MARIPOSA, California, July 5, 2026, 07:05 PDT
- Lode Gold now pegs the Fremont project at 3.09 million ounces of gold, worth about $12.9 billion at July 3 spot prices before factoring in permitting or costs.
- Rosland Capital has filed for Chapter 11 bankruptcy protection, listing liabilities between $50 million and $100 million after a big price spike hit its order book.
- JPMorgan has cut its fourth-quarter gold price target to $4,500 an ounce from the previous $6,000 view for year-end.
California’s latest gold push comes with a numbers warning. Lode Gold Resources Inc CVE:LOD put out its 2026 resource estimates for the Fremont Mine in Mariposa County at 1.11 million ounces indicated and 1.98 million ounces inferred. With gold at $4,175.39 an ounce on July 3, as Forbes reports, that’s $12.9 billion in metal on paper before factoring in losses, costs, taxes, permits, or any dilution.
Local reports value the Fremont project around $8 billion, which lines up with the inferred resource figure alone. The indicated resource tacks on another $4.64 billion at that price. That difference is key—higher-confidence ounces are usually a bigger deal in mine plans and when lining up financing.
| Fremont category | Gold ounces | Gross metal value at $4,175.39/oz |
|---|---|---|
| Indicated | 1,110,444 | $4.64 billion |
| Inferred | 1,978,568 | $8.26 billion |
| Total | 3,089,012 | $12.90 billion |
Lode is trading more like a junior explorer than a company ready to build a mine. Shares ended July 3 at CA$0.30 on Google Finance, with a CA$17.54 million market cap. That leaves a gap: investors see a small explorer with a big in-ground resource, but no proof yet on engineering, permits, costs or funding.
Lode remains in the early study phase. The company said June 29 it kicked off technical engineering studies and a project readiness review covering mine and permitting plans at Fremont. CEO Wendy T. Chan said the effort is aimed at creating a “clear technical baseline” for pre-feasibility, engineering, mine planning, and economic analysis. Lode Gold
Lode is offering hard numbers at Fremont for investors to look at. The site has seen 43,000 metres of drilling, 14 adits, two shafts, and 23 kilometres of underground workings, according to the company. Mining ended in 1942 after a wartime ban on gold mining. Lode says 89% of the ounces remain in the ground, referencing its project history and resource work.
Mariposa isn’t the only active play in the area. Blue Moon Metals Inc (NASDAQ:BMM) is advancing its Blue Moon polymetallic deposit in the same county. The project targets zinc, copper, gold and silver, not only gold. Blue Moon’s site shows a 2025 preliminary economic assessment update calling for a $244 million after-tax NPV, a 38% IRR and $144.5 million in initial capex.
| California precious-metals name | Listing status | Recent investor data point | Main risk test |
|---|---|---|---|
| Lode Gold / Fremont | CVE:LOD, OTCQB:LODFF | 2026 resource puts gold at 3.09 million ounces | Needs engineering, permits, mining plan, cash |
| Blue Moon Metals / Blue Moon | NASDAQ:BMM, TSXV:MOON | Indicated resource has 436M lb zinc, 54M lb copper | Initial spend $144.5 million, needs underground work |
| Rosland Capital | Private | Chapter 11 lists $50 million-$100 million liabilities | Facing customer claims, no stock, forced sale value |
Rosland Capital filed for Chapter 11 bankruptcy on July 2 in the U.S. Bankruptcy Court for the Central District of California. The Los Angeles gold and silver dealer listed assets between $1 million and $10 million and liabilities of $50 million to $100 million, according to court records cited by Bondoro. Rosland reported no inventory and had little cash.
Dealer revenue dropped to $97.8 million in 2025, down from $151.2 million in 2021. Gross margin narrowed to 8.7% from 18.4%. Rosland posted $10.2 million in net income for 2021, then lost more than $24 million combined from 2022 to 2025, plus another $3.2 million in prepetition losses for 2026.
Rosland’s trouble wasn’t falling gold prices. The company’s business model created a gap between when customers prepaid and when Rosland bought metals from suppliers. As prices climbed, it cost more to replace the metals than what buyers had paid up front. TheStreet said Rosland listed $49 million in deferred revenue and had $11.8 million in buybacks tied to unfilled or pending customer orders.
This is why Mariposa isn’t a simple bet on gold prices. Sure, high spot gold can boost theoretical project values for developers. But miners with delivery obligations or royalty deals can get squeezed when prices are high. For Lode, looking at the $12.9 billion gross metal figure only says so much. The real story will be after factoring in mine design, recovery, upfront costs, terms on financing and the terms of California permits.
Gold prices stayed hot for miners. Spot gold jumped 1.3% to $4,174.21 an ounce on July 3 after U.S. nonfarm payrolls came in at 57,000 for June, well under the 110,000 that Reuters had forecast. Han Tan, chief market analyst at Bybit, said a sharp slowdown in U.S. hiring powered the rally.
JPMorgan Chase & Co NYSE:JPM lowered its short-term gold outlook, saying demand from some big buyers fell short. The bank now puts gold at $4,300 an ounce for Q3 and $4,500 for Q4. That is a cut from its June 9 call for $6,000 by the end of the year.
Peter Fung, head of dealing at Wing Fung Precious Metals, said “$4,000 looks like a very good support” and told Reuters that if prices drop under $4,000, more buyers could step in on the dip. Reuters
