces of gold in June, bringing its total reserves to 73.9 million ounces. And, according to MarketWatch.com, “there’s growing speculation that the country may be purchasing even more of the metal in secret as part of a strategy to reduce its reliance on the U.S. dollar.”
For 2025, analysts at CIBC expect for the metal to test $3,600 an ounce in the second half. All thanks to expectations for lower interest rates, geopolitical uncertainty, and central banks.
“We continue to expect a positive macroeconomic setup for gold,” said CIBC, as quoted by Mining.com. “We believe [US] rate cuts are likely and it’s a matter of ‘when and how fast’, and not ‘if.’ Geopolitical tensions in the Middle East and Russia remain elevated. All this uncertainty has led to the acceleration of de-dollarization, supporting gold prices.”
Again, it’s all having a substantial impact on gold stocks.
Look at Equinox Gold Corp. (NYSE: EQX) (TSX: EQX), For Example
Equinox Gold’s acquisition of Calibre Mining created an Americas-focused diversified gold producer with a portfolio of operating mines in five countries anchored by two high-quality, long-life, low-cost Canadian gold mines.
Equinox also just announced a leadership transition.
Greg Smith has stepped down as Chief Executive Officer and Director, and Darren Hall, current President and Chief Operating Officer, has been appointed Chief Executive Officer and Director effective immediately. Darren is a proven executive with a long history of mining industry experience who previously served as Calibre Mining’s President & Chief Executive Officer from 2021 through to the transaction with Equinox Gold. Concurrent with this transition, David Schummer, formerly Executive Vice President, Operations, has been appointed Chief Operating Officer of Equinox Gold.
Ross Beaty, Chair of Equinox Gold, commented: “Greg is a founding executive and shareholder of Equinox Gold whose leadership and strategic vision have been instrumental in growing the Company from concept into the multi-asset, multi-billion-dollar gold producer it is today. I want to sincerely thank Greg personally, and on behalf of the Board of Directors, for his vision, dedication, and leadership.”
Greg Smith stated: “This is a natural transition point. I’m extremely proud of what we have accomplished since founding Equinox Gold in 2017, having built the Company into a leading gold producer with operations across the Americas and a clear pathway to producing over one million ounces annually. With the recent successful integration of Calibre Mining and key assets like Greenstone ramping up and Valentine moving into production, the Company is well positioned to evolve from growth through acquisition and construction to disciplined execution and operational excellence. It is the right time for a proven operator like Darren to take the helm. He brings the leadership, focus, and operational expertise to optimize this expanded portfolio and unlock its full potential. It has been an honour and privilege to work alongside the talented Equinox Gold team, Ross Beaty, and our board to build this outstanding Company.”
Darren Hall brings 40 years of global mining experience with a consistent track record of operational excellence and value creation. As President and Chief Executive Officer of Calibre Mining, he significantly increased production, lowered costs, and drove disciplined capital allocation, delivering strong free cash flow and exceptional shareholder returns. Under his leadership, Calibre transformed into a high-performing gold producer, culminating in its successful merger with Equinox Gold in June 2025.
Previously, Darren was Chief Operating Officer at both Kirkland Lake Gold and Newmarket Gold and earlier spent nearly three decades with Newmont Corporation in a series of progressively senior roles. Across all organizations, he has demonstrated a strong commitment to safety, cost discipline, and long-term business performance.
Darren Hall, President & Chief Executive Officer added: “I’m honoured to lead Equinox Gold at such a pivotal moment in the Company’s evolution and I’m excited to work alongside our talented team to unlock the full potential of Equinox Gold’s exceptional portfolio. Our focus will be on disciplined execution, operational excellence, and delivering consistent, reliable performance as we enter this next phase of growth and optimization, building on the solid foundations Greg and his team have established. This leadership transition marks Equinox Gold’s evolution from a high-growth consolidator to a top-tier global gold producer, anchored by Greenstone and Valentine, both high-quality, long-life assets.”
David Schummer has over 35 years of mining industry experience working in the U.S., Canada, Peru, Indonesia, West Africa and the Middle East. He is a proven executive leader of large-scale mining companies focused on building a strong health and safety culture and value creation through mining efficiencies. Prior to joining Calibre as COO, David was the COO for Perseus Mining, and prior to that he was the President of Ma’aden Gold and Base Metals (MGBM) and was the Chairman of the Board for both MGBM and Ma’aden Barrick Copper Company. David previously held the role of Executive Vice President & COO at New Gold Inc. and also spent 22 years at Newmont Corporation.
Other related developments from around the markets include:
Newmont will release its second quarter 2025 results after North American markets close on Thursday, July 24, 2025. A conference call to discuss the results will be held at 5:30 p.m. Eastern Daylight Time the same day, which is 7:30 a.m. Australian Eastern Standard Time on Friday July 25, 2025. A replay of the webcast will be available through the Company’s website. The company also published its 2024 Sustainability Report and its 2024 Taxes & Royalties Contribution Report emphasizing the company’s environmental, social and governance (ESG) performance and fiscal transparency over the past year.
Franco Nevada announced that it has entered into an agreement to acquire an existing royalty package on the Co^te´ Gold Mine in Ontario from a private third party for total cash consideration of $1,050 million. The royalty package consists of a 7.5% gross margin royalty on the Co^te´ Gold Mine. The Royalty applies, on a 100% basis, to mineral production from the Chester 1, 2 & 3 claims which cover all of the Mineral Reserves and over 99.9% of current Mineral Resources on the Co^te´ Gold Mine. Royalty deductions include cash operating costs and exclude all capital, exploration, depreciation and other non-cash costs. The Co^te´ Gold Mine is operated through an unincorporated joint venture by IAMGOLD Corporation and is owned by IAMGOLD (70%) and Sumitomo Metal Mining Co. Ltd. (30%). The Co^te´ Gold Mine is one of the newest, large scale, and most modern gold mines to be built in Canada with an already extensive gold Mineral Resource base of more than 16 million ounces of Measured and Indicated Mineral Resources and 4 million ounces of Inferred Mineral Resources. Please refer to the Co^te´ Gold Mine Royalty Acquisition presentation on our website dated May 27, 2025 for additional information.
Alamos Gold reported results of the Base Case Life of Mine Plan completed on the Island Gold District operation, located in Ontario, Canada. The Base Case LOM Plan integrates Island Gold and Magino as one consolidated long-life operation that is expected to become one of the largest, lowest-cost, and most profitable gold mines in Canada. An Expansion Study is expected to be released in the fourth quarter of 2025 detailing the significant upside potential within the Island Gold District beyond the Base Case LOM Plan. The Base Case LOM Plan has been updated to reflect the current costing environment, significant growth in Mineral Reserves at Island Gold, operating savings resulting from the use of a larger and more efficient Magino mill, and scope changes since the Phase 3+ Expansion Study (“Phase 3+ Study”), which was completed in 2022. The Base Case LOM Plan includes Mineral Reserves only at Island Gold and Magino.
Five years after its formation, the Twiga partnership between Barrick Mining Corporation and the government of Tanzania continues to redefine the role of mining in national development, delivering shared value, operational excellence and long-term investment in the country’s future. “When we established Twiga, it was about more than just resolving legacy issues. It was about building a new future by unlocking Tanzania’s gold endowment in a way that fairly shares the benefits and builds lasting value for all stakeholders. Five years on, we’ve not only re-established Barrick as the sector’s leading economic contributor but have also earned national recognition across a range of areas from safety and local content to education and infrastructure,” Barrick president and chief executive Mark Bristow said.
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