Good morning and welcome back to the Mining Stock Daily morning briefing.
It's Monday, August 10.
Metals are mixed in early trade. Gold is essentially flat, off 0.16% at $4,336 an ounce. Silver is bucking the trend, up 0.81% to $64.06. Copper is the outperformer this morning, up 0.48% to $6.60 a pound. Platinum is slightly lower, off 0.57% at $1,749 an ounce.
The Pentagon's number two official has sent a direct request to the CEOs of major US defense companies to accelerate the production and delivery of key weapons systems, citing mounting concerns about shortages and capability gaps that have been exacerbated by the ongoing conflict with Iran. The ask is a signal that the administration views current stockpile levels as dangerously insufficient — and that the industrial base is being pushed to move faster than peacetime procurement timelines allow.
On Friday, President Trump convened a meeting with top mining executives — including leadership from Rio Tinto, BHP, and Freeport-McMoRan — and touted more than $3 billion in US critical minerals investments aimed at reducing American dependence on China-dominated supply chains. Commitments include a Pentagon investment of $1.4 billion in a domestic battery facility, $400 million toward expanding scandium production for aerospace applications, and more than $1 billion in Export-Import Bank financing for Ivanhoe Electric's Santa Cruz copper project in Arizona.
This episode of Mining Stock Daily is brought to you by…Integra Resources
Integra is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho, and the Nevada North Project located in western Nevada. Learn more about the business and their high industry standards over at integraresources.com
Here’s what you need to know today.
Barrick Mining and Newmont Corporation have reached a landmark agreement to amend their Nevada Gold Mines joint venture, with Newmont paying Barrick $1.95 billion to reflect the contribution of previously excluded properties — including Barrick's Fourmile deposit and Newmont's Fiberline and Mike developments — into the JV, while concluding all outstanding disputes between the two companies. The deal also includes Newmont's consent to Barrick's proposed IPO of its North American gold assets; Barrick trades on the TSX as ABX and on the NYSE as B, Newmont trades on the NYSE as NEM. NEWS RELEASE
Scorpio Gold is out with new results from its Phase Two drill program at the Manhattan District Project in Nevada, with hole 26MN-109 at the Goldwedge Target delivering 3.38 grams per tonne gold over 33.31 metres from 138.90 metres depth, including 6.90 grams per tonne over 12.89 metres; the hole also hit 9.46 grams per tonne over 8.72 metres and 2.83 grams per tonne over 11.89 metres at shallower depths within the Zanzibar Formation. Scorpio Gold trades on the TSX Venture Exchange as SGN and on the OTC as SRCRF. NEWS RELEASE
Coppernico Metals has received approval of its expanded Environmental Impact Assessment at the Sombrero copper-gold project in Peru, more than tripling the approved drill area from 904 hectares to 3,122 hectares and increasing authorized drill platforms from 38 to 181 and drill holes from 49 to 300 — with priority target Fierrazo, which carries historical intercepts of 116 metres at 0.42% copper and 0.24 grams per tonne gold, set as the first to be tested. Coppernico still needs the final start-of-activities authorization from Peru's Ministry of Energy and Mines before mobilization can begin. The company trades on the TSX as COPR and on the OTCQB as CPPMF. NEWS RELEASE
White Gold Corp has released a positive Preliminary Economic Assessment for the White Gold Project in Yukon, with the PEA outlining an after-tax NPV of C$1.9 billion, a 38% IRR, and a 1.7-year payback period on what the company describes as a technically straightforward open pit mining operation. The maiden PEA outlines a 9.4 year, 12,000 tonne per day open pit operation producing an average of 188,000 ounces of gold per year (223,000 ounces per year over the first five years) at a US$3,600/oz gold price. White Gold trades on the TSX Venture Exchange as WGO and on the OTCQX as WHGOF. NEWS RELEASE
Cascadia Minerals has released six additional holes from its 2026 program at the road-accessible Carmacks copper-gold project in central Yukon, with the headline hole — CD-26-050 at the 2000S Zone — returning 52.84 metres at 1.04% copper and 0.37 grams per tonne gold, or 1.45% copper equivalent, including 11.68 metres at 2.59% copper and 0.98 grams per tonne gold; drilling has now encountered sulphide mineralization 250 metres beyond the existing Mineral Resource. Cascadia trades on the TSX Venture Exchange as CAM and on the OTCQB as CAMNF. NEWS RELEASE
Discovery Mining is reporting a strong round of exploration results at the Borden Mine near Chapleau, Ontario, with underground drilling in the Main Zone returning 9.16 grams per tonne gold over 25.9 metres, including 18.40 grams per tonne over 4.0 metres and 21.52 grams per tonne over 4.8 metres; the East Lower Zone delivered 13.33 grams per tonne over 13.2 metres, including 31.04 grams per tonne over 4.7 metres. Surface drilling has extended the Main Zone more than half a kilometre down plunge to the northeast, well beyond the current Inferred Resource. Discovery trades on the TSX as DSV and on the OTCQX as DSVSF. NEWS RELEASE
And Gold X2 Mining is reporting results from infill drilling at the Moss Main Zone at the Moss Gold Project in Northwest Ontario, with the top intercept delivering 26.65 metres at 4.22 grams per tonne gold, including 10.9 metres at 9.02 grams per tonne. Gold X2’s deposit-wide infill drilling and resource expansion programs are designed to upgrade in-pit Inferred resource blocks to Indicated and expand the overall mineral resource inventory of the Moss Gold Project. Gold X2 trades on the TSX Venture Exchange as AUXX and on the OTC as GSHRF. NEWS RELEASE
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That's it for today everyone. Have a great day. Stay safe.