Gold Mining Entering a Potentially Explosive New Phase as Gold Hovers Above $4,300/oz

Gold Above $4,300 an Ounce, Rising Demand and Tight Mine Supply Create a Powerful New Growth Environment for Gold Producers and Developers

NEW YORK, Sept. 24, 2026 (GLOBE NEWSWIRE) -- FN Media News Commentary - Gold mining is operating in a dramatically different environment than it was just a few years ago. Gold remains above $4,300 an ounce, despite recent volatility, while the World Gold Council says investment demand is expected to remain the primary driver of gold demand through the remainder of 2026. Central banks are also expected to remain significant buyers. At the same time, mine production is expected to increase only modestly because new projects take years to permit, finance and develop. That combination—high prices, sustained investment demand and constrained supply—is putting the economics of established producers and quality development projects firmly back in the spotlight. Active Miners in the news across the market today include: ESGold Corp. (OTCQB: ESAUF) (CSE: ESAU), GoGold Resources Inc. (OTCQX: GLGDF) (TSX: GGD), Lundin Gold Inc. (OTCQX: LUGDF) (TSX: LUG), Troilus Mining Corp. (OTCQX: CHXMF) (TSX: TLG), Kinross Gold Corporation (NYSE: KGC).

The size of the opportunity is substantial. Fortune Business Insights estimates the global gold-mining market at approximately $327.8 billion in 2026, with the market projected to reach approximately $765.9 billion by 2034, representing an estimated 11.19% CAGR. Grand View Research offers another aggressive outlook, estimating the gold-mining market at $432.7 billion in 2026 and projecting it could reach approximately $710.1 billion by 2033. The estimates vary because research firms use different market definitions and methodologies, but the direction is clear: billions of dollars are flowing through an industry benefiting from an unusually strong gold-price environment.

For investors watching the mining sector, the biggest story may be operating leverage. A gold producer does not need to double production to potentially generate substantially more revenue when the price of its primary product rises. Every additional dollar received per ounce can have an outsized effect on cash generation when production costs are relatively stable. That creates an increasingly interesting environment for companies with established reserves, expanding production, attractive development projects and significant exploration potential. With the World Gold Council expecting only a measured supply response to elevated prices, the market could remain focused on companies capable of finding, developing and producing economically viable ounces.

Key market takeaways:

$327.8 billion: Estimated global gold-mining market value for 2026.

$765.9 billion: Fortune Business Insights' projected global gold-mining market value for 2034.

Gold above $4,300/oz: Gold remains at historically elevated levels despite September volatility.

Strong investment demand: The World Gold Council expects investment to remain the primary source of gold-demand growth through the second half of 2026 .

ESGold Corp. (CSE: ESAU) (OTCQB: ESAUF) INTERSECTS MULTIPLE SULPHIDE-BEARING INTERVALS AS MONTAUBAN DRILLING SURPASSES 2,000 METRES - ESGold Corp. (FSE: Z7D) (the “Company” or “ESGold”) is pleased to provide an update on its 2026 diamond drilling program at the Montauban Project, located approximately 80 kilometres west of Québec City, Québec.

As of September 15, 2026, ESGold had advanced 19 drill holes for a cumulative total of approximately 2,030 metres, marking an important milestone in the Company’s 2026 exploration program. Importantly, drilling continues to intersect alteration, quartz-carbonate veining and locally sulphide-bearing intervals within the geological environment associated with the historic Montauban mineralized system.

Observed sulphides to date include pyrite, pyrrhotite and galena, locally occurring within or adjacent to quartz-carbonate veins, altered gneissic units and structurally affected intervals. Approximately 400 core samples have now been submitted to SGS Laboratories in Val-d’Or for analysis, with assay results pending.

“Passing 2,000 metres is an important milestone in our 5,000-metre program, but what is particularly encouraging for us is what we continue to see in the core,” said Gordon Robb, CEO and Director of ESGold. “We are repeatedly encountering alteration, quartz-carbonate veining and sulphide-bearing intervals within the geological environment associated with the historic Montauban mineralized system.

“With approximately 400 samples now at SGS Laboratories in Val-d’Or, the next step is determining the significance of what we are seeing. At the same time, drilling continues as we test how this system may extend beyond the historic workings and at depth. Every hole is giving us more information to integrate with the historic mine data, ANT geophysics and our 3D geological model.”

Highlights

ESGold has completed approximately 2,030 metres across 19 drill holes as part of its planned 5,000-metre 2026 diamond drilling program.

Drilling has repeatedly encountered alteration, quartz-carbonate veining and locally sulphide-bearing intervals within the geological environment surrounding the historic Montauban mineralized system.

Observed sulphides include pyrite, pyrrhotite and galena, locally associated with quartz-carbonate veining, alteration and structurally affected intervals.

Approximately 400 core samples have been submitted to SGS Laboratories in Val-d’Or for assay.

Nine drill holes have intersected historic underground workings or voids, providing valuable geological control for reconciling modern drilling with the geometry of the former mine.

Drilling remains ongoing as ESGold evaluates the potential continuation of the Montauban system outside and below the historic mine workings.

Sulphide-Bearing Intervals Observed in Drill Core - Core logging completed to date has identified repeated sequences of amphibolite and quartz-feldspar-, biotite- and muscovite-bearing gneisses together with zones of silicification, chlorite-sericite alteration, deformation and quartz-carbonate veining.

Sulphides have been observed within or adjacent to quartz-carbonate veins, altered gneissic units and structurally affected intervals in holes including MM-26-03, MM-26-04 and MM-26-11.

These observations are significant from a geological targeting perspective because they provide direct information on the alteration, structural features and lithological contacts associated with the historic Montauban mineralized environment. Visual observations are not necessarily indicative of economic mineralization and laboratory assays are required to determine metal grades.

Testing Beyond the Historic Mine - The 2026 drill program is designed first to confirm the presence and continuity of mineralization along the main mineralized structure, and then to extend beyond the historical underground workings to test additional targets and potential extensions of the system. The drilling program is testing the geological interpretation developed from historical mine information, ESGold’s drillhole compilation, ANT surveys by CAUR Technologies, and 3D geological modelling by Geomatic World.

Each new drill hole provides direct geological information that can be incorporated into the evolving 3D model and compared with features interpreted through the ANT surveys. Continued… Read this full release and additional news for ESGold Corp by visiting : bit.ly/4cWmTQq

Additional news and recent developments from other mining companies making headlines:

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) recently provided an update on construction at its Los Ricos South project in Jalisco, Mexico, following the commencement announced on August 25, 2026. The project is progressing on schedule, and the Company reiterates first silver pour in the second quarter of 2028.

“Construction at Los Ricos South is moving ahead at full steam. Site clearing is well advanced, with more than 150 contractors on site, and all long-lead equipment orders have been placed,” said Brad Langille, President and CEO. “With US$284 million in cash in addition to cash flow from Parral, the project is fully funded with no debt or additional equity required. Based on our internal estimates using $60/oz silver and $4,200/oz gold, we see our maximum cash outlay in Q3 2027 and maintain cash reserves at a minimum of US$130 million throughout the build. We are progressing on schedule and remain focused on delivering first silver pour in Q2 2028.”

Lundin Gold Inc. (TSX: LUG) (OTCQX: LUGDF) recently reported that it has received a notice of assessment from Ecuador's tax authority, the Servicio de Rentas Internas ("SRI"), in respect of sovereign adjustment for the 2023 fiscal year. The assessment for the 2023 fiscal year indicates a proposed amount payable of $73 million plus potential fines and penalties of $81 million for a total amount of $154 million, excluding interest.

Lundin Gold believes the assessment is not consistent with the sovereign adjustment calculation as set out in the Exploitation Agreement with the Government of Ecuador, which in combination with the Investment Protection Agreement, establish the applicable fiscal, legal, tax, and dispute resolution framework for the Fruta del Norte ("FDN") operation.

Troilus Mining Corp. (TSX: TLG) (OTCQX: CHXMF), recently announced the fourth batch of results from the Z87 optimization drill program at its Troilus Gold-Copper Project located in north-central Quebec, Canada. The results reported include nine drill holes totaling 4,728 metres, and form part of the 2026 exploration program outlined in the Company’s March 31, 2026 press release .

The ongoing Z87 optimization program is is targeting Inferred material and historically unsampled intervals within and around the current Z87 Reserve pit, with the objective of identifying opportunities to improve the mine plan presented in the Company’s Technical Report on September 9th, 2026 .

Importantly, the current Mineral Resource and Mineral Reserve estimates have an effective date of December 31, 2025, and therefore exclude all drilling completed in 2026. The results reported today continue to demonstrate mineralization in areas currently classified as Inferred or, in some cases, treated as waste in the existing block model, creating potential opportunities for resource conversion, pit and mining sequence optimization, strip ratio improvements and enhanced early-year mill feed.

Kinross Gold Corporation (NYSE: KGC) recently provided a high-level update of the 2021 feasibility study (“FS”) economics for its Lobo-Marte project in Chile to account for inflationary impacts and advancement of the execution strategy since 2021.

J. Paul Rollinson, CEO, made the following comments in relation to the project’s announcement: “Lobo-Marte is an exciting, high-quality development opportunity in our portfolio. The initial mine plan is expected to contribute 4.6 million ounces of production over a 15-year operating life, with a substantial resource inventory beyond that. The project’s combination of scale and low operating and capital costs generates attractive returns and underscores its potential to become a cornerstone asset for Kinross. Lobo-Marte is expected to be a meaningful contributor to our long-term production profile while extending our presence in Chile well into the 2040s.

“Our team has made significant progress across permitting, engineering and execution planning to support the long-term development of the project. We were pleased to recently welcome the President of Chile, José Antonio Kast, to our Copiapó office to discuss Kinross’ long-term commitment to Chile and our development pipeline in the Atacama Region. Chile is a world-class mining jurisdiction and we appreciate the government’s focus on providing a stable framework that supports responsible investment, sustainable development, and long-term economic growth. We believe Lobo-Marte will create long-term value for shareholders while delivering meaningful economic and employment benefits for local Indigenous communities and businesses in Chile.”

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September 24, 2026 - 5:30 AM PDT

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