Now at $5309 Gold Could Rally to $10,000, Here’s How

Distributed on behalf of Formation Metals Inc.

Gold last traded at $5,309 and could test $7,000, even $10,000 at some point, according to analysts. All of which is fueling upside in gold names such as Formation Metals Inc. (CNSX:FOMO.CN) (OTC-BB:FOMTF), Newmont (NYSE:NEM) (TSX:NGT.TO), Barrick Mining (NYSE:B) (TSX:ABX.TO), Franco-Nevada (NYSE:FNV), and Kinross Gold (NYSE:KGC) (TSX:K.TO).

That’s as the Federal Reserve’s pivots toward more interest rate cuts, mounting geopolitical tensions, and a wave of central bank buying, especially as countries diversify away from the U.S. dollar. According to SAMCO Securities, gold could test $7,000, driven by further geopolitical uncertainties, sky-high deficits, central bank demand, and the real interest rate environment, as noted by Business Standard.

Others, according to SBG Securities, are calling for $10,000 gold based on monetary policy, geopolitical issues, and a weaker U.S. dollar, as noted by Investing.com. They added that a key driver of gold prices depends on the outlook for interest rate cuts. Markets are currently pricing in two cuts this, but the firm seems room for more, noting that “three cuts could push gold to $7,000 by year end (SBG’s base case) and a more dovish Fed may send gold to $10,000.”

One of the Beneficiaries is Formation Metals Inc. (CNSX:FOMO.CN) (OTC-BB:FOMTF)

Formation Metals, a North American mineral acquisition and exploration company, is pleased to announce the mobilization of a second drill rig to its flagship N2 Gold Property to accelerate its fully funded 30,000 metre drill program.

The Company has working capital of ~C$12.1M with zero debt. Inclusive of provincial tax credits from the Quebec government, Formation’s exploration budget for 2025-2026 is set at ~$8.1M.

N2 is host to a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)^2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone.

Phase 1, comprised of 14,000 metres, is designed to:

· Resource confidence and conversion: Infill shallow gaps to improve confidence in near-surface mineralization.

· Resource growth: Test down-dip extensions and step-outs along strike to the west beyond the historic resource limits.

· Metallurgy: Collect representative core for confirmatory test work to validate recoveries.

Targeting a conceptual open-pit resource, Formation is aiming to deliver a maiden mineral resource estimate post-Phase 1 in Q3, incorporating nearly 70,000 metres of drilling. The second rig will be deployed to systematically test priority targets at the “A” and “RJ” Zones across over eight kilometres of strike, accelerating its program while evaluating multiple discovery targets across the corridor.

Over the coming months, the Company plans to outline a focused and exciting exploration program at N2, reflecting the broader depth of opportunities across the Project and supporting sustained, disciplined exploration activity beyond the current drilling phase.

Deepak Varshney, CEO of Formation, commented: “Momentum continues to build at N2. Drilling at the A-Zone is progressing well, and we are very encouraged by what we are seeing in the core to date. Given the visual continuity of mineralization, accelerating Phase 1 with a second rig was an easy decision to make and we look forward to sharing updates as we progress with our winter campaign.”

Assay results from the initial holes advanced are expected to be announced shortly. The Company will provide ongoing updates as drilling progresses.

Highlights of the program to-date:

The Company has completed 16 drill holes totalling 4,743 metres to-date. Significant intervals identified to-date include:

· N2-25-008: 208.8 metres of target mineralization intercepted beginning at 28.6 metres downhole, with multiple intervals over 40 metres in width including up to 70.0 metres.

· N2-25-011: 166.8 metres of target mineralization was intercepted beginning at 60.0 metres downhole, with multiple intervals over 20 metres in width including up to 70.6 metres.

The mineralization intercepted to-date has been shallow and wide, with 9 out of 13 drillholes intercepting target mineralization within the first 25 metres, and 10 drillholes each intercepting over 80 cumulative metres of target mineralization.

The intense quartz-carbonate veining and sulfide mineralization observed visually is directly comparable to the material that yielded long gold intervals in historical drilling including 245-91-151, which intercepted 1.7 g/t Au over 35.0 metres.

Other historically significant drill results from similar material include:

· “A” Zone: 1.48 g/t Au over 13.7 metres, 1.41 g/t Au over 14.3 metres and 2.02 g/t Au over 15 metres.

· “RJ” Zone: 48.4 g/t Au over 0.5 metres, 24.5 g/t Au over 0.9 metres, 16.5 g/t Au over 3.6 metres, 11.14 g/t Au over 3 metres, and 8.94 g/t Au over 5.1 metres.

Project Summary

Comprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation’s flagship N2 Gold Project is an advanced gold project with a global historic resource of ~871,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~810,000 oz Au)^2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au).

There are six primary auriferous mineralized zones in total, each open for expansion along strike and at depth. Compilation and geophysical work by Balmoral Resources Ltd. (now Wallbridge Mining) from 2010 to 2018 generated numerous targets that are being investigated for the first time by Formation with diamond drilling.

Historical highlights from the top two priority zones include:

· A Zone: a shallow, highly continuous, low-variability historic gold deposit with ~522,900 ounces identified at a grade of 1.52 g/t Au. ~15,000 metres have been drilled historically across 1.65 km of strike, with 84% of historical drillholes intercepted auriferous intervals including up to 1.7 g/t over 35 metres.

· RJ Zone: a high-grade historic gold deposit with ~61,100 ounces identified at a grade of 7.82 g/t Au, with high-grade intercepts from historical drill holes as high as 51 g/t Au over 0.8 metres and 16.5 g/t Au over 3.5 metres. This zone was the target of the most recently drilling at the Property by Agnico-Eagle Mines in 2008, when the price of gold was ~US$800/oz. Only ~900 metres of strike has been drilled, with 4.75+ km of strike remaining to be tested.

The Company's internal view is that the N2 Project has the potential to host a potential open pit resource. This optimism is driven by several key factors:

· Significant Undrilled Strike Length: The "A" Zone alone has >3.1 km of strike open (only ~35% drilled historically), while the RJ Zone has >4.75 km remaining untested — offering substantial room for lateral expansion of known mineralization.

· Open at Depth and Along Strike: All zones remain open, with historical drilling limited to shallow depths (~350 m), leaving considerable vertical upside in a proven gold camp.

· Wide, Continuous Near-Surface Intercepts: Recent drilling has confirmed thick zones (100-200+ m) of target mineralization starting near surface, ideal for bulk-tonnage open-pit scenarios with low strip ratios and high tonnage potential.

· Regional Analogy and Pedigree: Located in the Casa Berardi trend, which hosts multiple multi-million-ounce deposits (e.g., Casa Berardi >2 Moz produced and 14.3 Mt @ 2.75 g/t Au P&P in reserve, Douay >3 Moz in resources (10 Mt @ 1.59 g/t Au indicated, and 76.7 Mt @ 1.02 g/t Au inferred), N2 shares similar geology and structural controls. Nearby Vezza produced from higher-grade underground mining, but N2's shallower, wider zones suggest superior open-pit economics.

· Untested Targets: Compilation work identified numerous geophysical anomalies (IP, EM, VTEM) that remain undrilled, providing discovery potential beyond known zones.

· Rising Gold Prices and Economic Viability: At current gold prices, lower-grade bulk-tonnage deposits become highly attractive, enhancing the project's upside.

Strategically located 25 km south of the mining town of Matagami, Quebec, this prime location provides year-round access via provincial highways and logging roads, proximity to skilled labor, power infrastructure, and established mining services in a jurisdiction known for its gold production exceeding 200 million ounces historically. The project lies along the Casa Berardi mine trend, which hosts multiple million-ounce gold deposits, and is situated approximately 1.5 km east of the former-producing Vezza gold mine operated by Nottaway Resources from 2013 to 2019 producing over 100,000 ounces of gold via underground methods.

The region's robust infrastructure supports toll milling opportunities, with potential access to nearby processing facilities such as those at Casa Berardi or other Abitibi mills, enabling cost-effective development without the need for on-site mill construction.

The Company also believes that N2 has significant base metal potential, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) concentrations across the property, specifically at the A and RJ zones. Property wide geology at N2 features volcanic and sedimentary rocks formed in regional anticlinal and synclinal flexures. Three principal deformation structures, oriented along the known NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property.

Other related developments from around the markets include:

Newmont announced third quarter 2025 results. "Newmont delivered a robust third quarter performance, producing approximately 1.4 million attributable gold ounces and generating a third-quarter record of $1.6 billion in free cash flow, marking the fourth consecutive quarter with over $1 billion in free cash flow," said Tom Palmer, Newmont's Chief Executive Officer. "We are making significant progress on the cost savings initiatives announced at the beginning of the year, enabling us to meaningfully improve our 2025 guidance for several cost metrics, while maintaining our outlook for production and unit costs in a rising gold price environment. As I prepare to retire at year-end, I am confident that Newmont is well positioned to continue delivering strong performance under Natascha Viljoen's leadership, as she assumes the role of Chief Executive Officer at the beginning of 2026."

Barrick reported third quarter operating and financial results for the period ending September 30, 2025. Barrick produced 829,000 ounces of gold and 55,000 tonnes of copper in the quarter and the Company generated $4.1 billion in revenue, as well as a record $2.4 billion in operating cash flow and $1.5 billion in free cash flow.¹ Net earnings per share of $0.76 and adjusted net earnings per share¹ of $0.58 increased 62% and 23%, respectively, from Q2. “Higher gold production combined with lower costs and strong commodity prices drove record cash flow for Barrick in Q3,” said Mark Hill, Group Chief Operating Officer and Interim President and Chief Executive Officer. “This allowed us to significantly increase share repurchases while also making progress on our key growth projects, maintaining our industry-leading balance sheet. Given the confidence in ongoing cash flow generation and shareholder focus, the Board has approved a 25% increase in the base quarterly dividend. Our portfolio of world-class assets continues to grow, as demonstrated by the generational gold discovery at Fourmile in Nevada.”

Franco-Nevada record quarterly results benefited from a combination of higher gold prices, strong operations, new acquisitions and the sale of Cobre Panama copper concentrate stockpiles. Our acquisition of six meaningful new gold interests over the last 18 months has positioned us for strong growth over the long-term and boosted our gold price exposure, with 85% of our revenue being from precious metals in the quarter. Following these results, we have narrowed our 2025 Total GEO sales guidance range, toward the higher end of our original guidance. After drawing on our corporate revolver to fund the Arthur Gold royalty acquisition in July, the Company is once again debt-free. We are encouraged by the recent constructive comments by the President of Panama toward resolution of the Cobre Panama mine closure. “Looking forward, our deep portfolio of producing, development and exploration stage royalties on primary gold assets is well positioned to grow organically in this strong gold price environment,” stated Paul Brink, CEO.

Kinross Gold announced that Moody’s Investors Service has upgraded the senior unsecured rating of Kinross to Baa2 from Baa3. The outlook has been changed to stable from positive. In its announcement, Moody’s noted Kinross’ scale and production profile, low financial leverage and conservative financial policies as key factors driving the upgrade. Further, on December 4, 2025, the Company repaid the entirety of its outstanding 4.50% Senior Notes, which have an aggregate principal amount of $500 million, ahead of their July 15, 2027, due date. Including the early redemption of the 2027 Notes, Kinross has repaid approximately $700 million of its debt in 2025, in line with its commitment to balance sheet strength. Over fiscal years 2024 and 2025, Kinross has repaid $1.5 billion in debt including this early redemption. After the Notes redemption, Kinross has $750 million aggregate principal amount of Senior Notes outstanding, with the next Senior Notes maturity date on July 15, 2033, for $500 million in aggregate principal amount. “Kinross’ excellent financial position is driven by its consistent operating track record and disciplined cost management strategy,” said Andrea Freeborough, Chief Financial Officer. “The Moody’s upgrade underscores the strength of our investment-grade balance sheet, which stands at a net cash¹ position of approximately $500 million as of September 30, 2025. Over the past two years, we have repaid $1.5 billion of debt, including $700 million in 2025, reflecting our disciplined approach to managing our business.”

Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services Formation Metals Inc. by Formation Metals Inc. We own ZERO shares of Formation Metals Inc. Please click here for disclaimer.

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