Gold Revolution: Newmont and Equinox Reshape Their Strategies, DRC Gold with the Next Mega-Mine?

Newmont Divests Non-Core Projects and Reduces Debt

Following the acquisition of Newcrest for between USD 16.9 billion and USD 19.1 billion in the fall of 2023, then-Newmont CEO Tom Palmer also initiated a series of divestitures. The world's largest producer systematically divested properties that did not fit its strategic framework. Through this divestment program, Newmont generated gross proceeds of up to USD 4.3 billion. Among other assets, the Akyem mine in Ghana was sold to Zijin Mining for up to USD 1 billion, Musselwhite to Orla Mining for up to USD 850 million, and the Éléonore mine to Dhilmar for USD 795 million. Together with other projects and investments, billions flowed into Newmont's coffers. With the proceeds, Newmont paid off USD 1.4 billion in debt and significantly reduced its debt-to-equity ratio. Following the portfolio streamlining, Newmont paid dividends and repurchased its own shares, supported by robust free cash flow of USD 2.9 billion. With gold reserves of 134.1 million ounces, Newmont is now fully focused on major projects such as Boddington, Tanami, and the Ahafo North Mine in Ghana, which began operations in October 2025.

Equinox Struggles with Costs and Acquires Competitors

Mid-sized producers like Equinox Gold face entirely different challenges. The company has set its sights on surpassing the one-million-ounce annual production mark and, to that end, has undertaken billion-dollar mergers with Calibre and Orla Mining. But this growth is taking its toll: all-in sustaining costs (AISC) have climbed above USD 2,000 per ounce. Its flagship Greenstone mine in Ontario, which began production in November 2024, suffered from teething problems in 2025, causing the annual forecast to drop temporarily to between 220,000 and 260,000 ounces. In the long term, however, Greenstone, with its reserves of 5.3 million ounces, is expected to produce 320,000 ounces annually. Together with the Valentine Mine in Newfoundland, which has been in production since this year, the company is targeting 543,000 ounces from Canada. Despite higher costs, Equinox Gold recently raised its dividend by 50% to USD 0.0225 per share. The company now has the funds to do so. At the end of 2024, net debt of USD 1,108.5 million was offset by cash on hand of just USD 239.3 million. However, following the sale of its Brazilian operations to CMOC in early 2026, the picture has changed. As of the end of July 2026, Equinox reported a net cash position of approximately USD 214 million.

DRC Gold Reaches for the Stars in the Kilo-Moto Belt

While producers face operational challenges, opportunities are emerging for junior companies. Led by German mining veteran, geologist, and entrepreneur Klaus Eckhof, DRC Gold is focusing on top-tier projects in Central Africa. Through binding agreements with partners such as Amani Consulting and Giro Goldfields, the explorer can secure a majority stake of up to 65% in outstanding properties. The Giro project is considered DRC Gold's flagship and covers 497 km² directly within the high-yield Kilo-Moto greenstone belt in the Congolese province of Haut-Uélé. The location is strategically significant: just about 35 km away, Barrick Mining operates the world-class Kibali mine. The historical resource estimate in accordance with the JORC standard for the Kebigada sub-area comprises 141.1 million metric tons of ore containing 0.97 g/t of gold, or 4.4 million ounces of gold. These are broken down into 1.1 million ounces of measured resources, 1.5 million ounces of indicated resources, and 1.7 million ounces of inferred resources. Past testing has demonstrated a compelling gold recovery rate using conventional cyanide leaching and gravity separation.

Exploration Pipeline Impresses Investors: How Is the Stock Performing?

In addition to its main deposit, DRC Gold has other aces up its sleeve. The Nizi project covers 113 km² and includes the historic King Leopold underground mine, in which DRC Gold can also secure up to a 65% stake. Other assets, such as lithium holdings in the Congo, are taking a strategic back seat. An Ethiopian gold project is also on hold due to security concerns. As an early-stage explorer, the company naturally does not yet generate operating revenue and is therefore reliant on capital raises. In recent quarters, it has succeeded in winning over investors.

Among experts, DRC Gold's stock is considered a speculative but thoroughly promising investment. DRC Gold's market capitalization underscores this: the entire company, including its licenses and potential, is valued at just around CAD 25 million. The planned conversion of the historical JORC resources to the bankable NI 43-101 standard is likely to be the most important catalyst for the share price, which could attract further investors. However, this enormous leverage potential is offset by country-specific challenges and regulatory uncertainties in the DRC. This is where CEO Klaus Eckhof comes into play; he has known the country for many years and, among other things, played a key role in the discovery of Barrick's Kibali mine.