Weekly Watchlist - Aug.09, 2025

This week, I want to highlight a leading gold mining stock that’s shaping the direction of the sector and a development company that looks poised for a strong run ahead.

Lundin Gold - Market Cap $19 Billion - Breakout

What a run Lundin Gold has had since 2024 — up more than 300% and consistently holding well above its 30-week moving average. The momentum appears intact, with the stock breaking out of a near-term base on heavy volume this week and closing Friday up over 6%.

This week’s earnings release reinforced why the market remains so bullish on the name. Revenue surged 50% year-over-year to $450 million, while free cash flow jumped 110% YoY to $236 million. The company’s cash reserves now stand at a robust $493 million, providing ample firepower for both growth initiatives and shareholder returns.

On the exploration front, Lundin continues to deliver exciting results. The Bonza Sur discovery, just 1 km south of the producing Fruta del Norte (FDN) mine, has seen its strike length extended to 2.6 km and remains open along strike and at depth. A maiden resource estimate is expected in the near term. Also near FDN, the Trancaloma deposit has been confirmed as a copper-gold porphyry system, with notable intercepts such as 667 m @ 0.44% CuEq. Further adding to the upside, the recently discovered Sandia porphyry system lies only 4 km away.

In 2025 alone, Lundin plans to complete over 65,000 metres of drilling across near-mine and regional targets. Coupled with strong production from FDN and a rising gold price environment, the story continues to build as one of the most compelling growth plays in the precious metals space

Thesis Gold - Market Cap $282 Million - Breakout Candidate

Thesis Gold has enjoyed a solid bounce in 2025, and after a period of healthy consolidation, the chart may be hinting at renewed upside potential. I’m watching for a pickup in trading volume and a decisive close above near-term resistance to confirm momentum.

The company’s focus is the Lawyers-Ranch Project in north-central British Columbia — a district-scale land package spanning an impressive 495 km² in the highly prospective Toodoggone Mining District. Current resources stand at 4.0 million ounces gold equivalent (Measured & Indicated) plus 727,000 ounces (Inferred), with silver accounting for roughly a quarter of the metal content.

A 2024 Preliminary Economic Assessment (PEA), using US$1,900/oz gold, returned an after-tax NPV5% of C$1.28 billion and a 35% IRR. At US$3,000/oz gold (and US$35/oz silver), the after-tax NPV5% jumps to C$3.09 billion, with a lightning-fast payback of under one year.

Key 2025 catalysts include:

• A Pre-Feasibility Study (PFS) scheduled for release this year.

• The launch of the Environmental Impact Assessment process — both critical steps toward a production decision.

• A 10,000-metre drill program now underway, targeting resource expansion and higher-grade zones.

Another vote of confidence came when Centerra Gold acquired a ~10% strategic stake, alongside a C$27.5 million financing, leaving Thesis well-funded for its next phase of work. With strong economics, major-miner backing, and steady news flow ahead, Thesis Gold is a name worth keeping on the radar — especially if the technicals confirm the next leg up.

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