Newmont to sell Coffee Project in Yukon

Newmont (TSX:NGT,NYSE:NEM,ASX:NEM), the world’s largest gold producer, announced that it has reached an agreement to sell its Coffee project to Vancouver-based explorer Fuerte Metals (TSXV:FMT,OTCQB:FUEMF).

Under the terms of the deal, Newmont will receive US$10 million in cash at closing and US$40 million in Fuerte shares; it will also retain a 3 percent net smelter return royalty. Fuerte has the option to repurchase the royalty for up to $100 million, potentially bringing total consideration for the transaction to US$150 million.

For Fuerte, the acquisition marks a step in its strategy to build a copper and precious metals portfolio across the Americas. The company is backed by Pierre Lassonde, Newmont’s former president, and Trinity Capital Partners.

Yukon-based Coffee has long been considered prospective, but has faced permitting and financing hurdles.

Upon completion of the deal, Newmont will have fully implemented its plan of divesting six operations and two projects deemed non-core following its US$15 billion takeover of Newcrest Mining in 2023.

The divestment comes just days after Newmont said it will delist from the Toronto Stock Exchange at the close of trading on September 24. The company cited low trading volumes on the TSX, noting that the move will cut costs and simplify administration as it focuses on its largest and most profitable mines.

Shares will continue to trade on the New York Stock Exchange, where Newmont maintains its primary listing, as well as on the Australian Securities Exchange and the Papua New Guinea Stock Exchange.

Alamos to exit Turkey with US$470 million asset sale

Alamos Gold (TSX:AGI,NYSE:AGI) is shedding problematic overseas ventures to redirect capital closer to home.

The company recently announced a definitive agreement to sell Doğu Biga Madencilik Sanayi ve Ticaret, its wholly owned Turkish subsidiary, to Tümad Madencilik, a unit of Nurol Holding, for US$470 million in cash.

The subsidiary controls three gold and silver projects in Northwestern Turkey: Kirazlı, Ağı Dağı and Çamyurt. Kirazlı has been frozen since 2019 after Ankara declined to renew its mining license, sparking a US$1 billion arbitration claim by Alamos under the Netherlands-Turkey bilateral investment treaty.

Under the agreement, Alamos will receive US$160 million at closing, expected in the fourth quarter of 2025, followed by US$160 million one year later and US$150 million after two years. Arbitration proceedings against Turkey will be suspended and ultimately discontinued once contractual milestones are met.

“This transaction marks a positive outcome, allowing us to crystallize significant value for our Turkish assets, and utilize the proceeds to support the development of our portfolio of other high-return growth projects,” said Alamos President and CEO John A. McCluskey in a Sunday (September 14) press release. Those projects include the Island Gold Phase 3+ expansion in Ontario, the Lynn Lake project in Manitoba and Puerto Del Aire in Mexico.

For Tümad, the purchase consolidates its position as a leading domestic miner. The company already operates two producing gold and silver mines in Turkey and will now add a trio of advanced development assets to its pipeline.

First Nordic, Mawson to merge and form NordCo Gold

First Nordic Metals (TSXV:FNM,OTCQX:FNMCF) announced it will acquire Mawson Finland (TSXV:MFL,OTC Pink:MFLDF) in an all-share transaction that will create a new company called NordCo Gold.

The combined entity will control over 123,000 hectares of exploration ground across Sweden and Finland, anchored by First Nordic’s Barsele joint venture with Agnico Eagle Mines (TSX:AEM,NYSE:AEM) and Mawson’s Rajapalot gold-cobalt project. In total, NordCo will hold an inferred resource of 2.1 million gold equivalent ounces, along with 0.3 million gold equivalent ounces in measured and indicated attributable resources.

Taj Singh, CEO of First Nordic, described the deal as “about scale, quality and execution,” adding that the company sees “multiple meaningful deposits to be discovered and delineated over the coming years.”

NordCo will have a pro forma market capitalization of about C$259 million and a cash balance of roughly C$50 million following a C$30 million concurrent financing.

Investor Insight

Angkor Resources is an emerging energy and mineral development company blending traditional oil and gas with copper and gold exploration in Cambodia, while generating revenue through oil production and carbon capture projects in Canada. With over a decade of operational experience in Southeast Asia and a reputation for sustainable practices, the company is strategically positioned to deliver both growth and resilience for investors.

Company Highlights

• Diversified Energy & Mineral Portfolio: Exposure to high-impact oil and gas exploration in Cambodia (Block VIII), recurring energy revenues in Canada, and copper-gold porphyry systems with gold epithermal near-surface prospects in Cambodia.
• Near-term Catalysts:
  • Results from copper porphyry in Cambodia within 30 to 60 days;
  • Seismic completion and interpretation for drill targets on Block VIII within 90 days; and
  • Acquisition of oil production for increased recurring revenue streams.
• Transformational Asset: Block VIII is Cambodia’s first onshore oil and gas exploration license, strategically located near export infrastructure. Potential minimum targets estimated at 25 to 50+ million recoverable barrels.
• Revenue-backed Model: EnerCam Canada provides recurring revenue streams via oil production, water disposal, gas processing, and carbon capture solutions, insulating Angkor from over-reliance on equity markets.
• Strong ESG Commitment: Recognized at the United Nations for sustainability, Angkor integrates carbon capture, community partnerships and environmental responsibility into every project.
• Aligned Shareholder Base: Over 40 percent insider ownership with regular insider buying, demonstrating management’s confidence in long-term growth.

Overview

Founded in 2009 and publicly listed in 2011, Angkor Resources (TSXV:ANK,OTCQB:ANKOF) has built a unique dual-focused enterprise across energy and minerals in Asia and North America.

On the energy side, the company is advancing acquisition of cash flow through oil production and carbon capture in Canada, and is poised for transformational growth through the first-ever onshore oil and gas exploration program in Cambodia. Its Canadian subsidiary, EnerCam Exploration, is already generating revenue from oil production, water disposal and gas processing, while also implementing carbon gas capture and conversion solutions for provincial markets. In Southeast Asia, Angkor’s Cambodian subsidiary, EnerCam Resources, is spearheading a national-scale initiative to bring Cambodia its first domestic hydrocarbon energy, with exploration activities underway on the company’s Block VIII concession.

On the mineral side, Angkor has positioned itself as a first-mover in Cambodia’s underexplored mineral belts, holding licenses at Andong Meas and Andong Bor. These projects target both precious and base metals, with copper porphyry systems and high-grade gold mineralization now confirmed through exploration results.

Angkor’s strategy is designed to mitigate shareholder risk by diversifying revenue streams, blending recurring Canadian cash flow with high-impact exploration upside in Cambodia. The company’s management emphasizes hydrocarbons and copper as priorities, noting the potential value of 25 million recoverable barrels in Cambodia alongside significant copper-gold discoveries.

Key Projects

Onshore Cambodia – Block VIII Oil & Gas Concession

Angkor’s flagship asset is Block VIII, a 4,300 sq km oil and gas concession in Cambodia’s underexplored onshore sedimentary basin. The license, structured under a 30-year Production Sharing Agreement with renewal options, represents the first onshore hydrocarbon exploration license in the country. Geoscientific studies conducted by Danish, Canadian and European experts have identified strong indications of a foreland basin system and rift formations with significant petroleum potential. Over 21 natural oil seeps have been mapped and testing of the seeps by Schlumberger confirms the presence of hydrocarbons. Gas showings are also evident across the block.

The block is ideally located adjacent to export infrastructure, close to port with highway access to Phnom Penh and proximity to a deepwater port. Cambodia currently imports all of its petroleum products, making Block VIII strategically important both nationally and regionally. EnerCam, Angkor’s subsidiary, is implementing Cambodia’s first onshore 2D EnviroVibe seismic program, designed to minimize environmental footprint while mapping structural traps and stratigraphic features.

Technical projections suggest that once commercial quantity of recoverable hydrocarbons is proven, Block VIII could host Cambodia’s first onshore oil production. Angkor’s phased development plan includes completing seismic interpretation, definition of drill targets or additional 3D seismic followed by stratigraphic test wells and eventual development drilling. This project is expected to be the company’s most significant value driver and is prioritized as its number one corporate focus.

Canadian Energy & Carbon Capture – EnerCam Exploration

In Canada, Angkor operates through EnerCam Exploration Canada, which is a 40 percent interest holder in oil production and carbon solutions across 30 well sites spanning 516 hectares in Saskatchewan. These wells, shut in since 2018 due to low oil prices and mismanagement by previous operators, have been systematically refurbished and restarted. EnerCam participates in the full production cycle, including oil recovery, water separation and gas handling.

A key milestone was the acquisition of the pipeline network and compressor station, which resolved historical venting issues and allowed EnerCam to capture associated gas. This gas is converted into natural gas energy and sold into provincial markets. Angkor’s Canadian revenue streams also include water disposal fees, gas plant operations, and oil production revenues, supplemented by ongoing carbon capture and enhanced recovery of water conversion and injection wells projects.

Angkor holds a 40 percent interest in oil and gas production ventures in Saskatchewan, ensuring a recurring revenue stream. This platform not only offsets G&A costs but also provides a foundation for emission control and potential for further gas capture with surrounding producers in the area.

Cambodia Mineral Properties – Copper and Gold Portfolio

Through its subsidiary Angkor Gold Cambodia, the company holds a strategic portfolio of copper and gold assets in prospective belts. These licenses include Andong Bor and Andong Meas.

The Andong Bor license has emerged as a cornerstone of Angkor’s mineral portfolio. In June 2025, the company confirmed the presence of a copper-gold porphyry system, the first discovery of its kind in Cambodia. This breakthrough positions the project as a potential district-scale copper-gold system. Further drilling is expected to test depth extensions and delineate mineralized zones.

At the Andong Meas license, exploration has revealed high-grade gold mineralization, with surface samples returning assays up to 70 grams per ton (g/t) gold across a 0.8 km by 1.5 km area. This anomaly remains largely untested by drilling and represents a significant near-term target for resource expansion.

Management Team

Delayne Weeks – CEO

With over 25 years of global development experience spanning finance, business development, economic development and ESG initiatives. She has spearheaded Angkor’s CSR programs in Cambodia, earning UN recognition for sustainability leadership. Weeks has overseen Angkor’s transition into energy and its expansion into cash-flowing operations.

Mike Weeks – President, Executive VP Operations

Brings over four decades of operational and executive experience in international resource projects. Mike Weeks is president of Angkor Gold Corp. Cambodia and EnerCam Resources Cambodia. He has had a long and successful career in the oil and gas industry with over 30 years’ experience in project management of petroleum-related industries. Weeks also spent more than 15 years negotiating with foreign governments in developing and implementing natural resource licenses. His experience includes oil production in North Africa, engineering and design in Europe, the development of gas processing facilities and field and plant operations in Canada. Weeks has worked with international oil and gas producers including AEC West, Wintershall, Zuetina, Encana and Amoco.

Dennis Ouellette – VP Exploration, Minerals

Professional geologist with over 40 years of exploration experience in Canada, Central America and Asia. Dennis Ouellette has been a federal geologist in the Yukon for over five years, overseeing the exploration and mining industry across the Yukon by all industry participants. He leads Angkor’s mineral exploration programs, including the copper porphyry discovery at Andong Bor and a second porphyry target on Andong Meas. Ouellette has worked in multiple Canadian provinces, Nevada and Guatemala, and was the industry advocate director for the Yukon Chamber of Mines and president of Yukon Prospectors Association

Keith Edwards – Technical Manager, EnerCam Resources Cambodia

Keith Edwards is a senior geophysicist with over 39 years’ experience in all aspects of geophysics, from acquisition through processing to interpretation. He is known for his proven innovative problem-solving capabilities in software development, consulting services, interpretation and management. Edwards spent 12 years at Kuwait Oil company mentoring junior staff and performing many quantitative seismic interpretation projects. He developed several MatLab applications for Seismic Facies Classification, VSP integration, 3D design and many others.

1. PBOC shifting from US treasuries to gold

The People’s Bank of China (PBOC) has continued to increase its gold reserves for the third consecutive year in 2025, although its acquisitions are coming at a slower pace in recent months.

The World Gold Council reported in July that China’s official gold holdings have posted gains for eight consecutive months, with H1 2025 gold purchases coming in at 19 metric tons. Second only to the National Bank of Poland as one of the largest central bank buyers, China’s gold purchases have no doubt contributed to gold’s price.

The PBOC’s focus on increasing its gold reserves is not surprising given the current fiscal landscape.

“China is a large, growing economy and has a meaningful reserve portfolio that is actively managed as part of central programs and planning. The PBOC is principally responsible for managing that portfolio, which has traditionally held large portions in USD and USD-based assets (treasuries),” explained Cavatoni.

“What the increased level of disclosed and undisclosed purchases you see in our data indicates is that the PBOC is looking at domestic and foreign market conditions for managing their reserves in an optimal way. That includes recognition of the role gold can play in a portfolio and finding that role a key focus for growth.”

Charles-Henry Monchau, chief investment officer at Syz Group, believes the PBoC’s bullion purchases are a part of a larger strategy moving away from the nearly century-long hegemony of the US dollar over global trade and finance.

“In its place, China is betting on a dual foundation: gold and the yuan,” Monchau asserted recently, also insisting that China’s reduction of its dependence on the greenback is “not merely a matter of a portfolio rebalance.”

In this way, China would gain a more dominant position in global finance and no longer be at the mercy of US sanctions and other financial pressures. Monchau also lends credence to the claim of some analysts that the PBOC is underreporting its gold purchases to the International Monetary Fund.

‘This opacity is deliberate—by quietly shifting reserves from dollars into gold, China avoids alarming markets while progressively building leverage,” he said.

2. China’s insurance sector buying gold

China’s insurance sector represents an emerging demand segment for physical gold, further demonstrating the yellow metal’s function as a hedge against inflation and economic downturns.

In early February of this year, the Chinese government launched a pilot program allowing the nation’s 10 largest insurance companies to invest directly into gold.

Under the initiative, insurers can choose to allocate up to 1 percent of their assets to gold. This could open the door for up to 200 billion yuan, or more than US$27 billion, to enter the global gold market, as reported by Bloomberg.

China’s insurance sector is the second largest in the world behind the US, and if the pilot program is successful, it could serve as a precedent for other countries to allow similar programs to develop in their own insurance industries.

“This is an exciting development as it demonstrates both government and institutional understanding of gold, and provides an appropriate format for these institutions to build up the appropriate infrastructure and capabilities to add gold to diversified portfolios,” said Cavatoni, emphasizing the significance of the move.

“This will be an additional use case to consume gold and good for the global market. This practice is also capable of being rolled out in pilot programs elsewhere and may (in certain places) already exist.”

The Shanghai AU9999 contract is a physical gold trading contract that closely tracks the spot price of gold.

“It signals, for us, global use cases continuing to come online. And I think that’s actually the big story for gold, which is continuing to see people wanting access to it, industries having a need for it and impediments being removed.”

3. Shanghai Gold Exchange expansion

China is now making it easier for international investors to participate in the Shanghai Gold Exchange.

In late June, the exchange launched two new yuan-denominated gold contracts for physical delivery in Hong Kong, where it opened an offshore gold warehouse in Hong Kong run by the Bank of China.

It also waived storage, handling and exit fees for the calendar year for foreign buyers. Analysts see this as a major move toward strengthening China’s position in the global gold market.

Mario Innecco, who runs the maneco64 YouTube channel, sees the expansion of the Shanghai Gold Exchange as “highly significant” in moving the center of the gold market to China.

“This is an interesting development and one that is broadening an already open channel for approved foreign entities,” said the World Gold Council’s Cavatoni in an email. “If the expansion continues beyond what we have today, including the most recent announcement around vaulting overseas, the foreign community might become more active in what is currently a smaller portion of the domestic China gold market.”

There is also potential for strengthening the global position of renminbi.

“The new vault will significantly boost offshore RMB liquidity by enabling gold transactions in yuan rather than dollars,” said Doris Bao, founderof Gold Harvest Consulting and an advisor to the London Bullion Market Association (LBMA). “This also means China can now import gold using its own currency.”

Innecco also believes a stronger Shanghai Gold Exchange internationally could prove highly disruptive to the western gold futures market represented by the COMEX and the LBMA.

‘I think gold and silver will be priced from China in the next few years,” he added.

Newmont to sell Coffee Project in Yukon

Newmont (TSX:NGT,NYSE:NEM,ASX:NEM), the world’s largest gold producer, announced that it reached an agreement to sell its Coffee project to Vancouver-based explorer Fuerte Metals (TSXV:FMT,OTCQB:FUEMF).

Under the terms of the deal, Newmont will receive US$10 million in cash at closing, US$40 million in Fuerte shares and retain a 3 percent net smelter return royalty. Fuerte has the option to repurchase the royalty for up to $100 million, potentially bringing total consideration for the transaction to US$150 million.

For Fuerte, the acquisition marks a step in its strategy to build a copper and precious metals portfolio across the Americas. The company is backed by Pierre Lassonde, Newmont’s former president, and Trinity Capital Partners.

Yukon-based Coffee has long been considered prospective, but has faced permitting and financing hurdles.

Upon completion of the deal, Newmont will have fully implemented its plan of divesting six operations and two projects deemed non-core following its US$15 billion takeover of Newcrest Mining in 2023.

The divestment also comes just days after Newmont said it would delist from the Toronto Stock Exchange at the close of trading on September 24. The company cited low trading volumes on the TSX, noting that the move would cut costs and simplify administration as the company focuses on its largest and most profitable mines in the Australian region.

Shares will continue to trade on the New York Stock Exchange, where Newmont maintains its primary listing, as well as on the Australian Securities Exchange and the Papua New Guinea Stock Exchange.

Alamos to exit Turkey with US$470 million asset sale

Alamos Gold (TSX:AGI,NYSE:AGI) is shedding problematic overseas ventures to redirect capital closer to home.

The company recently announced a definitive agreement to sell Doğu Biga Madencilik Sanayi ve Ticaret, its wholly owned Turkish subsidiary, to Tümad Madencilik, a unit of Nurol Holding, for US$470 million in cash.

The subsidiary controls three gold and silver projects in northwestern Turkey: Kirazlı, Ağı Dağı and Çamyurt. Kirazlı has been frozen since 2019 after Ankara declined to renew its mining license, sparking a US$1 billion arbitration claim by Alamos under the Netherlands-Turkey bilateral investment treaty.

Under the agreement, Alamos will receive US$160 million at closing, expected in the fourth quarter of 2025, followed by US$160 million one year later and US$150 million after two years. Arbitration proceedings against Turkey will be suspended and ultimately discontinued once contractual milestones are met.

“This transaction marks a positive outcome, allowing us to crystallize significant value for our Turkish assets, and utilize the proceeds to support the development of our portfolio of other high-return growth projects,” said Alamos President and CEO John A. McCluskey in a Sunday (September 14) press release. Those projects include the Island Gold Phase 3+ expansion in Ontario, the Lynn Lake project in Manitoba and Puerto Del Aire in Mexico.

For Tümad, the purchase consolidates its position as a leading domestic miner. The company already operates two producing gold and silver mines in Turkey and will now add a trio of advanced development assets to its pipeline.

First Nordic, Mawson to merge and form NordCo Gold

First Nordic Metals (TSXV:FNM,OTCQX:FNMCF) announced it will acquire Mawson Finland (TSXV:MFL,OTC Pink:MFLDF) in an all-share transaction that will create a new company called NordCo Gold.

The combined entity will control over 123,000 hectares of exploration ground across Sweden and Finland, anchored by First Nordic’s Barsele joint venture with Agnico Eagle Mines NYSE:AEM,TSX:AEM) and Mawson’s Rajapalot gold-cobalt project. In total, NordCo will hold an inferred resource of 2.1 million gold equivalent ounces, along with 0.3 million gold equivalent ounces in measured and indicated attributable resources.

Taj Singh, CEO of First Nordic, described the deal as “about scale, quality and execution,” adding that the company sees “multiple meaningful deposits to be discovered and delineated over the coming years.”

NordCo will have a pro forma market capitalization of about C$259 million and a cash balance of roughly C$50 million following a C$30 million concurrent financing.