Post: Gold Boom Rewards Cyanide Giants. But the Real Opportunity May Be in the Clean-Tech Challenger: RZOLV

While conventional producers celebrate, a non-toxic gold-leaching breakthrough is drawing serious attention from investors who see the next paradigm shift.

RZOLV - Staff writer - November 23, 2025

Why investors fixated on sodium cyanide may be missing the emergence of a safer, scalable alternative.

Gold’s breathtaking rally has done more than mint profits for producers and revive idle mines—it has reignited one of the most uncomfortable truths in modern mining: the world’s dependence on sodium cyanide. As gold prices spiked 15 per cent over the past two months, breaking records at $4,381 a troy ounce, the companies that manufacture this notoriously toxic chemical suddenly find themselves in a golden age of their own.

Two of the world’s largest cyanide suppliers—Orica and Australian Gold Reagents—have moved swiftly to expand production. Orica, fresh off its $640M USD acquisition of Cyanco, says it will accelerate output as North American miners race to restart old operations. AGR has already boosted capacity by 30 per cent and is seeking approval to ramp up to an eye-watering 210,000 tonnes per year.

For companies like Wesfarmers, which co-owns AGR, the sodium cyanide business has become a “quiet achiever,” delivering some of the highest returns on capital in the entire chemical sector. Jefferies analyst Ramoun Lazar notes that soaring gold prices “incentivize gold exploration and, in turn, increase demand for sodium cyanide” as miners increasingly process deeper, lower-grade, harder-to-leach ores.

At first glance, the cyanide boom looks like a simple supply-and-demand story: gold goes up, cyanide goes up. But that is only half the picture.

A Growing Problem the Industry Doesn’t Want to Confront

The industry rarely admits it publicly, but cyanide is one of mining’s most persistent and difficult ESG liabilities. Regulators in multiple jurisdictions—especially in Europe, South America, and parts of the United States—have tightened restrictions on its use and storage due to contamination risks. A single leak, spill, or tailings failure can cripple a mine, shutter a community, or trigger multi-billion-dollar cleanup liabilities.

Even CSIRO scientist Paul Breuer, whose team developed a thiosulphate alternative, warns that “government regulations on cyanide use are becoming more stringent,” though miners remain reluctant to change.

The reason for that reluctance is simple: cyanide works. And for over a century, the industry has treated it as irreplaceable.

But what happens when it no longer is?

A Clean-Tech Challenger Steps Out of the Lab

For years, the debate about cyanide alternatives felt theoretical—mired in research papers, small pilots, and technology that could not scale. That narrative is changing.

A new class of water-based, non-cyanide reagents such as RZOLV is emerging from the lab and into commercial-scale trials. Unlike previous attempts, which often struggled with kinetics or high reagent costs, RZOLV’s chemistry has demonstrated fast gold dissolution, strong stability, and compatibility with ore types that cyanide cannot touch—particularly refractory, high-sulfide, and arsenic-rich concentrates.

What makes RZOLV’s timing so relevant is that its strengths align perfectly with the pressures driving cyanide demand upward. As miners tackle deeper deposits and lower grades, cyanide consumption climbs—and so do risks, costs, and ESG scrutiny.

Investors, regulators, and mining executives watching this cycle should ask a simple question:

If a safer, faster, non-toxic alternative can perform on par with cyanide, why should the industry remain locked into a 140-year-old chemical?

A Market Ripe for Disruption

Cyanide producers are celebrating the rally—and they should. Their economics are unmatched. But their business model is increasingly exposed to:

• tightening global regulations

• rising insurance premiums

• community pushback

• costly detoxification requirements

• difficulties in permitting new cyanide storage and transportation infrastructure

Meanwhile, gold producers face mounting pressure to demonstrate cleaner, safer operations to institutional investors who increasingly screen for ESG compliance.

That tension sets the stage for an inflection point.

The Next Phase of the Gold Boom Won’t Be About Cyanide — It Will Be About Alternatives

RZOLV sits squarely in that emerging opportunity. As the first non-cyanide gold leaching reagent engineered for industrial scale, it offers:

• faster kinetics

• stable, low-pH operation (no HCN gas)

• strong performance on sulfides, carbonaceous ores, and concentrates

• the ability to detoxify cyanide legacy waste

• safer transport and storage

• compatibility with existing tanks, carbon circuits, and resin systems

While cyanide companies expand capacity, a parallel reality is taking shape: the industry knows it cannot keep expanding cyanide use indefinitely. The risk profile is simply too high.

A Quiet Catalyst for Change

Historically, gold price booms have reinforced reliance on cyanide. But this rally may prove different. Record prices have created enough economic headroom for miners to consider alternatives—especially those that can unlock ore bodies long rejected due to arsenic, sulfur, or environmental risk.

As one mining executive recently put it:“If a clean reagent can get me into a deposit that cyanide can’t touch, I’ll switch tomorrow.”

That is the opening RZOLV is built for.

Conclusion: Cyanide’s Boom Masks a Bigger Story

The world is witnessing both a resurgence of cyanide—and the beginning of its limits. Investors piling into cyanide producers may be betting on the past. But those looking toward the future of gold processing should keep their eyes on the technologies poised to change the game.

Because when the industry finally reaches the point where “safer” is not optional but mandatory, the companies holding clean-tech leaching solutions will be the ones enjoying their own record-breaking rally.

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Disclosure and Cautionary Statement

This article has been published by RZOLV Technologies Inc. as part of its corporate communications and investor relations activities and reflects the views and opinions of management as of the date of publication. It is provided for general informational purposes only and does not constitute investment advice, an offer to sell, or a solicitation to buy securities. Certain statements in this article may constitute forward-looking information within the meaning of applicable Canadian securities laws and are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially. Readers should not place undue reliance on such statements. The Company’s officers, directors, and insiders may hold securities of RZOLV and therefore have a financial interest in the Company’s performance. Readers are encouraged to review RZOLV’s public disclosure documents available on SEDAR+ for a discussion of material risks and assumptions. Neither the TSX Venture Exchange nor its Regulation Services Provider has reviewed or approved the contents of this article.