WOMEN POWER IN THE GOLD HOTSPOT: THE SUCCESS FORMULA OF NEWMONT, LAHONTAN GOLD, AND PARAMOUNT GOLD NEVADA

NEWMONT: GLOBAL MARKET LEADER WITH A NEW APPROACH

The fact that Natascha Viljoen, a woman, is now steering the fortunes of a corporation that aims to produce 5.3 million ounces of gold this year marks a historic turning point. Nearly a fifth of Newmont's production comes from Nevada, which—at least by US standards—is the most productive and safest mining region in the world. There, Newmont operates a joint venture with Barrick Mining, the world's second-largest precious metals miner, called Nevada Gold Mines (NGM), which contributed 999,000 ounces to the industry leader in 2025. This makes the joint venture the group's most important source of revenue, which also operates massive mines in Australia, Africa, South America, Papua New Guinea, and Canada. However, relations between the two archrivals have not been particularly harmonious lately. Newmont, which holds a 38.5% stake in NGM and is thus only a junior partner in this case, would like to take over the Nevada operations entirely. Barrick, on the other hand, wants to spin off its North American business and take it public as an independent company. Newmont is blocking these plans and accuses Barrick of withdrawing personnel and equipment from the joint sites to accelerate its 100% owned Fourmile mega-project. Due to declining production coupled with skyrocketing production costs, Newmont sent a formal notice of default to Barrick on February 3; a court hearing is scheduled for May 2026.

The conflict between the two rivals has been simmering for some time, and the relationship between Barrick CEO Mark Bristow and former Newmont CEO Tom Palmer was therefore considered to be strained. This presents an opportunity for Natascha Viljoen to perhaps still reach an out-of-court settlement through diplomacy and negotiation skills. However, the South African-born executive could also let the operational collaboration fail and make a lucrative offer to the competitor for its Nevada shares to end the disputes through a full takeover. Given a record-high free cash flow of USD 3.1 billion in the first quarter of 2026 alone, financing such a deal would be a manageable task. Following the completion of the **Newcrest acquisition in 2023, Newmont's recent focus has been on optimizing its portfolio and returning capital to shareholders.

The share buyback program was recently increased to USD 6 billion. Such figures show that, despite a market capitalization of nearly USD 130 billion and a doubling of the share price over the past 12 months, Newmont stock is by no means expensive. Based on estimates for the current year, the price-to-earnings (P/E) ratio stands at a moderate 12. Thanks to Viljoen's expertise in sustainability and safety, the new leader at Newmont now has the opportunity to stand out not only with strong financial results but also with diplomatic, environmental, and social initiatives.

LAHONTAN GOLD: THE COUNTDOWN IS ON

As a junior explorer, Lahontan Gold is miles away from Newmont's scale. CEO Kimberly Ann, however, scores in entirely different categories. Unlike her colleague Viljoen, she is not just a hired manager, but also a founder and, together with geologist Brian Maher, the company's largest shareholder. Through the investment vehicle KA Gold, the Ann/Maher duo holds more than 25% of Lahontan. Maher is considered the geological brain behind Lahontan, while Ann handles strategy and finance. Since founding KA Gold, the two have already successfully built up three mines, including Prodigy Gold, where, thanks to Maher's expertise and Ann's negotiating skills, they expanded resources from 1.6 to 6.6 million ounces in just 26 months. The story ended in 2012 with the acquisition of Prodigy by Argonaut Gold for approximately CAD 341 million. Lahontan, despite a tenfold increase in its share price over the past 12 months, has not even reached half of that value.

Although the company is based in Toronto, Canada, its gold exploration efforts have so far been focused entirely on Nevada. Its flagship project, Santa Fe, holds an estimated 1.95 million ounces of gold equivalent. In addition, the exploration team is investigating four other potential key projects in the so-called Walker Lane Trend in the western part of the state. In the short term, however, the historic Santa Fe Mine is considered the biggest value driver. It already produced around 360,000 ounces of gold between 1988 and 1995 and is scheduled to resume operations in 2027. Because the price of gold has risen more than tenfold since the turn of the millennium, Maher believes this is a highly profitable venture, especially given the average gold grade of 0.93 g per ton of ore in Nevada, which is considered very good.

The key advantage of the West Santa Fe site is that the gold is present in an oxidized form. This means that the precious metal is not firmly embedded in hard rock but can be more easily dissolved chemically. In this process, known as "heap leaching," the mined rock is crushed to gravel size, piled onto large heaps (pads), and sprayed with a weak cyanide solution. The solution seeps through the pile, leaches out the gold, and is collected at the bottom. Recent metallurgical tests show an impressive recovery rate of 81% for gold and 60% for silver for the West Santa Fe project. Lahontan's goal is to achieve annual production of approximately 80,000 ounces of gold as early as 2027 using this low-cost model. At current gold prices, this represents a revenue potential of more than USD 375 million. Founder, Kimberly Ann, has already paved the way: through the issuance of approximately 33 million new shares and the forced early exercise of warrants, the company has raised a total of CAD 17.9 million. This secures the financing for the Santa Fe project. The market capitalization of approximately USD 125 million is just one-third of the potential annual revenue that Santa Fe alone is expected to generate starting next year.

PARAMOUNT GOLD NEVADA: NOMEN EST OMEN

The name says it all—or so one might think. There is no doubt that Rachel Goldman, the CEO of Paramount Gold Nevada, is predestined to lead a gold mining company. Unlike her counterpart, Kimberly Ann, she is not the founder and holds a smaller stake in the company, but she demonstrates her confidence in her own abilities through regular insider purchases. The company name, however, suggests that Paramount, like Lahontan, focuses on Nevada. But that is only partly true: while the company's headquarters are in Winnemucca, northern Nevada, its most advanced flagship project, Grassy Mountain, is located in Oregon, where there are no legacy mining sites and environmental laws are significantly stricter. Goldman therefore had to do pioneering work to prove that mining in the 21st century is environmentally responsible. With success: Approval has now been granted, as Grassy Mountain is set to become a kind of "green gold" project. This means: no open-air cyanide leaching, a closed-loop water system, and no storage of toxic sludge in tailings ponds. The waste is filtered, dried, and stacked securely. This eliminates the risk of dam breaches and protects the groundwater. In addition, the underground mining operation's footprint is to be kept as small as possible, so there will be hardly any visible craters. The lengthy permitting process has now been completed, but given estimated construction costs of USD 110 to USD 130 million, financing has not yet been fully secured. With estimated reserves of 4 million ounces and high gold grades, interest from banks and potential strategic partners is high, but the CEO will still need to do some convincing. The high gold price should work in her favor.

In its home state of Nevada, the Sleeper project stands out in particular; like Santa Fe, it is a historic mine with high-grade ore deposits that Paramount aims to revive. The Preliminary Economic Assessment (PEA) is underway, with results expected in the middle of this year. Due to the existing infrastructure (roads, power connection) and its location in a mining-friendly zone, this project could enter the permitting phase very quickly, unlike Grassy Mountain. However, construction is not expected to begin before 2028, which is why it is viewed more as a growth reserve. By the time the Sleeper project starts, Grassy Mountain is expected to be producing already; potential annual production is estimated at 47,000 ounces of gold and 55,000 ounces of silver. The resulting revenue potential of around USD 225 million is significantly lower than Lahontan's, given nearly identical market capitalization; however, the company's total estimated resources of 4 to 4.5 million ounces are twice as high. The only question is when they will be developed and how quickly financing can be secured, as the cash reserves of USD 3.5 million are nowhere near as comfortable as those of Lahontan.

THREE WOMEN, THREE LEVERAGES

For a long time, gold mining was the realm of daring men and heavy machinery. That image is changing—not as a symbolic gesture, but because leadership skills, financing expertise, and sustainability strategies are tangible competitive advantages. While Natascha Viljoen oversees the world's largest gold reserves from an air-conditioned office in Denver, Kimberly Ann and Rachel Goldman are forging hopes for the future on the dusty roads of Nevada. Newmont is the anchor investment in the gold mining sector that investors cannot ignore; its valuation based on the P/E ratio still appears moderate. Lahontan and Paramount are not expected to turn a profit in the short term; however, the reserves lying dormant in the ground are valued at USD 30 to USD 60 per ounce, which could have a massive leverage effect on the stock prices of the two exploration companies once production begins. Thanks to secured financing for the first project, Kimberly Ann and Lahontan are ahead of schedule. Paramount CEO Rachel Goldman scores points with larger gold reserves in the ground. However, she still needs to demonstrate that financing for mining operations is secured. Newmont values its own reserves at an average of USD 1,400 per ounce of gold equivalent. While this remains a conservative estimate, the leverage here lies more in sheer scale, though the complex structures of a global corporation can also pose a challenge. All three women demonstrate that diversity is not just a buzzword, but the fuel for a more efficient, safer, and sustainable commodities industry. The new luster of gold is no longer just yellow—it is increasingly female as well.