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    Pierre Lassonde’s US$4,000/oz gold call: project and royalty cues for miners

    December 25, 2025|

    Reviewed by Tom Sullivan

    Pierre Lassonde’s US$4,000/oz gold call: project and royalty cues for miners

    First reported on MINING.com

    30 Second Briefing

    Serial wealth creator and Franco-Nevada co-founder Pierre Lassonde is publicly backing a long-term gold price of US$4,000/oz, drawing on his experience as former Newmont president and architect of the royalty/streaming model. He links the bullish outlook to persistent fiscal deficits, central bank buying and constrained new mine supply, arguing that large greenfield projects face decade-long permitting timelines and rising capital intensity. For miners and project financiers, his view reinforces pressure to secure tier-one ounces and royalty exposure rather than chasing marginal, high-cost developments.

    Technical Brief

    • He emphasises that royalty/streaming structures shift permitting, capex and operating risk entirely to the operating miner.
    • He stresses that brownfield expansions around existing mills now dominate feasible reserve growth versus remote greenfields.
    • According to Lassonde, underground bulk mining and lower-grade open pits both struggle to clear hurdle rates at current costs.
    • Implication for project pipelines: only lowest-quartile cost orebodies with strong infrastructure and jurisdictional stability are financeable.

    Our Take

    Franco-Nevada’s presence alongside Osisko Metals, Hudbay and Agnico Eagle in the Gaspé copper financing highlights how traditional gold-focused royalty players are now embedded in multi-commodity pipelines, which can buffer Lassonde-style portfolios against single-commodity gold price cycles.

    With gold in our database recently marked at record levels above $4,500/oz, the long-term royalty and streaming model associated with Franco-Nevada and Lassonde’s legacy appears structurally advantaged versus high-cost primary producers that are more exposed to operating and geopolitical shocks.

    Among the 140 gold-tagged pieces in our coverage, relatively few are Op-Eds centred on individuals like Pierre Lassonde, which signals that this article is more about strategic thinking and capital allocation philosophy than about any specific Newmont or Franco-Nevada asset decision.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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