2025 is likely to have been a record year. Many producers remain cautious about 2026, while new gold projects are taking longer, becoming more expensive, and facing greater challenges as they move toward production.
Advertisement – This article is distributed on behalf of Osisko Development Corp. and Newcore Gold Ltd., with whom SRC swiss resource capital AG maintains paid IR advisory agreements. Publisher: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: March 23, 2026, 5:44 a.m.
According to estimates by the World Gold Council, global gold mine production likely reached a new high of around 3,672 tons in 2025, representing an increase of about one percent over the previous year. However, behind this strong headline lies an uncomfortable finding: many major producers remain cautious for 2026 and are forecasting lower production volumes. The World Gold Council does expect a slight further increase in mine production overall, partly because two major mines are set to resume operations. At the same time, the path from discovery to production remains long, expensive, and complex. Permits are taking longer to obtain, costs are rising, and financing new projects is challenging. This is precisely the crux of the matter: It is not that the metal will disappear in the short term, but rather that new economic ounces will become noticeably harder to define and bring into production.
Gold is not only a store of value but also a metal with high recyclability. For investors, the distinction between reserves and resources is key. Reserves refer to the economically mineable portion of a deposit, typically at an advanced stage of exploration. Resources encompass the geologically proven stock at various confidence levels - ranging from inferred to indicated to measured. Regarding global gold reserves, the U.S. Geological Survey estimates approximately 66,000 tons in its 2026 edition. For global gold resources, the World Gold Council cites a Metals Focus estimate of 132,110 tons of gold.
It is particularly noteworthy that these reserve estimates have remained relatively stable for years despite ongoing mining. This does not suggest that gold will run out in the short term. Rather, the bottleneck is shifting elsewhere: today, new deposits must be transformed into viable projects with higher capital investment, longer timelines, and greater technical effort. This is precisely why well-funded developers with robust projects, clear feasibility studies, and a visible news flow are coming into sharper focus.
Newcore Gold - https://www.commodity-tv.com/ondemand/companies/profil/newcore-gold-ltd/ - is coming more into the spotlight in this environment as it advances its Enchi Gold Project located in southwestern Ghana along one of Africa’s most prolific and well established gold belts, the Bibiani Shear Zone. The Company has achieved a key milestone in the development of this asset with an updated Mineral Resource Estimate published on March 18, 2026. Enchi now hosts an Indicated Mineral Resource of 1,502,000 ounces of gold at an average grade of 0.56 grams of gold per tonne, as well as an Inferred Mineral Resource of 626,000 ounces of gold at an average grade of 0.49 grams of gold per tonne.
Additionally, recent drill results have been highly encouraging, highlighted by high-grade intercepts of up to 173.75 grams of gold per tonne over 1.0 meter. The preliminary feasibility study remains on track for completion by the end of June 2026. Building on these successes and supported by additional cash proceeds from warrant exercises, the ongoing drill program has been expanded to 60,000 meters. This expansion accelerates the drilling activity and strengthens the Company’s operational foundation, supporting continued shareholder value creation.
Newcore Gold will be exhibiting at the commodities fair in Hamburg on April 10 and 11: https://www.rohstoffmesse-hamburg.de
Osisko Development - https://www.commodity-tv.com/ondemand/companies/profil/osisko-development-corp/ - is also among the names that deserve attention in a tightening supply market. Among other assets, the company holds a 100% stake in the flagship Cariboo Gold project in Canada. According to the optimized feasibility study from April 2025, Cariboo is expected to produce an average of approximately 190,000 ounces of gold per year over a ten-year period. First gold is expected in the second half of 2027, although this is contingent on the progress of project financing and the construction schedule. Concurrently, a fully funded 70,000 meter drilling program is underway at Cariboo to test for new discoveries and additional resource growth both within and outside the existing deposit area. In this way, Osisko combines development progress with further exploration potential.
Current company information and press releases from Osisko Development (- https://www.resource-capital.ch/de/unternehmen/osisko-development-corp/ -) and Newcore Gold (- https://www.resource-capital.ch/de/unternehmen/newcore-gold-ltd/ -).
Further information is also available in our new Precious Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2025-11-update/.
Sources:
https://www.gold.org/goldhub/gold-focus/2026/03/you-asked-we-answered-are-we-running-out-gold
https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-gold.pdf
https://newcoregold.com/news/newcore-gold-announces-updated-mineral-resource-estimate-for-the-enchi-gold-project-ghana-2026/
https://newcoregold.com/news/newcore-gold-commissions-pre-feasibility-study-for-its-enchi-gold-project-ghana/
https://newcoregold.com/news/newcore-gold-increases-drill-program-to-60-000-metres-at-the-enchi-gold-project-ghana/
https://www.globenewswire.com/news-release/2026/01/07/3214353/35625/en/Newcore-Gold-Diamond-Drilling-Intersects-High-Grade-Gold-Mineralization-with-174-g-t-Gold-over-1.0-Meters-and-3.54-g-t-Gold-over-23.0-Meters-at-the-Enchi-Gold-Project-Ghana.html
https://osiskodev.com/news/news-releases/osisko-development-announces-optimized-feasibility-study-for-permitted-cariboo-gold-project-with-c943-million-after-tax-npv5-and-221-irr-at-us2400oz-base-case-gold-price-at-us3300oz-spot-gold-c21-billion-after-tax-npv5-and-380
https://osiskodev.com/news/news-releases/osisko-development-launches-fully-funded-70000-meter-exploration-drilling-campaign-targeting-new-discoveries-at-cariboo-gold-project
Intro-Bild:stock.adobe.com
Pursuant to Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of the Market Abuse Regulation (MAR) (EU) 2016/958, we hereby note that authors, employees, and affiliated companies of Swiss Resource Capital AG (SRC) may hold positions (long/short) in the issuers discussed. Compensation/Relationship: IR contracts/advertorials: Author’s own positions: none; SRC net position: less than 0.5%; Issuer’s stake ≥ 5% in SRC: no. Update Policy: No obligation to update. No guarantee regarding the German translation. Only the English version of this news is valid.
Disclaimer: The information provided does not constitute a recommendation or advice of any kind. Please be aware of the risks involved in securities trading. No liability can be accepted for damages arising from the use of this blog. We would like to point out that investments in stocks and, in particular, warrants are generally associated with risk. The total loss of the capital invested cannot be ruled out. All information and sources are carefully researched. However, no guarantee is given as to the accuracy of any content. Despite the utmost care, I expressly reserve the right to errors, particularly with regard to figures and prices. The information contained herein is derived from sources deemed reliable but in no way claims to be accurate or complete. Based on court rulings, I am jointly liable for the content of linked external sites (e.g., Hamburg Regional Court, in its ruling of May 12, 1998 – 312 O 85/98) unless I expressly distance myself from them. Despite careful monitoring of the content, I assume no liability for the content of linked external sites. The respective operators are solely responsible for their content. The disclaimer of Swiss Resource Capital AG, available at: https://www.resource-capital.ch/de/disclaimer-agb/, applies additionally.
Advertisement – This article is distributed on behalf of Osisko Development Corp. and Newcore Gold Ltd., with whom SRC swiss resource capital AG maintains paid IR advisory agreements. Publisher: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: March 23, 2026, 5:44 a.m.
According to estimates by the World Gold Council, global gold mine production likely reached a new high of around 3,672 tons in 2025, representing an increase of about one percent over the previous year. However, behind this strong headline lies an uncomfortable finding: many major producers remain cautious for 2026 and are forecasting lower production volumes. The World Gold Council does expect a slight further increase in mine production overall, partly because two major mines are set to resume operations. At the same time, the path from discovery to production remains long, expensive, and complex. Permits are taking longer to obtain, costs are rising, and financing new projects is challenging. This is precisely the crux of the matter: It is not that the metal will disappear in the short term, but rather that new economic ounces will become noticeably harder to define and bring into production.
Gold is not only a store of value but also a metal with high recyclability. For investors, the distinction between reserves and resources is key. Reserves refer to the economically mineable portion of a deposit, typically at an advanced stage of exploration. Resources encompass the geologically proven stock at various confidence levels - ranging from inferred to indicated to measured. Regarding global gold reserves, the U.S. Geological Survey estimates approximately 66,000 tons in its 2026 edition. For global gold resources, the World Gold Council cites a Metals Focus estimate of 132,110 tons of gold.
It is particularly noteworthy that these reserve estimates have remained relatively stable for years despite ongoing mining. This does not suggest that gold will run out in the short term. Rather, the bottleneck is shifting elsewhere: today, new deposits must be transformed into viable projects with higher capital investment, longer timelines, and greater technical effort. This is precisely why well-funded developers with robust projects, clear feasibility studies, and a visible news flow are coming into sharper focus.
Newcore Gold - https://www.commodity-tv.com/ondemand/companies/profil/newcore-gold-ltd/ - is coming more into the spotlight in this environment as it advances its Enchi Gold Project located in southwestern Ghana along one of Africa’s most prolific and well established gold belts, the Bibiani Shear Zone. The Company has achieved a key milestone in the development of this asset with an updated Mineral Resource Estimate published on March 18, 2026. Enchi now hosts an Indicated Mineral Resource of 1,502,000 ounces of gold at an average grade of 0.56 grams of gold per tonne, as well as an Inferred Mineral Resource of 626,000 ounces of gold at an average grade of 0.49 grams of gold per tonne.
Additionally, recent drill results have been highly encouraging, highlighted by high-grade intercepts of up to 173.75 grams of gold per tonne over 1.0 meter. The preliminary feasibility study remains on track for completion by the end of June 2026. Building on these successes and supported by additional cash proceeds from warrant exercises, the ongoing drill program has been expanded to 60,000 meters. This expansion accelerates the drilling activity and strengthens the Company’s operational foundation, supporting continued shareholder value creation.
Newcore Gold will be exhibiting at the commodities fair in Hamburg on April 10 and 11: https://www.rohstoffmesse-hamburg.de
Osisko Development - https://www.commodity-tv.com/ondemand/companies/profil/osisko-development-corp/ - is also among the names that deserve attention in a tightening supply market. Among other assets, the company holds a 100% stake in the flagship Cariboo Gold project in Canada. According to the optimized feasibility study from April 2025, Cariboo is expected to produce an average of approximately 190,000 ounces of gold per year over a ten-year period. First gold is expected in the second half of 2027, although this is contingent on the progress of project financing and the construction schedule. Concurrently, a fully funded 70,000 meter drilling program is underway at Cariboo to test for new discoveries and additional resource growth both within and outside the existing deposit area. In this way, Osisko combines development progress with further exploration potential.
Current company information and press releases from Osisko Development (- https://www.resource-capital.ch/de/unternehmen/osisko-development-corp/ -) and Newcore Gold (- https://www.resource-capital.ch/de/unternehmen/newcore-gold-ltd/ -).
Further information is also available in our new Precious Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2025-11-update/.
Sources:
https://www.gold.org/goldhub/gold-focus/2026/03/you-asked-we-answered-are-we-running-out-gold
https://pubs.usgs.gov/periodicals/mcs2026/mcs2026-gold.pdf
https://newcoregold.com/news/newcore-gold-announces-updated-mineral-resource-estimate-for-the-enchi-gold-project-ghana-2026/
https://newcoregold.com/news/newcore-gold-commissions-pre-feasibility-study-for-its-enchi-gold-project-ghana/
https://newcoregold.com/news/newcore-gold-increases-drill-program-to-60-000-metres-at-the-enchi-gold-project-ghana/
https://www.globenewswire.com/news-release/2026/01/07/3214353/35625/en/Newcore-Gold-Diamond-Drilling-Intersects-High-Grade-Gold-Mineralization-with-174-g-t-Gold-over-1.0-Meters-and-3.54-g-t-Gold-over-23.0-Meters-at-the-Enchi-Gold-Project-Ghana.html
https://osiskodev.com/news/news-releases/osisko-development-announces-optimized-feasibility-study-for-permitted-cariboo-gold-project-with-c943-million-after-tax-npv5-and-221-irr-at-us2400oz-base-case-gold-price-at-us3300oz-spot-gold-c21-billion-after-tax-npv5-and-380
https://osiskodev.com/news/news-releases/osisko-development-launches-fully-funded-70000-meter-exploration-drilling-campaign-targeting-new-discoveries-at-cariboo-gold-project
Intro-Bild:stock.adobe.com
Pursuant to Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of the Market Abuse Regulation (MAR) (EU) 2016/958, we hereby note that authors, employees, and affiliated companies of Swiss Resource Capital AG (SRC) may hold positions (long/short) in the issuers discussed. Compensation/Relationship: IR contracts/advertorials: Author’s own positions: none; SRC net position: less than 0.5%; Issuer’s stake ≥ 5% in SRC: no. Update Policy: No obligation to update. No guarantee regarding the German translation. Only the English version of this news is valid.
Disclaimer: The information provided does not constitute a recommendation or advice of any kind. Please be aware of the risks involved in securities trading. No liability can be accepted for damages arising from the use of this blog. We would like to point out that investments in stocks and, in particular, warrants are generally associated with risk. The total loss of the capital invested cannot be ruled out. All information and sources are carefully researched. However, no guarantee is given as to the accuracy of any content. Despite the utmost care, I expressly reserve the right to errors, particularly with regard to figures and prices. The information contained herein is derived from sources deemed reliable but in no way claims to be accurate or complete. Based on court rulings, I am jointly liable for the content of linked external sites (e.g., Hamburg Regional Court, in its ruling of May 12, 1998 – 312 O 85/98) unless I expressly distance myself from them. Despite careful monitoring of the content, I assume no liability for the content of linked external sites. The respective operators are solely responsible for their content. The disclaimer of Swiss Resource Capital AG, available at: https://www.resource-capital.ch/de/disclaimer-agb/, applies additionally.
