Metals Focus attended the annual Gold Forum Americas in Colorado Springs, noting an upbeat yet measured tone across the precious metals mining industry (p. 1).
- More than 190 presenting companies spanned gold and silver producers, streaming and royalty firms, developers, and explorers across North America, Oceania, Central/South America, and Africa (p. 1).
- Short-term market movements showed gold briefly falling below $4,100/oz, silver net managed money longs hitting a low of 37.6Moz, Tharisa achieving 154koz FY2026 PGM output, and China planning a 350k unit quota for hybrid-vehicle exports to the EU in 2027 (p. 1).
Mining companies are prioritizing financial discipline by balancing growth investments with shareholder distributions (pp. 1, 3).
- In Q2 2026, the Gold Peer Group increased capital expenditure by 30% y/y to $5.2bn and held a net cash position of $11.4bn (pp. 1, 3).
- Newmont and Agnico Eagle returned $4.6bn and $1bn to shareholders in 2026 to date, respectively, while Coeur Mining and Equinox Gold introduced inaugural dividends (p. 3).
Producers prefer lower-risk brownfield expansions and operational optimizations over greenfield developments due to lower capital needs and shorter timelines (p. 3).
- Barrick Mining targets over 3Moz per year at Nevada Gold Mines by incorporating the Fourmile deposit and expanding processing capacity (p. 3).
- IAMGOLD is studying an underground expansion at Westwood to boost annual production from 120koz to 200koz (p. 3).
Exploration activity and technology integration are accelerating across the sector (pp. 3, 5).
- Fresnillo is advancing four projects—Rodeo, Orisyvo, Novador, and Guanajuato Sur—targeting production by 2033 (pp. 3, 5).
- Equinox Gold identified the Minotaur zone at the Valentine project using VRIFY's DORA AI platform for geological modeling (p. 5).
- AI adoption is leading in maintenance, mine planning, processing, and health and safety, with Eldorado Gold utilizing VR training and AI fatigue monitoring (p. 5).
M&A activity is marked by increased selectivity among established producers, though major transactions continue (p. 5).
- Strong cash flows reduce the urgency for acquisitions, requiring prospective deals to offer immediate cash flow, high-quality reserves, or operational synergies (p. 5).
- Gold Fields announced a $27.1bn bid for Australia's Northern Star Resources, while smaller producers and royalty companies remain key M&A drivers seeking scale (p. 5).

Gold Forum Americas: Miners Balance Growth and Returns

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