Nevada’s M&A Carousel Is Spinning: Newmont, Barrick Mining and Lahontan Gold Reposition Themselves

Newmont Focuses on Selling Non-Core Assets

Newmont has consistently focused on large mines and sold the Northumberland project to developer StrikePoint about a week ago for a cash payment of USD 70 million. The US group is also responding to missed expectations, after quarterly revenue of USD 6.12 billion fell short of the market consensus of USD 6.35 billion. Through the transaction, Newmont is relinquishing 2.86 million ounces of gold equivalent in the indicated category and a further 1.57 million ounces in the inferred category. The Northumberland ore locks the gold deep within tiny crystal lattices, requiring complex metallurgical processing beyond conventional standards. The agreement secures Newmont two contingent milestone payments of USD 25 million each, plus a 1.5% royalty on future production. The group is therefore turning a development project into immediate liquidity. From the mining giant's perspective, this makes sense.

Barrick Mining: Billion-Dollar Battle for Nevada’s Prime Mining Assets

Barrick Mining is taking a completely different approach with its projects in Nevada. The group is consolidating its North American projects under the name „North American Barrick“ and plans an initial public offering (IPO) with a free float of 10 to 15% by the end of 2026. This followed a comprehensive restructuring agreement with joint venture partner Newmont. Barrick Mining contributed the high-grade Fourmile exploration project, with 2.6 million ounces of gold at 17.59 g/t, to the joint venture and received a cash equalisation payment of USD 1.95 billion from Newmont in return. The Nevada Gold Mines joint venture acquired resources of nearly 100 million ounces of gold. Analysts expect Barrick to reduce its stock market valuation discount through the IPO of its North American assets.

Lahontan Races Toward Production—Can It Make the 2027 Target?

Lahontan is choosing a much more straightforward path in Nevada than many competitors. Other mine operators often struggle with geological challenges in the form of so-called sulphide ores. These do not give up the precious metal willingly. The companies first have to „boil“ the material under high pressure and at extreme heat before they can chemically dissolve the gold. This consumes energy, drives up costs and eats away at margins. Lahontan sidesteps this problem and instead focuses on shallow layers of earth directly beneath the surface. The flagship Santa Fe project was already in operation until 1995 and produced just over 359,000 ounces of gold and 702,000 ounces of silver at the time. In August 2026, Lahontan increased its mineral resource by 22% to 2.385 million ounces of gold equivalent. Of these, 1.195 million ounces at an average of 0.78 g/t are considered reliably indicated, while a further 1.190 million ounces at 0.61 g/t are inferred.

The shallow Slab, Calvada and York pits make mining particularly straightforward. They contain 15.90 million tonnes of indicated oxide ore grading 0.59 g/t, along with 13.18 million tonnes of inferred material grading 0.41 g/t. The rock is heavily weathered, allowing the gold to be recovered at relatively low cost using conventional heap leaching. An economic study indicates this process requires initial capital expenditure of USD 135.1 million.

Historic waste dumps offer additional potential for an early production start. Lahontan is currently investigating Heap Leach Pad Two, which still contains approximately 3.76 million tonnes of previously mined rock. The team recently drilled 2.72 g/t Au and 2.8 g/t Ag over 16.5 m at this site. Since the material has already been extracted, mining costs would be eliminated entirely. This could provide Lahontan with a relatively quick, low-cost source of cash flow once production begins.

Lahontan: District-Wide Control Without Royalty Burdens

While Lahontan works to bring its project back into operation, consolidation is underway in the immediate vicinity. In mid-September, the company announced it would fully acquire Emergent Metals through a share swap worth CAD 7.8 million. Through the acquisition, Lahontan controls a contiguous area of over 93 km² in the Walker Lane trend and secures full ownership of the West Santa Fe deposit. The transaction also eliminates existing royalties on West Santa Fe and the York Claims. This would lower future production costs on the York Claims and improve prospects for West Santa Fe once a resource is defined. With CAD 17.6 million in cash and virtually no debt, Lahontan is pushing ahead with drilling for now without expensive debt financing. The surrounding environment, near-surface deposits, and royalty-free licences support Lahontan and pave the way for production. The momentum in Walker Lane clearly shows that well-defined resources retain their strategic value even during volatile market phases.