Morning Briefing: Gold, Copper Are At Multi-Month Lows

Good morning and welcome back to the Mining Stock Daily morning briefing.I am your host Michael McCrae filling in for Trevor Hall. 

It's Thursday, November 12. 

US stock futures are trading mostly lower in the pre-market. The leadership crisis at NVIDIA is pulling the tech leader lower. Some rival companies are trading higher. 

Commodities are lower primarily due to hotter-than-expected U.S. inflation (CPI) data, which has pushed Treasury yields up and strengthened the U.S. dollar. 

Gold futures have slipped under the $4,000 mark to $3,952, the metals lowest level since July.

Copper futures are also at a three month low, trading at $6.21. 

 Oil concerns continue to ease with crude oil futures at $85.75.

We will get to the news from the miners and explorers in a moment, but first a mention of today's sponsor: 

This episode of Mining Stock Daily is brought to you by...Revival Gold.

Revival Gold is one of the largest pure gold mine developer operating in the United States. The Company is advancing the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. Learn more about the company at revival-dash-gold.com

Here’s the news you need to know today. 

Hudbay Minerals posted record third quarter revenue of $766 million and adjusted EBITDA of $413 million, lifting trailing twelve-month EBITDA to a record $1.5 billion. Free cash flow reached $202 million in the quarter, and the company improved full-year cash cost guidance for a second time, to between negative 55 and negative 35 cents per pound of copper. Peru and British Columbia costs ran above annual guidance, but production guidance was reaffirmed and Copper World reached a final investment decision with Mitsubishi after quarter end (TSX, NYSE: HBM) News Release

Altius Minerals has agreed to acquire TNR Gold in a deal valued at about $122 million, a 60% premium, adding royalties on the Los Azules copper and Mariana lithium projects in Argentina. TNR shareholders receive 0.0072 Altius shares and 0.25 of a share in a SpinCo holding the Shotgun gold project in Alaska, where Altius retains a 0.5% NSR and will lift its SpinCo stake to about 19.9%. Holders of about 28% of TNR shares, including Eucalyptus, support the deal ahead of a December vote (TSX: ALS) News Release 

Lithium Americas raised its Thacker Pass Phase 1 capital cost estimate to $3.83 billion from $2.93 billion, a 31% jump, citing tariffs, logistics and other factors that emerged after its April 2025 investment decision. The company says the higher cost remains funded through available sources, while mechanical completion stays on track for late 2027 and ramp-up through 2028 toward 40,000 tonnes per year of lithium carbonate. Procurement is over 90% complete and about 1,900 workers are on site, rising to 2,200 by year end (TSX, NYSE: LAC) News Release 

Magna Mining reported new underground assays from its past-producing Levack Mine in Sudbury, led by 7.9% CuEq over 3.9 metres in the R2 Footwall Zone, including 33.3% CuEq over 0.7 metres. The same hole cut 16.6% CuEq over 2.2 metres in a previously undefined zone about 260 metres before the R2 target, which the company says points to new footwall discovery potential. Restart work continues, with hoist refurbishment on track for Q1 2027 ahead of pre-commercial ore production during 2027 (TSX: NICU) News Release 

Gold Hart Copper has completed its acquisition of the Copioso former copper-gold mine in Chile through a court-supervised exploration concession application. The company cites a 2010 historical estimate of 45.8 million tonnes at 1.14% copper and an exploration target of 30 to 81 million tonnes, though the estimate is not NI 43-101 compliant and the target is conceptual. Recorded production is limited to 13,226 tonnes at 1.46% copper shipped to ENAMI in 2007, and pre-drilling work has begun (TSXV: HART) News Release 

Integra Resources cut its 2026 Florida Canyon production guidance to 59,000 to 62,000 ounces of gold from 70,000 to 75,000 ounces, saying heap leaching has not kept pace with record mining rates. Third quarter output rose to 17,652 ounces, up 8% from the prior quarter, with net earnings of $12.9 million and mine-site AISC of $3,059 per ounce. Cash stands at $119.5 million, and a Record of Decision for the DeLamar project is expected in the second half of 2027 (TSXV: ITR, NYSE American: ITRG) News Release 

Montage Gold poured first gold at its Koné mine in Côte d’Ivoire on September 26, well ahead of its original Q2-2027 schedule, and the oxide plant averaged over 90% of its 11 Mtpa nameplate capacity in October. About 90% of the $885 million upfront capital is now committed, with commercial production expected this quarter and the hard-rock circuit on track for Q2-2027. Available liquidity fell to $205.6 million from $309 million in the second quarter, still covering $159.8 million in remaining capital disbursements (TSX: MAU) News Release 

Omai Gold Mines reported results from 12 holes at the Wenot deposit in Guyana, led by 4.84 g/t gold over 38.4 metres and 12.57 g/t gold over 5.8 metres in the central Dike Corridor. The company has drilled 106 holes in 2026, 88 of them after its April resource estimate, with assays pending for another 42 holes. Six rigs are now active as Omai targets an updated resource estimate in Q1 2027 and begins testing near-surface targets like BBH (TSXV: OMG) News Release 

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That's it for today everyone. Have a great day. Stay safe.