The Skouries mine has been successfully connected to the Greek national power grid following final inspection, testing and approval by the Greek transmission authority. The permanent connection provides a reliable long term power source for the operation and supports the continued advancement of processing and mining activities at the site.

Skouries Mine Energization Supports Ramp Up

The mine energization gives Skouries access to the permanent power infrastructure required to continue commissioning and ramp up key systems across the operation. The development comes as the project transitions from construction and commissioning toward steady state operations. “Site energization is an important step in advancing Skouries toward ramp up to steady-state operations,” said George Burns, Chief Executive Officer of Eldorado Gold.

Burns added that the connection to permanent grid power supports the ongoing commissioning and ramp up of key systems while providing the long term power infrastructure required for the operation. He also linked the milestone with the recent achievement of first copper gold concentrate production at Skouries.

Mine Energization Builds on First Concentrate Production

The latest mine energization follows the recent production of first copper gold concentrate at Skouries, representing another step in Eldorado Gold’s progress toward the start of commercial operations.

The company said the national grid connection will provide a reliable long term power supply as processing and mining activities continue. The development is therefore expected to support the operation as it advances through commissioning and ramp up.

Skouries is expected to reach commercial production in the fourth quarter of 2026. Over the life of the mine, the project is expected to produce an average of 140,000 ounces of gold and 67 million pounds of copper annually.

Eldorado Gold Moves Skouries Toward Commercial Production

The mine energization marks a key infrastructure milestone for Eldorado Gold as Skouries moves closer to commercial production. With permanent grid power now connected, the project can continue commissioning and ramp up activities while supporting the systems required for future operations.

Eldorado Gold operates mining, development and exploration assets in Canada, Türkiye and Greece. Skouries forms part of its portfolio of gold, copper and base metals operations and developments.

Proposed Restart of the Choco Gold Mine

Among the most notable Venezuela mining deals announced is a proposed plan by Heeney Capital, working in partnership with Mercuria, to restart the Choco gold mine located in the Bolívar state. The partners have outlined a 30-year investment plan for the project, with an initial commitment of approximately US$1 billion directed toward gold mine development at the site.

The Choco mine sits within a larger industrial complex in the El Callao mining district, a region historically recognized for its gold mineral resources. The mine was previously operated by private interests before the Venezuelan government took control of the asset in 2011. Since that takeover, operations at the site have been significantly reduced, and the proposed restart represents an effort to bring the facility back toward productive capacity through structured mining investment.

It is important to note that the gold mine restart remains a proposal at this stage. The agreement establishes a framework for future development, but the project has not yet entered an operational phase. No production figures have been confirmed, and the timeline for any resumption of mining activity will depend on further planning and regulatory processes.

Aluminium Shipment Agreement from Venalum Smelter

In a separate component of the Venezuela mining deals, Heeney Capital and Mercuria have reportedly agreed to arrange the shipment of aluminium from Venezuela’s state-owned Venalum smelter to the United States. Reports indicate that around 15,000 tonnes of aluminium could be included in the planned shipment.

The Venalum smelter is Venezuela’s largest aluminium production facility and ranks among the largest such operations across Latin America. The plant carries an annual production capacity of approximately 430,000 tonnes, though output in recent years has reportedly operated well below that threshold. The planned aluminium shipment, if completed, would represent a commercial step toward reconnecting Venezuelan aluminium production with international markets.

The broader context surrounding these Venezuela mining deals includes increased Western interest in Venezuela’s resource sectors. While much of that interest has centered on energy, the gold mine development proposal and the aluminium arrangement suggest that mining and metals are also drawing commercial attention. Heeney Capital has positioned itself as an intermediary facilitating these agreements between Venezuelan state entities and international commodity firms such as Mercuria. The proposed Choco gold mine restart and the Venalum aluminium shipment plan remain the two concrete mining investment developments to emerge from recent discussions, and their progress will depend on the execution of the frameworks now reportedly in place.

The 88-kilometre power line connects Kurmuk to the Ethiopian electrical grid and is now supplying power needed to complete Kurmuk Mine commissioning and advance the site’s ramp-up. The connection includes associated substations and was completed by Ethiopian Electric Power under a 20-year power purchase agreement that provides electricity at a fixed rate of approximately US$0.04 per kilowatt-hour.

The infrastructure milestone comes as Allied Gold moves the project from construction into a series of operational readiness stages. The company said mining continues to advance, while ore stockpiles are being built to support plant feed as additional processing systems are commissioned.

Kurmuk Processing Systems Move Through Commissioning

First ore was fed through the crushing circuit earlier in September, with the handover of the circuit from the commissioning team to the operations team now under way. Allied Gold said the next stage will involve introducing ore to the grinding and downstream processing circuits as those systems are progressively completed and tested.

The company has established an ore stockpile of approximately one million tonnes and plans to increase that inventory to nearly 1.5 million tonnes, equivalent to around three months of planned ore feed ahead of full circuit commissioning. Initial mining is expected to come from the Dish Mountain and Ashashire open pits, which contain the project’s current mineral resources and reserves.

Across the site, individual systems are being completed, tested against design parameters and transferred from the construction and Kurmuk Mine commissioning team to operations. Electrical, instrumentation and other systems testing remains under way as the project progresses through its remaining commissioning activities.

Mine Moves Toward First Gold Production

Kurmuk is designed as a conventional truck-and-shovel open-pit operation with a carbon-in-leach processing plant. Allied Gold said the project contains 2.7 million ounces of Proven and Probable Mineral Reserves in the initial mining areas, with exploration continuing across the wider property to identify additional resources and extend the mine life.

The company expects to introduce first ore to the grinding circuit in the coming weeks, followed by first gold after further Kurmuk Mine commissioning is completed. Those milestones remain forward-looking and depend on the successful completion of the remaining work and testing at the site.

Allied Gold has identified Kurmuk as a major contributor to its production growth strategy, with initial full-year production guidance of 240,000 to 270,000 ounces and approximately 300,000 ounces in the following year. The mine is therefore progressing through Kurmuk Mine commissioning from infrastructure completion and processing tests toward the next stages of commissioning and eventual commercial operations.

Ownership, Location and Operational Profile

The Portland Canal Marine Terminal is co-owned by the Nisga’a Nation, Tahltan Nation Development Corporation (TNDC), and Arrow Transportation Systems. Located in Stewart, near the Golden Triangle, the facility is a fully permitted deep-sea terminal capable of handling approximately 300,000 tonnes of copper concentrate and gold concentrate annually.

The terminal offers all-weather marine operations and direct highway access across Northwest British Columbia and the Yukon, positioning it as a strategic node for critical minerals transportation across the broader region. Its deep-sea capabilities allow direct shipment of mineral products to global buyers, removing logistical barriers that have historically constrained export routes from the area.

Acquisition and Provincial Funding

The partnership acquired the Portland Canal Marine Terminal in 2025. The Province of British Columbia supported the project with a C$5 million grant through its Northwest Strategy. This funding is directed toward port modernisation, wharf expansion, terminal development, expanded services, long-term storage, and workforce-enabling infrastructure.

President of the Nisga’a Nation Eva Clayton described the official opening as a significant milestone, demonstrating the strength of Indigenous leadership, partnership, and economic self-determination. “Our partnership with the Tahltan Nation and Arrow Transportation demonstrates what can be achieved when Indigenous Nations and industry work together to build meaningful economic opportunities,” Clayton said. “This terminal provides an important gateway to global markets and strengthens the infrastructure needed to support the growing critical minerals sector in Northwest British Columbia.”

Tahltan Nation Development Corporation CEO Todd den Engelsen said the partnership underscores a shared commitment to regional development. “The acquisition of the Port of Stewart Bulk terminal and the creation of a transportation business is more than infrastructure. It is a gateway to global markets, improved logistics, and economic growth for the Tahltan and Nisga’a Nations, our partners, and Canada as a whole,” den Engelsen said.

Critical Minerals Transportation and Supply Chain Connectivity

The terminal’s capacity and connectivity give it a central role in the critical minerals supply chain for Northwest British Columbia. With the Golden Triangle hosting significant copper and gold deposits, the Portland Canal Marine Terminal provides producers in the region with a reliable, permitted export route. Its highway links to the Yukon further extend the catchment area for critical minerals transportation, connecting remote operations to a functional deep-sea port.

The Indigenous-owned port model adopted here reflects a growing trend in British Columbia mining where First Nations take direct ownership stakes in infrastructure that supports resource development on or near their traditional territories. This approach ties economic participation directly to the facilities that enable critical minerals transportation rather than limiting involvement to benefit agreements alone.

Reinforcing Mining Infrastructure in British Columbia

The opening of the Portland Canal Marine Terminal adds a significant piece of mining infrastructure to British Columbia’s northwest corridor. By combining Indigenous ownership with deep-sea shipping capability and substantial provincial investment, the terminal is positioned to serve as a long-term gateway for copper concentrate and gold concentrate exports. As demand for critical minerals transportation capacity grows alongside exploration and development activity in the Golden Triangle and surrounding regions, the facility addresses a tangible infrastructure need for the province’s mining sector.

Macmahon Secures $38 Million Groundrush Contract

Under the terms of the contract, Macmahon will build an underground decline initially extending 3.5km to a planned depth of 350m. Construction is expected to take 14 months. Surface works at the Groundrush Gold Project are already underway, including the preparation of laydown areas and re-establishment of the in-pit ramp. Macmahon is scheduled to mobilise to site for portal construction in September.

MGX Resources chief executive Peter Kerr said the decline marked an important step in progressing the project. “The commencement of the Groundrush decline represents a key milestone in the CTPJV’s efforts to advance the project to a development decision and ultimate production,” Kerr said. “We and our joint venture partner, Tanami Gold, look forward to sharing regular updates as we build momentum towards establishing a major new gold business in the Northern Territory.”

The Groundrush Gold Project sits within the broader Central Tanami Project, which holds a combined Mineral Resource Estimate of 31 million tonnes at 2.8 grams per tonne gold for 2.8 million ounces of contained gold. The Groundrush Gold Deposit itself accounts for 11 million tonnes at 3.3 grams per tonne gold for 1.2 million ounces of contained gold.

Underground Decline Supports Resource Drilling

The underground decline will provide drilling platforms to support an extensive resource definition drilling programme at the Groundrush Gold Project. Approximately 33,000 metres of drilling is planned, targeting mineralisation to a depth of about 650m. The programme aims to convert more than 400,000 ounces of Inferred Resources into the higher-confidence Indicated category, supporting mine design and development purposes. Underground drilling is expected to begin towards the end of the decline construction period.

Activity is also progressing elsewhere across the Central Tanami site. Resource definition drilling has recommenced at the Jims Gold Deposit, which was previously mined about 25 years ago and is being assessed as a potential expanded open pit ore source to supplement the Groundrush Gold Project. The Jims Mineral Resource currently stands at 2.6 million tonnes at 2.7 grams per tonne gold for 220,000 ounces of contained gold.

Repairs and improvements are underway at the site’s accommodation camp and utilities infrastructure, while recruitment is progressing for key site and project roles. The mining contract awarded to Macmahon represents a significant piece of underground mining infrastructure that will underpin the next phase of resource definition drilling at the Groundrush Gold Project.

The Blackwater gold mine, located south of Prince George, began commercial production earlier this year. Work on the first stage of the expansion programme is already underway, and the full build-out is expected to be complete before the end of 2028.

Blackwater Gold Mine Expansion Enters Next Phase

The first phase of the Blackwater Gold Mine Expansion carries a price tag of C$120 million and will lift the mill’s processing capacity from 6 million tonnes per annum to 8 million tonnes per annum. This initial upgrade is designed to boost throughput at the existing facility without requiring a second processing line.

Phase 2 represents a far larger undertaking. Artemis Gold plans to invest C$1.44 billion to construct a second processing train at the Blackwater gold mine, raising total capacity to 21 million tonnes per annum. That expansion will transform the scale of the operation entirely.

Processing Capacity Set to Reach 21Mtpa

Once both phases are finished, the Blackwater mine expansion will have taken the operation from its initial 6 Mtpa throughput to 21 Mtpa. more than three times the original design. The gold mine expansion programme reflects the scale of the orebody and the company’s confidence in the long-term production profile.

With the expanded processing capacity in place, the mine could support gold production growth of more than 500,000 ounces per year for a decade, according to the company. That level of output would make Blackwater one of Canada’s three largest gold-producing mines, a notable achievement for an operation that only recently entered production.

Expansion to Lift Gold Production and Employment

The Blackwater Gold Mine Expansion is also driving significant workforce growth in the region. The mine currently employs around 900 full-time workers and contractors. During the construction period for the second phase, an additional 1,500 construction workers are expected to be on site over the course of two years.

Once the expansion programme is complete, the permanent workforce at the Blackwater gold mine is projected to grow from 900 to approximately 1,200. That sustained employment base adds to the economic contribution the mine already makes to the Prince George area and broader British Columbia.

Artemis Gold has moved quickly since bringing the mine into commercial production. The phased approach to the gold mine expansion allows the company to fund ongoing construction while the existing operation generates revenue. With the second phase expected to wrap up before the close of 2028, the full production ramp-up at Blackwater could begin within the next few years.

The scale of the expansion nearly C$1.56 billion in total investment and a target of more than 500,000 ounces annually, underscores the significance of the Blackwater project within Canada gold mining.

The South Railroad Project is located along Nevada’s prolific Carlin Trend, one of the most productive gold-bearing geological formations in the world. Following the federal approval, Equinox commenced early construction works and earth-moving activities at the property.

Federal Approval Clears South Railroad Development

The Record of Decision represents a significant regulatory milestone for the South Railroad Project. With the NEPA permitting process now complete, the Nevada gold mine can advance through the remaining stages of development without the uncertainty that typically surrounds federal permitting for large-scale mining operations.

Equinox President Jason Simpson said in the company’s release, “Receiving the Record of Decision is a major milestone for the South Railroad project and advances our next phase of growth.” He added, “The incremental production from South Railroad will be the first meaningful contributor towards our objective of adding 800,000 ounces of annual gold production from our organic development pipeline.”

Detailed engineering for the South Railroad Project currently sits at 55.2 per cent completion, with work continuing as the mine development progresses through its pre-production phases.

Early Construction Begins in Nevada

With the federal approval secured, early construction and earth-moving activities are now under way at the South Railroad site. Mining equipment is expected to begin arriving by the end of 2026, positioning the operation for the next stages of mine development.

Equinox Gold is targeting the start of mining activities at the Nevada gold mine in spring 2027. The timeline reflects a steady progression from permitting through to active operations, with key milestones expected to fall into place over the coming months.

South Railroad Targets First Gold in 2028

The South Railroad Project is planned as an open-pit heap-leach mining operation, a method well suited to the geological characteristics of the Carlin Trend. Based on a 2026 feasibility study, the mine is expected to yield an average of 130,000 ounces of gold annually over its first five years of production.

Across the initial 10-year mine life, output is planned to exceed 100,000 ounces of gold per year. First gold production is targeted for 2028.

The federal approval marks a key step in the South Railroad Project’s progression from an advanced development asset to an operating mine, reinforcing Equinox Gold’s position within the Nevada mining landscape.

The Bambadji Gold Project comprises two properties covering approximately 190 square kilometres. The land package extends across roughly 60 kilometres of prospective ground along the Senegal-Mali Shear Zone, a major gold corridor that already hosts several large-scale mining operations. Bambadji sits adjacent to Fortuna’s Diamba Sud Gold Project, which is currently at the feasibility stage and contains mineral reserves of about 1.15 million ounces of gold. Fortuna expects to make a final investment decision on Diamba Sud shortly.

Jorge A. Ganoza, President and CEO of Fortuna Mining, said the $200 million consideration reflects multiple prime drill-defined targets, the scale of the land package, the extensive historical exploration dataset, and the potential to materially expand Diamba Sud.

Fortuna paid the full consideration in cash from its treasury. Of the total, $130.35 million was directed to a Barrick subsidiary and $69.65 million to an IAMGOLD subsidiary. The sellers will retain a 0.5% net smelter return royalty on the first 1.75 million ounces of gold produced from the Bambadji Nord property.

Fortuna Acquires Bambadji Gold Project for $200 Million

The acquisition gives Fortuna Mining control of a substantial exploration package directly connected to the same geological structure that underpins Diamba Sud. The company indicated that the Bambadji Gold Project could provide additional exploration opportunities and potentially expand the scope of the planned Diamba Sud operation.

With the deal now completed, Fortuna’s growing cluster of Senegal gold projects positions the company to pursue gold exploration Senegal across an extensive and geologically favourable area. The combination of Bambadji and Diamba Sud creates a contiguous land holding along the Senegal-Mali Shear Zone, offering access to multiple targets that have already been identified through historical exploration work.

Bambadji Exploration Programme Targets 51,000 Metres

Fortuna Mining has approved an initial exploration budget of $8 million for the Bambadji Gold Project covering the remainder of 2026. The programme is designed to include approximately 51,000 metres of reverse-circulation and diamond drilling, with field activities expected to commence in the third quarter.

The company plans to concentrate early-stage drilling on several advanced drill-defined targets located within a 20-kilometre radius of the proposed Diamba Sud processing plant. This approach reflects Fortuna’s strategy to prioritise targets that could feed directly into the planned processing infrastructure at Diamba Sud.

Diamba Sud is expected to produce an average of 158,000 ounces of gold annually during its first four years, before settling to an average of 116,000 ounces over an estimated 9.4-year mine life. The proximity of the Bambadji Gold Project to this planned operation could allow Fortuna to expand the resource base supporting the future mine without requiring entirely separate infrastructure.

Senegal Expands Role in Fortuna’s West Africa Portfolio

The Bambadji acquisition strengthens Fortuna Mining’s position in Senegal at a time when the company has been actively reshaping its broader West Africa gold mining portfolio. Fortuna recently sold its Yaramoko gold mine in Burkina Faso to a private local company for $130 million. That sale reduced annual gold production by approximately 70,000 ounces, but Ganoza stated the offer was attractive given the mine’s declining reserves and increasing operating risks.

The decision to divest in Burkina Faso and invest more heavily in Senegal gold projects reflects the shifting risk landscape across the region. Burkina Faso, Mali and Niger have all experienced military coups since 2020 and have moved to increase state participation in their mining sectors. In Mali, tensions between authorities and foreign mining companies have included the detention of executives and the seizure of gold inventories. Barrick, for instance, halted operations after Malian authorities confiscated approximately three tonnes of gold worth roughly $245 million.

Against this backdrop, Fortuna’s deepening commitment to gold exploration Senegal through both the Bambadji acquisition and the advancement of Diamba Sud represents a deliberate portfolio rebalancing towards a jurisdiction perceived as more stable. The company’s combined Senegal gold projects now form the centrepiece of its West Africa gold mining strategy, anchored by a feasibility-stage development and a newly acquired exploration package spanning 190 square kilometres of prospective ground.

The two companies first announced the US$18.5 billion business combination in May, and shareholders of both firms approved the transaction earlier this month. The combined entity is approximately two-thirds owned by former Equinox shareholders.

Combined Production and Growth Trajectory

Following the completion of the Equinox Orla Merger, the combined company expects to produce 1.1 million ounces of gold in 2026 from its North American portfolio. Production is forecast to grow significantly to 1.9 million ounces through the continued development of its North American asset base.

“The combined company will produce 1.1 million ounces of gold in 2026 from a North American portfolio and enables a funded, tier-one platform with the capacity to deliver a 70% growth trajectory to 1.9 million ounces,” said Equinox CEO Darren Hall.

The group’s Canadian operations, Greenstone, Valentine, and Musselwhite, are expected to produce 685,000 ounces of gold annually. This positions Equinox as Canada’s second-largest gold producer, behind only Agnico Eagle Mines. Over 60 per cent of the combined company’s production is set to come from these three long-life mines in Canada, underscoring the strategic importance of the Canadian portfolio within the Equinox Orla Merger.

Leadership Transition and New Chapter

The completion of the merger also triggers a significant leadership transition within the combined company. Darren Hall is expected to retire as CEO at the end of October. Former Orla chief executive Jason Simpson, who was appointed Equinox president following the merger, will succeed Hall in the top role.

The board is set for a parallel shift, with Equinox founder and long-serving chair Ross Beaty also retiring. Former Orla chair Chuck Jeannes will take over as board chair.

“The completion of this combination marks the beginning of an exciting new chapter for Equinox Gold. Together, we have created North America’s new senior gold producer with over 60% of production coming from three long-life mines in Canada,” said Jeannes.

Operational Footprint Across the Americas

Equinox is a Canadian mining company built on a foundation of high-quality, long-life gold operations in Canada and across the Americas, complemented by a pipeline of development and expansion projects. The Equinox Orla Merger brings together three wholly owned material projects from Orla, comprising two operating mines and one development project, further strengthening the combined group’s operational footprint and growth pipeline.

The transaction consolidates a robust North American gold producer with a clear pathway to nearly doubling output through funded development of its existing asset base. The combined company’s scale, diversified portfolio and senior gold producer status position it as a significant force in the North American gold mining sector.

With the merger now finalised and leadership transitions set to take effect by the end of October, the combined entity is preparing to advance its development projects and execute on its stated growth trajectory to 1.9 million ounces of annual gold production.

Upgrading the Processing Facility and Infrastructure

A central component of the Séguéla Gold Mine Expansion is a planned 30% capacity expansion. This phase of the project will increase the site’s throughput from 1.75 million tonnes per annum to approximately 2.3 million tonnes per annum. By leveraging current infrastructure and expanding targeted areas of the processing facility, the project is engineered to optimize capital efficiency and minimize disruptions to active operations during construction.

Upon completion, the average recovery rate is anticipated to reach 94.5%. With the successful addition of the new underground mine, alongside vital upgrades to the regional water and power supply systems, the site is designed to support an average annual gold production of more than 200,000 ounces throughout the next decade.

Financial Framework and Accelerated Gold Production

Higher recovery rates and enhanced operational flexibility are expected to generate attractive project returns. The core financial metrics for this capacity expansion includen an estimated construction capital requirement of $109 million, which will be entirely funded from ongoing operating cash flows, and a projected payback period of approximately 2.5 years, backed by strong corporate liquidity of roughly $800 million reported at the close of the first quarter of 2026.

Company President and CEO Jorge A. Ganoza noted that the asset has consistently outperformed initial expectations since entering production in mid-2023 and continues to display strong growth potential. According to Ganoza, expanding the processing facility and integrating the underground mine represents the logical next step for unlocking additional value from the property. Alongside the feasibility-stage Diamba Sud project in Senegal, the Séguéla Gold Mine Expansion directly advances the long-term corporate objective of increasing the consolidated annual gold production rate toward 500,000 ounces by 2028.