251-Million-Ounce Gold Deposit Increase Highlights Growth Beyond New Discoveries - Crux Investor

AI desk brief

S&P Global says its gold deposit inventory rose by 251 million ounces, with more than half of the gain coming from previously known deposits rather than new discoveries. Only nine major discoveries since 2020 have reached the 2Moz threshold, underscoring how much future supply growth depends on drilling, resource conversion and mine development within established projects.

The article also notes that 143 of 258 initial gold resource announcements between 2020 and 2025 were new zones or deposits within existing projects, while 2025 gold-focused M&A hit $21.2bn, the highest annual value since 2010. It cites WGC data showing average Q2 2026 gold at $4,506.29/oz, up 37% y/y, alongside modest mine-supply growth: Q2 output rose 2% to 965.6t and total supply was broadly flat at 1,268.9t as recycling fell 6%.