Distributed on behalf of K2 Gold Corporation
Gold last traded at $4,448.41 and could easily test $5,000. All of which is a solid catalyst for K2 Gold Corporation (TSXV: KTO) (OTCQB: KTGDF), Newmont Corporation (NYSE: NEM) (TSX: NGT), Barrick Mining (NYSE: B) (TSX: ABX), Franco-Nevada (NYSE: FNV), and Kinross Gold (NYSE: KGC) (TSX: K). That’s thanks to the Federal Reserve’s pivot toward more interest rate cuts, mounting geopolitical tensions, and a wave of central bank buying.
Analysts at UBS say gold could rally to $5,000 by the third quarter, with the potential for $5,400 if political and economic risks mount. Bank of America is calling for $5,000 gold. JPMorgan is calling for $5,000 gold by the end of 2026. “J.P. Morgan Global Research is forecasting prices to average $5,055/oz by the final quarter of 2026, rising toward $5,400/oz by the end of 2027,” added JPMorgan.
In addition, according to Ed Yardeni, president of Yardeni Research, as quoted by CNBC, “We are now aiming for $5,000 in 2026. If it continues on its current path, it could reach $10,000 before the end of the decade.”
One of the Beneficiaries is K2 Gold Corporation (TSXV: KTO) (OTCQB: KTGDF)
K2 Gold Corporation announced that its Board of Directors has approved a $9,800,000 budget for 2026. The approved budget is designed to aggressively advance the Mojave Project upon receipt of the final Record of Decision, while also funding drill testing of new high-priority targets recently defined at the Si2 Project in Nevada.
"With a $9.8 million exploration budget now approved, 2026 is shaping up to be a pivotal year for K2," stated Anthony Margarit, President & CEO of K2 Gold. "The Board's approval is a clear endorsement of the progress we have made across the portfolio. At Mojave, we continue to demonstrate compelling scale, with multiple kilometres of high-grade gold, copper and polymetallic gold-silver-lead-zinc trends now defined, positioning the project for a return to drilling — something our team has been working toward for several years, and which will be particularly meaningful for us. In parallel, our work at Si2 has generated a very compelling pipeline of new targets that we expect to see drill-tested in the near term, while the Wels project presents an opportunity to re-ignite value in Yukon. Together, we believe these projects place K2 in a strong position to deliver multiple discovery-oriented catalysts through 2026."
Mojave Project - Large-Scale Polymetallic System with Multiple High-Grade Targets
Mojave represents a polymetallic mineralized system, hosting a 5 km long corridor of high-grade gold mineralization in the east (Newmont - Dragonfly - Gold Valley) and 5km of strike of high-grade copper mineralization in the west
Mojave Sample Result Highlights:
· Bonanza-grade gold at the Gold Valley target, including rock samples up to 375 g/t Au and the first-ever visible gold reported at Mojave.
· Gold Valley lies along a 1.5 km structural trend extending north-northwest from the Dragonfly target, where K2 drilled 86.9 m of 4.0 g/t Au from surface (2020).
· A 5 km long copper corridor on the western side of the project, with samples from:
- The Stega target area which has generated grab samples up to 14.2% Cu and 15.79 g/t Au.
- Soda Valley target returning grab samples 2.91%, 2.61%, and 2.47% Cu and associated silver up to 125 g/t Ag in quartz-carbonate structures.
· A third major target area at Cerro Gordo, hosting Au-Ag-Pb-Zn mineralization, remains the least tested zone and lies strategically on trend with both the eastern gold and western copper corridors.
Exploration Overview at Mojave
These highlights reinforce K2's 2020 drilling as well as earlier work that interpreted the entire Mojave project area as part a large multi-commodity mineral zone that hosts gold, silver, copper and other base metals. The broader district has seen exploration and mining activity from the mid 1800's to present. This includes the Cerro Gordo district which produced an estimated 4.4 million ounces of silver, 37 tons of lead, and 12,000 tons of zinc with lesser amounts of gold and copper (Merriam 1963); the Santa Rosa Mine which produced 76,584 tons of ore averaging 0.45 g/t gold, 397.7 g/t silver, 16.3% lead, and 0.7% copper (MacKevatt 1953 & Dixon 1991); and numerous other high-grade gold, silver, and base-metal mines and prospects. The gold, as reported by K2 from the Eastern Target Areas was discovered only more recently (1980's and 1990's).
Si2 Project: New High Priority Targets
K2's Si2 Project is a compelling analogue to other significant low-sulphidation epithermal gold deposits, including AngloGold Ashanti's Expanded Silicon Project (16.3 Moz Au). Both K2 Gold's Si2 Project and AngloGold Ashanti's Silicon Project were originally identified by the same project generator using its proprietary geological targeting methodology, securing first-mover access to this previously overlooked epithermal target style.
Recent studies and interpretation have defined new targets interpreted to point to potential boiling-zone (potential gold deposition) level mineralization within a preserved epithermal system.2026 drilling at Si2 will represent the first systematic test of these new targets. (The Company notes that Silicon is not necessarily representative of mineralization at Si2 and no resource has been defined.)
Wels Project – Yukon
The Wels Project lies approximately 40km east of the community of Beaver Creek and 60km south of Fuerte Minerals Coffee deposit discovered by Kaminak Gold Corporation (a former Discovery Group company and K2's predecessor).
Both the Coffee project and the Wels project lie within the Tintina Gold Belt share similar characteristics and are host to structurally controlled gold mineralization within intrusive rocks exhibiting multiple trends of mineralization. The Wels land position consists of 350 contiguous quartz claims covering 7,200 hectares.
Highlights from K2's previous drilling at Wels included near-surface high grade intervals:
- 10.38 g/t Au over 6m (DDH17-08)
- 3.53 g/t Au over 19.5m (DDH15-01)
- 2.37 g/t Au over 28.5m (DDH17-06)
- 34.7 g/t Au over 1.52m in (WRC23-006)
- 1.60 g/t Au over 21.34m in (WRC23-005) from 3.05m, including 3.22 g/t Au over 9.14m.
Other related developments from around the markets include:
Newmont announced third quarter 2025 results and declared a dividend of $0.25 per share. "Newmont delivered a robust third quarter performance, producing approximately 1.4 million attributable gold ounces and generating a third-quarter record of $1.6 billion in free cash flow, marking the fourth consecutive quarter with over $1 billion in free cash flow," said Tom Palmer, Newmont's Chief Executive Officer. "We are making significant progress on the cost savings initiatives announced at the beginning of the year, enabling us to meaningfully improve our 2025 guidance for several cost metrics, while maintaining our outlook for production and unit costs in a rising gold price environment. As I prepare to retire at year-end, I am confident that Newmont is well positioned to continue delivering strong performance under Natascha Viljoen's leadership, as she assumes the role of Chief Executive Officer at the beginning of 2026."
Barrick reported third quarter operating and financial results for the period ending September 30, 2025. Barrick produced 829,000 ounces of gold and 55,000 tonnes of copper in the quarter and the Company generated $4.1 billion in revenue, as well as a record $2.4 billion in operating cash flow and $1.5 billion in free cash flow.1 Net earnings per share of $0.76 and adjusted net earnings per share1 of $0.58 increased 62% and 23%, respectively, from Q2. “Higher gold production combined with lower costs and strong commodity prices drove record cash flow for Barrick in Q3,” said Mark Hill, Group Chief Operating Officer and Interim President and Chief Executive Officer. “This allowed us to significantly increase share repurchases while also making progress on our key growth projects, maintaining our industry-leading balance sheet. Given the confidence in ongoing cash flow generation and shareholder focus, the Board has approved a 25% increase in the base quarterly dividend. Our portfolio of world-class assets continues to grow, as demonstrated by the generational gold discovery at Fourmile in Nevada.”
Franco-Nevada record quarterly results benefited from a combination of higher gold prices, strong operations, new acquisitions and the sale of Cobre Panama copper concentrate stockpiles. Our acquisition of six meaningful new gold interests over the last 18 months has positioned us for strong growth over the long-term and boosted our gold price exposure, with 85% of our revenue being from precious metals in the quarter. Following these results, we have narrowed our 2025 Total GEO sales guidance range, toward the higher end of our original guidance. After drawing on our corporate revolver to fund the Arthur Gold royalty acquisition in July, the Company is once again debt-free. We are encouraged by the recent constructive comments by the President of Panama toward resolution of the Cobre Panama mine closure. “Looking forward, our deep portfolio of producing, development and exploration stage royalties on primary gold assets is well positioned to grow organically in this strong gold price environment,” stated Paul Brink, CEO.
Kinross Gold announced that Moody’s Investors Service has upgraded the senior unsecured rating of Kinross to Baa2 from Baa3. The outlook has been changed to stable from positive. In its announcement, Moody’s noted Kinross’ scale and production profile, low financial leverage and conservative financial policies as key factors driving the upgrade. Further, on December 4, 2025, the Company repaid the entirety of its outstanding 4.50% Senior Notes, which have an aggregate principal amount of $500 million, ahead of their July 15, 2027, due date. Including the early redemption of the 2027 Notes, Kinross has repaid approximately $700 million of its debt in 2025, in line with its commitment to balance sheet strength. Over fiscal years 2024 and 2025, Kinross has repaid $1.5 billion in debt including this early redemption. After the Notes redemption, Kinross has $750 million aggregate principal amount of Senior Notes outstanding, with the next Senior Notes maturity date on July 15, 2033, for $500 million in aggregate principal amount. “Kinross’ excellent financial position is driven by its consistent operating track record and disciplined cost management strategy,” said Andrea Freeborough, Chief Financial Officer. “The Moody’s upgrade underscores the strength of our investment-grade balance sheet, which stands at a net cash1 position of approximately $500 million as of September 30, 2025. Over the past two years, we have repaid $1.5 billion of debt, including $700 million in 2025, reflecting our disciplined approach to managing our business.”
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