When Gold Sets Records, the Lowest-Cost Ounces Win the Rerating

(Sponsored) Gold has spent 2026 rewriting its own history. Bullion trades above $4,100 an ounce, more than a fifth higher than a year ago, propelled by relentless central bank buying, persistent inflation and a mine supply base that continues to expand only slowly. At prices like these, investors begin looking beyond ounces in the ground and focus on something equally important: what those ounces cost to produce. The lowest-cost producers often generate the strongest cash flow, making polymetallic deposits with valuable by-product credits increasingly attractive.

One company positioned to benefit from that shift is Doubleview Gold Corp. (TSX-Venture:DBG) (OTCQX:DBLVF), whose 100%-owned Hat Polymetallic Project in British Columbia's Golden Triangle hosts a gold resource most explorers would build an entire company around. The deposit contains 3.22 million ounces of gold in the measured and indicated category and another 2.77 million ounces in inferred category. Gold is not the whole story, and that is precisely the point. It arrives as one of five highly sought after metals, carried by a copper backbone and lifted by cobalt, silver and scandium that push the project's preliminary economics toward the top of the industry economic evaluation curve.

The Producers Capturing the Windfall

The market is already rewarding companies capable of converting higher gold prices into expanding margins. Agnico Eagle Mines Limited (NYSE:AEM) one of the sector's largest and most disciplined operators, reported record operating margins and record adjusted net income in the first quarter of 2026, generating roughly US$1.7 billion in adjusted earnings on a realized gold price of US$4,861 an ounce. Management renewed a US$2 billion share buyback program and pointed to production growth of between 20% and 30% over the next decade. Chief Executive Ammar Al-Joundi described a quarter of "record operating margins," delivered through disciplined execution rather than price alone. High gold prices tend to reward operators that keep costs low while steadily growing production.

Doubleview's Preliminary Economic Assessment outlines a project built around a similar philosophy, though its results carry important qualifications. As a preliminary study prepared under NI 43-101, the PEA is preliminary in nature, includes inferred mineral resources that are considered too geologically speculative to be classified as mineral reserves, and provides no certainty that its results will be realized. Its figures depend on stated assumptions about metal prices, recoveries, and capital and operating costs, and are best read as scenario outputs rather than expected production. Within that scenario, the study estimates an after-tax net present value, discounted at 5%, of C$6.73 billion in its base case and C$7.27 billion with a dedicated scandium circuit, rising to as much as C$14.85 billion using spot metal prices. The scenario models a conventional open-pit operation processing 120,000 tonnes per day over a 25-year mine life, with modeled gold output averaging 217,000 ounce annually and 254,000 ounces per year during the first decade. Under the study's assumptions, by-product credits from copper, cobalt, silver, and scandium would lower the modeled cost of producing each ounce of gold, a characteristic common to many polymetallic operations.

Why Leverage Commands a Premium

Franco-Nevada Corporation (NYSE:FNV) demonstrates another form of low-cost leverage. The royalty and streaming company reported record first-quarter 2026 revenue of US$650.7 million, up 77%, with precious metals accounting for 87% of total revenue. President and Chief Executive Officer Paul Brink highlighted a business model "largely insulated from the impact of energy prices on cost inflation," allowing higher commodity prices to translate efficiently into stronger margins.

The Porphyry Template

Freeport-McMoRan Inc. (NYSE:FCX) illustrates why copper-gold porphyries have long ranked among the industry's lowest-cost sources of gold production. The company, which describes its objective as "being foremost in copper," produced 97,000 ounces of gold alongside 662 million pounds of copper during the first quarter of 2026, realizing US$4,889 per ounce for its gold while copper prices climbed above US$6 per pound. Gold and molybdenum by-product credits helped reduce Freeport's unit net cash cost to US$1.91 per pound of copper.

While still development stage and without any mineral reserves, the Hat deposit shares a broadly similar geological setting, pairing a copper resource with precious and critical metal by-products.

Doubleview enters the second half of 2026 with growing momentum. The company began trading on the OTCQX Best Market on July 9, broadening its visibility among U.S. investors, while its ongoing drill program recently extended mineralization approximately 150 metres east of the current resource envelope. That work is expected to support an updated Mineral Resource Estimate targeted for early 2027 as well as advancement toward a pre-feasibility study. Management has stated that the company remains fully funded to execute its planned work program.

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Disclosure and Cautionary Statements:

Doubleview Gold Corp. paid for the publication of this article, which was prepared independently of the Company. The technical and scientific information in this article has been adopted without modification from Doubleview's NI 43-101 disclosure filed on SEDAR+ (sedarplus.ca), and readers should refer to the Company's own filings for the complete technical detail, assumptions, and qualifications. Information regarding Doubleview Gold Corp. and the Hat Project in this article is based on the Company's public disclosures, including its January 14, 2026 metallurgical update, its February 25, 2026 updated mineral resource estimate for Hat, and its March 2, 2026 Preliminary Economic Assessment, as clarified on March 23, 2026. The Preliminary Economic Assessment for Hat is preliminary in nature and includes inferred mineral resources. Its economic analysis is based on assumptions including metal prices, foreign exchange rates, metallurgical recoveries, and capital and operating cost estimates. Actual results may differ materially from those projected, and readers should not place undue reliance on the PEA or on forward looking information. Scandium disclosure should be read in the context of Doubleview's current technical disclosure. The Company states that the full scandium content has not been taken into economic evaluation at this time because current scandium market pricing lacks sufficient transparency and firmness to support a reliable valuation. Under the current metallurgical design, scandium tonnages used in the economic evaluation reflect 12.5% of the mineralized material expected to be processed through a dedicated scandium recovery circuit. Metallurgical recoveries cited by Doubleview in January 2026 were 85% copper, 89% gold, 78% cobalt, 68% silver, and 75% scandium. Doubleview's March 23, 2026 clarification also updated Scenario B PEA economics related to the scandium recovery circuit and corrected a summary table cobalt grade typo to 78 g/t Co, while stating that the overall conclusions of the PEA did not change. Readers should review Doubleview's full SEDAR+ filings and news releases for the complete technical assumptions, qualifications, and risk factors.