Digital Gold: New Demand Could Boost the Gold Market

Third-Party Recommendation (Art. 8 DelVO 2016/958): Unmodified reproduction of a promotional article created by a third party · Original author: SRC swiss resource capital AG · Initial publication (original): October 26, 2026, 5:30 a.m. Berlin/Zurich · Link to the original publication ·

Advertisement – On behalf of Newcore Gold Ltd. and Mayfair Gold Corp. SRC swiss resource capital AG has fee-based, non-performance-based investor relations consulting agreements with both companies. Prepared by: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: October 24, 2026, 5:30 a.m. Berlin/Zurich.

Dear Readers,

The World Gold Council and the Boston Consulting Group see significant growth potential in the digital gold market. Their study, published on October 19, is based on surveys of more than 12,000 retail investors across twelve markets and interviews with 20 experts. Digital gold remains a small portion of the gold market to date.

While the market for physical investment gold is estimated at around 13 trillion U.S. dollars, digital gold currently amounts to approximately 45 to 55 billion U.S. dollars. Tokenized gold achieved more than 90 billion U.S. dollars in cumulative spot trading volume in the first quarter of 2026. Trading volume should not be equated with new capital inflows.

In the base-case scenario, the study’s authors expect annual growth of about 27 percent, reaching $160 to $170 billion by 2031. About 65 percent of latent demand comes from people who have not previously invested in gold. Trust, regulation, costs, and redemption options remain key hurdles; additional demand is no guarantee of rising gold prices.

Newcore Gold Continues to Develop Enchi

Newcore Gold - https://www.commodity-tv.com/ondemand/companies/profil/newcore-gold-ltd/ - is developing the 248-square-kilometer Enchi gold project in southwestern Ghana. The pre-feasibility study dated June 24, 2026, calls for an open-pit mine with a central processing plant. At $4,200 per ounce, this results in a net present value after taxes of $647 million and an internal rate of return of 45 percent.

The study projects annual production of approximately 130,000 ounces over the first three years and a mine life of 9.3 years. The payback period is 1.4 years under the price scenario described. Further exploration could alter the resource base; however, financing, mining rights, and implementation of the planned facility remain necessary.

Mayfair Gold Bets on Fenn-Gib and Macquarie

Mayfair Gold - https://www.commodity-tv.com/ondemand/companies/profil/mayfair-gold-corp/ - controls the Fenn-Gib project in Ontario. The indicated resource comprises approximately 4.3 million ounces of gold; this should be distinguished from the reserves of approximately 1.04 million ounces at 1.29 grams per metric ton reported in the January 2026 pre-feasibility study. Production is projected to total approximately 920,000 ounces over 14.3 years.

In the base case scenario at $3,100 per ounce, Mayfair cites a net present value after taxes of CAD 652 million and a payback period of 2.7 years. Macquarie completed a strategic equity investment in October. The previously announced financing package totaling CAD 310 million was based in part on non-binding agreements; therefore, the entire project financing cannot be considered secured.

Conclusion: Newcore Gold and Mayfair Gold on the Verge of Milestones

Digital gold offerings could tap into new investor groups and support demand in the long term. For Newcore, the focus is on further project development and permits; for Mayfair, it is on the financing and implementation of Fenn-Gib. Financing and implementation remain crucial.

Current company information and press releases: Newcore Gold https://www.resource-capital.ch/de/unternehmen/newcore-gold-ltd/ and Mayfair Gold https://www.resource-capital.ch/de/unternehmen/mayfair-gold-corp/

For further information, see our Precious Metals Report: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/

Best of luck and warm regards from Switzerland,
Yours,
Marc Ollinger
Swiss Resource Capital AG

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Sources: WGC Study, Oct. 19, 2026 – https://www.gold.org/goldhub/research/digital-gold-market-report·  Newcore PFS, June 24, 2026 – https://newcoregold.com/news/newcore-gold-announces-robust-pre-feasibility-study-for-the-enchi-gold-project-ghana/·  Newcore Technical Report, August 7, 2026 – https://newcoregold.com/news/newcore-gold-files-pre-feasibility-study-technical-report-for-the-enchi-gold-project-ghana/ · Mayfair PFS, January 2026 – https://mayfairgold.ca/fenn-gib-gold-project/ · Mayfair Macquarie, October 1 and October 14, 2026 – https://mayfairgold.ca/news/

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Transparency and Conflicts of Interest

Author and Publisher: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible under § 18(2) MStV: Marc Ollinger. Issuers: Newcore Gold Ltd. (TSXV: NCAU) and Mayfair Gold Corp. (TSXV: MFG; NYSE American: MINE). The fee-based, non-performance-based investor relations contracts give rise to a financial interest in positive coverage. Securities holdings of the author, SRC, and affiliated companies: Neither the author, Ingrid Heinritzi, nor SRC holds shares, options, long/short certificates, or other derivatives of the issuers mentioned. Neither Mayfair Gold nor Newcore Gold holds a 5 percent or greater stake in SRC. Pre-publication review: The companies did not receive the article for review and approval prior to publication.

Methodology and Risks

Date of publication: October 23, 2026. The primary sources cited have been cross-checked against publicly available publications. Project details, drilling data, reserves, resources, and economic models have not been independently verified or validated on site. Qualified Persons are identified in the respective original technical reports; their review does not constitute approval of this article. Studies and timelines are contingent upon financing, permits, technical feasibility, and successful implementation. Geological, metallurgical, construction, environmental, country, currency, dilution, and gold price risks may significantly alter results and lead to a total loss. Routine updates are not planned; statutory obligations remain unaffected.

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