
April 28, 2025
Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNRF) ("Athena Gold" or the "Company") is pleased to announce the closing of a non-brokered private placement of flow-through common shares (the "FT Shares") previously announced on April 7, 2025, as amended April 21, 2025 (the "FT Offering"). The Company issued an aggregate of 15,300,000 FT Shares at a price of CDN $0.05 per FT Share for gross proceeds of CDN$765,000, which represents an oversubscription of CDN$265,000 of the originally planned financing.
Due to increased demand the Company sought, and received, approval from the Canadian Securities Exchange, to increase the size of the FT Offering from CDN$500,000.
Proceeds of the FT Offering will be spent on the Company's Laird Lake and Oneman Lake Projects located in Ontario, Canada.
Each FT Share is issued as a "flow-through share" of the Company as defined in section 66(15) of the Income Tax Act (Canada) (the "Tax Act"). An amount equal to the gross proceeds from the issuance of the FT Shares will be used to incur, on the Company's Canadian mineral exploration properties, eligible resource exploration expenses that will qualify as "Canadian exploration expenses" (as defined in the Tax Act), (the "Qualifying Expenditures"). The Qualifying Expenditures in an aggregate amount, not less than the gross proceeds raised from the issue of the FT Shares will be incurred on or before December 31, 2026, and will be renounced by the Company to the purchasers of the initial purchasers of the FT Shares with an effective date no later than December 31, 2025. In the event that the Company is unable to renounce the issue price for the FT Shares on or prior to December 31, 2026, for each FT Share purchased and/or if the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will as sole recourse for such failure to renounce, indemnify each FT Share subscriber for the additional taxes payable by such subscriber to the extent permitted by the Tax Act as a result of the Company's failure to renounce the Qualifying Expenditures as agreed.
No insiders participated in the FT Offering.
Pursuant to the FT Offering, the Company issued finder's fees consisting of an aggregate of 480,000 units to arm's length parties, with each unit consisting of one non-flow-through common share and one share purchase warrant. Each warrant entitles the holder to purchase one non-flow-through common share at an exercise price of CDN$0.12 per share for a period of eighteen months from the date of issuance. All securities issued in connection with the FT Offering are subject to a four-month and one-day hold period.
Issuance of Additional Finder's Fee
The Company has paid a finder's fee to an arm's length party through the issuance of 1,737,236 common shares at a deemed price of CDN$0.05. Pursuant to a Letter of Intent dated September 9, 2024, and a Purchase and Sale Agreement dated September 30, 2024, (press releases dated September 11, 2024, and October 1, 2024) the Company acquired the Laird Lake and Oneman Lake Projects in Ontario from Libra Lithium Corp. The terms of the agreements provided that these shares would not be issued until the Company had completed its redomicile from Delaware and merger with its British Columbia subsidiary, Nova Athena Gold Corp. The transaction was completed effective April 24, 2025. The shares are subject to a four-month and one-day hold period.
None of the foregoing securities have been or will be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the foregoing securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful.
About Athena Gold Corporation
Athena Gold is engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct additional exploration drilling and studies on its projects across North America. Athena Gold's Excelsior Springs Au-Ag project is located in the prolific Walker Lane Trend in Nevada. Excelsior Springs spans 1,675 ha and covers at least three historic mines along the Palmetto Mountain trend, where the Company is following up on a recent shallow oxide gold discovery, with drill results including 5.35 g/t Au over 33.5 m. Meanwhile, the Company's new Laird Lake project is situated in the Red Lake Gold District of Ontario, covering 4,158 hectares along more than 10 km of the Balmer-Confederation Assemblage contact, where recent surface sampling results returned up to 373 g/t Au. This underexplored area is road-accessible, located about 10 km west of West Red Lake Gold's Madsen mine and 34 km northwest of Kinross Gold's Great Bear project.
For further information about Athena Gold Corporation and our Excelsior Springs Gold project, please visit www.athenagoldcorp.com.
On Behalf of the Board of Directors
Koby Kushner
President and Chief Executive Officer, Athena Gold Corporation
For further information, please contact:
Athena Gold Corporation
Koby Kushner, President and Chief Executive Officer
Phone: 416-846-6164
Email: kobykushner@athenagoldcorp.com
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x 251
Email: cathy@chfir.com
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US. securities laws. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding future exploration plans, future results from exploration, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects", "anticipates", "intends", "estimates", ''plans", "may", "should", ''potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company's projects in a timely manner.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various risk factors as disclosed in the final long form prospectus of the Company dated August 31, 2021.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this press release or incorporated by reference herein, except as otherwise stated.
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The Conversation (0)
09 January
Athena Gold
Investor Insight
Athena Gold’s high-grade gold exploration assets in two of the world’s safest and most prolific mining jurisdictions, backed by a highly technical and entrepreneurial leadership team, make it a compelling investment opportunity worth examining.
Overview
Athena Gold (CSE:ATHA,OTCQB:AHNR) is a dynamic gold exploration company focused on advancing its newly acquired asset in Ontario’s Red Lake Gold Camp in Canada, and its gold discovery project in Nevada’s Excelsior Springs in the US. These projects are located in two of the world’s safest, tier-one mining jurisdictions, where major mining companies are increasingly refocusing their exploration efforts due to geopolitical stability and established mining infrastructure.
Ontario’s Red Lake and Nevada’s Walker Lane Trend are globally renowned for their high-grade gold deposits. By operating in these regions, Athena Gold aligns itself with the recent trend toward safer, more predictable mining jurisdictions.
The company is guided by a young, entrepreneurial and highly technical leadership team, uniquely equipped to unlock the potential of its assets through cost-effective and innovative exploration strategies. Athena Gold is committed to discovery-driven growth, prioritizing projects with world-class potential.
Company Highlights
- Athena Gold operates in two of the world’s safest and most prolific mining jurisdictions—Nevada and Ontario—benefiting from established infrastructure, lower geopolitical risk, regulatory stability, and high exploration potential.
- Flagship Projects - Laird Lake and Excelsior Springs
- Laird Lake: Situated in Ontario's Red Lake Gold District, renowned for producing over 30 Moz of gold, with recent sampling identifying bonanza-grade gold up to 373 g/t gold. The project is in a pre-discovery phase.
- Excelsior Springs: Located in Nevada’s Walker Lane Trend, this project features historical high-grade gold production and recent discoveries, including a Western Slope intercept of 5.35 g/t gold over 33.5 m, with significant open-pit potential.
- Focused on advancing projects through grassroots exploration and systematic geological work to unlock high-grade deposits.
- Led by a technical and entrepreneurial team with a track record of delivering value through innovative exploration approaches.
- A lean and focused share structure with ~25 percent insider ownership ensures alignment with shareholder interests.
Key Projects
Laird Lake Gold Project
The Laird Lake project, encompassing 4,158 hectares, is located in Ontario’s Red Lake Gold District, an iconic mining camp producing over 30 million ounces of gold. This project spans over 10 kilometers of the Balmer-Confederation Assemblage contact, a key geological structure historically hosting major gold deposits, including the renowned Great Bear mine, now owned by Kinross (TSX:K,NYSE:KGC), and Madsen mine, owned by West Red Lake Gold (TSXV:WRLG:,OTCQB:WRLGF).
Recent sampling has confirmed the project’s exceptional potential, including a bonanza-grade surface grab sample returning 373 grams per ton (g/t) gold — the highest recorded at the site. Mineralization has been identified over a 2.2-kilometer strike length, with further extensions open to the east and west. Strategic proximity to major operations, such as West Red Lake Gold Mines' flagship Madsen mine and Kinross Gold’s Great Bear project, further enhances its appeal.
Map of Laird Lake project, showing selected assays from the October 2024 sampling program.
Athena Gold is executing a systematic exploration strategy, with plans for a property-wide geochemistry survey in 2025. These efforts aim to identify drill targets for a winter-spring drilling campaign, focusing on high-grade zones and expanding the project’s resource potential.
Excelsior Springs Gold Project
The Excelsior Springs project is located in Nevada’s Walker Lane Trend, a prolific mining district with more than 40 million ounces of historical gold output. Major mining companies already operating in the Walker Lane trend include Kinross Gold, AngloGold Ashanti (NYSE:AU) and Centerra Gold (TSX:CG). Located on patented and unpatented ground with year-round access, the project boasts a rich history of high-grade gold mining, including the Buster Mine, which produced 19,200 ounces at grades exceeding 40 g/t gold in the late 19th century.
Athena Gold has identified significant potential for Excelsior Springs, with near-surface gold oxide mineralization. A standout discovery in the Western Slope zone yielded an impressive intercept of 5.35 g/t gold over 33.5 meters, supported by broader mineralized zones such as 1.02 g/t gold over 52 meters. These results suggest the potential for an open-pit mining operation, making the project an attractive prospect for resource expansion.
The project is geologically analogous to AngloGold’s Silicon project, which has demonstrated similar mineralization and structural settings. Excelsior Springs also benefits from a multi-phase exploration plan. A recent property-wide structural mapping program is refining the understanding of geological controls, with trenching and targeted geochemical sampling already underway.
Upcoming exploration phases will include oriented core drilling to delineate high-grade zones further and test for additional deposits.
Leadership Team
David Goodman - Chairman
David Goodman transitioned from a successful legal career to the investment management industry, becoming a partner, vice-president and portfolio manager at the firm behind Dynamic Funds. As president and CEO of Dynamic Funds and later DundeeWealth, he led the firm to significant growth, increasing assets under management from $5 billion to approximately $50 billion. Under his leadership, the firm was recognized multiple times as Fund Company of the Year at the Canadian Investment Awards. Goodman has also served on the boards of DundeeWealth, Repadre Capital, Dundee and SickKids Foundation.
Koby Kushner - President & CEO
Koby Kushner is a licensed professional engineer in Ontario and a CFA charter holder, with a background in mining engineering and equity research. He has worked at several mines in Ontario and Manitoba, including Hemlo (Barrick Gold) and Detour, gaining experience across all stages of project development. As an equity research analyst at Red Cloud Securities, a mining-focused investment bank, he covered more than 100 companies across various development stages and commodities, with a focus on precious and energy metals.
John Power - Secretary & Director
John Power has been with Athena Gold since its inception, serving in various capacities, including president and CEO. He managed the Langtry silver project, developing an NI 43-101 compliant resource of more than 60 million ounces of silver. Power was the president of Redwood Microcap Fund, where he increased shareholder value sixfold. He has also served as a director and/or officer of Magellan Gold and co-managing member of Silver Saddle Resources, a private entity owning mining claims in Nevada.
Ty Minnick - CFO
Ty Minnick is a certified public accountant with more than 25 years of experience across various industries. Since 2011, he has worked with Augusta Gold (formerly Bullfrog Gold), serving as chief financial officer until October 2020, and continuing as a consultant thereafter. He has also been associated with Grand Mesa CPAs and served as director of finance and administration for the Grand Junction Regional Airport Authority.
Ben Kuzmich - VP Exploration
Ben Kuzmich is a geologist with a strong track record of significant discoveries, driving the technical aspects of Athena’s projects. His expertise includes porphyry and epithermal systems, with a focus on cost-efficient exploration.
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High-grade gold exploration in Ontario and Nevada
12h
Top 5 Canadian Mining Stocks This Week: Kirkland Lake Discovery Gains 88 Percent
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
Statistics Canada released July’s labor force survey on Friday (August 8). The data shows that the Canadian economy shed 41,000 workers during the month and registered a 0.2 percent decline in the employment rate to 60.7 percent.
However, the unemployment rate was unchanged at 6.9 percent.
The most significant segment for the decline was among youth aged 15 to 24, with a drop of 34,000. That pushed the youth unemployment rate up to 14.6 percent, its highest rate since September 2010 apart from the pandemic.
In terms of industry, construction saw the steepest decline as it lost 22,000 workers during the month.
South of the border, the US imposed a 39 percent tariff on imports of 1 kilogram and 100 ounce gold bars from Switzerland.
In a ruling posted to US Customs and Border Protection’s (CBP) Customs Rulings Online Search System on Friday, the CBP states that reciprocal tariffs will be applied to these bars. Switzerland is the world’s biggest refining and transit hub, and imports of the 1 kilogram and 100 ounce bars are typically used to back transactions on the COMEX.
The ruling caused some uncertainty among gold traders, who paused imports of the precious metal to the US and pushed the price for December contracts on the COMEX to a high of US$3,534 per ounce in morning trading.
While the price has since retreated, it’s still up more than 1 percent on the day at US$3,491.
The gold spot price is also up significantly this week, gaining 3.26 percent by 4:00 p.m. EDT on Friday to US$3,398.42. Silver was up even more; it rose 4.58 percent to US$38.38 and is closing in on its recent highs.
Markets and commodities react
In Canada, equity markets were in positive territory this week.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) posted steady gains through the week, moving up 2.16 percent to close at 27,758.68 on Friday. The S&P/TSX Venture Composite Index (INDEXTSI:JX) registered a 2.71 percent rise to 787.22. Meanwhile, the CSE Composite Index (CSE:CSECOMP) soared, gaining 8.99 percent to 142.78.
US equity markets were broadly down on Friday on new US tariffs and poor jobs data. The S&P 500 (INDEXSP:INX) rose 1.62 percent to 6,389.44, the Nasdaq 100 (INDEXNASDAQ:NDX) jumped 2.86 percent to 23,603.05 and the Dow Jones Industrial Average (INDEXDJX:.DJI) gained 0.90 percent to 44,175.60.
In base metals, copper prices fell as low as US$4.41 per pound on Tuesday (August 5), but recovered to finish the week with a 0.67 percent gain to US$4.52.
Top Canadian mining stocks this week
How did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stock data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. Kirkland Lake Discoveries (TSXV:KLDC)
Weekly gain: 88.24 percent
Market cap: C$15.2 million
Share price: C$0.16
Kirkland Lake Discoveries is a gold-copper explorer focused on projects in its district-scale land package located in the Kirkland Lake area of Ontario, Canada. Its holdings span approximately 38,000 hectares in the Abitibi greenstone belt, an area that holds past-producing gold and copper mines. Its land is broadly divided into KL West and KL East, which contain the Goodfish-Kirana and Lucky Strike gold projects, respectively, among others.
On April 29, the company entered a mining option agreement with Val-d’Or Mining (TSXV:VZZ) to acquire the Winnie Lake and Amikougami properties, as well as mining claim purchase agreements with two vendors to acquire further claims around the Winnie Lake Pluton. The properties expand KL West's southern portion.
On Wednesday (August 6), the company initiated an inaugural diamond drill program at KL West and Winnie Lake. The program is designed to follow up on historic drill results as well as recent surface exploration.
About 2,000 meters of drilling are planned, and the company expects it to be completed by the end of August. Kirkland stated that assays will be released as they are received and interpreted.
2. Avanti Helium (TSXV:AVN)
Weekly gain: 78.95 percent
Market cap: C$15.2 million
Share price: C$0.17
Avanti Helium is an explorer and developer focused on advancing helium assets in Canada and the US toward production. Its Greater Knappen projects are composed of several areas in Southern Alberta, Canada, and Northern Montana, US. The combined land packages cover approximately 74,000 acres with multiple targets.
According to its project page, Avanti has drilled three exploration wells in Montana, with two testing for a combined 18.5 million cubic feet per day gas rate with 1.1 percent helium concentration.
The company’s Leader project consists of a combined land package of 91,000 acres in Southern Saskatchewan. The surrounding region has seen 84 wells drilled by other companies since 2016, and as of September 2023, it hosted approximately 25 wells producing 450,000 cubic feet of helium per day.
Avanti gained this week after it announced on Thursday (August 7) that it has signed a multi-year offtake agreement with a global industrial gas supplier. The buyer has committed to a minimum monthly volume from Avanti's Sweetgrass helium recovery unit in Montana, for 33 percent of the initial plant output and 25 percent following a planned expansion.
3. Discovery Energy Metals (CSE:DEMC)
Weekly gain: 68.57 percent
Market cap: C$17.08 million
Share price: C$0.295
Discovery Energy Metals is a lithium explorer working to advance interests in Québec and BC, Canada. Most of the company’s land holdings are in Québec, where it has interests in over 225,000 hectares.
On March 20, the company released assays from a fall 2024 exploration program focused on its Eeyou Istchee James Bay properties. It reported values including 82 parts per million tantalum pentoxide and 101 parts per million cesium oxide at Cirrus East, and 0.66 g/t gold and 0.56 percent zinc at its Mantle property.
Discovery announced on June 25 that it had completed the acquisition of eight mineral claims over 5,283 hectares at the Crystal Lake property in BC. The company acquired the property in a deal with Zimtu Capital (TSXV:ZC).
Early stage exploration work at the property was carried out between 2009 and 2010, and included a magnetic survey and grab samples, which returned up to 0.7 percent copper with elevated gold and silver.
The most recent news from Discovery came on July 15, when it announced a non-brokered private placement for up to 10 million units for gross proceeds of up to C$1 million.
4. Abcourt Mines (TSXV:ABI)
Weekly gain: 66.67 percent
Market cap: C$45.53 million
Share price: C$0.075
Abcourt Mines is a gold exploration and development company focused on operations at its Sleeping Giant mine in the Abitibi region of Québec. The property consists of four mining leases covering an area of 458 hectares and 69 claims. The site hosts an underground mine along with a mill capable of processing 750 metric tons per day.
A July 2023 preliminary economic assessment demonstrates an after-tax net present value of US$77.5 million with an internal rate of return of 33.3 percent over a payback period of 2.2 years.
The company has been working on restarting mining operations at the site throughout 2025.
On Thursday, it provided an update on progress from Sleeping Giant, stating that teams had begun the rehabilitation of underground openings, as well as preparations at the mill for the first stope at the end of July. It also said it had built a surface stockpile of approximately 1,000 metric tons of ore and started work on a tailings facility. Once complete, pulp storage will be good until 2032 at the proposed mining rate of 100,000 to 125,000 metric tons per year.
5. Scorpio Gold (TSXV:SGN)
Weekly gain: 64.71 percent
Market cap: C$60.93 million
Share price: C$0.28
Scorpio Gold is an exploration and development company focused on the advancement of its Manhattan District in the Walker Lane Trend in Nevada, US. The district is composed of the 6,071 acre Manhattan project, which hosts two past-producing open-pit mines, Reliance and Manhattan, as well as the fully permitted Goldwedge underground mine.
Scorpio acquired the project from Kinross Gold (TSX:K,NYSE:KGC) in 2021.
The most recent update from the project came on June 19, when Scorpio announced it was commencing a Phase 1 diamond drill program. The focus is on targets at the Gap zone, the Zanzibar trend and Mustang Hill. Up to 3,400 meters have been planned, with results contributing to an initial mineral resource estimate, which is expected in Q3.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many mining companies are listed on the TSX and TSXV?
As of February 2025, there were 1,572 companies listed on the TSXV, 905 of which were mining companies. Comparatively, the TSX was home to 1,859 companies, with 181 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: NextSource Materials is a client of the Investing News Network. This article is not paid-for content.
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17h
OPINION — Goldenomics 102: The Shadow Price of Gold
This opinion piece was submitted to the Investing News Network (INN) by Darren Brady Nelson, who is an external contributor. INN believes it may be of interest to readers and has copy edited the material to ensure adherence to the company’s style guide; however, INN does not guarantee the accuracy or thoroughness of the information reported by external contributors. The opinions expressed by external contributors do not reflect the opinions of INN and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
By Darren Brady Nelson
One of the underrated, and easily dismissed, stories from the first 100 days of the second Donald J. Trump presidency was in March 2025, when the president said: “We’re actually going to Fort Knox to see if the gold is there, because maybe somebody stole the gold. Tonnes of gold.”
Two developments have happened since. First was his May 2025 executive order “Restoring Gold Standard Science.” Second was his signing the July 2025 GENIUS Act. The former could be a word teaser for “Restoring The Gold Standard.” The latter seems to be a step in that direction.
Source: The White House.
Fort Knox gold
The US Department of the Treasury's Weekly Release of US Foreign Exchange Reserves shows the levels of various official assets, including gold. It reported gold of 261.499 million fine troy ounces. An estimated 56 percent of that is in Fort Knox, with the remainder in West Point, Denver and New York.
The Federal Reserve Act 1913 still gives the power to the US Federal Reserve: “To deal in gold coin and bullion at home or abroad, to make loans thereon, exchange Federal reserve notes for gold, gold coin, or gold certificates, and to contract for loans of gold coin or bullion (and much more).”
The question of how much gold is in Fort Knox and elsewhere is not only important for the purposes of DOGE, but even more so in the case of a potential return to a gold standard. And such an incredible return is not mere speculation, but is due to some credible public comments.
Source: Visual Capitalist.
Trump gold standard
Private citizen Trump commented, as a presidential candidate, about a possible return to a gold standard in June 2016, when he said: “Bringing back the gold standard would be very hard to do, but, boy, would it be wonderful. We’d have a standard on which to base our money.”
More recently, Steve Bannon stated in December 2023: “Nixon took us off the gold standard … over a weekend … in an emergency executive order. That is going to be reviewed strongly in the second Trump term … getting rid of the Fed, yeah, maybe you start with converting back into gold.”
Economist Judy Shelton has an October 2024 book as a guide: “When the US dollar is backed by gold, America prospers, and so does the rest of the world. But this is no curmudgeonly demand to return to the gold standard of yore; (but) gold for a new international monetary order.”
Some sort of gold standard might dovetail with a new global trading system, as outlined in the “Mar-a-Largo Accord” of November 2024, as well as with the GENIUS Act of July 2025, which: “establishes a regulatory framework for payment stablecoins (must redeem for a fixed value).”
Shadow gold price I
Shadow pricing is a method long used in cost benefit analysis that adjusts prices from, or creates prices for, failed or non-existent markets. The shadow price of gold (SPoG) in August 2018 was defined as: “The linkage between the US monetary base and the implied price of gold.”
The In Gold We Trust (IGWT) annual report from May 2025 uses a similar definition: “The theoretical gold price in the event of full gold backing of the base money supply.” The report adds: “The reciprocal value of the (SPoG) gives the degree of coverage of the monetary base.”
The reciprocal SPoG, based on current market prices, is the “Gold Coverage Ratio” (GCR). The report explains further that: “Currently, the (GCR) in the US is only 14.5%. To put it crudely: Only 14.5 cents of every US dollar currently consists of gold, the remaining 85.5% is air.”
Shadow gold price II
According to IGWT: “In the gold bull market of the 2000s, (GCR) tripled from 10.8% to 29.7%. A comparable (GCR) today would only arise if the gold price were to almost double to over $6,000. The record value of 131% from 1980 would correspond to a gold price of around $30,000.”
IGWT goes beyond just $USD: “The international shadow gold price (ISPoG) shows how high the gold price would have to rise if the money supply (M0 or M2) of the leading currency areas were covered by the central banks’ gold reserves in proportion to their share of global GDP.”
“This view impressively reveals the extent of the monetary expansion: With an — admittedly purely theoretical — 100% coverage of the broad money supply M2, the gold price (per ounce) would be over $231,000; even with a moderate 25% coverage, it would be around $58,000.”
International shadow gold price at different gold coverage levels (log), in USD, 12/2024.
Source: Incrementum.
Shadow gold price III
In May 2024, James Rickards predicted: “My latest forecast is that gold may actually exceed $27,000. I don’t say that to get attention or to shock people. It’s not a guess; it’s the result of rigorous analysis.”
This was based on a similar approach to SPoG and GCR that he called “the implied non-deflationary price of gold under a new gold standard (iPoG).” Rickards calculated a gold price, based on iPoG, of $27,533 per ounce.”
He divided US$7.2 trillion of M1 money supply by 261.5 million of gold troy ounces (or 8,133 metric tonnes) in official US reserves estimated by the World Gold Council. The M1 figure is 40 percent of US$17.9 trillion as: “this percentage was the legal requirement for the US Federal Reserve from 1913 to 1946.”
In summary, the sort of gold prices that might be reached under a return to a gold standard, using the shadow price of gold approach, range from lows of US$6,000 to highs of US$231,000, with US$27,533, US$30,000 and US$58,000 in between.
Whatever the gold price ends up at, it would be a once-in-a-lifetime windfall for those holding gold at that time. After that, gold would cease to be an investment, as it has been since 1971 and 1974. Because gold would be actual money once again, and it would be sound money at that.
About Darren Brady Nelson
Darren Brady Nelson is chief economist with Fisher Liberty Gold and policy advisor to The Heartland Institute. He previously was economic advisor to Australian Senator Malcolm Roberts. He authored the Ten Principles of Regulation and Reform, and the CPI-X approach to budget cuts.
Click here to read Goldenomics 101: Follow the Money.
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07 August
LaFleur Minerals Provides Swanson Drilling Update, Acquires Key Swanson Claim, and Files Updated NI 43-101 Technical Report
LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: LFLRF) (FSE: 3WK0) ("LaFleur Minerals" or the "Company") is pleased to announce that to date, seven (7) diamond drill holes totaling 1,764 metres have been completed at its Swanson Gold Project ("Swanson") since drilling commenced in early July (Figure 1). Three (3) of these holes have been sampled, sawn, and sent to the assay laboratory for analysis, with final results expected in the coming weeks. The Swanson Gold Project is particularly well positioned as it lies in the heart of the Abitibi Greenstone Belt near Val-d'Or, Québec, a globally renowned gold district.
Drilling is currently focused on the northern part of the Swanson Gold Project near the Swanson Gold Deposit, which hosts an Indicated and Inferred Mineral Resource Estimate. These regional exploration holes are testing geological, geophysical, and geochemical targets up to 3 km from the Swanson Gold Deposit and along strike of a major structural break. Visual core logging suggests that several of the completed holes intersected geological features similar to those hosting known mineralization at the Swanson Gold Deposit.
Key observations from core logging of the recent drill holes are summarized below:
- Pyrite and other sulphides are consistently observed in the drill holes, classic pathfinder minerals for gold.
- A 17.9-metre-wide sulphide-rich zone (true width currently unknown) in drill hole SW-025-038 is a standout intersection that may indicate the potential for gold mineralization; however, assay results are still pending.
- The presence of silicification, carbonate alteration, sericite, chlorite, fuchsite, and quartz veining are classic indicators of hydrothermal fluid movement, which often carries gold. The consistent appearance of shearing, stockwork veining, and brecciation also suggests structural controls that may localize gold mineralization. The presence of alteration and sulphides over multiple holes and rock types also increases the likelihood of defining a larger mineralized system.
- Fuchsite alteration in drill hole SW-025-036 is particularly notable as it is also an important pathfinder and frequently associated with gold mineralization in the Abitibi Greenstone Belt.
PRELIMINARY SWANSON DRILLING HIGHLIGHTS
Below is a brief summary of preliminary geological and mineralization observations from core logging of the recent diamond drill holes completed by the Company. Half-core samples have been securely sent to AGAT Labs ("AGAT") in Val-d'Or, Québec for sample preparation, fire assay, and four-acid ICP geochemical testing, with final analytical results still pending. AGAT is independent of LaFleur Minerals and fully certified and accredited to ISO/IEC 17025:2017 and ISO 9001:2015 standards.
- Drill hole SW-025-032: Strongly bleached basalts with silicification and carbonate alteration. Pyrite mineralization observed. Occasional quartz-carbonate-tourmaline veins with trace chalcopyrite.
- Drill hole SW-025-033: Altered, carbonate-rich basalts with well-developed shear zones and sericite. Disseminated and stringer pyrite observed. Contact with ultramafic rocks featuring chlorite-talc-carbonate stockworks.
- Drill hole SW-025-034: Alternating altered basalts and ultramafics, sheared with quartz veining. Disseminated and stringer style pyrite observed.
- Drill hole SW-025-035: Sequence includes altered basalts, ultramafics, and possible syenites with shearing and sericite alteration. Pyrite mineralization observed.
- Drill hole SW-025-036: Basalts, ultramafics, and intermediate porphyritic intrusives with significant quartz veining and pervasive fuchsite alteration. Pyrite mineralization observed.
- Drill hole SW-025-037: Pink syenite with sulphides, transitioning to a non-magnetic basalt with sulphides observed such as semi-massive pyrite and magnetite-rich intervals.
- Drill hole SW-025-038: Intersected altered tuffs, breccias, mafic/ultramafic flows, and felsic intrusives. A 17.9 m wide sulphide-rich zone was identified (true width currently unknown), composed of semi-massive to massive pyrite-pyrrhotite stockwork within a brecciated tuff, with strong sericite, chlorite, and silica alteration.
"We are very encouraged by the early progress of the Swanson drilling program and the geological and mineralization similarities seen in the recent drill core to the known Swanson Gold Deposit," said Paul Ténière, CEO of LaFleur Minerals. "We're particularly optimistic about the mineralized zone encountered in hole SW-025-038 and we look forward to releasing assay results in the near future."
Further drilling is ongoing, and additional updates will be provided by the Company as results become available. The fully funded and permitted drill program includes a minimum of 5,000 metres of drilling targeting priority areas identified through extensive historical data compilation and recent fieldwork, including the Swanson Gold Deposit, as well as the Bartec, Jolin, and Marimac target zones (Figure 2). This will include priority targets from over 50 promising targets identified to date.
ACQUISITION OF KEY MINERAL CLAIM FROM GLOBEX MINING ENTERPRISES
The Company also announces that it will acquire a key mineral claim from Globex Mining Enterprises Inc. ("Globex") located immediately adjacent to and east of the Swanson mining lease, which hosts the Swanson Gold Deposit. The mineral claim will be acquired through an arm's length asset purchase agreement dated August 14, 2025, between the Company and Globex (the "Purchase Agreement"). The consideration payable by the Company to Globex for 100% ownership of the mineral claim is a cash payment of C$2,500 due upon execution of the Purchase Agreement. Globex will retain a 2% Gross Metal Royalty (GMR) upon commencement of commercial production from the mineral claim.
NI 43-101 TECHNICAL REPORT UPDATE
LaFleur Minerals is also pleased to announce that it has filed an updated NI 43-101 Technical Report ("Technical Report") for the Swanson Gold Project that discloses the results of recent exploration programs by LaFleur Minerals and the 2024 Mineral Resource Estimate for the Swanson Gold Deposit, which remains unchanged. The Technical Report has an effective date of July 29, 2025 and has been filed on the Company's SEDAR+ profile at www.sedarplus.ca and is available on the Company's website at www.lafleurminerals.com.
SITE VISIT DETAILS - BEACON GOLD MILL AND SWANSON GOLD PROJECT
LaFleur Minerals confirms a site visit and tour of its Beacon Gold Mill and Swanson Gold Project in the Val-d'Or region will occur on August 11-13, 2025. Interested parties are encouraged to contact the Company as soon as possible at info@lafleurminerals.com for further details and to confirm their attendance.
Figure 1: Drill Holes recently completed near the Swanson Gold Deposit
Figure 2: Swanson drilling target regions and proposed 2025 drill holes (in blue)
CAUTIONARY STATEMENT
Visual estimates of mineral abundance or apparent mineralization observed in drill core are preliminary in nature and readers are cautioned they should not be relied upon as a substitute for analytical results. While the core appears to contain sulphides such as pyrite, chalcopyrite, and pyrrhotite, and quartz veining, laboratory assays are required to determine the actual grades and composition. There is no guarantee that the visual observations will correlate with assay results.
QUALIFIED PERSON STATEMENT
All scientific and technical information in this news release has been prepared and approved by Louis Martin, P.Geo. (OGQ), Exploration Manager and Technical Advisor of the Company and considered a Qualified Person for the purposes of NI 43-101.
About LaFleur Minerals Inc.
LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: LFLRF) (FSE: 3WK0) is focused on the development of district-scale gold projects in the Abitibi Gold Belt near Val-d'Or, Québec. The Company's mission is to advance mining projects with a laser focus on our resource-stage Swanson Gold Project and the Beacon Gold Mill, which have significant potential to deliver long-term value. The Swanson Gold Project is approximately 18,304 hectares (183 km2) in size and includes several prospects rich in gold and critical metals previously held by Monarch Mining, Abcourt Mines, and Globex Mining. LaFleur has recently consolidated a large land package along a major structural break that hosts the Swanson, Bartec, and Jolin gold deposits and several other showings which make up the Swanson Gold Project. The Swanson Gold Project is easily accessible by road allowing direct access to several nearby gold mills, further enhancing its development potential. Lafleur Minerals' fully-permitted and refurbished Beacon Gold Mill is capable of processing over 750 tonnes per day and is being considered for processing mineralized material from Swanson and for custom milling operations for other nearby gold projects.
ON BEHALF OF LAFLEUR MINERALS INC.
Paul Ténière, M.Sc., P.Geo.
Chief Executive Officer
E: info@lafleurminerals.com
LaFleur Minerals Inc.
1500-1055 West Georgia Street
Vancouver, BC V6E 4N7
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding "Forward-Looking" Information
This news release includes certain statements that may be deemed "forward-looking statements." All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this news release include, without limitation, statements related to the use of proceeds from the Offering. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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06 August
First Quantum Secures US$1 Billion in Gold Stream Deal with Royal Gold
First Quantum Minerals (TSX:FM,OTC Pink:FQVLF) has locked in a US$1.0 billion cash infusion through a gold streaming agreement with RGLD Gold AG, a wholly owned subsidiary of Royal Gold (NASDAQ:RGLD).
The Vancouver-based firm announced on Tuesday (August 5) that the streaming agreement is tied to its Zambian operations, covering future gold deliveries linked to copper output at its Kansanshi mine.
“Following a thorough evaluation of several deleveraging options, I am pleased to announce this milestone transaction which preserves exposure to all of the copper production at Kansanshi while still maintaining exposure to the majority of the Company’s gold production,” said First Quantum CEO Tristan Pascall in a press release.
“It is pleasing to form a new partnership with Royal Gold which is a strong endorsement of the operations at Kansanshi and its multi-generational ore body as well as Zambia as a leading African mining jurisdiction,” Pascall added.
The agreement provides First Quantum with long-term, unsecured capital that does not increase its debt load. Proceeds will be used for capital expenditures and repayment of existing bank loans. Furthermore, the company said that the transaction is expected to materially lower its net debt-to-EBITDA ratio.
While the arrangement commits First Quantum to deliver gold based on a formula tied to copper production, the company retains most of its gold upside.
Based on its 2026 and 2027 production forecasts, approximately 84 percent of its total gold output will still be exposed to spot market pricing. The company also retains full exposure to newly discovered near-surface gold zones at Kansanshi.
Under the terms of the agreement, First Quantum will deliver gold to Royal Gold on a stepdown basis: 75 ounces of gold for every million pounds of recovered copper produced until 425,000 ounces have been delivered, 55 ounces per million pounds for the next 225,000 ounces, and 45 ounces per million pounds thereafter.
First Quantum will receive 20 percent of the spot gold price per ounce delivered, rising to 35 percent if it secures a BB credit rating or maintains a net leverage ratio of 2.25x or lower for three straight quarters starting Q1 2026.
The deal also includes two optional acceleration provisions, allowing First Quantum to reduce future delivery commitments. The company can cut delivery thresholds by up to 20 percent at a value of up to US$200 million once it reaches the BB rating or leverage target.
A further 10 percent reduction, worth US$100 million, is possible upon achieving a leverage ratio of 1.25 times over four consecutive quarters, subject to meeting certain operational conditions.
The gold streaming deal is part of First Quantum’s continued efforts to strengthen its finances after recent setbacks at the Cobre Panamá mine.
In May, the company announced it had received government approval in Panama for its Preservation and Safe Management program at the Cobre Panamá mine. The approval enables the company to carry out environmental and safety measures funded through the export of 121,000 dry metric tons of copper concentrate currently stored on site.
The program does not represent a restart of full operations, but allows First Quantum to maintain the site and manage its obligations in line with Panamanian government requirements.
On the other hand, the deal also deepens Royal Gold’s exposure to a major African copper-gold asset at a time when the streaming and royalty company is making moves to expand its portfolio.
Just last month, Royal Gold announced a pair of major acquisitions: a US$3.5 billion all-share deal to acquire Sandstorm Gold (TSX:SSL)and a separate US$196 million cash deal for Horizon Copper (TSXV:HCU).
The transactions, announced in July, would create a streaming and royalty giant with 393 assets across six continents—including 80 that are currently cash-flowing.
Shares of First Quantum were up slightly in Tuesday trading following the announcement.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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06 August
Drilling discovers new ‘Monster’ gold zone near Main Hill at Mt York, WA
New results extend mineralisation from undrilled Main Hill area; additional drilling required to further define new zone
Kairos Minerals Ltd (ASX:KAI) (“KAI” or the “Company”) is pleased to announce results from a further 19 diamond holes, including a new, wide zone of gold mineralisation intercepted at its Mt York Gold Project in WA’s Pilbara, where current resources at the Main Trend sit at 1.4Moz Au. Results from Gossan Hill (7 holes), Breccia Hill (3 holes) and Main Hill (9 holes) (Table 1), are shown on the Leapfrog oblique-section (Figure 1) drill plan (Figure 2), long-section (Figure 3) and cross-section (Figure 4).
Highlights
- Best intercept of 53m @ 1.45 g/t Au from 212m incl 10m @ 2.95 g/t Au received from latest batch of drill results at 1.4Moz Mt York Gold Project
- Four diamond holes planned to follow up and test extensions of this extensional zone near Main Hill
- 52 holes for 13,536m completed at Mt York, ahead of schedule and on budget; Stage 1 is an 80-hole, 18,000m resource expansion program
- Results for 19 holes received, with excellent intercepts including:
- 3m @ 7.20 g/t Au from 181m (25MYDD020);
- 62m @ 0.78 g/t Au from 79m incl 25m @ 1.22 g/t Au from 79m (25MYDD023);
- 53m @ 1.45 g/t Au from 212m incl 10m @ 2.95 g/t Au from 239m (25MYDD031);
- 22m @ 1.30 g/t Au from 70m incl 7m @ 2.55 g/t Au from 83m (25MYDD039).
- Results expected to have a positive impact for an updated resource estimate later in 2025.
Drill hole 25MYDD031 returned 53m @ 1.45 g/t Au from 212m northwest of Main Hill that may well be an important new discovery in an area that had not previously been drilled. This is expected to have a very positive impact on the resource of the Main Trend.
Kairos’ team believes this area named ‘Monster’ by the Kairos geologists on site is a new structural zone, likely to be a large-scale fold flexure or closure in the BIF where thick, high-grade mineralisation has been drilled elsewhere at the Main Trend. The implications of a new fold zone or zones could have a significant, positive impact on the potential project resource size along the 3km Main Trend, and especially in the Main Hill area. Kairos geologists are currently looking at additional drill holes to target the concept and ultimately, grow the resources.
Stage 1 drilling aims to boost gold resources at Mt York and test extensions of high- grade shoots ahead of a mineral resource estimate (MRE) update expected in 2H CY25. Stage 2 drilling later in the year or early 2026 aims to convert Inferred resources to higher confidence Indicated resources.
Kairos Managing Director Dr Peter Turner said: “Drilling continues to provide nice surprises and we are beginning to understand the controls on the wide, higher-grade zones of mineralisation within fold flexures that we can map out and importantly, target over hundreds of metres along the 3km-long, continuously mineralised Main Trend.
To report a drill hole intercept of 53m @ 1.45 g/t Au in any gold project is a good result but this result is even more special – it is an extension of the largely untested Main Hill prospect where the mineralisation remains open in all directions and is an exciting, large target to drill.
We remain confident Mt York will become one of the Pilbara’s – and Western Australia’s – largest undeveloped gold resources with clean metallurgy, once drilling is complete.”
Click here for the full ASX Release
This article includes content from Kairos Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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05 August
Asra Minerals: Unlocking Multi-million Ounce Gold Potential in WA’s Premier Goldfields
Asra Minerals (ASX:ASR) is unlocking the value of its resource portfolio and underexplored prospects in Western Australia’s renowned Leonora Goldfields. The company holds one of the largest and most prospective land positions in the district, strategically located near major gold producers, including Genesis Minerals (ASX:GMD) with its 8.9 Moz Leonora Operations, Vault Minerals (ASX:VAU) with the 1.9 Moz Darlot and 4.1 Moz King of the Hills mines, and Northern Star (ASX:NST), operator of the 4.2 Moz Thunderbox mine.
A strategic reset in late 2024 brought in a new CEO, technical team, and a focused drilling strategy targeting resource growth and project consolidation. With strong gold prices supported by global uncertainty and Western Australia’s stable regulatory environment, Asra’s historically underexplored and fragmented ground is now well-positioned for discovery, growth, and long-term value creation.
Asra Minerals’ flagship Leonora Gold Project covers over 936 sq km in Western Australia’s prolific Eastern Goldfields, one of the country’s most productive gold regions. The project is divided into the Leonora North and Leonora South areas and is strategically located near world-class gold operations, including Genesis Minerals’ Leonora Operations, Vault Minerals’ King of the Hills, and Northern Star’s Thunderbox mine—all within trucking distance. Asra’s tenements lie along highly prospective granite-greenstone contacts and major fault zones, including the Ursus Fault, a key structural control for high-grade orogenic gold mineralization.
Company Highlights
- District-Scale Gold Project in Tier-One Jurisdiction: 936 sq km landholding in WA’s Leonora region, proximal to more than 15 Moz of gold resources across neighboring major mines.
- JORC Resource of 200 koz at 1.8 g/t gold: Existing resource includes high-grade shallow mineralization at Orion, Sapphire, Mt Stirling and Stirling Well.
- Aggressive Growth Strategy: Targeting >500 koz resource base in 2025 through near-resource and greenfield drilling.
- Ongoing Exploration: Systematic exploration underway across the portfolio with multiple high-priority targets identified for further follow-up.
- New High-impact Leadership: Rebuilt management and technical team in late 2024, including renowned gold discoverers behind Gruyere (6.2 Moz) and Raleigh (1 Moz).
- Undervalued Opportunity: With a ~$10 million market cap, Asra offers substantial re-rating potential amid rising gold prices and renewed institutional interest.
This Asra Minerals profile is part of a paid investor education campaign.*
Click here to connect with Asra Minerals (ASX:ASR) to receive an Investor Presentation
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