Mining Companies Uncover Excellent Gold Gains Amid Geopolitical Tensions

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Gold surged nearly 3% on Monday amid rising geopolitical tensions following the U.S. capture of Venezuelan President Nicolás Maduro, as reported by Mining.com on January 5.

Spot gold hit a one-week high of US$4,455.42 per ounce, nearly US$100 below its record high set late in 2025. U.S. gold futures climbed to as much as US$4,480 per ounce in New York. Ines Ferré reported for Yahoo! Finance on January 5 that silver futures jumped as much as 7% to around US$76 per ounce. Other metals, including copper, also experienced gains as Maduro and his wife appeared before a judge in New York City on charges related to narco-terrorism, Ferré noted.

President Trump declared that the U.S. would "run" Venezuela until a transition is completed and that American oil companies would invest "billions" in the country's energy sector to tap into its vast reserves. This shift in commodities underscores a "metals war" as nations compete to secure critical resources and advance in the rapidly evolving AI race.

Central banks have significantly boosted gold purchases in recent years, particularly after Russia’s assets were frozen following its invasion of Ukraine in 2022. The precious metal achieved more than 50 record highs last year, as highlighted by the Yahoo! Finance article.

Surge in Demand for Safe-Haven Assets

The demand for safe-haven assets increased significantly following the U.S. action in Venezuela and the removal of Maduro, marking Washington's most direct involvement in Latin America since 1989, according to the Mining.com report.

This incident "reinforced a backdrop of geopolitical uncertainty," stated Christopher Wong, an analyst at Oversea-Chinese Banking Corp. in Singapore, as noted by the website. However, immediate risks appear limited as "developments in Venezuela point to a relatively quick closure, rather than a prolonged military conflict," he added.

Bernard Dahdah, an analyst at Natixis, pointed out that an analysis of the long-term effects of geopolitical events "shows a far more limited price impact in time on gold prices than, for instance, oil," as reported by Mining.com.

Gold experienced a 64% increase last year, fueled by geopolitical tensions and the U.S. Federal Reserve's monetary easing cycle, the report indicated. Expectations of further rate cuts, along with central bank purchases and ETF inflows, supported the rise.

"The situation around Venezuela has clearly reactivated safe-haven demand, but it comes on top of existing concerns about geopolitics, energy supply, and monetary policy," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany, according to the article.

Several major banks anticipate further increases in gold prices this year, particularly with the Fed expected to make additional interest rate cuts and U.S. President Donald Trump reshaping the leadership of the U.S. central bank. Goldman Sachs Group stated last month that its base case was for a rally to US$4,900 an ounce, with risks to the upside.

"Another move toward new record highs would likely be triggered if geopolitical tensions broaden further or if incoming U.S. data reinforces expectations that the Fed will have to ease more aggressively than currently priced," Zumpfe added, as noted by Mining.com.

Gold Starts Year on Strong Footing

Investors have swiftly turned their attention to safe-haven assets like gold and silver, while oil prices are expected to increase due to concerns about potential supply disruptions, as reported by Z News on January 4.

Markets became cautious following the military action, the report noted. The U.S. has charged them with drug trafficking, escalating tensions in an already volatile region. This development is viewed as a significant geopolitical event that could destabilize energy markets and increase demand for safe assets at the beginning of the year.

Gold began 2026 on a strong note, rising over 1% to trade near US$4,370 per ounce, supported by geopolitical risks and expectations of potential U.S. interest rate cuts later this year. Silver also increased by more than 2%, nearing US$73 per ounce, helped by a weaker dollar, supply shortages, and growing industrial demand, according to Z News.

However, both metals faced profit-taking on a weekly basis after last year's sharp rally. COMEX gold dropped nearly 5%, while silver declined over 8% as higher margin requirements prompted some traders to reduce positions. In the domestic market, MCX Gold futures saw a sharp decline at the week's start, marking their steepest single-day drop in two months.

Since then, prices have fluctuated within a narrow range. Analysts suggest that gold may recover if prices remain above key support levels, but a sustained fall below these levels could lead to further corrections.

Once a Major Regional Resource Producer

Venezuela was once a major regional producer of aluminum, cement, gold, iron, bauxite, and steel, according to a report by Luisa Palacios for Americas Quarterly on January 4. In the 1990s, mining exports accounted for about 6% of the country's total exports. However, most of Venezuela’s mining production has collapsed following the government's expropriation of private operators in the 2000s.

The lack of transparency in Venezuela’s mining practices dates back to the Maduro government’s creation of a special zone called the Mining Arc, covering about 12% of the territory. This area, larger than Portugal and Panama, includes vast biodiverse ecosystems, such as Venezuela’s Amazon basin. Limited transparency, governance, and environmental oversight have allowed illegal mining to flourish, leading to significant deforestation of Venezuela’s Amazon forest and severe social consequences.

"Venezuela has substantial oil, gas, and even mining resources that could play a key role in the country's economic recovery, social development, and for the region's energy security," Palacios wrote. "Whether the development of these resources will benefit the entire country remains to be seen in the months ahead."

The country has long been dependent on oil, but in recent years, its focus has shifted to gold. Like oil companies excluded by the government, some firms, such as Canada's Rusoro Mining Ltd., are fighting to reclaim their investments after being shut out by Maduro's government. However, the primary beneficiaries in the gold sector from the South American military action will be those that capitalize on the wave of safe-haven investors to boost share prices: from majors like Newmont to explorers like Seabridge Gold, which saw its share price rise more than 6% on Monday following the news from Venezuela.

Rusoro Mining Ltd.

Based in Vancouver, Rusoro Mining Ltd. (RML:TSX.V), established in British Columbia in 2000, initially secured mining concessions in Venezuela for gold exploration and production, as noted on its website. The company held significant stakes in two gold mines until March 14, 2012, when the Venezuelan government nationalized the gold industry, revoking Rusoro's concessions and taking control of its assets.

In response, Rusoro initiated arbitration against Venezuela, alleging violations of the Bilateral Treaty for the Protection of Investments between Canada and Venezuela. The arbitration tribunal awarded Rusoro US$967.77 million plus interest, totaling over US$1.87 billion by the end of 2023. Despite a partial annulment of the award by the Paris Court of Appeals, the French Supreme Court later reinstated it.

In 2018, Rusoro reached a settlement with Venezuela to receive over US$1.28 billion in installments, but the initial payment was never made. Consequently, Rusoro pursued legal enforcement, obtaining a default judgment for US$100 million in New York.

In 2023, a U.S. court issued a conditional writ allowing Rusoro to enforce its judgment against PDVSA's assets, contingent on OFAC approval. The U.S. Court of Appeals for the Third Circuit ruled that PDVSA is the alter ego of Venezuela, allowing creditors to enforce judgments against its assets. The U.S. Supreme Court declined to review this decision, leading to a scheduled auction of PDV Holding, Inc. shares in July 2024, where Rusoro was designated as an "Additional Judgment Creditor" entitled to share in the proceeds.

According to a report by Jef Feeley for Bloomberg on November 10, 2025, Venezuela is represented in U.S. courts by its political opposition, as Maduro was not recognized as the legitimate leader under U.S. law. Both Maduro and his opponents opposed the auction and considered bankruptcy protection to halt the sale. Other companies seeking compensation from the auction include Siemens AG, ConocoPhillips, and Exxon Mobil Corp.

Located in Venezuela's historic El Callao District, the Choco 10 mine, 95% owned by Canadian junior Rusoro, produced 126,000 ounces of gold in 2009, as reported by Heidi Vella for Mining Technology on May 15, 2019. Just 5 kilometers away, another Rusoro project, Isidora, in which the company held a 50% stake, was yielding 25,000 ounces of gold annually. Rusoro, which acquired the mining licenses between 2006 and 2008, reported total gold reserves of 5,584,000 ounces in Venezuela, along with additional estimated resources of 6,805,000 ounces.

However, Venezuela's nationalization of the gold industry caused Rusoro's share price to plummet at the time. At the time of the expropriation, the company had plans to expand Choco 10, having received "very favorable economics in the Feasibility Study… of US$1.26 billion and an internal rate of return of 40% (pre-tax)." All operations were subsequently put on hold.

Rusoro saw its shares rise by 18.3% during mid-day trading on Monday after the U.S. military action, according to a report by MarketBeat on January 5. The stock reached a high of CA$1.24 before settling at CA$1.10. Trading volume was approximately 3,911,266 shares, marking a 246% increase from the average daily volume of 1,130,899 shares. Previously, the stock had closed at CA$0.93.

¹Approximately 23% of Rusoro's stock is held by insiders and management, while about 21% is owned by institutions. The remainder is held by retail investors.

Major shareholders include Silver Point Capital LP with 20.65%, Andre Agapov with 11.35%, Peter Hediger with 6.21%, Anthony John Beruschi with 3.84%, and Gordon B. Keep with 1.85%.

The company's market capitalization is CA$670.62 million with 627 million shares outstanding. It trades within a 52-week range of CA$0.56 to CA$1.45.

Newmont Corp.

Newmont Corp. (NEM:NYSE; NGT:TSX; NEM:ASX) stands as the world's largest gold producer. Its stock performed exceptionally well in 2025, driven by rising gold prices, robust free cash flow, surpassing earnings expectations, and strategic asset optimization/debt reduction, leading to significant year-to-date gains and positive analyst ratings, despite some volatility late in the year due to fluctuations in the precious metals market.

The company projected 5.9 million ounces of gold production for 2025 and achieved major milestones like commercial production at Ahafo North.

According to a report by Scott Levine of The Motley Fool published on AOL on January 5, as of 1:16 p.m. ET that day, shares of Newmont were up 2.4%, slightly retreating from their earlier climb of 4.6%.

"With the price of gold rising 3% as of this writing, investors are motivated to gain exposure to gold through Newmont stock," Levine wrote. "The only gold producer included in the S&P 500, Newmont is a common choice for investors seeking exposure to the yellow metal. Operating assets on several continents, the company projects 2025 gold production of 5.9 million ounces (Moz)."

Levine continued, "For investors seeking to gain exposure to gold, Newmont stock is a viable consideration. Although shares rose higher today, they remain reasonably valued, priced at 14.1 times forward earnings."

Newmont produces gold, copper, silver, zinc, and lead with global operations in key mining jurisdictions like North America, South America, Africa, and Australia. Headquartered in Denver, Colorado, Newmont focuses on sustainable mining, aiming to create value while minimizing environmental impact, and is recognized for its strong ESG (Environmental, Social, and Governance) performance.

In 2025, Newmont successfully integrated Newcrest Mining after completing a US$17 billion acquisition in 2024, establishing itself as one of the world's largest producers of gold and copper. As part of its portfolio optimization strategy, Newmont executed a non-core asset divestiture program announced in 2024, raising up to US$4.3 billion through the sale of operations such as Musselwhite, Éléonore, Cripple Creek & Victor, Akyem, and Porcupine.

Operationally, Newmont reached commercial production at its Ahafo North project in Ghana in October 2025, following the first gold pour in September. Financially, the company reported a record free cash flow of US$1.6 billion in the third quarter of 2025, marking its fourth consecutive quarter exceeding US$1 billion, with revenue of US$5.52 billion and net income of US$1.84 billion.

According to an October 10, 2025, opinion piece for Streetwise, Jason Williams of Wealth Daily noted that, "If gold is the king of safe havens, Newmont Corp. is its crown jewel."

The company is a mining giant with operations spanning multiple continents, including some of the most politically stable and resource-rich areas globally. Its 2023 merger with Newcrest added some of the most valuable gold and copper assets in the Southern Hemisphere, reinforcing Newmont's status as the clear leader in the industry, Williams noted.

"But scale isn't the whole story," Williams wrote. "With gold now above US$4,000, Newmont's already impressive free cash flow is set to balloon. At US$2,000 gold, Newmont was pulling in billions annually. Doubling the gold price transforms those margins from healthy to extraordinary. Every incremental move higher is pure profit. This isn't just a miner — it's a cash-flow machine, a dividend payer, and a global anchor for institutional capital. In a bull market, it becomes the gold stock everyone wants to own."

According to Stock Analysis, the average rating among nine analysts for NEM stock is "Strong Buy." The 12-month stock price target is US$99.33, which is a decrease of -7.01% from the time of the update.

¹Less than 1% of the company is owned by insiders, management, and holding companies, while about 80% is held by institutions. The remainder is held by retail investors.

Major shareholders include The Vanguard Group Inc. with 12.18%, BlackRock Institutional Trust Co. with 5.6%, State Street Investment Management with 4.53%, BlackRock Investment Management with 2.41%, and Geode Capital Management LLC with 2.39%.

Its market capitalization is US$112.98 billion with more than 1 billion shares outstanding. It trades within a 52-week range of US$37.68 to US$106.34.

Seabridge Gold Inc.

Another beneficiary has been Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT), which has experienced a more than 6% rise in share price following the events in Venezuela. According to a piece by Technical Analyst John Newell for Streetwise on December 23, 2025, Seabridge is "not a typical gold stock."

"It is a long-duration leverage vehicle designed to outperform in a rising gold price environment, and the chart suggests the market is starting to recognize that again," he wrote.

For over twenty years, the company has focused on acquiring and developing large, high-quality gold and copper assets in secure North American regions, with the aim of increasing gold ounces in the ground at a faster rate than shares outstanding, Newell noted.

"That strategy has played out consistently," Newell wrote. "From 2003 through 2024, Seabridge increased its total gold resources by more than 1,000%, while shares outstanding rose far less, a point the company emphasizes repeatedly in its disclosures."

The centerpiece of Seabridge's portfolio is its wholly owned KSM Project in northwestern British Columbia, which currently boasts the largest publicly disclosed undeveloped gold resource globally. With measured and indicated resources exceeding 88 Moz of gold, along with significant copper and silver, Seabridge stands out as one of the most leveraged gold optionality plays in the industry, he noted.

Also in December, Seabridge announced plans to spin off a subsidiary for its Courageous Lake Gold Project in Canada's Northwest Territories. The new wholly owned subsidiary, Seabridge Gold (NWT) Inc., will be renamed "Valor Gold" and will own 100% of the project. Following the spin-off, Valor Gold will focus on advancing the project through exploration, engineering, and permitting. It is expected that shares of Valor Gold will be distributed to Seabridge shareholders and listed on at least one major public stock exchange. Seabridge will continue to concentrate primarily on its KSM gold/copper project and other exploration assets.

"We have always believed, as we have shown in our recent studies, that Courageous Lake is a valuable project with enormous additional district potential in a Tier 1 jurisdiction," stated Seabridge Chairman and CEO Rudi Fronk. "We also believe that Courageous Lake is being attributed little to no value in the price of Seabridge shares today."

Courageous Lake is one of Canada's largest undeveloped gold projects, with a total contained gold inventory comprising Measured and Indicated Resources of 11 million ounces (Moz) of gold (145.2 million tonnes at an average grade of 2.36 grams per tonne, or g/t), plus an additional 3.3 Moz of gold in the inferred category (40.6 million tonnes at 2.52 g/t). The reported measured and indicated resources include 2.8 Moz of proven and probable reserves (33.9 million tonnes at 2.6 g/t), making it one of the highest-grade open-pit gold projects in Canada, according to the company.

According to a December 17, 2025, research note by Taylor Combaluzier, vice president and mining analyst at Red Cloud Securities, "In the current gold price environment, we believe this potential spinout could likely help unlock more value for Seabridge shareholders."

Red Cloud has maintained its target price of CA$74.50 per share for the Canadian development-stage mining company, which was trading at approximately CA$40.17 per share at the time of Combaluzier's report. This price difference indicates a potential return of 85% for investors. Seabridge remains rated as a Buy.

Red Cloud considers the Courageous Lake spinout to be a positive move, believing that the market currently undervalues this project within Seabridge and that the company's current share price mainly reflects its flagship KSM project in British Columbia, Combaluzier noted. In Red Cloud's post-financing net asset value per share discounted at 5% (NAVPS5%) for Seabridge of CA$111.80, Courageous Lake represents about 13%, or CA$14.75 per share.

¹Management and insiders hold about 2% of the company, while institutions own approximately 65%. The rest is held by retail investors.

Friedberg Mercantile Group Ltd. holds 15.49%, Pan Atlantic Bank and Trust owns 10.23%, Van Eck Associates Corp. has 7.84%, and Kopernik Global Investors L.L.C. possesses 9.9%.

There are around 104.35 million shares outstanding, with the company having a market capitalization of CA$4.43 billion and trading within a 52-week range of CA$13.44 to CA$44.71.