Barrick Mining, Lahontan Gold and Agnico Eagle: Gold Stocks Spanning Production, Mine Restart and Strategic Investments

Barrick Mining: 15 Years of Planning Certainty in Tanzania

On October 5, Tanzania extended the Special Mining Licenses for the North Mara gold mine by a further 15 years. With the agreement behind it, Barrick Mining intends to invest in the mine, its workforce and the surrounding communities over the long term. According to the group, around USD 5.3 billion has flowed into the Tanzanian economy since 2019, including USD 1.2 billion in 2025 alone. This includes taxes, royalties, salaries, dividends and local purchases. Around 3,000 people work at the mine, 96% of whom are Tanzanian. The government holds a 16% stake in the project.

However, the Canadians are looking far beyond Africa. At the Mining Forum Americas on September 29, CEO Mark Hill and Tim Cribb, COO for North America, presented the region's plans. Barrick has already made the slides available on its website. Barrick plans to expand existing sites, infrastructure and exploration. Individual initiatives could lift annual gold production at Nevada Gold Mines to more than 3 million ounces over a decade. If this major undertaking succeeds, it would provide a strong boost for the group. Lahontan Gold also intends to resume mining in Nevada.

Other topics included the ramp-up of Loulo-Gounkoto and construction progress at the Lumwana Super Pit Expansion. Investors will find out how the third quarter went on November 9. Barrick Mining will then publish its figures before the start of trading at 6 am ET, followed at 11 am ET by the webcast with a question-and-answer session for analysts. The next dividend will also be announced. The most recent quarterly dividend paid was USD 0.175. The further timetable for the spin-off of the North American projects should also be available by then.

Lahontan Gold – The path back to becoming a producer

On 15 September, Lahontan Gold agreed to acquire Emergent Metals. Emergent shareholders are to receive one Lahontan share for every 3.21 of their shares. The company thereby secures full control of the West Santa Fe project, while New York Canyon adds another project. Royalties will no longer apply to either project. This saves Lahontan Gold around CAD 2.39 million in future royalty payments for West Santa Fe. A fairness opinion from Evans and Evans supports the transaction, and the special committee recommends it, as the agreement benefits both sides.

This would also further improve the basis for the restart. According to the announcement of 17 August, the Santa Fe Mine's resource has increased by 435,000 ounces, or 22 %. In total, there are 1,195,000 gold-equivalent ounces in the “indicated” category and 1,190,000 ounces in the “inferred” category. Next comes an updated economic study, initially examining open-pit mining with heap leaching. The old heaps offer additional opportunities. On 15 September, Lahontan reported further core drilling on the Heap Leach Pad Two heap. This includes ten drill holes totalling 168.9 m, with one interval returning 16.5 metres grading 2.72 g/t gold and 2.8 g/t silver.

Across all samples, the average gold grade is 0.50 g/t, more than the approximately 0.29 g/t that had been expected to remain from earlier processing. CEO Kimberly Ann described the results as very encouraging. If resources can be derived from them, the heaps could help get the restart off the ground. A further 86 drill holes will follow. The aim for the coming year is to start construction of the mine and resume production. If the timetable works out, the explorer will become a gold producer. The company is also preparing for the next phase in terms of personnel. Billy Choi takes over from John McNeice as chief financial officer in October.

Agnico Eagle: Investments in Emerging Companies

On August 24, Agnico Eagle bought a stake in Radisson Mining Resources. The group subscribed for 53,420,000 units for a total of CAD 57,159,400. Each unit consists of one share and half a warrant. After the transaction officially closes, Agnico is expected to hold around 10.45%, or 14.90% on a partially diluted basis. This also includes investor rights, such as the right to a board nominee and subscription rights in future capital measures. This gives the Canadians a foot in the door at a project that Agnico believes has high geological potential.

At the same time, Agnico is selling projects without exiting completely. On September 8, the group announced the sale of Delta and Helm Bay to Vizsla Copper. In return, it will receive 22,523,283 shares on completion, equivalent to around 19.99%, and may receive a further 2,903,490 shares. In addition, the deal includes warrants, a 2.0% royalty on Delta and 3.0% on Helm Bay, and milestone payments for Delta totalling CAD 20 million. Completion is expected in the fourth quarter. This keeps the group on board for future successes.

The sale of El Barqueño in Mexico to Luca Mining, announced in mid-September, follows the same pattern. Agnico acquired the project in 2014 and 2015 and drilled around 225,000 m. The area covers more than 32,000 ha. It will now receive up to USD 60 million, plus a 2.0% royalty. On completion in the fourth quarter, the group will receive shares in Luca and become a significant shareholder. The third-quarter figures will follow after trading closes on October 28. Investors will then find out how things have gone recently and what is planned for the future.

Conclusion

Gold remains in demand, and large companies can benefit from this just as much as „new entrants“. Barrick Mining has extended its North Mara licences by 15 years and wants to keep growing in Nevada, where Lahontan Gold also wants to resume mining. The company, which is on its way to becoming a producer, has agreed to acquire Emergent Metals, has a larger resource behind it and, with the stockpiles, an additional avenue for 2027. Agnico Eagle is actively working on its portfolio. It is securing stakes and partially divesting projects, but remains involved through shares, royalties and milestone payments. All three companies have done their homework. The direction is right.