July 15th, 2026 | 08:20 CEST
Gold Giants Reposition: Newmont Raises Its Dividend, Orla Mining Merges, and Lahontan Gold Gets Ready for the Next Stage
The gold market has been quite volatile in recent months. Companies in the sector are benefiting from the uncertain landscape on the one hand, but are also struggling with operational challenges on the other. After hitting an all-time high of over USD 5,600 per ounce at the start of the year, the precious metal corrected significantly and is currently trading at around USD 4,000–4,150, after oil price spikes linked to the Middle East and interest rate concerns had temporarily pushed the price below USD 4,000. Central banks around the world are taking decisive action to support gold, with projected net purchases of up to 850 metric tons for the full year. Yet while producers' profit margins in the first quarter were impressive, averaging 35%, the industry's proven reserves continue to shrink. Because new greenfield discoveries are few and far between, established mining districts in politically stable regions such as the US state of Nevada or Canada are taking center stage. We shed light on this trend and highlight exciting companies.
time to read: 3 minutes
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Author:
Nico Popp
ISIN:
LAHONTAN GOLD CORP | CA50732M1014 | TSXV: LG , OTCQB: LGCXF , ORLA MINING (NEW) | CA68634K1066 , NEWMONT CORP. DL 1_60 | US6516391066
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Author
Nico Popp
At home in Southern Germany, the passionate stock exchange expert has been accompanying the capital markets for about twenty years. With a soft spot for smaller companies, he is constantly on the lookout for exciting investment stories.
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Newmont Focuses on Portfolio Optimization and Top Projects
At industry leader Newmont, the guiding principle under CEO Natascha Viljoen, who has been in office since the beginning of the year, is maximum cost discipline and a strict focus on long-life projects. As part of a divestment program, the company sold off several non-core projects in North America, Ghana, and Australia, resulting in net proceeds after taxes of over USD 4.6 billion. The latest quarterly figures show that this strategy is paying off. Driven by an average realized gold price of USD 4,900 per ounce, revenue soared to USD 7.31 billion, easily surpassing analysts' estimates. Backed by adjusted EBITDA of USD 5.15 billion and record free cash flow of USD 3.14 billion, management confirmed the quarterly dividend—which had already been raised to USD 0.26 per share—and, after fully utilizing the previous program, approved a new USD 6 billion share buyback program. The fact that Newmont has confirmed 2026 will be a transitional year with lower-than-planned production of 5.3 million ounces of gold and is grappling with rising all-in sustaining costs averaging USD 1,680 per ounce is easy to stomach given its well-stocked war chest.
Orla Mining Picks Up the Pace and Merges with Equinox
Orla Mining is demonstrating a completely different dynamic, currently transforming from a pure Mexico play into a geographically diversified North American heavyweight. Orla pulled off a real coup in May: Equinox Gold is acquiring the company in an all-share transaction, creating a new producer with a market capitalization of approximately USD 18.5 billion—Equinox shareholders will hold about 67% going forward, while Orla shareholders will hold 33%. Equinox CEO Darren Hall will remain CEO, and Orla CEO Jason Simpson will become president of the merged company. Prior to this, Orla had already acquired Newmont's historic Musselwhite Mine in Canada for up to USD 850 million. Operations are running like clockwork. In the first quarter, the company posted an outstanding adjusted profit of USD 134.7 million on revenue of USD 378.9 million. Even a temporary, illegal strike at its flagship Mexican mine, Camino Rojo, in June did not cause major problems, as the conflict was resolved within a few weeks following intensive negotiations, and the annual forecast of up to 360,000 ounces of gold remains intact. It will be interesting to see how things unfold for the new company.
Lahontan Gold: Santa Fe as a Promising Project
Amid the whirlwind of mergers and consolidations, Lahontan Gold is drawing analysts' attention by breathing new life into the historic Walker Lane open-pit project, Santa Fe, in Nevada. The facts speak for themselves and promise exceptional project economics. The NI 43-101-compliant resource estimate supports a base of 1.539 million ounces of gold equivalent in the Indicated category, with a near-surface, oxidized portion of 640,000 ounces expected to offer extremely low production costs via heap leaching. The management team led by founder and CEO Kimberly Ann is stepping on the gas during the permitting process. After the exploration work plan received environmental approval, the company completed 2,569 m of geotechnical drilling in the first half of the year. In doing so, the engineers demonstrated that the open-pit mines will not impact local aquifers—a milestone for the final construction permits, which are expected to be granted by the end of 2027.
Lahontan: Satellite Projects and Institutional Backing
Lahontan's growth story is not limited to the main Santa Fe project; it is gaining momentum through strategic exploration in the immediate vicinity. Metallurgical test results for the West Santa Fe satellite project, located just 13 km away, show excellent cyanide leaching recovery rates of 81% for gold, making the property an ideal supplier for a regional hub-and-spoke concept. In the first half of 2026, the geology team completed a drilling program comprising 87 holes, which yielded positive results in the Slab West zone.
The fact that Lahontan Gold is not a typical, financially weak penny stock is evidenced by its exceptionally strong institutional backing—unusual for an exploration company. Renowned industry funds such as ASA Gold and Precious Metals Limited and Equity Management Associates, together with other institutions, control an impressive 41.1% of the shares. Lahontan's cash reserves are well funded thanks to warrant inflows, and the company is also completely debt-free. For speculative investors, the stock of this advanced-stage company is an exciting option for the coming years.
Conflict of interest
Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a "Transaction"). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.
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