Sitka Gold Corp. (TSXV: SIG) (FSE: 1RF) (OTCQB: SITKF) (‘Sitka’ or the ‘Company’) is pleased to announce analytical results for three diamond drill holes completed at the Contact Zone target located at its 100% owned, road accessible RC Gold Project (‘RC Gold’ or the ‘Project’) within the Yukon’s prolific Tombstone Gold Belt. DDRCCC-25-113 returned impressive results with up to 119.0 metres of 1.01 g/t gold returned from surface, including 10.7 m of 4.1 g/t gold and 1.2 metres of 24.8 g/t gold, confirming significant gold mineralization at the Contact Zone. Assays are currently pending for an additional three drill holes that were completed at Contact along with three holes that were completed at the adjoining Pukelman target (see Figures 2 and 3). Assays are also pending for an additional 46 diamond drill holes that have been completed across the Rhosgobel, Blackjack, Saddle, Eiger, Bear Paw and MayQu targets. Approximately 32,000 metres of diamond drilling has been completed across the RC Gold Project this year.

• Sitka’s initial drilling at Contact returns >100 gram-metre (g/t*m) gold interval from surface, confirming the presence of significant gold mineralization
• DDRCCC-25-113 intersected 119.0 metres of 1.01 g/t gold from surface, including 10.7 m of 4.1 g/t gold including 1.2 m of 24.8 g/t Au, and 1.2 m of 12.25 g/t Au
• Historical drilling at Contact has returned significant high-grade gold intercepts including hole CC10-022 which intersected 1.5 m of 147.0 g/t Au located approximately 335 m east of hole DDRCCC-25-113 (see news release dated August 19, 2025; Figures 2 and 3)
• Mineralization at Contact-Pukelman zone remains open in all directions with drilling to date confirming a mineralized footprint of approximately 900 m x 650 m (see Figure 2)
• Results for several holes are still pending, including from the adjacent Pukelman target area where numerous instances of visible gold were observed in the drill core.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/274133_fc8a8fb4f4ed5acf_002full.jpg

‘Initial results from Sitka’s first pass of diamond drilling at the Contact zone are very encouraging, demonstrating the strong gold values present within this higher-grade gold zone,’ stated Cor Coe, CEO and Director of Sitka. ‘With an interval of over 100 gram-metres (g/t*m) from surface in Hole 113, we can add the Contact zone to our growing list of targets that demonstrate the potential to host additional multi-million ounce gold deposits within the Clear Creek Intrusive Complex. We look forward to receiving the remaining holes from this zone, along with the holes that were completed this year at the adjacent Pukelman zone, where numerous instances of visible gold were observed throughout the drill core, as we continue to delineate the potential of this exciting target area to add ounces to the growing gold resources at RC Gold.’

Figure 1: A cross section through the Contact Zone showing the intercepts of 119.0 m of 1.01 g/t Au, including 10.7 m of 4.10 g/t Au and 3.9 m of 5.51 g/t Au in DDRCCC-25-113.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/274133_fc8a8fb4f4ed5acf_003full.jpg

Figure 2: A plan map of the Contact Zone target showing the drilling completed to date in 2025. All holes have intersected reduced intrusion-related gold system (RIRGS) style mineralization including centimetre-scale, sheeted, quartz veins within a structural corridor cutting the metasediments. Multiple occurrences of visible gold have been observed in most of the diamond drill holes completed to date (yellow stars). Assays are pending for the remaining holes. Drilling to date has traced gold mineralization across a lateral extent of approximately 900 m x 650 m and from surface to a depth of 430 m. Mineralization remains open in all directions.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/274133_fc8a8fb4f4ed5acf_004full.jpg

Figure 3: Plan map showing the broader Contact-Pukelman target area within a large 1.0 km x 1.5 km gold-in-soil anomaly. Drilling to date has been focused on the core of this target area and has traced gold mineralization across a lateral extent of approximately 900 m x 650 m and from surface to a depth of 430 m. Mineralization remains open in all directions.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/274133_fc8a8fb4f4ed5acf_005full.jpg

Figure 4: Examples of coarse visible gold (VG) observed in drill core at the Contact Zone. Drilling at the Contact Zone has intersected VG in all six holes completed this year, including the largest VG particles observed on the property in drill core to date (scale is the same for all pictures). Click HERE to see additional images of VG from the Contact Zone.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/274133_fc8a8fb4f4ed5acf_006full.jpg

Figure 5: Example of large particles of visible gold seen within a quartz vein in metasedimentary rock in the drill core of DDRCCC-25-115 from 39.4 to 39.7 m length drilled at the Contact zone

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/274133_fc8a8fb4f4ed5acf_007full.jpg

Figure 6: An example of drill core from DDRCCC-25-113 showing quartz veins cutting strongly altered metasediments of the Contact Zone. The displayed section shows a well mineralized quartz vein containing 12.25 g/t Au over 1.2 m.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/274133_fc8a8fb4f4ed5acf_008full.jpg

CONTACT-PUKELMAN TARGET

In 2025, Sitka completed six diamond drill holes totalling 2,172 metres at Contact and three diamond drill holes totalling 1,876 metres at Pukelman (see Figure 2). Drilling intersected broad intervals of strongly altered metasediments cut by several quartz monzonite, and biotite-feldspar porphyritic dykes, along with abundant, cm scale, sheeted quartz veins. Visible gold was observed in the sheeted quartz veins and was often associated with arsenopyrite, bismuthinite, and minor scheelite (see Figures 3 and 4).

Sitka’s 2025 drill program was designed to expand the mineralized footprint of the Contact zone, test the zone with oriented diamond drill core to better understand controls on the mineralization and test the linkage between the metasedimentary and intrusion hosted mineralization of the Contact and Pukelman zones. The Contact zone was previously drilled in 2010 and 2011 with 1,660 metres in 12 holes of reverse circulation drilling and 254 metres in 2 holes of diamond drilling and encountered significant mineralization in quartz veining within metasedimentary rocks up to 450 metres south of the Pukelman intrusion. Current drilling to date has traced gold mineralization across a lateral extent of approximately 900 metres x 650 metres and from surface to a depth of approximately 430 metres.

* While visible gold observations are very encouraging and confirm the presence of gold mineralization, they are not intended to imply potential gold grades. Gold assays will be published after they are received from the lab for mineralized intervals in which visible gold particles were noted.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/274133_fc8a8fb4f4ed5acf_009full.jpg

Figure 7: A plan map of the Clear Creek Intrusive Complex (CCIC) showing the updated resource areas at Blackjack and Eiger, along with the newly discovered Rhosgoble zone and several other high-priority drill targets and multiple exploration targets. . The map highlights the numerous drill targets that Sitka has outlined within the CCIC which all are connected by the road network on the project and occur in an area measuring five (5) km north-south and twelve (12) km east-west. Additional areas highlighted by strong gold in soil anomalies are being advanced to the drill ready stage with additional geological work in 2025.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/274133_fc8a8fb4f4ed5acf_010full.jpg

Figure 8*: A plan map of the Clear Creek Intrusive Complex (CCIC) showing the updated resource areas at Blackjack and Eiger, and the six additional areas that have drill targets indicated by the mauve hatched areas. The map highlights the numerous drill targets that Sitka has outlined within the CCIC which all are connected by the road network on the project and occur in an area measuring five (5) km north-south and twelve (12) km east-west. Additional areas highlighted by strong gold in soil anomalies are being advanced to the drill ready stage with additional geological work in 2025.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/274133_fc8a8fb4f4ed5acf_011full.jpg

* References for Figure 7 drilling intervals:

Rhosgobel Intervals: Sitka Gold News Release dated November 25, 2024
Pukelman Intervals: Sitka Gold News Release dated January 7, 2025
Contact Intervals: O’Brien, 2010; Assessment Report, 2010 Diamond Drilling Program, Clear Creek Property (Assessment report 095539)

Shutty, 2011; Assessment Report, 2011 Exploration Program, Clear Creek Property (Assessment Report 095984)
Bear Paw Intervals: Shutty, 2011; Assessment Report, 2011 Exploration Program, Clear Creek Property (Assessment Report 095984)

Figure 9: Regional map of the RC Gold Project located in the western portion of Yukon’s prolific Tombstone Gold Belt.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/274133_fc8a8fb4f4ed5acf_012full.jpg

Quality Assurance/Quality Control

On receipt from the drill site, the HTW/NTW-sized drill core was systematically logged for geological attributes, photographed and sampled at Sitka’s core logging facility. Sample lengths as small as 0.3 m were used to isolate features of interest, otherwise a default 2 m downhole sample length was used. Each sample is identified by a unique sample tag number which is placed in the bag containing the core to be assayed. Core was cut in half lengthwise along a predetermined line, with one-half (same half, consistently) collected for analysis and one-half stored as a record. Standard reference materials, blanks and duplicate samples were inserted by Sitka personnel at regular intervals into the sample stream. Bagged samples were placed in secure bins to ensure integrity during transport. They were delivered by Sitka personnel or a contract expeditor to ALS Laboratories’ preparatory facility in Whitehorse, Yukon, with analyses completed in North Vancouver.

ALS is accredited to ISO 17025:2005 UKAS ref. 4028 for its laboratory analysis. Samples were crushed by ALS to over 70 per cent passing below two millimetres and split using a riffle splitter. One-thousand-gram splits were pulverized to over 85 per cent passing below 75 microns. Gold determinations are by fire assay with an inductively coupled plasma mass spectroscopy (ICP-AES) finish on 50 g subsamples of the prepared pulp (ALS code: Au-ICP-22). Any sample returning over 10 g/t gold was re-analyzed by fire assay with a gravimetric finish on a 50 g subsample (ALS code: Au-GRA21). In addition, a 51-element analysis was performed on a 0.5 g subsample of the prepared pulps by an aqua regia digestion followed by an inductively coupled plasma mass spectroscopy (ICP-MS) finish (ALS code: ME-MS41).

About Sitka’s Flagship RC Gold Project

Sitka’s 100% owned RC Gold Project consists of a 431 square kilometre contiguous district-scale land package located in the heart of Yukon’s Tombstone Gold Belt. The project is located approximately 100 kilometres east of Dawson City, which has a 5,000 foot paved runway, and is accessed via a secondary gravel road from the Klondike Highway which is usable year-round and is an approximate 2 hour drive from Dawson City. It is the largest consolidated land package strategically positioned mid-way between the Eagle Gold Mine and the past producing Brewery Creek Gold Mine.

The RC Gold Project now has pit-constrained mineral resources that are contained in two zones: the Blackjack and Eiger gold deposits with 1,291,000 ounces of gold in 39,962,000 tonnes grading 1.01 g/t gold in an indicated category and 1,044,000 ounces of gold in 34,603,000 tonnes grading 0.94 g/t in an inferred category at Blackjack and 440,000 ounces of gold in 27,362,000 tonnes grading 0.50 g/t gold in an inferred category at Eiger. These resource estimate numbers are supported by the recently updated technical report for RC Gold, prepared in accordance with NI 43-101 standards, entitled ‘Clear Creek Property, RC Gold Project NI 43-101 Technical Report Dawson Mining District, Yukon Territory’, prepared by Ronald G. Simpson, P. Geo., of GeoSim Services Inc. with an effective date of January 21, 2025. This report is available on SEDAR+ (http://www.sedarplus.ca) and on the Company’s website (www.sitkagoldcorp.com).

Both of these deposits begin at surface, are potentially open pit minable and Initial bottle roll metallurgical testing confirmed the non-refractory characteristics of the gold mineralization and returned gold extraction rates averaging around 85%. Further metallurgical testwork in 2024 returned recoveries ranging from 77.6 to 93% for gravity followed by cyanidation.

For the purposes of the current resource model, it is assumed that a likely mill flowsheet would consist of a gravimetric, flotation, and cyanidation circuit.

The company has now completed 165 diamond drill holes for a total of 59,770 metres across the Clear Creek Intrusive Complex (CCIC), and an additional 3 holes for 858 metres in the May-Qu Intrusion. Drilling continues to outline higher grade mineralization at all zones including hole DDRCCC-24-068 at Blackjack which intersected 678.1 metres of 1.04 g/t gold starting from surface (see news release dated October 21, 2024), and hole DDRCCC-25-075 which intersected 352.8 metres of 1.55 g/t gold including 108.9 metres of 3.27 g/t gold and 45.0 metres of 4.52 g/t gold (see news release dated April 22, 2025). Drilling in 2024/2025 has resulted in the discovery of a new higher grade zone at Rhosggobel including hole DDRCRG-25-010 at Rhosgobel which intersected 235.9 metres of 1.11 g/t gold, including 40.0 m of 2.01 g/t gold and 10.0 m of 5.29 g/t gold, from surface (see news release dated September 18, 2025).

RC Gold Deposit Model

Exploration on the Property has mainly focused on identifying an intrusion-related gold system (‘IRGS’). The property is within the Tombstone Gold Belt which is the prominent host to IRGS deposits within the Tintina Gold Province in Yukon and Alaska. Notable deposits from the belt include: Fort Knox Mine in Alaska with current Proven and Probable Reserves of 230 million tonnes at 0.3 g/t Au (2.471 million ounces; Sims 2018)(1); Eagle Gold Mine with current Measured and Indicated Resources of 233 million tonnes at a grade of 0.57 g/t Au at the Eagle Main Zone (4.303 million ounces; Harvey et al, 2022)(2); the Brewery Creek deposit with current Indicated Mineral Resource of 22.2 million tonnes at a gold grade of 1.11 g/t (0.789 million ounces; Hulse et al. 2020)(3); the AurMac Project with an Indicated Mineral Resource of 112.5 million tonnes grading 0.63 gram per tonne gold (2.274 million ounces)(4) plus an Inferred resource of 280.6 million tonnes grading 0.60 g/t gold (5.454 million ounces)(4), the Valley Deposit, with a current Measured and Indicated Mineral Resource of 7.94 million oz gold at 1.21 g/t and an additional Inferred Mineral Resource of 0.89 million oz at 0.62 g/t gold(5), and the Raven deposit with an inferred mineral resource of 1.1 million oz (19.96 million tonnes at 1.67 g/t gold)(6). The QP has been unable to verify the information regarding the above resource estimations and the information is not necessarily indicative of the mineralization on the property that is the subject of the disclosure.

Source

Investor Insight

With strategic, US-based assets, Trigg Minerals is well-positioned to become a cornerstone supplier of antimony and tungsten into the United States and allied markets. With a sharpened focus on critical minerals in Tier-1 jurisdictions, Trigg is executing a strategy that aligns with urgent national security and energy transition needs.

Overview

Trigg Minerals (ASX:TMG,OTCQB:TMGLF) is an emerging leader in the global critical minerals space, focused exclusively on the development of antimony and tungsten assets in the US – both metals designated as critical minerals by the United States, Canada, Australia and the European Union for its role in national defense, energy transition technologies, and advanced industrial applications.

Global supply of both antimony and tungsten is highly concentrated, with more than 80 percent controlled by China and Russia. Export restrictions, sanctions and the depletion of strategic stockpiles have created acute shortages, driving demand for alternative, conflict-free sources. This geopolitical backdrop creates a once-in-a-generation opportunity for new suppliers to anchor Western supply chains.

Trigg’s strategy is firmly focused on developing critical minerals projects in Tier-1 US jurisdictions, where stable regulatory frameworks, established infrastructure and strong government support provide a competitive advantage.

The company’s flagship Antimony Canyon project in Utah is one of the largest undeveloped antimony systems in the country, now secured through patented mining claims that streamline the pathway to production. Complementing this is the Tennessee Mountain tungsten project in Nevada, a historic tungsten district with confirmed high-grade mineralisation, and the newly acquired Central Idaho antimony project, which offers district-scale potential in a historically productive region.

By advancing this portfolio, Trigg aims to establish itself as a vertically integrated supplier, from mine development through to downstream smelting and refined metal production. With strong shareholder support, active engagement with US government and defence stakeholders, and membership in international industry associations, Trigg Minerals is positioned to play a leading role in rebuilding secure Western supply of antimony and tungsten.

Company Highlights

• ASX-listed explorer advancing critical mineral projects in the United States, with a focus on antimony and tungsten.
• Antimony Canyon Project (Utah) – flagship project with patented claims, high grades and a streamlined pathway to development.
• Tennessee Mountain Project (Nevada) – historic tungsten district with confirmed high-grade mineralisation.
• Central Idaho Antimony Project – district-scale landholding with grades up to 17.6 percent antimony.
• Optionality in Australia, including Wild Cattle Creek, one of the world’s highest-grade undeveloped antimony resources.
• Strong financial position and strategic investment support, including backing from Tribeca Investment Partners.
• Proposal to rebrand as American Antimony and Tungsten at the November 2025 AGM to reflect US focus.

Key Project

Antimony Canyon Project

Antimony Canyon, located in Utah, is Trigg’s flagship project and one of the largest undeveloped antimony systems in the United States. Historically mined during the 20th century but never subject to modern exploration, the district hosts multiple high-grade stibnite deposits. In 2025, Trigg consolidated control through the acquisition of 20 patented claims, giving the company full ownership of both surface and mineral rights. This control materially de-risks permitting by allowing the project to proceed under Utah’s streamlined Mined Land Reclamation Act, avoiding lengthy federal processes.

An exploration target of 6.1 to 6.9 million tonnes (Mt) at 1.4 to 2.3 per cent antimony, containing between 86,000 and 158,000 tonnes of antimony metal, has been established on these claims. Sampling programs have confirmed exceptional grades, including channel results up to 33.2 percent antimony. With no active US antimony production, Antimony Canyon offers a unique opportunity to establish domestic supply, with Trigg advancing studies for a pilot-scale mining operation and downstream smelting in partnership with Metso, leveraging Ausmelt technology for the production of refined antimony metal.

Tennessee Mountain Tungsten Project

In August 2025, Trigg expanded into tungsten through the acquisition of the Tennessee Mountain project in Nevada, another Tier-1 US jurisdiction. This historic mining district hosts the Garnet Mine and widespread skarn-hosted tungsten mineralisation. Historical trenching and drilling reported thick intersections of mineralised zones, including 24.9 metres at 0.65 percent tungsten trioxide and 10.67 metres at 0.98 percent tungsten trioxide. A non-JORC historical estimate of 0.71 Mt, grading 0.3 to 0.5 percent tungsten trioxide, underscores the scale and potential of the system. With tungsten also recognised as a critical mineral for defence and clean energy technologies, Tennessee Mountain provides diversification and growth within Trigg’s US portfolio.

Central Idaho Antimony Project

In September 2025, Trigg acquired the Central Idaho antimony project, located within the historically productive Swanholm Mining District. Early fieldwork has already confirmed very high-grade mineralisation, including assays up to 17.6 percent antimony from surface samples, with associated gold values. The project covers a district-scale landholding in an area geologically analogous to Perpetua Resources’ Stibnite gold project, which has received substantial US federal support. With minimal historic disturbance and no legacy tailings, the project offers a clean environmental baseline and a potentially straightforward permitting pathway.

Australian Projects

While Trigg’s near-term focus is firmly in the US, the company maintains optionality through its Australian portfolio. The Wild Cattle Creek deposit in New South Wales contains a JORC 2012 resource of 1.52 Mt at 1.97 percent antimony, representing ~30,000 tonnes of contained metal and ranking as one of the world’s highest-grade undeveloped antimony deposits. Additional Australian projects, including Taylors Arm, Spartan and Nundle, as well as the Drummond gold project in Queensland, provide longer-term exploration upside.

Management Team

Timothy Morrison – Executive Chairman

Tim Morrison is a highly experienced executive in the Australian resource and capital markets sector. With a background in law and investment banking, Morrison has held senior roles in both private and public resource companies, including those focused on critical minerals, base metals, and energy. His leadership at Trigg is defined by a clear strategic focus: unlock value from the Wild Cattle Creek deposit and position the company as a cornerstone in the global antimony supply chain. Morrison brings extensive experience in stakeholder engagement, project financing, and government relations, having previously led funding rounds, IPOs, and major project negotiations across multiple jurisdictions. His vision for Trigg is underpinned by a disciplined growth strategy and sovereign supply positioning.

Jonathan King – Chief Geologist

Jonathan King is a seasoned geologist with over 20 years of experience in mineral exploration and resource development. He has worked across a broad range of commodities including antimony, gold, copper, and rare earths, and has been instrumental in leading exploration teams across Australia, Southeast Asia and Africa. At Trigg, King is responsible for designing and executing the company’s exploration programs, including the upcoming high-impact drill campaign at Wild Cattle Creek. His technical leadership ensures that resource expansion is driven by rigorous geoscientific methodology, with a focus on unlocking district-scale potential across the broader Achilles project area.

Andre Booyzen – Non-executive Director

Andre Booyzen is an experienced mine operator and leader and has 25+ years of experience in operational, senior and executive roles, and is a specialist in antimony mining. He brings extensive experience in mine development, operational strategy, and off-take agreements. Booyzen previously served vice-president of Mandalay Resources (TSX:MND,OTCQB:MNDJF), where he had full strategic and operational control including product sales, off takes and funding negotiations at the Costerfield gold-antimony mine in Victoria, currently Australia’s only producer of antimony concentrate. Booyzen also served on the board of the Minerals Council of Australia (Victoria) for more than five years and was chairman for three of those.

Chris Gregory – Non-executive Director

Chris Gregory is a highly accomplished global mining executive and geologist with over 30 years of experience. He has an extensive leadership track record in discovery, development, mine operation and strategic growth across a wide range of commodities and jurisdictions. Gregory’s career included 22 years with Rio Tinto, where he led the discovery and evaluation of Sepon gold/copper deposit in Laos. He was vice-president, exploration and geology at Mandalay Resources, where he was instrumental in the success of the Costerfield Antimony/Gold mine in Victoria for more than 10 years up to 2022.

Nicholas Katris – Non-executive Director and Company Secretary

Nicholas Katris has over 15 years of experience in corporate advisory and public company management, having begun his career as a chartered accountant. He has been actively involved in the financial management of public companies within the mineral and resources sector, holding roles on both the board and executive management teams. His expertise spans the advancement and development of mineral resource assets, as well as business development. Throughout his career, Katris has worked across Australia, Africa, Brazil and Canada, gaining extensive experience in financial reporting, capital raising, and treasury management for resource companies. He currently serves as company secretary for Leeuwin Metals (ASX:LM1) and Perpetual Resources (ASX:PEC).

James Graf – Non-executive Director

James Graf has over 35 years of international capital markets, M&A and corporate management experience, including roles as CEO, CFO and/or board director of eight US-listed special purpose acquisition companies, and as a managing director at Deutsche Bank in Hong Kong and Merrill Lynch in Singapore. Graf currently serves as CEO and board director of Graf Global (NYSE:GRAF) and as interim CFO of NKGen Biotech (OTC:NKGN). He was previously a board director of Velodyne Lidar (Nasdaq:VLDR) and also founded an enterprise software company with operations in the US, Malaysia and Ukraine.

1. Newmont (TSX:NGT,NYSE:NEM)

Production: 213.03 metric tons

Newmont is the world’s top gold-mining company. In 2024, the company reported production of 192.96 metric tons of gold.

Newmont has a diverse portfolio of assets, with significant operations in North and South America, Australia and Africa.

Its portfolio includes a 38.5 percent interest in Nevada Gold Mines in Nevada, US, through a joint venture with majority owner Barrick Mining (TSX:ABX,NYSE:B).

In 2024, the Nevada Gold Mines complex produced 2.68 million ounces (83.48 metric tons) of gold. Newmont’s attributable share is 1.03 million ounces, or 32.14 metric tons.

The company’s next largest operation is its wholly owned Ahafo South Complex in Ghana. It consists of three mines, the Subika and Awonsu open pits, and the Subika underground mine. Last year, the asset produced 798,000 ounces (24.28 metric tons) of gold for Newmont. The company’s Ahafo North open pit mine achieved commercial production in late 2025 and is expected to average 275,000 and 325,000 ounces of gold per year.

In January 2025, Newmont sold its Porcupine Complex in Ontario, Canada, to Discovery Silver for total consideration of US$425 million. In 2024, the mine produced 270,000 ounces (8 metric tons) of gold. The sale is part of Newmont’s larger divestiture of US$4.3 billion in non-core assets.

2. Barrick Mining (TSX:ABX,NYSE:B)

Production: 121.65 metric tons

Barrick Mining produced 121.65 metric tons of attributable gold in 2024, landing it as the second highest gold producer in the world. Like Newmont, Barrick is a global producer and owns assets on nearly every continent.

Barrick’s largest operation is its 61.5 percent stake in Nevada Gold Mines alongside Newmont. The gold complex accounted for 1.65 million ounces, or 51.34 metric tons, of Barrick’s gold production in 2024.

The company’s second-largest producing asset is its 80 percent owned Loulo-Gounkoto gold complex in Mali, which produced 578,400 ounces of gold in 2024 for Barrick.

While much of Barrick’s production has remained steady over the past several years, disagreements with the Malian government, run by a military junta since a 2021 coup, has brought uncertainty to its operations there.

In 2024, the government accused Barrick of failing to pay its taxes amid changes to royalty rights and mining licenses. It arrested four workers there and issued an arrest warrant for then-CEO Mark Bristow.

In June 2025, the Mali government placed the mine under provisional administration, as a resolution of the dispute failed to materialize.

3. Agnico Eagle Mines (TSX:AEM,NYSE:AEM)

Production: 108.41 metric tons

In 2024, Agnico Eagle produced 108.41 metric tons of gold, taking third place among the world’s biggest gold producers. It wholly owns its portfolio of 11 mines, with seven in Canada, two in Mexico and one in each of Australia and Finland.

The company’s Detour Lake and Canadian Malartic mines in Canada are some of the world’s biggest gold mines.

In 2024, its Detour Lake operation, in Ontario near the Québec border, produced 671,950 ounces (20.9 metric tons) of gold. Just behind was the Canadian Malartic Complex in Québec, which produced 655,654 ounces (20.4 metric tons) in 2024.

Gold production at Canadian Malartic peaked at 715,000 ounces (22 metric tons) in 2021 The mine is a combination of open pit and underground mines; however, the main open pit was depleted in 2023, and the mine is expected to transition to fully underground operations by 2029.

4. Navoi Mining and Metallurgy Company

Production: 96.42 metric tons

In 2024, Navoi Mining and Metallurgy Company produced 96.42 metric tons of gold. NMMC is the largest mining company operating in Uzbekistan, with 12 mines. The company has been in operation since the 1960s, when the country was still part of the Soviet Union.

NMMC’s primary asset is the Muruntau mine, which produced an estimated 2.68 million ounces of gold in 2024. Muruntau is the world’s largest open pit mine and the second highest gold producing mine in the world. It has been in production since 1969.

The company is working on modernizing its operations and considering a potential public listing.

5. Polyus (LSE:PLZL,MCX:PLZL)

Production: 93.36 metric tons

Polyus produced 93.37 metric tons of gold in 2024. The gold company is the largest gold producer in Russia from five wholly owned operations in the country.

Polyus holds significant proven and probable gold reserves of 101 million ounces, or 3,141 metric tons.

Its largest asset is the Olimpiada mine in Eastern Siberia. In 2024, the mine produced 1.48 million ounces (46.93 metric tons) of gold, putting it among the top gold operations in the world. Its second biggest mine is Blagodatnoye, also in Siberia, which produced 500,300 ounces (15.56 metric tons) of gold in 2024.

6. AngloGold Ashanti (NYSE:AU,ASX:AGG)

Production: 82.35 metric tons

AngloGold Ashanti produced 82.74 metric tons of attributable gold in 2024, putting it among the top Africa-based gold mining companies.

The company has a portfolio of nine mining assets spread across seven countries in Africa, South America and Australia, as well as numerous exploration projects around the world.

AngloGold’s largest wholly owned operation is the Geita mine in Northwest Tanzania. The property consists of multiple open-pit and underground operations, which produced 483,000 ounces (15 metric tons) of gold in 2024.

The company also owns a 45 percent interest in the Kibali mine located in the Democratic Republic of Congo. The mine is the largest gold operation in Africa, producing 686,000 ounces (21.34 metric tons) in 2024, with 308,700 ounces (9.6 metric tons) attributable to AngloGold. The remaining ownership in the mine is held by Barrick Mining at 45 percent and the DRC government at 10 percent.

7. Kinross Gold (TSX:K,NYSE:KGC)

Production: 66.19 metric tons

Kinross Gold ranked seventh on our list of top gold producers with 66.17 metric tons of attributable gold equivalent production in 2024. Kinross maintains considerable and steady output from a portfolio of six assets across Canada, the US, Brazil, Chile and Mauritania.

Kinross has full ownership over all its operating assets, with the exception of its 70 percent owned Manh Choh mine in Alaska, US. The company began processing ore from Manh Choh at its Fort Knox operations through the Peak Gold joint venture in 2024.

The biggest contributor to Kinross’s output is its Tasiast mine in Western Mauritania, which produced 622,394 ounces (19.36 metric tons) of gold in 2024. Tasiast is currently an open-pit operation, and the company has been working to explore the underground potential of the mine at several key targets.

Among Kinross’ other assets, Paracatu stands out with its 528,574 ounces (16.44 metric tons) of gold production in 2024, making it the third largest gold mine in Brazil.

8. Gold Fields (NYSE:GFI)

Production: 64.21 metric tons

Gold Fields was the eighth biggest gold company in 2024, producing 61.75 metric tons of the yellow metal. The company is a globally diversified gold producer with nine mining operations across Australia, Chile, Peru, Ghana and South Africa. The company also owns the Windfall gold project in Canada.

Gold Fields’ most significant gold operation is the Tarkwa mine in Southern Ghana, one of the largest gold mines in West Africa. Gold Fields holds a 90 percent interest in the mine, with the remaining 10 percent owned by the Government of Ghana.

The mine consists of four open pits. In 2024, the operation produced 537,000 ounces (16.7 metric tons) for Gold Fields.

Its next largest asset is its wholly owned St Ives complex in the Eastern Goldfields region of Western Australia. The operation, which commenced production in the 1980s, currently consists of two open pits and two underground mines. It delivered 331,000 ounces (10.3 metric tons) of gold in 2024.

9. Zijin Mining Group (OTC Pink:ZIJMF)

Production: 62.21 metric tons

In 2024, Zijin Mining Group produced 62.21 metric tons of attributable gold from its mines across Asia, Africa, Australia and South America. Although the company is not exclusively a gold producer, its substantial portfolio of assets has helped it become China’s leading gold company.

Its most significant contributor to gold production came from its Norton complex near Kalgoorlie, Western Australia. The asset is a conglomeration of several different mines and delivered 263,000 ounces (8.18 metric tons) of gold in 2024.

Zijin’s next largest gold operation is Buriticá, an underground gold mine located near Medellín, Colombia, of which it holds 69.28 percent ownership. In 2022, the mine underwent an expansion that included upgrades to its mining equipment, improving the overall processing capacity. In 2024, the mine produced 322,000 ounces (10.02 metric tons) of gold, with 223,000 ounces (6.94 metric tons) attributable to Zijin.

10. Harmony Gold Mining Company (NYSE:HMY,JSE:HAR)

Production: 47.51 metric tons

In 2024, Harmony Gold Mining Company produced 47.51 metric tons of gold, making it the world’s 10th largest gold mining company.

The majority of the company’s large portfolio of wholly owned operations are located in South Africa, and it also operates the Hidden Valley mine in Papua New Guinea.

Harmony Gold’s top operation is the Mponeng mine in Northern South Africa. The underground mine is among the deepest in the world, where gold is retrieved from depths of approximately 4 kilometers. In the calendar year 2024, Mponeng produced 320,993 ounces (9.98 metric tons) of gold.

Harmony also owns the Moab Khotsong mine in Northern South Africa, an underground mine consisting of three vertical shaft systems. It started production in 2003, making it one of South Africa’s younger deep-level underground mines. In 2024, the mine contributed 202,742 ounces (6.31 metric tons) to Harmony’s total output.

Trump spars with Powell over interest rates

Trump appointed Powell as Fed chair during his first presidential term, but nevertheless took to Twitter in August 2019 to ask, “who is our bigger enemy, Jay Powell or Chairman Xi?”

The statement came after Powell made comments at an annual conference in Jackson Hole, Wyoming, suggesting Trump’s trade policies vis-à-vis China were weighing on economic growth.

More recently, in April of this year, the president blasted Powell for keeping interest rates unchanged: ‘The Fed really owes it to the American people to get interest rates down, that’s the only thing he’s good for.”

While the Fed has cut rates twice this year, it only amounts to 50 basis points, with rates now in a range of 3.75 to 4 percent. Powell has publicly balked at the idea of making deeper cuts — further stoking Trump’s ire.

Following the first rate cut in September, a Politico reporter asked Powell what may signal to Americans that the Fed is no longer acting nonpartisanly. “We don’t frame these questions at all or see them in terms of political outcomes. In another part of Washington, everything is seen through the lens of does it help or hurt this political party, this politicians,” Powell said. “That’s the framework. People find it hard to believe that’s not at all the way we think about things at the Fed. We take a longer perspective, we’re trying to serve the American people as best as we can.”

What history tells us about political pressure, the Fed and stagflation

“There’s no secret as to the president’s feelings towards Chairman Powell. Trump wants lower interest rates and a more accommodative Fed, and has been very vocal in saying that, to the extent that everyone is now saying Fed independence is at risk. And look, it might be, but it’s not like we haven’t been here before,” he said.

A prime example, said Rozencwajg, occurred alongside the Vietnam War in the mid-1960s. President Lyndon B. Johnson bullied Fed Chair William Martin (the longest tenured Fed chair and a man whose father helped draft the Federal Reserve Act) into keeping interest rates low to help the government fund not only the Vietnam War but also social welfare programs at home without the need to upset the voting public with tax hikes.

When Martin didn’t get on board with Lyndon’s “guns and butter” economic policies, the then-president reportedly threatened to replace Martin as Fed chair, cut the Fed’s budget and suffocate it with audits.

At first stalwart in his fight to preserve the value of the dollar, Martin eventually capitulated by delaying further hikes before eventually cutting rates and keeping them low. In doing so, he planted the seed for what’s now called the “Great Inflation.” Between 1965 and 1980, the annual average US inflation rate rose from 1.6 percent to a peak of 13.5 percent.

Lyndon’s successor Richard Nixon is another prime example of a US president bullying the Fed to lower rates in order to advance politically with disastrous consequences.

This time the Fed chair was Arthur Burns, another believer in the importance of Fed independence. However, Nixon felt Burns owed him a debt of loyalty for making him an economic advisor and later appointing him as Fed chair. Heading into the 1972 election season, Nixon wanted Burns to lower rates in order to juice the economy in the short-term.

“I respect Burns’s independence. But I hope that independently he will conclude that my views are the ones that should be followed,” said Nixon, who also used US Treasury Security John Connally to further put the squeeze on Burns.

Like Martin, he would eventually cave by slashing rates and expanding the money supply far above the Fed’s stated targets. This led to what’s known as the “Nixon Shock,” which brought about the collapse of the Bretton Woods system of fixed exchange rates and ended the convertibility of US dollars into gold.

This resulted in the devaluation of the US dollar and ultimately sank the economy deeper into the Great Inflation to the point that stagflation (inflation + no economic growth) took hold.

“(Arthur Burns) had a tough job and was under a huge amount of pressure, and was a very astute economist and Fed chairman,” said Rozencwajg. “But nevertheless, he probably wins the award for the worst Fed chairman in history, just because he was there and it all happened under his watch.”

Once decoupled from the dollar, the price of gold surged from the decades-long fixed price of US$35 per ounce under the Bretton Woods system to more than US$600 by the spring of 1980. The gold price would manage to retain that level for much of the year before starting a downward slide to half that value by mid-1982. The yellow metal would not achieve that high again until the spring of 2006 on renewed inflationary fears and a weaker US dollar.

To tame the inflation beast of the 1970s, Fed Chair Paul Volcker (serving from 1979 to 1987) had to raise interest rates to 20 percent. While his plan, known as the “Volker Shock,” did eventually curb inflation down to 3 percent by 1983, it also brought about two recessions and unemployment over 10 percent.

Trump to replace Powell with political loyalist

A modern day example of the executive branch threatening the independence of the Fed is now playing out for us to watch in real time. Today, the players are Trump and Powell. This time, the president is pushing the Fed chair to lower rates at a faster pace in order to support his tariff-based economic policies as the threat of stagflation looms.

Powell’s comments following the 0.25 percent rate cut on October 29 show he isn’t likely to play ball. “In the committee’s discussions at this meeting, there were strongly differing views about how to proceed in December,” he said. “A further reduction in the policy rate at the December meeting is not a foregone conclusion. Far from it.”

Rozencwajg believes Powell wants to be remembered in the same vein as Volcker, not as Burns. “But there’s a third option, which I don’t think anyone’s really considered, which is that he’ll go down as Martin, the guy who tried his best and ultimately was pressured out and whose views were then completely undone in the chairmanship after,” he added.

By the end of this year, Trump intends to announce a replacement for Powell, whose term expires in May 2026. Echoing LBJ and Nixon’s threats to the Fed, Trump exclaimed at a business leaders dinner in Tokyo in October, “We have an incompetent head of the Fed … but he’ll be out of there in a few months, and we’ll get somebody new’.

US Secretary of the Treasury Scott Bessent has announced a shortlist of candidates to take the stop spot, including Fed Governors Christopher Waller and Michelle Bowman, National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh and BlackRock (NYSE:BLK) executive Rick Rieder.

“In the 1970s they didn’t believe that the money supply was responsible for higher prices in the economy, and the current Fed doesn’t believe that their own policies of printing money are responsible for increased prices,” he said. “There were some very dovish people appointed to the Fed in the 1970s who allowed politicians to strong arm them into dovish low interest rate policies … President Obama, President Biden and now President Trump are loading up the Federal Reserve with monetary doves who will cut interest rates and expand the money supply at the drop of a hat.”

Regardless, Powell’s days at the Fed are numbered. “President Trump’s going to replace him with another dove, who’s going to be even more aggressive with monetary policy,” said Thornton.

Both Thornton and Rozencwajg believe the bull market for gold has much further to go. With another dove at the helm of the Fed, lower interest rates are on the horizon. Lower interest rates make gold a much more attractive investment option than yield-bearing assets. The promise of higher inflation and continued economic uncertainty will also likely continue incentivizing both investors and central banks to pile into safe-haven gold.