Gold Majors Are Returning Record Cash Instead of Building New Mines

RUA GOLD’s Auld Creek PEA and fast-track status are framed against majors prioritizing dividends, buybacks and asset consolidation over new mine builds.

Rhea-AI Summary

RUA GOLD (NZAUF) is highlighted as an example of a study-stage developer in a gold sector where majors such as Barrick, Kinross and Newmont are returning record cash to shareholders and trimming growth capex instead of building new mines.

RUA’s Auld Creek gold‑antimony project in New Zealand has a maiden Mineral Resource Estimate effective 27 February 2026 of 0.3 Mt Indicated at 5.67 g/t AuEq for 54 koz and 1.3 Mt Inferred at 3.66 g/t AuEq for 150 koz at a 1.6 g/t AuEq cut-off. A Preliminary Economic Assessment effective 25 April 2026 outlines a no‑cyanide, grind‑and‑flotation operation with initial capital of US$132.6 million over a 5.5‑year mine life and an after‑tax NPV5 of US$42 million, 17% IRR and 3.3‑year payback at US$3,300/oz gold and US$27,000/t antimony, rising to US$113 million NPV5 and 36% IRR at US$4,700/oz gold. Auld Creek has been accepted into New Zealand’s Fast‑Track Approvals regime, with a substantive application targeted for October 2026 and a Pre‑Feasibility Study targeted for Q4 2026.

Positive

• Auld Creek PEA economics: after-tax NPV5 US$42m, 17% IRR, 3.3-year payback at US$3,300/oz Au and US$27,000/t Sb over 5.5-year mine life
• Price leverage: spot-case sensitivity at US$4,700/oz Au shows NPV5 US$113m and 36% IRR
• New Zealand fast-track: Auld Creek accepted into Fast-Track Approvals 30 July 2026, with application targeted October 2026
• Scale and jurisdiction: over 120,000 ha of permits across New Zealand’s historic Reefton Goldfield plus Glamorgan project
• Drilling program: 19,000 m infill and step-out drilling underway across RUA GOLD’s ground
• Barrick shareholder returns: US$1.50b returned in a single quarter, up 242% YoY, alongside expanded Nevada Gold Mines JV with Newmont and resolved disputes

Negative

• Preliminary study only: Auld Creek PEA is preliminary, relies on Inferred Resources and no Mineral Reserves or feasibility study exist
• Permitting risk: Fast-Track acceptance is admission to process, not a consent or permit, and timelines are targets only
• Short mine life: Auld Creek study outlines a 5.5-year mine life, limiting long-term production visibility
• Price sensitivity: large NPV and IRR swing between base case and spot case underscores dependence on high gold prices
• Sector capex restraint: majors like Barrick are cutting or holding flat capital budgets despite high gold prices, reinforcing a development gap
• Capital intensity: Auld Creek initial capital of US$132.6m is more than three times the base-case after-tax NPV5 of US$42m

Market Context

The recent Form 6-K recorded $1,950,000,000 in Newmont cash to Barrick under the Nevada Gold Mines a...

Analysis

The recent Form 6-K recorded $1,950,000,000 in Newmont cash to Barrick under the Nevada Gold Mines agreement, corroborating the article’s account of consolidation and cash allocation.

Key Figures

Quarterly shareholder returns: $1.50 billion Year-on-year increase: 242% Revenue: $5.29 billion +5 more

Quarterly shareholder returns

$1.50 billion

Barrick Mining; single quarter in 2026

Year-on-year increase

242%

Barrick Mining shareholder returns

Revenue

$5.29 billion

Barrick Mining Q2 2026

Operating cash flow

$1.70 billion

Barrick Mining Q2 2026

Gold production

796,000 ounces

Barrick Mining Q2 2026

Share repurchases

$1.2 billion

Barrick Mining Q2 2026

Capital expenditure guidance

$3.8 billion-$4.2 billion

Barrick Mining 2026 guidance after reduction

Newmont cash top-up

$1.95 billion

Nevada Gold Mines joint venture agreement

Key Terms

preliminary economic assessment, mineral resource estimate, internal rate of return, all-in sustaining costs

4 terms

preliminary economic assessment technical

"A positive Preliminary Economic Assessment announced 5 May 2026"

A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.

mineral resource estimate technical

"A maiden Mineral Resource Estimate at Auld Creek effective 27 February 2026"

A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.

internal rate of return financial

"with a 17% internal rate of return and 3.3-year payback"

A percentage that represents the annualized yield an investment would earn, taking into account the timing and amount of all cash inflows and outflows; mathematically it is the rate that makes the discounted sum of future cash flows equal the initial cost. Investors use it to compare different projects or deals the way they compare interest rates — a higher internal rate of return suggests a stronger potential payoff, but it does not by itself show risk, scale, or timing nuances.

all-in sustaining costs financial

"with all-in sustaining costs at $1,866/oz"

All-in sustaining costs (AISC) is a per-unit measure used mainly in the mining sector that captures the full ongoing cost to produce a unit of metal, including operating expenses, sustaining capital (maintenance of current operations), and a share of corporate overhead and site-level costs. Investors use AISC to judge whether production generates real profit and sustainable cash flow—think of it as the total monthly household cost to keep a home running, not just the utility bill.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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VANCOUVER, BC, Sept. 17, 2026 /PRNewswire/ -- Canada News Group News Commentary - Barrick Mining returned $1.50 billion to shareholders in a single quarter this year, a 242% increase year on year, while cutting its capital expenditure guidance. Kinross Gold returned more than $600 million in the first half and has bought back roughly $1.1 billion of its own stock since April 2025, reducing its share count by about 4%. Both are rational responses to a record gold price. Neither builds a new mine. That is the tension running underneath the strongest gold market in a generation: the cash is being returned and consolidated rather than spent on greenfield development, which makes a defined deposit in a stable jurisdiction one of the scarcer things in the sector. Active Companies from around the markets with current developments this week include: RUA GOLD Inc. (OTCQX: NZAUF) (TSX: RUA) (NZX: RGI), Barrick Mining Corporation (NYSE: B), Kinross Gold Corporation (NYSE: KGC), Newmont Corporation (NYSE: NEM), and Wheaton Precious Metals Corp. (NYSE: WPM).

The pattern is consistent across the senior tier. Buybacks, dividends and asset consolidation have absorbed the windfall, while capital budgets have been held flat or trimmed. There are sound reasons for it. Capital discipline was the explicit demand shareholders made of this industry after the last cycle, when balance sheets were wrecked by projects sanctioned at the top of the market. Management teams that lived through that are not eager to repeat it, and the market has rewarded restraint.

The consequence is a development gap. Mines deplete, and a sector that returns its cash rather than reinvesting it eventually has to buy ounces it did not find. That is why the interesting question in gold right now is not what bullion does next but who holds a defined, permitted, buildable deposit when the majors start needing to replace reserves. The answer is mostly juniors and mid-tiers, and their currency is not exploration upside. It is study-stage certainty.

A second variable has entered the same conversation. Antimony has been designated a critical mineral in the United States, and Chinese export controls on it have tightened supply outside China. Antimony occurs naturally alongside gold in certain deposit types, which means a subset of gold projects now carry a second revenue stream with a strategic policy tailwind behind it. That is a narrow subset, but it is a materially different investment proposition from a single-metal gold deposit at the same grade.

Permitting is the third. A deposit that cannot be permitted is a geological curiosity, and jurisdictions that offer a defined, time-bound consenting pathway have become disproportionately valuable relative to those that do not.

A Gold-Antimony Deposit in New Zealand, Through a Fast-Track Consenting Pathway

• A maiden Mineral Resource Estimate at Auld Creek effective 27 February 2026: 0.3 million tonnes Indicated grading 5.67 g/t AuEq for 54,000 ounces, and 1.3 million tonnes Inferred grading 3.66 g/t AuEq for 150,000 ounces, at a 1.6 g/t AuEq cut-off.
• A positive Preliminary Economic Assessment announced 5 May 2026, effective 25 April 2026, showing an after-tax NPV at a 5% discount rate of US$42 million with a 17% IRR and 3.3-year payback at US$3,300 per ounce gold and US$27,000 per tonne antimony.
• A spot-case sensitivity in the same study showing US$113 million, a 36% IRR and a 2.2-year payback at US$4,700 per ounce gold.
• Accepted as a listed project under New Zealand's Fast-Track Approvals regime on 30 July 2026, following a referral submitted 20 April 2026, with a substantive application targeted for October 2026.
• A no-cyanide flowsheet using grind and flotation to produce two saleable concentrates, with assumed recoveries of 95% for gold and 85% for antimony, and initial capital estimated at US$132.6 million over a 5.5-year mine life.

RUA GOLD Inc. (OTCQX: NZAUF) (TSX: RUA) (NZX: RGI) is a Vancouver-headquartered company whose assets sit in New Zealand: the Auld Creek gold-antimony project and the wider Reefton Goldfield on the South Island, where the Company holds more than 120,000 hectares of permits across a district that historically produced in excess of two million ounces at grades of 9 to 50 grams per tonne, plus the Glamorgan project in the Hauraki District of the North Island.

The Company is past the point where it should be read as an explorer. Auld Creek carries a maiden Mineral Resource Estimate with an effective date of 27 February 2026 and a positive Preliminary Economic Assessment announced on 5 May 2026. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability, the PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them, and there is no certainty that the PEA will be realized.

What the study describes is a modest, conventional operation rather than a mega-project: overhand cut-and-fill mining accessed by decline, a grind-and-flotation flowsheet that uses no cyanide, and two saleable concentrates. Initial capital is estimated at US$132.6 million over a 5.5-year mine life. At the base case of US$3,300 per ounce gold and US$27,000 per tonne antimony, the after-tax NPV at a 5% discount rate is US$42 million with a 17% internal rate of return. At a spot case of US$4,700 per ounce gold those figures rise to US$113 million and 36%. The sensitivity between those two cases is the honest measure of how much of this rests on price.

The antimony component is what separates it from a single-metal project of similar size. The Company's stated silver-free equivalency formula for the resource is gold grade in grams per tonne plus 2.15 times antimony percentage, using US$3,000 per ounce gold, US$25,000 per tonne antimony and 85% recovery. Equivalency figures of any kind are illustrative and depend entirely on the price and recovery assumptions behind them, and a reader should treat the AuEq grade as a presentation convention rather than as a grade of anything.

On permitting, Auld Creek was accepted as a listed project under New Zealand's Fast-Track Approvals regime on 30 July 2026, following a referral submitted on 20 April 2026. The Company has targeted a substantive application for October 2026 and a Pre-Feasibility Study for the fourth quarter of 2026. Acceptance into a fast-track regime is not a consent and not a permit. It is admission to a defined process, which shortens and clarifies a timeline rather than guaranteeing an outcome, and the stated dates are targets rather than commitments. Alongside that, the Company has been running a 19,000 metre infill and step-out drill programme across its ground, with a portion completed.

Read this and more news from around the Gold sector at: https://CanadaNewsGroup.com

In other industry developments and happenings in the market this week include:

Barrick Mining Corporation (NYSE: B) reported second quarter 2026 production of 796,000 ounces of gold and 56,000 tonnes of copper, revenue of $5.29 billion and operating cash flow of $1.70 billion, with adjusted net earnings per share up 74% year on year. It declared a $0.175 quarterly dividend and repurchased $1.2 billion of shares in the quarter, lifting total shareholder returns 242% year on year to $1.50 billion, while reducing total attributable capital expenditure guidance to between $3.8 billion and $4.2 billion.

The strategic news was larger than the numbers. Barrick reached an agreement with Newmont to expand the Nevada Gold Mines joint venture, with both companies vending in excluded properties early, creating what the companies describe as a nearly 100-million-ounce gold complex in Nevada. The agreement resolved all outstanding NGM disputes and secured Newmont's consent to Barrick's planned North American gold IPO. President and Chief Executive Mark Hill said the Company remains on track to complete that IPO by the end of the year. Consolidating existing ounces and returning record cash, while trimming capital spending, is the pattern described above in its clearest form.

Kinross Gold Corporation (NYSE: KGC) reported over $725 million of free cash flow in the second quarter of 2026 and returned approximately 40% of it to shareholders, totalling more than $600 million year to date. It repurchased and cancelled approximately $230 million of shares in the quarter, or 7.9 million shares, taking 2026 buybacks to roughly $520 million and 17.3 million shares, and declared a $0.04 quarterly dividend. Since April 2025 it has repurchased approximately $1.1 billion of stock, reducing its share count by about 4%.

Kinross also announced the appointment of Bernard Wessels as Chief Operating Officer, succeeding Claude Schimper, who is retiring later this year. Wessels joins from Newmont, where he was Group Head of Health, Safety and Security and previously Managing Director, North America. Kinross is a multi-mine producer operating across the United States, Brazil, Mauritania, Chile and Canada, at a scale no single-asset developer approaches, and is referenced as sector context rather than as a comparable.

Newmont Corporation (NYSE: NEM) is the counterparty on the other side of the Nevada transaction. Under the agreement with Barrick, Newmont is contributing the Mike and Fiberline properties into the expanded Nevada Gold Mines joint venture, with Barrick vending in Fourmile, and Newmont agreed to pay Barrick a top-up payment of $1.95 billion in cash within thirty days. The agreement resolves all outstanding disputes between the two relating to the joint venture.

A transaction of that shape is worth reading carefully by anyone holding an undeveloped deposit. Two of the largest gold companies in the world chose to resolve a dispute and pool adjacent assets into a single large complex rather than each developing separately, and nearly two billion dollars changed hands to make it happen. That is capital allocated to consolidating known ounces. It is not capital allocated to finding new ones, and the distinction is the whole argument of this article.

Wheaton Precious Metals Corp. (NYSE: WPM) sits in the part of the market that exists precisely because of the gap described above. As one of the largest precious metals streaming companies, it provides upfront capital to mine developers and operators in exchange for the right to purchase a portion of future production at a predetermined price, rather than operating mines itself.

For a developer holding a study-stage project, streaming and royalty capital is one of the few funding routes that does not involve issuing equity at a depressed price or handing over the asset. It is also not free: the stream is sold forward permanently, and a company that funds construction this way gives up a slice of its best years to do it. Wheaton is a large, diversified financier whose portfolio spans many operators and jurisdictions, and its results are not indicative of the prospects of any developer it does or does not transact with.

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Article Sources:

[1] RUA GOLD Inc. corporate disclosures, including the maiden Mineral Resource Estimate for Auld Creek effective 27 February 2026 and the Preliminary Economic Assessment announced 5 May 2026, effective 25 April 2026.

[2] Barrick Mining Corporation, "Barrick Reports Second Quarter 2026 Results," 10 August 2026.

[3] Newmont Corporation and Barrick Mining Corporation disclosures regarding the expanded Nevada Gold Mines joint venture, August 2026.

[4] Public disclosures and filings of the referenced companies.

Contact Information:
Canada News Group
info@canadanewsgroup.com

DISCLAIMER: Nothing in this publication should be considered personalized financial advice. We are not licensed under securities laws to address your particular financial situation, and no communication from us should be deemed personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor a recommendation to buy or sell any security. We hold no investment licenses and are neither licensed nor qualified to provide investment advice. The material in this release is intended to be strictly informational and is never to be construed or interpreted as research material. All readers are strongly urged to perform their own research and due diligence and to consult a licensed financial professional before considering any level of investing in stocks. Be extremely careful, investing in securities carries a high degree of risk; you may lose some or all of your investment. This article is being distributed by Canada News Group, which is wholly owned and operated by Market Equities Limited ("MEL"), a company incorporated under the laws of Ireland. MEL has been paid a fee directly by RUA GOLD Inc. for RUA GOLD advertising and digital media services. MEL also expects to receive further compensation as part of an ongoing digital media effort to increase visibility for the company. No further notice will be given, but let this disclaimer serve as notice that all material, including this article, has been approved by RUA GOLD Inc. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged not to use this publication as the basis for any investment decision. MEL and its owners, operators, directors, and affiliates do not currently own any shares of RUA GOLD Inc., but reserve the right to buy, sell, or hold shares of RUA GOLD Inc. at any time without further notice, commencing immediately and ongoing, in the open market, through private placements, and/or through other investment vehicles. There may also be third parties who hold shares of RUA GOLD Inc. and may liquidate their shares, which could have a negative effect on the price of the stock. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in this publication is not trustworthy unless verified by their own independent research. Because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. This document is governed by the laws of Ireland. Cautionary Note Regarding the Preliminary Economic Assessment and Production Decisions: The Preliminary Economic Assessment referenced in this article is preliminary in nature and includes Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. No Mineral Reserves have been estimated at Auld Creek and no pre-feasibility or feasibility study has been completed. Any decision to commence production would not be based on a feasibility study of Mineral Reserves demonstrating economic and technical viability and would therefore involve increased uncertainty and multiple technical and economic risks of failure. Net present value, internal rate of return, payback, capital cost, mine life and recovery figures cited are outputs of a preliminary study under stated metal price and operating assumptions and change materially with those assumptions; the base case and spot case figures cited use different gold prices and are presented as sensitivities, not as forecasts. Gold-equivalent figures are presented for illustrative purposes only and are calculated using the Company's stated formula, metal prices and recovery assumption; they are a presentation convention and not a grade of any single metal. Cautionary Note Regarding Permitting: Acceptance of a project as a listed project under New Zealand's Fast-Track Approvals regime is admission to a statutory process. It is not a consent, permit, approval or authorisation to construct or operate, and it does not guarantee that any consent will be granted or granted on acceptable terms. Stated timelines for a substantive application, a Pre-Feasibility Study or any subsequent milestone are the Company's targets and may change. Qualified Persons: The Preliminary Economic Assessment was prepared by Qualified Persons whom the Company states are independent of the Company, being Abraham Whaanga for mineral resources, Gary Davison for mining and economics, and Marius Phillips for processing. General scientific and technical disclosure of the Company has been reviewed and approved by Simon Henderson, CP, AUSIMM, who is the Company's Chief Operating Officer and a director and is therefore NOT independent of the Company. Historical production figures cited for the Reefton Goldfield are historical in nature, were produced prior to the implementation of National Instrument 43-101, have not been verified by a Qualified Person, are not indicative of the mineralization or results at any of the Company's projects, and should not be relied upon. Please refer to the Company's filings on SEDAR+ at www.sedarplus.ca for the assumptions and risk factors associated with its disclosure. References to Barrick Mining Corporation, Kinross Gold Corporation, Newmont Corporation and Wheaton Precious Metals Corp. are provided solely as market and sector context. None of them is a peer, competitor, or financial comparable of RUA GOLD Inc. They are producing companies and financiers at materially different stages of development and scale, operating different assets in different jurisdictions and, in one case, a different business model entirely, and their production, reserves, resources, earnings, buybacks, dividends, transactions and share performance are not indicative of RUA GOLD Inc.'s prospects. RUA GOLD Inc. is a pre-revenue exploration and development company. No partnership, affiliation, sponsorship, or endorsement is implied, and none of the companies named has any involvement in RUA GOLD Inc., this article, or its distribution. No transaction, financing, stream, royalty or other arrangement between RUA GOLD Inc. and any company named is described, implied or contemplated in this article. Financial and operating figures attributed to those companies are as disclosed by them in their own releases and filings and have not been independently verified by the publisher. Cautionary Note Regarding Market and Policy Data: References to the designation of antimony as a critical mineral and to export controls describe matters of public policy that may be amended, delayed, extended or repealed, and no assurance is given that any company will benefit from them. Gold and antimony prices are volatile, price levels cited are as of the dates stated, and past performance does not guarantee future results. Eagle Eye is an investor signal-intelligence platform affiliated with the publisher of this article, and this reference constitutes promotion of an affiliated product. Eagle Eye is not a broker-dealer, and nothing in the platform or in this article is financial, investment, tax, or legal advice. Data provided in the platform is for informational purposes only and may be delayed. Always do your own research before making any investment decision. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and "forward-looking information" within the meaning of applicable Canadian securities laws, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected", "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including metal price volatility, the estimation of mineral resources, permitting and consenting outcomes and timing, financing availability and dilution, and other risks identified in the Company's filings on SEDAR+ at www.sedarplus.ca. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and Canada News Group undertakes no obligation to update such statements.

 

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FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are the key resource details for RUA GOLD’s Auld Creek project?

The maiden Mineral Resource Estimate for Auld Creek, effective 27 February 2026, comprises 0.3 million tonnes of Indicated material grading 5.67 g/t AuEq for 54,000 ounces and 1.3 million tonnes of Inferred material grading 3.66 g/t AuEq for 150,000 ounces, at a 1.6 g/t AuEq cut-off. The company’s gold-equivalent grade formula is gold grams per tonne plus 2.15 times antimony percentage, based on US$3,000/oz gold, US$25,000/t antimony and 85% recovery, and is presented as an illustrative convention rather than an actual mined grade.

What mining and processing approach does the Auld Creek PEA envisage?

The Auld Creek study outlines a modest, conventional operation using overhand cut-and-fill mining accessed by decline, with a grind-and-flotation flowsheet that uses no cyanide. The plan is to produce two saleable concentrates, with assumed recoveries of 95% for gold and 85% for antimony.

How does New Zealand’s Fast-Track Approvals regime affect Auld Creek?

Auld Creek was accepted as a listed project under New Zealand’s Fast-Track Approvals regime on 30 July 2026, following a referral submitted on 20 April 2026. This provides a defined, time-bound consenting pathway and can shorten and clarify timelines, but it is not itself a consent or permit. RUA GOLD is targeting a substantive fast-track application in October 2026.

What future technical work is RUA GOLD targeting for Auld Creek?

The company has targeted completion of a Pre-Feasibility Study for Auld Creek in the fourth quarter of 2026 and is running a 19,000 metre infill and step-out drill program across its permits, with a portion completed.

How are major gold producers like Barrick and Kinross using their cash flows?

Barrick reported second quarter 2026 revenue of US$5.29 billion, operating cash flow of US$1.70 billion and returned US$1.50 billion to shareholders in the quarter through a US$0.175 dividend and US$1.2 billion of share repurchases, while reducing attributable capital expenditure guidance to US$3.8–4.2 billion. Kinross generated over US$725 million of free cash flow in the same quarter, returned about 40% of it to shareholders, repurchased roughly US$520 million of stock year to date (17.3 million shares) and declared a US$0.04 quarterly dividend.

What are the main terms of the expanded Nevada Gold Mines joint venture between Barrick and Newmont?

Under the expansion of the Nevada Gold Mines joint venture, Barrick is contributing the Fourmile property and Newmont is contributing the Mike and Fiberline properties. Newmont agreed to pay Barrick a US$1.95 billion cash top-up within thirty days. The agreement resolves all outstanding disputes between the companies related to the joint venture and is described as creating a nearly 100-million-ounce gold complex in Nevada.

How does Wheaton Precious Metals fit into the funding landscape for gold developers?

Wheaton Precious Metals operates as a streaming company, providing upfront capital to mine developers and operators in exchange for the right to purchase a portion of future production at a predetermined price. For study-stage projects, such streaming or royalty deals can offer an alternative to equity dilution or asset sales, although they are permanent and involve giving up a share of future production.