
February 09, 2025
First Major Exploration Program in Several Decades on Highly Prospective Cosmo Project with Soil Sampling Designed to Generate Drill Targets
Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to advise that it has commenced a multi-stage regional soil-geochemistry program at its majority- owned(1) 580km² Cosmo Gold Project (the “Project”)(2) in the Eastern Goldfields of Western Australia. The program is the most significant exploration work to be undertaken on the Project in decades and is a foundational stage for drill target generation.
The program follows the Company’s acquisition of a majority and controlling interest in the Project in December 2024 and its agreement to acquire a majority and controlling interest in the nearby Mt Venn Project in January 2025(3). In aggregate, the belt-scale projects will cover approximately 1,000km²(2,3) and +100km of strike-length of greenstone rocks and are well-positioned and underexplored, presenting an exciting opportunity for Sarama in the Laverton Gold District which is known for its prolific gold endowment (refer Figure 1).
Highlights
- Large-scale soil geochemistry program underway at the Cosmo Project to progress drill targeting
- Program is the most significant exploration works undertaken on the Project in several decades
- Initial focus on areas with large-scale structural features and lithological contacts identified in recent interpretation of airborne geophysical datasets
- Surface grab sampling returned grades up to 52g/t Au(5) in historical exploration within the Project
- Fieldwork already underway with experienced field crews mobilised; first samples for analysis in 2 weeks
- Opportunity for recommencement of modern exploration due to changes in land access
- Follows the recent execution of a non-binding Heads of Agreement to acquire majority interest in belt-scale Mt Venn Project(3)
- Sarama’s recent acquisitions will create in aggregate a 1,000km² exploration position(2,3) capturing 100km of strike length in underexplored terrane
- Projects located in the prolific Laverton Gold District, proximal to the producing Gruyere Gold Mine(4)
Sarama’s President, Executive Chairman, Andrew Dinning commented:
“We are very pleased to get exploration underway and bring the belt-scale Cosmo Project to account. Cosmo is genuinely underexplored, has all the geological ingredients to generate a discovery and with core team members that led the discovery of the multi-million ounce Moto and Sanutura(6) Projects in Africa and we look forward to seeing what this project can deliver. Leveraging its position at the Cosmo Project, upon completion of the transaction to acquire a majority interest in the nearby Mt Venn Project, Sarama will have 1,000km2 of highly prospective ground in the prolific Laverton Gold District.”
Click here for the full ASX Release
This article includes content from Sarama Resources, 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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The Conversation (0)
20 May
Sarama Resources
Investor Insight
Sarama Resources offers a compelling investment opportunity driven by a +US$120 million fully-funded arbitration claim and two new belt-scale gold projects encompassing 1,000 km2 of the Cosmo Newbery and Jutson Rocks Greenstone Belts in Western Australia’s prolific Eastern Goldfields.
Overview
Sarama Resources (TSXV:SWA, ASX:SRR) is an Australian gold exploration and development company with two key value drivers: a fully funded, multi-million-dollar arbitration claim and two highly prospective gold projects in Western Australia’s Eastern Goldfields. Each of these presents significant standalone value, while together they offer strong upside and optionality for investors.
Sarama recently secured the Cosmo Newbery and Mt Venn Gold Projects, covering 580km² and 420km² respectively. These projects encompass the majority of the greenstone belts they are located within - regions historically underexplored but geologically similar to the nearby Dorothy Hills belt, host to Gold Fields’ +8Moz Gruyere Gold Mine. Both projects offer a compelling exploration opportunity in one of Australia’s most prolific gold provinces.
In parallel, Sarama is advancing a fully funded arbitration claim against the Government of Burkina Faso, seeking no less than US$120 million in damages. The claim is backed by a non-recourse loan facility, with leading international law firm Boies Schiller Flexner - renowned for securing large settlements - engaged to lead proceedings.
The Company is led by a highly experienced board and management team with a strong track record in gold discovery and development, including the +25Moz Kibali Gold Mine and the +3Moz Sanutura Gold Project.
Sarama’s Regional Exploration Strategy
Sarama’s regional strategy is centred on unlocking value across 1,000km² of contiguous, underexplored greenstone terrane in one of Australia’s most productive gold provinces. With 100% control of the Cosmo Gold Belt and a majority stake in Mt Venn, Sarama is strategically positioned between two of the region’s most prolific gold belts - Yamarna/Dorothy Hills to the east and Laverton to the west.
Both projects share key geological signatures with nearby multi-million-ounce deposits and benefit from existing infrastructure and access. The Company’s exploration efforts will focus on high-priority targets across both belts, with systematic programs planned throughout 2025 to rapidly advance discovery.
Together, Cosmo Newbery and Mt Venn offer a rare opportunity to explore at scale in a region that has delivered some of the largest gold discoveries in recent decades - yet remains largely underexplored.
Company Highlights
- Sarama Resources is advancing two key value drivers: a fully funded, multi-million-dollar arbitration claim and two highly prospective belt-scale gold projects in Western Australia’s Eastern Goldfields.
- The flagship Cosmo Gold Project spans 580km², covering much of the underexplored Cosmo Newbery Greenstone Belt. Complementing this, Sarama holds an 80% interest in the 420km² Mt Venn Project, located just 40km from both its Cosmo Project and Goldfields +8Moz Gruyere Gold Mine. The region has remained largely under-explored due to historical access restrictions, leaving considerable untapped potential.
- The Company is also pursuing a fully funded arbitration claim seeking not less than US$120 million in damages from the Government of Burkina Faso. This claim, related to the Sanutura Project, is supported by a non-recourse funding facility covering all legal costs, with formal proceedings initiated in December 2024.
- Sarama is led by a seasoned team with all members having over 30 years’ experience each and a strong track record in gold discovery and development.
Key Projects
Cosmo Newbery Gold Project
The Cosmo Gold Project is a unique, underexplored, belt-scale gold opportunity in Western Australia's prolific Eastern Goldfields. Sarama holds the entire Cosmo Newbery Greenstone Belt under granted exploration licenses covering approximately 583km². The belt is one of the few remaining greenstone belts in Western Australia to have seen little to no modern exploration.
The project is located approximately 85 km northeast of Laverton and 95 km west of the +8Moz Gruyere Gold Mine, operated by Gold Fields and Gold Road. The surrounding region hosts several world-class gold systems, including the Yamarna and Dorothy Hills belts to the east (home to Gruyere, the 1Moz Golden Highway, and 300koz Gilmore deposits) and the Laverton Belt to the west, with over 35Moz in gold endowment and 12Moz of historic production.
Cosmo shares strong geological and structural similarities with these prolific belts. Key elements of orogenic gold systems are present, including:
- Archaean greenstone lithologies
- Crustal-scale shear zones
- Felsic intrusions
- Localised faulting and shearing
- Historic gold mineralisation and high-grade rock chips (up to 52 g/t Au)
Despite gold first being discovered here in the 1890s, the region has seen virtually no modern exploration or drilling, offering a unique opportunity to unlock value in a highly prospective setting.
Project Highlights
- Proven Gold Terrane: Located in a world-class gold province surrounded by major deposits
- Scale and Control: 100% control of the entire Cosmo-Newbery Belt, spanning +50 km of strike
- Underexplored: Minimal historical exploration; no modern drilling of merit
- Historic Potential: Early gold discoveries in the 1890s with artisanal workings still visible
- Strategic Location: Proximal to major gold operations including the Gruyere Gold Mine and multiple large scale mines in the Laverton gold belt
Mt Venn Gold Project
The Mt Venn Gold Project is a large-scale, underexplored gold exploration asset in Western Australia’s Eastern Goldfields, located approximately 40 km east of Sarama’s Cosmo Newbery Gold Project and 40 km west of the +8Moz Gruyere Gold Mine. Sarama holds an 80% interest in the project, which spans 420km² across a substantial portion of the Jutson Rocks Greenstone Belt - a geologically prospective system with gold first discovered in the 1890s.
Mt Venn shares many geological similarities with the Cosmo Project, and is viewed as a complementary, belt-scale exploration opportunity. The project comprises three contiguous exploration tenements and hosts a 35km gold corridor, defined by semi-continuous gold-in-soil anomalies, historic workings, and encouraging drill intercepts. Historic drilling has returned multiple results of merit, including intercepts up to 8.5 g/t Au, over a 4km trend at the Three Bears Prospect.
Geologically, Mt Venn is highly prospective, featuring:
- Archaean greenstone lithologies
- A major regional shear zone running the full 50km length of the belt (1–3 km wide)
- Favourable structural and lithological settings for orogenic gold mineralisation
Despite early discoveries, the project will benefit from a systematic, project-wide approach to exploration and offers substantial discovery potential in a proven gold district.
Project Highlights
- Proven Gold Terrane: Covers a significant part of the Jutson Rocks Greenstone Belt in a region known for major gold discoveries
- Contiguous Tenure: 420km² across three tenements, including a 35km anomalous gold corridor
- Geological Potential: Hosts a large regional shear zone with associated gold mineralisation and strong structural controls
- Historic Workings: Gold discovered in the 1890s; limited systematic follow-up exploration
- Drill-Ready Targets: Historical drilling includes intercepts up to 8.5 g/t Au at the Three Bears Prospect
- Strategic Location: Positioned 40 km from Gruyere (+8Moz), 20 km from the 1Moz Golden Highway deposit, and 40 km from Sarama’s Cosmo Gold Project
Management Team
Andrew Dinning – Executive Chairman
Andrew Dinning is a founder and the Executive Chairman of Sarama Resources. Dinning has over 35 years of experience in the international mining arena and has worked in Australia, the Democratic Republic of Congo, West Africa, the UK and Russia. He has extensive mine management, operations and capital markets experience and has spent most of his career in the gold sector.
Dinning was a Director and President of the Democratic Republic of Congo-based Moto Goldmines Ltd from 2005 to 2009. He oversaw the development of the company's Moto Gold Project (Kibali Gold) from two million to more than 22 million ounces of gold. Dinning took the project from exploration to pre-development. The Moto Gold project was later taken over by Randgold Resources and AngloGold Ashanti for $600 million in October 2009.
Dinning has an MBA, a First-Class Mine Managers Certificate in Western Australia and South Australia and a Bachelor of Engineering in Mining degree.
John (Jack) Hamilton - Vice-president of Exploration
Jack Hamilton is a founder and the Vice President of Exploration at Sarama Resources. Hamilton has 35 years of experience as a professional geologist. Hamilton has worked around the world for international resource companies. Before Sarama, he was the exploration manager for Moto Goldmines in the Democratic Republic of Congo. At Moto Goldmines, he led the team that discovered the main deposits and resource at the world-class Moto Gold Project (now Kibali Gold) which has a resource of more than 22 million ounces.
Hamilton specializes in precious metal exploration in Birimian, Archean and Proterozoic greenstone belts. He has worked and consulted in West, Central and East Africa for the past 30 years with various companies, including Barrick Gold Corporation, Echo Bay Mines, Etruscan Resources Inc, Anglo American, Geo Services International and Moto Goldmines. Whilst at Moto Goldmines, he led the exploration team that took the Moto gold deposit from discovery to bankable feasibility. The Moto gold deposit was later sold to Randgold Resources and AngloGold Ashanti in October 2009.
Paul Schmiede - Vice-president of Corporate Development
Paul Schmiede is a major shareholder and the Vice President of Corporate Development at Sarama Resources. He is a mining engineer with over 30 years of experience in mining and exploration. Before joining Sarama Resources in 2010, Schmiede was Vice President of Operations and Project Development at Moto Goldmines. At Moto Goldmines, he managed the pre-feasibility, bankable and definitive feasibility study for the more than 22 million-ounce Democratic Republic of Congo-based Moto Gold Project (now Kibali Gold). Whilst at Moto Goldmines, he also managed the in-country environment, community studies and pre-construction activities. Before joining Moto Goldmines, he held senior operational and management positions with Goldfields and WMC Resources. At these companies, Schmiede was responsible for underground and open-pit operations as well as project development and planning.
Schmiede holds a first-class mine managers certificate in Western Australia and a Bachelor of Engineering in Mining degree. He is also a fellow of the Australasian Institute of Mining and Metallurgy.
Lui Evangelista - Chief Financial Officer
Lui Evangelista is Sarama's chief financial officer with 35 years of experience in accounting, finance and corporate governance with public companies. He has more than 20 years of experience in the mining industry - 10 years of which have been at the operational and corporate level with companies operating in Francophone Africa.
Evangelista held the positions of group financial controller and acting CFO at Anvil Mining which operated 3 mines in the DRC. He was an integral part of the senior management team that saw Anvil's market capitalization grow from C$100 million in 2005 to C$1.3 billion upon takeover by Minmetals in 2012.
Evangelista holds a Bachelor of Business in Accounting degree, a graduate diploma in business administration and a graduate diploma in applied corporate governance.
Simon Jackson - Non-executive Director
Simon Jackson is a founder, shareholder and non-executive chairman of Sarama Resources. Jackson is a Chartered Accountant with over 30 years of experience in the mining sector. He is the Chairman of Predictive Discovery and Non-Executive Director of African gold producer Resolute Mining. He has previously held senior management positions at Red Back Mining, Orca Gold and Beadell Resources.
Jackson specializes in M&A, public equity capital markets, management and corporate finance. His career has included corporate transactions in Canada, Australia, Africa and Indonesia. He holds a Bachelor of Commerce degree from the University of Western Australia and is a fellow of the Institute of Chartered Accountants in Australia.
Adrian Byass - Non-executive Director
Adrian Byass has more than 30 years of experience in the mining industry. He has focused his career on the economic development of mineral resources. He is skilled in economic and resource geology. Byass has experience ranging from production in gold and nickel mines to the evaluation and development of mining projects with listed and unlisted entities in multiple countries. He has also held executive and non-executive board roles on both ASX and AIM-listed companies.
Byass presently operates in a corporate and market-focused capacity on a national and international basis. He has board-level experience in mine development, capital raising and M&A in Australia and on overseas stock exchanges. Byass has played key roles in a range of exploration and mining projects in Australia, Africa, North America and Europe. These projects were based on a suite of commodities including gold, base and specialty metals.
He holds a Bachelor of Science in Geology and a Bachelor of Economics. Byass is a member of the Australian Institute of Geoscientists, a fellow of the Society of Economic Geology and a competent person for the reporting of mineral resources (JORC 2012).
Michael Bohm - Non-executive Director
Michael Bohm is a seasoned director and mining engineer in the resources industry. His career spans roles as a mining engineer, mine manager, study manager, project manager, project director, and managing director.
He has been directly involved in the development of multiple mines in the gold, nickel, and diamond industries, and made significant contributions to Ramelius Resources during its formative years. This experience is particularly important as Sarama is currently in the process of rebuilding its operations in the Eastern Goldfields region of Western Australia.
He is a current director of ASX-listed Riedel Resources and has previously been a director of ASX listed Perseus Mining, Ramelius Resources, Mincor Resources NL and Cygnus Metals.
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Promising new gold projects in Western Australia, plus a large fully funded arbitration claim.
09 June
Sarama Outlines Extensive Gold Trends at Cosmo Gold Project
13 May
Q1 2025 Management's Discussion and Analysis
28 April
Initial Exploration Program Completed at Cosmo Gold Project
4h
Financing Update on the Cobar Basin Silver & Gold Production Strategy
Manuka Resources Limited (ASX:MKR, “Manuka” or the “Company”) is pleased to provide an update on progress of the Company’s Cobar Basin silver and gold production strategy and the restart of the existing 1Mtpa Wonawinta processing plant.
Highlights
- Independent Technical Due Diligence and Legal Due Diligence completed and provided to prospective Financiers.
- Terms Sheets received from multiple parties for the refinancing of existing debt and funding of the Wonawinta Silver Mine restart.
- Silver and Gold prices remain strong with current spot prices increasing the NPV of the Cobar Basin Production Plan to A$153M1.
- Manuka is currently assessing the feasibility of a cut-back of the Mt Boppy open pit (Mineral Resource of 0.4Mt at 4.23g/t Au for 53.5koz Gold)2 to augment and add significant value to the Cobar Basin Production Plan.
Background
Manuka recently released a 10-year production plan based on its 100% owned silver and gold assets located in the prolific Cobar Basin3. The plan comprises the mining and processing of 10.7Mt containing 19.2Moz of silver plus gold credits (Table 1). The Production Target is underpinned by 61% Reserves.
The capital expenditure required to bring the Wonawinta processing plant back into production in Q1 2026 is estimated to be A$18.9M. At an assumed silver price of A$50/oz and average All-In Sustaining Cost of A$35/oz, the project delivers an average EBITDA of A$22M per annum at an IRR of 109% and NPV8 of A$101M.
Financing Progress
The Company advises that it is in discussion with financiers to provide funding to refinance existing debt and bring the Wonawinta processing plant back into production.
Prospective financiers have been provided with independent technical and legal due diligence reports to support their preparation of terms. To date, terms sheets have been received from multiple parties by the Company and are under consideration. The Company aims to reach binding terms on a financing facility early in the third quarter.
The Company further advises that the security shares held by GAM Company Pty Ltd4 have been purchased by existing shareholder and prominent investor Antanas Guoga. The associated convertible notes have been extinguished.
Mt Boppy Gold Mine – Open Pit Cut Back
The Mt Boppy Gold Mine is located 50km east of Cobar and 151km by road to the Wonawinta processing plant. The Mt Boppy Gold Mine comprises an existing open pit with a Resources of 0.4Mt at 4.23g/t Au and a collection of mineralised rock dumps and tailings totaling 2.2Mt at 0.84g/t Au (Table 2). Approximately 0.2Mt from the rock dumps and tailings (less than10%) is included in the Cobar Basin production plan.
Historically one of New South Wales richest gold mines, Mt Boppy is estimated to have produced ~500,000 ounces of gold at ~15g/t Au. The existing open pit was last mined by Manuka in 2021 when ore grading >4g/t Au was extracted and hauled to Wonawinta for processing. Production was halted after a severe weather event caused flooding in the pit and instability in the pit wall.
The Company is currently undertaking a re-optimisation and reassessment of open pit designs to determine the feasibility of recovering the approximately 53.5koz of gold contained in the existing In Ground Resource. The In Ground Resource remains open at depth and along strike and is prospective for mineralisation of the tenor historical mined at Mt Boppy.
The Company aims to report on the result of the re-optimisation and reassessment of Mt Boppy Gold Mine open pit cut back during the upcoming quarter.
MKR Executive Chairman commented:
“Following the release of our updated Cobar Basin production plan, we have moved rapidly to enter into productive discussions with a number of prospective funders for our development strategy. With technical and legal due diligence reports now complete we are confident of securing a financing facility in the upcoming quarter and bringing Wonawinta back into production in the new year.
In parallel, we are progressing a study on a cut-back at the Mt Boppy Gold Mine. With an in-situ gold grade of over 4g/t, the open pit cut back opportunity presents as a potentially high margin gold operation that will augment, and add significant value to, our Cobar Basin production plan.
We look forward to providing further updates to the market on our financing progress and Cobar Basin production strategy in the near future, along with our plans for the re- optimisation of the Mt Boppy Gold Project.”
Click here for the full ASX Release
This article includes content from Manuka Resources, 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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13h
Randy Smallwood: Silver Set for Bull Run, Gold Wakeup in the West
Randy Smallwood, president and CEO of Wheaton Precious Metals (TSX:WPM,NYSE:WPM), shares his updated thoughts on the gold and silver markets.
He also discusses Wheaton's project pipeline and the company's hunt for more assets.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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20h
NevGold: Portfolio of Gold, Antimony and Copper Projects in Tier 1 jurisdictions in the US
NevGold (TSXV:NAU,OTCQX:NAUFF,FSE:5E50) is advancing a portfolio of high-quality oxide and porphyry gold projects in Nevada and Idaho, targeting the discovery and growth of a multi-million-ounce gold-equivalent resource. With a market capitalization of under C$50 million, the company offers substantial upside potential. As NevGold continues to expand resources and de-risk its assets, it is well-positioned for a meaningful valuation re-rating over the next 12 to 18 months.
NevGold is actively advancing three projects with fully funded drill programs, metallurgical studies, and resource updates following its recent capital raise. The company is well-positioned to capitalize on rising gold and copper prices, surging strategic demand for antimony, and heightened interest from major mining companies seeking high-quality, undervalued juniors. Backed by a proven team with deep expertise in mine development and M&A, NevGold offers a compelling growth opportunity in the current commodity cycle.
The Limo Butte Project is NevGold’s cornerstone development asset, located in eastern Nevada within a highly prospective Carlin-style gold district.
Company Highlights
- Multi-million-ounce Target: NevGold is on track to define 5+ Moz gold equivalent in combined resources at Limo Butte and Nutmeg Mountain by Q4 2025.
- Gold+Antimony Critical Metals Advantage: Limo Butte is emerging as a significant near-surface oxide gold-antimony system – one of only two of its kind in the United States.
- Substantial Resource Base: Nutmeg Mountain contains a 2023 NI 43-101 compliant oxide gold resource of 1.28 Moz (indicated + inferred), with strong exploration upside and favorable heap-leach characteristics.
- District-scale Copper Exposure: Zeus offers early-stage copper-gold-molybdenum potential in a highly active porphyry belt, adjacent to a Barrick-backed discovery.
- Strategic Location, Strategic Commodities: All projects are located in mining-friendly jurisdictions with excellent infrastructure, low geopolitical risk, and growing US demand for domestic gold and critical mineral supply.
- Fully Funded Growth: Recent C$6 million financing supports 2025 drill campaigns, metallurgical testwork, and updated NI 43-101 estimates across the portfolio.
- Tight Capital Structure & Strong Support: Backed by strategic shareholders including GoldMining and McEwen Mining.
- Significant Valuation Gap: Trading at a fraction of peers such as Perpetua Resources (~C$1.7 billion), despite similar resource and jurisdictional advantages.
This NevGold profile is part of a paid investor education campaign.*
Click here to connect with NevGold (TSXV:NAU) to receive an Investor Presentation
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24 June
Germany, Italy Face Pressure to Repatriate US$245 Billion in Gold as Trust in US Custody Wavers
Germany and Italy are facing mounting domestic pressure to repatriate more than a third of their gold reserves — worth an estimated US$245 billion — currently held in New York by the US Federal Reserve.
Germany and Italy hold the world’s second and third largest gold reserves, trailing only the US. A substantial portion of this metal is stored overseas, primarily in Manhattan’s Federal Reserve Bank.
This longstanding arrangement, based largely on postwar financial realities and New York’s role as a major global gold-trading hub, is now being questioned by officials and commentators across Europe’s political spectrum.
Fabio De Masi, a former member of European Parliament now affiliated with Germany’s new left-wing populist BSW party, told the Financial Times there are “strong arguments” to bring more of Germany’s bullion back home.
Taxpayers Association of Europe (TAE) President Michael Jäger echoed the same sentiments last month: "Trump wants to control the Fed, which would also mean controlling the German gold reserves in the US," he told Reuters.
"It's our money, it should be brought back."
Similar calls are being echoed in Italy, where economic commentator Enrico Grazzini recently warned that “leaving 43 per cent of Italy’s gold reserves in America under the unreliable Trump administration is very dangerous for the national interest." He was writing in Il Fatto Quotidiano ahead of Prime Minister Giorgia Meloni’s visit to Washington.
Fueling this renewed concern are statements made by US President Donald Trump, who earlier this month warned that he may have to “force something” if the US Federal Reserve does not lower interest rates.
Trump has also made direct appeals to the Department of Energy to stimulate oil production, signaling what critics interpret as increasing politicization of independent institutions like the Fed.
The TAE has urged both Germany and Italy to reconsider their reliance on the Fed. “We are very concerned about Trump tampering with the Federal Reserve Bank’s independence,” Jäger said. “Our recommendation is to bring the (German and Italian) gold home to ensure European central banks have unlimited control over it at any given point in time.”
Public skepticism over the safety of foreign gold holdings is not new.
In Germany, a grassroots movement that began in 2010 eventually prompted the Bundesbank to repatriate 674 metric tons of gold from New York and Paris between 2013 and 2017. The operation, which cost 7 million euros, resulted in half of Germany’s reserves being stored domestically by 2020. Nevertheless, 37 percent of its gold remains in the US.
Meloni’s Brothers of Italy party once echoed similar sentiments while in opposition, pledging in 2019 to bring Italy’s gold back home. But since assuming power in 2022, Meloni has largely gone silent on the issue.
Skepticism about US stewardship is not limited to political rhetoric.
According to the World Gold Council's latest survey on central bank gold reserves, 43 percent of the central banks surveyed plan to increase their gold holdings in the coming year — a record high.
The overwhelming majority of respondents (95 percent) expect global central bank gold reserves to keep rising, citing gold’s performance during crises, its inflation-hedging capabilities and its role as a diversifier. Notably, 59 percent of central banks surveyed reported holding at least part of their gold reserves domestically, up from 41 percent in 2024.
Although the Bank of England remains the most popular vaulting location, the World Gold Council's survey reveals growing caution over US custodianship: only 7 percent of respondents said they planned to increase domestic storage last year, but the figure jumped significantly in 2025.
New bill calls for US gold audit
Adding another layer of complexity is the push in Washington for greater transparency about America’s gold reserves. House Bill 3795, introduced by Representative Thomas Massie and backed by three co-sponsors, calls for the first comprehensive audit of US gold holdings in over six decades.
The bill would mandate a full inventory and assay of gold stored at Fort Knox, West Point and the Denver Mint, as well as a forensic accounting of all transactions involving US gold over the last 50 years.
“There are a lot of legitimate questions surrounding America’s gold holdings,” said Jp Cortez, executive director of the Sound Money Defense League, in a recent interview with the Investing News Network. He added:
“The question as to who actually owns the bars outright is really the most crucial question. And if it is shown that America does not actually own the gold, if the gold is there, but America does not own it, (or) if it has been pledged or leased or swapped or otherwise encumbered in any way … this would be a huge, huge detriment to the US and the global economy.”
Cortez emphasized that prior audits of US gold reserves have been insufficient.
“These aren't audits that have been done on the metal itself, but rather the storage containers that the metal is supposedly stored in," he said. “Owners or operators of a depository who functioned like this would go to jail.”
He also pointed out that much of the gold held by the US government is impure by modern market standards, having been melted down from older coinage. That means even if the bars are there, refinement questions will remain.
While Trump has not explicitly endorsed HB 3795, he has expressed interest in the issue, stating, "We're actually going to Fort Knox to see if the gold is there. Because maybe somebody stole the gold. Tons of gold."
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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24 June
Chris Temple: Gold, Uranium the Best Stories Now; Plus Silver Outlook
Chris Temple, founder, editor and publisher of the National Investor, discusses the factors moving gold and the gold stock gains still to come.
Temple also shares his outlook for uranium and silver.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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24 June
LaFleur Minerals Targets 2026 Production with Funded Drilling and Mill Restart Planning Underway
LaFleur Minerals (CSE:LFLR,OTCQB:LFLRF,FWB:3WK0) CEO Paul Ténière has outlined his company’s plans to complete at least 5,000 meters of diamond drilling at the Swanson gold project while planning for the restart of its 100 percent owned Beacon gold mill in Val-d'Or, Québec.
“We had the idea of looking at the Swanson project, in general, more on a district scale. And so as a result of all the work we've done, including recent IP surveys, we've generated several drilling targets,” Ténière said.
One of the goals of the drill program is to increase the resource, he added.
“(Drilling) will be focused on not just the Swanson deposit itself, but also on other targets … And our aim for that is to actually increase our existing resource to a million ounces.”
The chief executive also shared the financing strategy for the restart of the Beacon mill.
“We're getting a lot of (funding) interest,” Ténière said. “They do see a great opportunity with Beacon as there’s not a lot of mills that are available at the moment in the Abitibi.”
LaFleur is anticipating the Beacon mill restart will cost between C$5 million and C$6 million to complete all the necessary repairs and maintenance at the site. The company expects the mill will be in full production by early 2026.
Watch the full interview with LaFleur Minerals CEO Paul Ténière above.
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