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FN Media Group News Commentary - Industry insiders forecast for 2025 suggests another strong year for gold. They predict that gold will break the 3,000 USD level during the year and potentially finish even higher, with a realistic target of 3,300 USD (+26%). The gold mining industry has a strong outlook for 2025 and beyond, driven by record-high gold prices and robust demand from central banks and investors. While miners face headwinds from persistent inflation and operational costs, the rising gold price is boosting revenues, profitability, and investor interest. The outlook for gold mining investments remains positive, especially for the long-term, though short-term volatility exists. The current high-price environment and strategic industry adjustments are expected to sustain margins, making the sector an appealing option for investors seeking to diversify their portfolios and hedge against economic uncertainty. According to Market Research Future, The North America Gold Mining Market is characterized by its robust regional distribution, including significant activities in both the United States and Canada. The US is a major player in the gold mining industry, renowned for its rich mineral deposits and advanced mining technology, which has led to consistent production rates and a significant contribution to North America Gold Mining Market revenue. Active Companies in the mining industry this week include Formation Metals Inc. (OTCQB: FOMTF) (CSE: FOMO), Barrick Mining Corporation (NYSE: B) (TSX: ABX), Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM), Hecla Mining Company (NYSE: HL), Equinox Gold Corp. (NYSE: EQX).
Several factors are creating a favorable market for gold miners, potentially leading to increased revenues: Surging gold prices: Gold prices reached record highs above $3,500/oz in April 2025, and major financial institutions like J.P. Morgan and Goldman Sachs have raised their year-end 2025 forecasts to average between $3,675 and $3,700/oz, respectively. This high-price environment allows miners to expand margins and boost profitability. - Strong central bank demand: Central banks, especially in emerging markets, are accumulating gold at a rapid pace to diversify their reserves away from the US dollar. In the first quarter of 2025 alone, central banks purchased 244 tonnes of gold, 24% above the five-year quarterly average. This activity is a major driver of gold prices. - Safe-haven investment: Geopolitical tensions, trade policy uncertainty, and financial instability are increasing investor demand for gold as a hedge against inflation and market volatility. This has led to strong inflows into gold-backed ETFs. - Growing technology demand: Gold's use in electronics, from smartphones to AI-enabled devices, is driving a steady consumer base. With technology demand up 9% year-over-year in the first nine months of 2024, this sector is contributing to the overall market.
Formation Metals Inc. (OTCQB:FOMTF) (CSE:FOMO) Commences Fully Funded 10,000 Metre Drill Program at the Advanced N2 Gold Project - Formation Metals Inc. (FSE:VF1) ("Formation" or the "Company"), a North American mineral acquisition and exploration company, is pleased to announce that it has commenced drilling at its flagship N2 Gold Property ("N2" or the "Property"), located 25 km south of Matagami, Quebec.
Highlights:
- Formation has commenced a fully funded 10,000 metre multi-phase drill program at its flagship N2 Gold Project near Matagami, Quebec, host to a global historic resource of ~870,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central) and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone.
- Phase 1 will target the "A" zone, a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces of which only ~35% of strike has been drilled (>3.1 km open), and the "RJ" zone, host to high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metres2, which was expanded by Agnico Eagle Mines in 2008 in the most recent drilling at the Property.
- The Company has working capital of ~C$5.0M with zero debt, putting it in a very strong financial position to execute its exploration programs. Inclusive of provincial tax credits from the Quebec government, Formation's exploration budget for 2025-2026 is set at ~$5.7M.
The Company is completing a fully funded 10,000 metre drill program at N2, an advanced gold project with a global historic resource of ~870,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central) and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone.
Mr. Varshney continued: "Building on the success of our predecessors, this fully funded 10,000 metre drill program will be critical in our goal of developing N2 into a near-surface multi-million-ounce deposit. With gold breaking $3,800, over 4 times the price in 2008 when Agnico last drilled the project, we believe that the timing is perfect for N2 and look forward to a very busy upcoming field season."
Comprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of 877,000 ounces. There are six primary auriferous mineralized zones in total, each open for expansion along strike and at depth. Compilation and geophysical work by Balmoral Resources Ltd. (now Wallbridge Mining) from 2010 to 2018 generated numerous targets that have not yet been investigated with diamond drilling.
The drill program is designed to focus on discovery drilling at new high-potential targets along the mineralization strikes at the "A", "RJ" and "Central" zones in the northern part of the Property in order to discover new auriferous trends and unlock new zones of gold mineralization. The program will also focus on high-priority infilling and expansion targets in these zones to significantly enhance the auriferous zones identified to-date.
The Company also believes that N2 has significant base metal potential, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) concentrations across the property, specifically at the A and RJ zones. Property wide geology at N2 features volcanic and sedimentary rocks formed in regional anticlinal and synclinal flexures. Three principal deformation structures, oriented along the known NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property.
For the 2025 exploration season, Formation plans to concentrate its efforts on the northern part of N2, targeting gold deposit expansion and discovery along identified zones and fault systems associated with the main deformation features (specifically WNW-ESE trend), with IP surveys and drilling planned to model mineralized zones that will hopefully contribute to an updated NI-43 101 compliant resource. Formation will also look to further review historic base metal assays from older drill core and undertake additional work in 2025 to assess the property's copper and zinc potential. Continued… Read this full release and additional news for Formation Metals by visiting: https://formationmetalsinc.com/news/
Other recent developments in the mining markets include:
Barrick Mining Corporation (NYSE:B) (TSX:ABX) – Recently discussed The Fourmile project in Nevada is cementing its position as one of the century's greatest gold discoveries, updated studies by 100%-owner Barrick show. Backed by ongoing 2025 evaluation results and the 2024 mineral resource, the new preliminary economic assessment (PEA) underscores Fourmile's rare combination of grade, scale and exploration upside, confirming its potential to become one of the world's leading gold producers.
"Fourmile is emerging as a multi-generational project," says Barrick President and Chief Executive Mark Bristow. "With the ongoing exploration drilling results, we expect to double the resource by the end of this year and, even more excitingly, we are continuing to define significant high-grade orebody extensions underpinning the current exploration upside estimate of 32-34Mt @ 15 – 16g/t2 outside of our current 2024 mineral resource. As a result, Fourmile is rapidly competing to be the largest and highest-grade gold discovery this century."
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) recently announced that it has acquired 586,619 units ("Units") of Maple Gold Mines Ltd. (MGM) ("Maple") in a non-brokered private placement (the "Private Placement") at a price of $0.60 per Unit for total consideration of $351,971.40. Each Unit is comprised of one common share of Maple (a "Common Share") and one common share purchase warrant of Maple (a "Warrant"). Each Warrant entitles the holder to acquire one Common Share at a price of C$0.85 for a period of 36 months following the date of issue, subject to acceleration in certain circumstances.
On June 24, 2024, Agnico Eagle filed an early warning report disclosing that it owned Common Shares representing approximately 19.9% of the then issued and outstanding Common Shares on a non-diluted basis. Thereafter, Maple completed certain dilutive securities issuances which reduced Agnico Eagle's ownership interest to approximately 16.32%. Prior to the Private Placement, Agnico Eagle owned 7,467,426 Common Shares, representing approximately 16.32% of the issued and outstanding Common Shares on a non-diluted basis. Following the Private Placement, Agnico Eagle owns 8,054,045 Common Shares and 586,619 Warrants, representing approximately 15.38% of the issued and outstanding Common Shares on a non-diluted basis and 16.32% of the issued and outstanding Common Shares on a partially-diluted basis, assuming exercise of the Warrants held by Agnico Eagle and after giving effect to all other security issuances completed by Maple concurrently with the Private Placement.
Hecla Mining Company (NYSE: HL) recently announced that it will be added to the S&P SmallCap 600 Index, effective September 22, 2025, according to an announcement by S&P Dow Jones Indices.
Inclusion in the S&P SmallCap 600 reflects Hecla's strong performance, operational scale, and consistent execution across its portfolio of silver and gold operations in the United States and Canada. The S&P SmallCap 600 is designed to measure the performance of a subset of U.S. equities with market caps between $1.2 billion and $8.0 billion, and Hecla's addition underscores the Company's increasing recognition within the investment community.
"We are honored to be included in the S&P SmallCap 600, a milestone that reflects both the strength of our assets and the dedication of our people," said Rob Krcmarov, President and CEO. "As the largest silver producer in both the United States and Canada, our inclusion highlights the long-term value we are creating for our shareholders, employees, and communities."
Equinox Gold Corp. (NYSE American: EQX) recently announced the first gold pour at its Valentine Gold Mine ("Valentine") located in Newfoundland and Labrador, Canada. Darren Hall, Chief Executive Officer of Equinox Gold, commented: "Commissioning of the Valentine process plant is progressing extremely well, with mill throughput averaging 47% of nameplate for the first 15 days of operation, resulting in first gold being poured earlier than expected, on September 14, 2025. I am very pleased with commissioning progress, which positions Valentine to ramp-up to its nameplate capacity of 2.5 million tonnes per year in Q2 2026.
"First gold at Valentine reflects the vision, determination and teamwork of many people who advanced this mine from concept to reality. I extend my congratulations to Jason Cyr and the entire Valentine team for delivering first gold safely and responsibly. Today we celebrate not only this milestone, but also the opportunities and benefits that Valentine will generate for our employees, communities and shareholders for many years to come.
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Figure 1. W2 Prospect, RC drill bags from WDRC031 in the foreground
