Good morning and welcome back to the Mining Stock Daily morning briefing. I am Michael McCrae filling in for Trevor Hall.
It’s Wednesday, July 29.
Markets are mostly on hold as investors wait for key Fed verdict and big earnings reports.
There is a one-in-three chance that the Fed raises rates to combat inflation. Microsoft will have earnings out today. Apple and Amazon report tomorrow.
S&P Futures are mostly flat, up 0.2%, Nasdaq futures are up the same.
Gold futures are at $4,090, copper futures are at $6.32.
Number two diversified miner, Rio Tinto, posted its highest half-year underlying earnings in four years on Wednesday as performance from its copper and aluminium units tied to energy demand, that according to Reuters.
This episode of Mining Stock Daily is brought to you by...
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Here’s what you need to know today.
Allied Gold and Zijin Gold have terminated their January 2026 arrangement agreement, under which Zijin had agreed to acquire Allied at C$44 per share in cash for approximately C$5.5 billion, after concluding closing conditions could not be met by the July 29 outside date due to external factors affecting cross-border deals of this scale, despite shareholder approval in March. Instead, Zijin will make a US$295 million strategic investment via a private placement at C$32.55 per share, a premium to market, giving it a 9.2% stake, with proceeds funding Kurmuk, Sadiola, the CDI Complex, and exploration (TSX: AAUC ). News Release
Auro Metals released a third batch of assays from its Phase I program at the Santa Barbara gold-copper project in southeastern Ecuador, headlined by DSB-60's 542m of 0.60 g/t gold and 0.12% copper from 198m, with a gold grade roughly 15% above the inferred resource, alongside near-surface intercepts like DSB-62's 149.5m of 0.66 g/t gold and DSB-63's 143m of 0.74 g/t gold from surface. All four holes at Santa Barbara South cut wide mineralization from at or near surface that remains open up-dip and down-dip, with 9 of 19 completed holes still pending assays and four rigs continuing to drill (TSXV: AURO) . News Release
ASX-listed Meteoric Resources has signed a Memorandum of Strategic Partnership with POSCO International that would see up to 30% of rare earth material from its Caldeira project in Brazil supplied to POSCO's mine-to-magnet supply chain, with POSCO also exploring strategic financing participation and helping Meteoric access Korean export credit agencies. Meteoric is up 35% to 19 cents a share (ASX: MEI). News Release
London-listed Harena Rare Earths has signed a Project Development Funding Agreement with the U.S. International Development Finance Corporation, which has committed up to US$4.84 million toward development costs for its Madagascar ionic clay rare earth project, with first-tranche drawdown already underway. The funding is earmarked for permitting, environmental and social studies, and a proof-of-concept pilot plant supporting the pathway to a Definitive Feasibility Study, while DFC has also secured rights to be considered for a larger financing role as the project advances toward a construction decision (LSE: HRE). News Release
Newcore Gold's diamond drilling at the Nyam deposit within its Enchi Gold Project in Ghana intersected 3.67 g/t gold over 25.3 metres from 307.7 metres depth in hole NBDD088, the highest grade-thickness intercept to date at Nyam, located below the pit limits that constrain current Mineral Reserves. The results, part of an ongoing 80,000-metre drill program with four rigs active, are not included in the current Mineral Resource Estimate or Pre-Feasibility Study and highlight the potential for resource conversion, reserve growth, and higher-grade mineralization at depth (TSX-V: NCAU ). News Release
Sterling Metals' hole SC-26-10 at the Soo Copper Project intersected 497.6m grading 0.41% CuEq from just 4m downhole, including a near-surface 358m interval of 0.5% CuEq and a high-grade 8.5m zone of 4.73% CuEq within the MEPS Discovery, confirming broad, continuous copper mineralization from bedrock surface to over 400m depth. Below the copper zone, the hole discovered a molybdenite-rich breccia body grading 57m at 0.81% CuEq (1,077 ppm Mo), extending the MEPS system over 100m deeper and introducing molybdenum as a potential economically material co-product to copper (TSXV:SAG ). News Release
Barrick Mining has closed a C$20.9 million strategic investment in Kingfisher Metals, buying 15.5 million units at C$1.35 (each with a half warrant exercisable at C$1.70 for two years) to take a 9.9% non-diluted stake, rising to 14.1% if all warrants are exercised (TSXV: KFR) . News Release
Surge Copper has nominated three new directors for its September 29 AGM — Artemis Gold's Tony Scott, Skeena's Nalaine Morin, and Fortuna director David Farrell — replacing outgoing directors Patrick Glazier, Jim Pettit, and John Dorward as the board adds mine development, Indigenous relations, environmental assessment, and project finance expertise to advance the Berg Copper Project past its recent PFS (TSXV: SURG) . News Release
Collective Mining is voluntarily moving its U.S. listing from the NYSE American to the Nasdaq Global Select Market under the same "CNL" symbol, with last NYSE trading expected August 10 and Nasdaq trading beginning August 11, while its TSX listing remains unchanged (NYSE: CNL). News Release
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That's it for today everyone. Have a great day. Stay safe.