Post: Gold Exposure Is Evolving: Technology Is Redefining How Investors Gain Leverage to Gold...

By Duane Nelson, President & CEO, RZOLV Technologies Inc.

Gold prices are once again testing historic highs, driven by inflation risk, geopolitical instability, and long-term erosion of trust in fiat currencies. Traditionally, investors seeking leverage to gold have turned to mining equities—accepting the inherent volatility that comes with geology, permitting, capital intensity, and single-asset exposure. But a quiet shift is underway.

Increasingly, the most attractive leverage to gold prices may not come from owning the metal or the mine—but from owning the technology that enables gold production itself.

Why Traditional Gold Leverage Carries Hidden Risk

Mining equities are often described as “leveraged plays on gold,” but that leverage cuts both ways. Reserve uncertainty, grade variability, cost inflation, social license challenges, and regulatory delays can erase years of value—even in strong gold markets.

History is littered with gold developers that failed to convert rising gold prices into shareholder returns. The reason is simple: mining is capital-intensive, asset-specific, and binary in nature.

Technology, by contrast, scales differently.

A New Kind of Gold Exposure Is Emerging

Across the mining industry, rising gold prices have a predictable effect: more tonnes get processed. Lower-grade ore becomes economic, tailings are revisited, and complex or previously stranded deposits suddenly matter again.

Every one of those outcomes increases demand for processing solutions, not just metal ownership.

This is where mining technology companies—particularly reagent and process innovators—begin to show structural leverage to the gold price. Their revenues scale with throughput and adoption, not with the success of a single orebody.

As gold prices rise, the value of technologies that improve recovery, unlock difficult ores, or operate where traditional methods are restricted increases disproportionately.

Cyanide’s Constraints Are Technology’s Opportunity

For more than a century, sodium cyanide has been the default gold-leaching reagent. But today, in certain communities, it faces growing challenges:

• Regulatory restrictions in dozens of jurisdictions

• Heightened ESG scrutiny and permitting delays

• Poor performance on certain high-arsenic and refractory concentrates

• Rising costs associated with detoxification, transport, and social license

These constraints are not theoretical—they are already reshaping project pipelines.

As gold prices rise, miners are increasingly willing to adopt non-traditional chemistries that allow them to process material cyanide cannot. This expands the total addressable market for alternative technologies far beyond the existing cyanide footprint.

Why Technology May Offer Lower Risk with Greater Upside

A technology-based gold exposure behaves differently from a mining equity:

• It is diversified across many operations, not tied to one deposit

• It avoids reserve depletion and reclamation liabilities

• It scales with global mining activity, not individual mine success

• It often carries higher margins and recurring revenue characteristics

Importantly, technology companies can capture upside during gold bull markets while being more resilient during downturns. Even when gold prices soften, mines continue to operate—and many seek efficiency improvements precisely during lower-margin periods. This does not eliminate investment risk, and technology companies face their own execution and adoption risks.

This creates a form of asymmetric exposure: participation in gold’s upside without full exposure to mining’s downside.

From Commodity Beta to Technology Alpha

Investors increasingly distinguish between commodity exposure and value creation. Gold’s long-term appeal remains intact, but the way investors access that exposure is evolving.

Technology companies serving the gold industry offer a different value proposition: innovation, scalability, and repeatability. Their success is measured not in ounces discovered but in tonnes processed, recoveries improved, costs reduced, and environmental constraints solved.

As the gold industry modernizes—under pressure from regulators, communities, and capital markets—the technologies that enable safer, more flexible extraction will increasingly capture a share of the value historically reserved for miners alone.

The Bigger Picture

Gold will always matter. But how gold is extracted—and who benefits economically from that extraction—is changing.

For investors, this opens a compelling alternative: leveraging gold prices through technology rather than geology. It is a quieter trade, often overlooked, but one that may ultimately offer a more stable, scalable, and risk-adjusted path to long-term value creation.

In the next gold cycle, the biggest winners may not be those who dig the gold—but could be those who enable it to be recovered...

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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.