Gold prices could 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, according to Goldman Sachs and JPMorgan, it could happen by the middle of 2026, which, according to Investor’s Business Daily, “would be just 15 months after gold hit $3,000 in March.” That’s much quicker than gold’s rally from $2,000 to $3,000, which took about two years.
"We remain deeply convinced of a continued structural bull case for gold and raise our price targets accordingly," Natasha Kaneva, head of global commodities strategy at JPMorgan, said, as also quoted by Investor’s Business Daily. “JPMorgan Research expects gold to average $3,675 an ounce in the fourth quarter of this year, rising to $4,000 in the third quarter of 2026. Previously, the firm didn't expect gold to touch $4,000 at all next year.
We also have to consider that central bank buying is still strong. The BRICS nations – Brazil, Russia. India China and South Africa, for example, want to create an alternative currency to the U.S. dollar and have also been substantial buyers of gold. In addition, China just increased its gold holdings for the seventh straight month, raising it to $3.285 trillion.
All of which tells us the gold rally is far from over.
Look at Equinox Gold Corp. (NYSE: EQX) (TSX: EQX), For Example
Equinox Gold Corp. just announced production results for the three months ended June 30, 2025, along with an update on construction and commissioning progress at its Valentine Gold Mine in Newfoundland & Labrador, Canada, and ramp-up at its Greenstone Gold Mine in Ontario, Canada. All financial figures are in US dollars, unless otherwise indicated.
Greg Smith, CEO of Equinox Gold, commented: “Equinox Gold is at an important inflection point following the successful completion of the business merger with Calibre Mining and the updating of 2025 guidance. The transaction with Calibre Mining added a second high-quality, long-life Canadian gold mine to our portfolio and strengthened the leadership team, with Darren Hall bringing his operational expertise as President and COO. Additionally, new senior executives add extensive operating, technical and capital markets knowledge to the Equinox Gold team, and four new directors bring decades of experience to our Board.
“With Greenstone continuing to ramp up we expect a strong second half of the year and with Valentine on track that positive momentum will continue into 2026. With $406 million in cash and growing production from two new long-life Canadian gold mines, the Company is well positioned to unlock significant long-term value.”
Darren Hall, President & COO of Equinox Gold, commented: “Our updated 2025 consolidated guidance of 785,000 to 915,000 ounces provides a solid foundation to build market momentum as we focus on operational excellence and deliver into expectations. The integration of assets and personnel is well underway, ensuring clarity in roles, responsibilities and accountabilities across all functions.
“Total consolidated Q2 production delivered 219,122 ounces including 51,274 ounces from Greenstone and 72,823 ounces from the Calibre Mining assets, consistent with expectations. We are implementing a comprehensive Greenstone improvement plan, commencing with the deployment of additional human capital. We are expecting continued improvements through the second half of the year.
“Valentine is progressing well, and we anticipate first ore through the mill during late August, with first gold approximately a month later. Given the seasoned construction and operating team who have significant commissioning experience, we anticipate an effective ramp up through year end and into Q1 2026.”
Highlights
- Completed the business combination with Calibre Mining, creating a major Americas-focused diversified gold producer anchored by two high-quality, long-life Canadian gold mines
- Consolidated year to date gold production of 401,211 ounces, excluding Los Filos and Castle Mountain
- Q1: 182,089 ounces, including 44,449 ounces from Greenstone and 71,539 ounces from the Calibre assets
- Q2: 219,122 ounces, including 51,274 ounces from Greenstone and 72,823 ounces from the Calibre assets
- Cash and equivalents of $406 million at June 30, 2025
- Valentine on schedule and forecast for first ore through the mill during late August
- Exploring across the portfolio with 250,000 metres of discovery and resource expansion drilling underway
- Discovery drilling at the Valentine Gold Mine: drilling at the Frank Zone has been traced over 1 kilometre along strike and 500 metres deep; results include: 2.43 grams per tonne gold over 172.8 metres estimated true width, including 3.84 g/t gold over 90.1 metres ETW, 2.12 g/t gold over 95.4 metres ETW, 2.26 g/t gold over 78.3 metres ETW, 3.08 g/t gold over 48.2 metres ETW and 1.94 g/t gold over 36.4 metres ETW (see Calibre Mining news release dated February 11, 2025)
Valentine Update
- Final plant commissioning well underway
- First ore through the plant by the end of August
- All operations leadership positions fully staffed
Q2 2025 Conference Call Details
Equinox Gold will release its unaudited financial and operating results for the three and six months ended June 30, 2025, on Wednesday, August 13, 2025, after market close. The Company will host a conference call and webcast to discuss the results the following morning on Thursday, August 14, 2025, commencing at 7:30am PT (10:30am ET). The webcast will be available for replay on Equinox Gold’s website until February 14, 2026.
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 (“Base Case LOM 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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