MarketNewsUpdates News Commentary

PALM BEACH, Fla., Dec. 02, 2025 (GLOBE NEWSWIRE) -- Gold is projected to continue its upward trend as several major investment banks also expect the yellow metal to reach new record levels in 2026. A report from Grand View Research on the global mining market said it reached USD 260.86 billion in 2024 and is projected to reach USD $710.08 billion by 2033, at a CAGR of 11.0% from 2025 to 2033. It added that the market is sustained by a complex interplay of economic and financial drivers, with the price of gold itself standing as the primary catalyst. It pointed to various key market trends: Asia Pacific dominated the gold mining market with the largest market revenue share of 43.0%.; and by mining method, the hard rock mining segment is anticipated to register a CAGR of 11.2% from 2025 to 2033. The report said: “This price is heavily influenced by macroeconomic factors such as inflation, interest rates, and currency fluctuations, particularly the strength of the U.S. dollar. During periods of high inflation or economic uncertainty, investors flock to gold as a traditional store of value, driving up its price. A higher market price for gold directly increases the profitability of mining operations, making it economically viable to exploit lower-grade ore bodies and finance capital-intensive exploration and development projects in more remote or challenging locations. This price signal is the fundamental engine that powers investment and expansion within the sector. In 2025, global mine production stayed near the usual range of around 3,500 tons, and the distribution of this output shows how much the market depends on a few powerful producers. According to World Gold Council production updates, China mined about 380.2 tons of gold in 2025, while Russia followed with close to 330 tons. These two countries alone account for a major share of global supply, and their consistent production encourages mining companies across the world to keep expanding exploration and refining strategies to remain competitive.” Active Companies in the mining industry this week include Formation Metals Inc. (OTCQB: FOMTF) (CSE: FOMO), Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM), Hecla Mining Company (NYSE: HL), Eldorado Gold Corporation (NYSE: EGO) (TSX: ELD), IAMGOLD Corporation (NYSE: IAG).

Grand View Research added: “A major market growth driver is the scale of official gold reserves held by countries across the world. The U.S. sits at the top with more than 8,100 tonnes of gold, and this immense reserve level sends a strong signal about gold’s importance in long-term financial stability. When a country maintains such a large buffer, it guarantees lasting demand for newly mined gold, which strengthens the incentive for mining companies to keep expanding exploration and production.” It concluded: “The gold mining market in North America is experiencing steady growth because the region has advanced exploration capabilities and a strong base of established mining companies. The U.S. and Canada continue to invest heavily in new geological surveys, improved drilling systems, and digital mining technologies that enhance the efficiency of locating and extracting ore. Higher gold prices over the past few years have encouraged companies to reopen dormant mines and initiate expansion plans in existing projects. The presence of world-class mining infrastructure, along with access to skilled labor and sophisticated machinery, gives North America a competitive edge in scaling production.”

Formation Metals Inc. (OTCQB:FOMTF) (CSE:FOMO) Intercepts 152.9 and 208.8 metres of Target Mineralization Near Surface at the Advanced N2 Gold Project, Strengthening Open Pit Model

Highlights:

• Significant mineralized sections have been intercepted within N2-25-003 and N2-25-008, drilled in the “A” and “RJ” zones. Formation is presently undertaking the first drill campaign at N2 since 2008, when Agnico drilled the “RJ” Zone where historical drilling identified high-grade intercepts as high as 51 g/t Au over 0.8 metres.
  • N2-25-003: 152.9 metres of target mineralization was intercepted beginning at 23.1 metres downhole, with multiple intervals over 30 metres in width up to 37.8 metres.
  • N2-25-008: 208.8 metres of target mineralization was intercepted beginning at 28.6 metres downhole, with multiple intervals over 40 metres in width including up to 70.0 metres.
• The intense quartz-carbonate veining, silicification, and sulfide mineralization (pyrite/arsenopyrite) observed visually in the core of N2-25-003 and N2-25-008 are directly comparable to the material that yielded long gold intervals in historical drilling within these zones including 245-91-151, which intercepted 1.7 g/t Au over 35.0 metres.
• N2-25-003 and N2-25-008 build on the Company’s findings at N2-25-001 and N2-25-013, where the Company identified visible gold including within a 30.8 metre interval (see press release dated November 26, 2025).
• Formation is targeting a multi-million ounce resource in a combination of conceptual open-pit and underground mining scenarios; the Company’s maiden drill program is focused on assessing the first three hundred metres vertical.
• The Company is undertaking a fully funded 30,000 metre drill program at its flagship N2 Gold Project in Quebec, host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central) and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone. Phase 1, consisting of 10,000 metres, commenced on September 25, 2025. In addition to the “RJ” Zone, Phase 1 targets the “A” zone, a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces of which only ~35% of strike has been drilled (>3.1 km open).
• The Company has working capital of ~C$13.5M with zero debt. Inclusive of provincial tax credits from the Quebec government, Formation’s exploration budget for 2025-2026 is set at ~$8.1M.

Formation Metals Inc. (FSE:VF1) (“Formation” or the “Company”), a North American mineral acquisition and exploration company, is pleased to provide an update from the drilling campaign underway at its flagship N2 Gold Property (“N2” or the “Property”), located 25 km south of Matagami, Quebec.

The Company is pleased to announce that it has intercepted significant sections of target mineralization during Phase 1 of the drill campaign at N2 as part of its fully funded multi-phase 30,000 metre drill program at N2. The long sections of mineralization correlate with the findings of the 55,000 plus metres of historical drilling at N2, positively increasing the potential of intercepting long auriferous intervals, and the Company looks forward to releasing assay results in the near-term following compilation and interpretation.

Deepak Varshney, CEO of Formation Metals, stated, “We couldn’t have asked for a better start to our maiden drill program at N2. These intercepts represent some of the thickest continuous zones of mineralization ever drilled at N2 and significantly expand the potential for a large-scale, low-strip multi-million ounce open pit development. With 30,000 metres fully funded and nearly 14 million in working capital, Phase 1 is the first step on our journey to realizing this conceptual model and we look forward to sharing further updates in the coming weeks.”

• Drillhole N2-25-003: Intercepted 152.9 metres of mineralized section, 67.95% of the 225-metre drillhole.
• Drillhole N2-25-008: Intercepted 208.8 metres of mineralized section, 69.59% of the 300-metre drillhole.

Both drillholes were found to have a significant correlation in terms of lithological intervals and sequences, alteration products and mineralization forms and variety between the geological features along these holes and those of surrounding historic drill holes…

… The Company also believes that N2 has significant base metal potential, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) concentrations across the property, specifically at the A and RJ zones. Property wide geology at N2 features volcanic and sedimentary rocks formed in regional anticlinal and synclinal flexures. Three principal deformation structures, oriented along the known NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property. Continued… Read this full release and additional news for Formation Metals by visiting: https://formationmetalsinc.com/news/

Other recent developments in the mining markets include:

Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) recently reported financial and operating results for the third quarter of 2025. Payable gold production was 866,936 ounces at production costs per ounce of $963, total cash costs per ounce of $994 and all-in sustaining costs ("AISC") per ounce² of $1,373. The strong operational performance in the third quarter of 2025 was led by Meadowbank and LaRonde. In the first nine months of 2025, gold production was approximately 77% of the mid-point of the Company's full-year guidance, with total cash costs per ounce at approximately the mid-point of guidance

"We delivered another quarter of strong and consistent operational performance, which translated into record financial results as higher gold prices continue to drive expanded margins. With solid year-to-date performance, we are well on track to meet our full year production and cost guidance, supported by disciplined cost management and a focus on productivity," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "With the record free cash flow generation year-to-date and a strengthened financial position, we continue to advance our five key pipeline projects and create value through the drill bit. We remain disciplined in our approach to capital allocation and we continue to provide strong returns to our shareholders through dividends and share buybacks."

Hecla Mining Company (NYSE: HL) recently announced exploration results from its Midas Project in Nevada, where initial drilling of the previously untested two mile long Pogo Trend has discovered high-grade gold mineralization with visible gold on a new structure. Exploration success at the Midas gold-silver project in Nevada is validating the potential to restart operations at significantly lower capital intensity than comparable development projects, given the existing permitted 1,200 tpd mill and permitted tailings storage facility that remains substantially empty. With the foundational infrastructure already in place and permitted, Nevada's supportive regulatory environment could facilitate timely permitting of additional requirements, positioning Midas as a low-capital-cost opportunity to expand the Company's production profile in a world-class mining district. The Company also reported the successful identification of a potential new ore shoot at Keno Hill's Bermingham Deposit, expansion of mineralization at Greens Creek, and advancement of Aurora exploration permitting to FAST-41 Transparency status.

Kurt Allen, Vice President of Exploration, commented, "The Pogo discovery represents a significant breakthrough at Midas. Finding visible gold in the first drilling of a two-mile surface trend validates our systematic targeting approach in the untested SE Midas area. The extensive alteration footprint at SE Midas supports our interpretation that this area has the potential to host a significant deposit. Combined with successfully tracing the Sinter Vein across major faulting, identifying a potential new ore shoot at Bermingham - Keno Hill, and expanding mineralization at Greens Creek, these results demonstrate the quality and consistency of our exploration programs across multiple districts."

Eldorado Gold Corporation (NYSE: EGO) (TSX: ELD) recently released its updated Mineral Reserve and Mineral Resource (“MRMR”) estimates as of September 30, 2025. “Our commitment to exploration continues to unlock long-term value, driving another increase in Mineral Reserves,” said George Burns, Chief Executive Officer. “We successfully offset depletion at key operations, including the Lamaque Complex, Kisladag and Olympias. Overall, Mineral Reserves increased by approximately 5%, primarily driven by a 25% increase at the Lamaque Complex. This strengthens our foundation and supports a robust production outlook for the next decade, underpinned by an average mine life of 13 years. Importantly, this update reflects a higher but conservative gold price assumption of $1,700 per ounce compared to last year’s gold price assumption of $1,450 per ounce, reinforcing the resilience of our portfolio.

Exploration success also increased Inferred Mineral Resources by nearly 21%, primarily from additions of Inferred Mineral Resources in the sulfide zone at Perama Hill in Greece and at Bonnefond in the vicinity of the Lamaque Complex (25 km from the Sigma Mill), reinforcing our strategy to extend mine life and advance near-mine opportunities.

IAMGOLD Corporation (NYSE: IAG) recently announced that it has entered into a definitive arrangement agreement (the "Agreement") whereby IAMGOLD will acquire all of the issued and outstanding shares of Northern Superior Resources Inc. by way of a court-approved plan of arrangement (the "Transaction") under the Business Corporations Act (British Columbia).

The Transaction will consolidate Northern Superior's significant land package and notable deposits, including Philibert, Chevrier and Croteau, with IAMGOLD's Nelligan and Monster Lake Projects. The combined assets, together the "Nelligan Mining Complex", will rank as one of the largest pre-production gold camps in Canada with Measured and Indicated Mineral Resources of 3.75 million ounces of gold ("Moz Au") and Inferred Mineral Resources of 8.65 Moz Au. The close proximity of the primary deposits to each other supports the conceptual vision of a central processing facility being fed from multiple ore sources within a 17-kilometre radius.

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