Will Falling Oil Prices Trigger a Gold Price Rally? Expert Is Bullish! Lahontan Gold Stock Poised to Outperform

Gold Experts See an Interesting Starting Point

Gold expert Markus Bußler sees an interesting starting point for gold, silver, and mining stocks at the moment. Concerns about higher inflation due to the war and possible interest rate hikes have recently been a major burden. As a result, precious metals have significantly underperformed many other asset classes since the start of the conflict in Iran. Gold has lost about 20% and silver about 27%, while many stock indices—and tech stocks in particular—have performed significantly better. This makes a potential de-escalation in the Middle East particularly relevant for precious metals. At the same time, Bußler points out that the likelihood of an interest rate hike in September has already dropped noticeably in recent days. Should the price of gold rise again, mining stocks in particular could reach new all-time highs.

Still at the Beginning of a New Cycle

The panel participants at Top Shelf Partners agreed that the gold market is still at the beginning of a new cycle. Kimberly Ann of Lahontan Gold sees the movement so far primarily among the major producers, while capital has not yet reached the junior segment on a broad scale. She thus describes the market as the early phase of a potential "trickle-down" cycle. First, seniors and mid-tiers benefit; subsequently, developers and explorers could come more into focus. What matters most, she says, is not so much a single spectacular drilling hit, but whether a project is being systematically driven toward production.

For Lahontan Gold, Kimberly Ann emphasizes precisely this point. The company operates in Nevada—which she considers one of the best mining jurisdictions in the world—and is focused on advancing the Santa Fe project step by step through permitting, technical studies, metallurgy, and project financing. She emphasizes that while permitting processes may seem tedious to many investors, they are central to evaluating a developer. Only with permits, robust economic viability, and clear financing does a resource become a potential producer. According to Kimberly Ann, the company aims to secure permits soon and begin building a gold mine as early as next year.

The gold sector could receive additional momentum from increased M&A activity. Kimberly Ann expects that mergers and acquisitions are only just beginning.

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Lahontan at a Glance

Lahontan Gold is emerging in Nevada as an exciting gold explorer with clear production prospects. The focus is on restarting the 28.3 km² Santa Fe Mine in the mineral-rich Walker Lane Trend, one of the best mining regions in the US and, by extension, the world. Today, the project boasts a NI 43-101-compliant indicated resource of 1.54 million ounces of gold equivalent (AuEq), as well as an additional 411,000 ounces of AuEq in the inferred category. Several potential catalysts are on the agenda for 2026. These include an updated mineral resource estimate, a preliminary economic assessment (PEA), further progress in the permitting process, exploration drilling to expand the known gold and silver mineralization, and the evaluation of historic heap-leach pads. The overarching goal is to begin construction of a mine next year and thus make the transition from explorer to producer.

Strong Start to the 2026 Drilling Program

The 2026 drilling program has recently provided a boost. Initial results from the Calvada target area within the Santa Fe Project were positive. Of particular interest is that the section is located near the lower edge or below the current resource pit. Within this interval, a higher-grade zone measuring 12.3 m with 1.22 g/t AuEq was also identified. For Lahontan, this is an important indication that significant oxide gold mineralization continues to be present even at greater depths.

Even more exciting is the discovery of a previously unknown gold zone west of the Slab pit. At Slab West, four out of five RC drill holes encountered gold mineralization. Among the best results are 35.0 m grading 0.34 g/t AuEq and 61.0 m grading 0.26 g/t AuEq. Since, according to the company, the new zone has not yet been delineated along strike or up- and down-dip, this opens up additional exploration potential. Consequently, Slab West could potentially make a significant contribution to expanding the gold resources at the Santa Fe Project.

CEO Kimberly Ann accordingly described the discovery at Slab West as a significant step forward. It is particularly noteworthy that the ongoing RC drilling program represents the first true exploration campaign since Lahontan's acquisition of Santa Fe and is already yielding relevant results early on. At the same time, the geotechnical drilling program also provided important insights for the permitting process. No significant groundwater deposits were encountered, which is a positive sign for further planning. Together with the confirmed oxide gold mineralization at Calvada, this strengthens management's confidence as the company moves toward mine construction in 2027.
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Stock on the Verge of a Breakout

Lahontan shares have been trading sideways since March. In recent days, however, it has gained about 8% and is currently trading at around CAD 0.38. Should the gold price move back toward USD 4,500, Lahontan Gold could be a strong candidate for a disproportionately large share-price rally. For a gold explorer approaching the mine-construction stage, its market capitalization remains relatively modest at approximately CAD 170 million.

Conclusion: Potential Portfolio Outperformance

The gold sector appears to be nearing the end of its consolidation phase. The key now is selecting the right stocks to outperform the market. Lahontan Gold offers a compelling combination of factors: Nevada as a top-tier mining jurisdiction, a historic mine, a significant resource base, progress in the permitting process, and additional exploration successes.