Energy Transition & Power Demand▼
Lahontan Gold reports strong drill results as Plug Power and Nel ASA struggle
Lahontan Gold Corp. announced promising drill results from its Santa Fe project in Nevada, while hydrogen companies Plug Power and Nel ASA face ongoing financial and market pressures. On July 22, 2026, Lahontan reported a diamond drill hole in the Calvada Central area intersecting 30.8 meters at 0.93 grams per tonne gold equivalent oxide, including a 10.7-meter interval grading 2.18 grams per tonne gold equivalent. The company has completed 87 drill holes totaling 7,751 meters this year and is advancing an updated mineral resource estimate and preliminary economic assessment, with a goal to resume production in 2027. Plug Power is implementing a restructuring program called Project Quantum Leap to achieve positive adjusted EBITDA by the fourth quarter of 2026, and is selling a Texas project for up to USD 76.5 million to bolster its cash position, which stood at approximately USD 162 million at the end of June. Nel ASA continues to face weak margins and delayed customer investment decisions in the electrolyzer market, leaving its stock as a highly speculative investment.