Morning Briefing: Collective Mining Extends the High-Grade Ramp Zone

Good morning and welcome back to the Mining Stock Daily morning briefing.

It's Tuesday, November 3rd.

Gold is off slightly this morning at $3,930 an ounce, down about four-tenths of a percent, as the metal continues to find its footing after October's sharp selloff. Silver is under pressure, dropping more than two percent back below the $50 mark to $49.54 an ounce. Copper is also sliding, down more than two and a half percent to $6.37 a pound.

The World Gold Council released its Q3 2026 Gold Demand Trends report this morning, and the central bank headline is notable. Official institutions bought a net 321 tonnes of gold in the third quarter, up 42% year over year and the strongest quarterly total since Q4 2024, bringing year-to-date central bank purchases to 675 tonnes, up 6% from the same period last year. Gold-backed ETFs reversed course after Q2 outflows, adding 211 tonnes in the third quarter, driven by what the Council describes as mounting concerns over fiscal sustainability and inflation. Gold mine supply rose 3% year over year in Q3 to 1,071 tonnes, a third-quarter record. The average LBMA gold price of US$4,262 an ounce in Q3 was 23% higher than a year earlier. The fact that central bank and ETF demand remained this strong at those price levels is a constructive signal for the gold market even as prices have pulled back from Q3 highs.

The other story today is the midterm elections. Control of both chambers of Congress is on the line, and for the mining sector the outcome matters. Congressional Democrats have made clear they intend to deploy oversight authority on the Trump administration's critical minerals agreements and equity stakes in foreign mining projects if they gain seats in either chamber. That means subpoenas, hearings, and document requests directed at the terms under which the United States has taken equity positions in resource projects abroad. A shift in the balance of power in Washington today could introduce regulatory and political uncertainty into a pipeline of critical mineral financing and development deals that has been one of the most important macro themes for this sector in 2026.

 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… Integra Resources.

Vizsla Silver is advancing the 100%-owned Panuco Silver-Gold Project in Sinaloa, Mexico, a district-scale development project whose November 2025 feasibility study confirmed an after-tax NPV of US1.8 billion,an after-tax IRR of 111%, initial capital of $US173 million, and average annual production of 17.4 million silver equivalent ounces at all-in sustaining costs of US$10.61 per ounce. Vizsla Silver trades on the Toronto Stock Exchange and the New York Stock Exchange, both under the symbol VZLA.

Here's what you need to know today.

Collective Mining has released drill results from the Apollo Ramp Zone at the Guayabales Project in Caldas, Colombia, and the standout hole is one of the most significant the company has drilled to date. APC174-D4 returned 154.30 metres at 12.66 grams per tonne gold equivalent from 1,208 metres below surface, including 30.45 metres at 39.01 grams per tonne gold equivalent and a best interval of 4.75 metres at 182 grams per tonne gold equivalent. The result makes APC174-D4 the broadest high-grade intercept ever drilled at the Ramp Zone, roughly twice the length of the previous standout hole. Local grades came in more than 75% above what the mineral resource estimate predicted for those blocks. The drill ran out of rods at the bottom of the hole in mineralization outside the resource, which the company interprets as potentially entering a new mineralized chute. Track-mounted deep-drilling rigs are now on site to follow that zone toward depth, and construction of a 3-kilometre underground exploration adit is expected to begin this month, which will allow the Ramp Zone to be drilled from underground. Collective Mining has 13 rigs turning at Guayabales and is running a 90,000-metre 2026 program. The company is listed on the Nasdaq Stock Market and the Toronto Stock Exchange, both under the symbol CNL.

Fortune Bay and joint venture partner Manhattan Uranium have reported anomalous radioactivity in six drill holes across the Murmac and Strike uranium projects in northern Saskatchewan. The results represent early-stage validation of multiple targets across the joint venture ground in one of the world's premier uranium belts. Drill core samples have been submitted for laboratory analysis, with results to be integrated with geological logging to prioritize the next phase of exploration. Fortune Bay trades on the TSX Venture Exchange as FOR. NEWS RELEASE

Kirkland Lake Discoveries has reported a step-out drill result at the Mirado West target in Ontario's Kirkland Lake region, returning 10.53 grams per tonne gold over 9.20 metres. The Mirado West target is part of the company's exploration program in the Abitibi Greenstone Belt, and the step-out hole confirms the lateral extent of the mineralized system beyond previously drilled boundaries. Expanding Mirado West over a 1.1-km strike length directly alongside Mirado South underscores the potential for these neighboring zones to form part of a much larger, camp-scale gold system hosting both high-grade shoots and broad mineralized envelopes. Kirkland Lake Discoveries trades on the TSX Venture Exchange as KLDC and on the OTCQB as KLKLF. NEWS RELEASE

Valhalla Metals has reported drill results from the Sun Project in the Ambler Mining District of Alaska, with a hole returning 32.6 metres at 4.35% copper equivalent, including a higher-grade interval of 6.5 metres at 6.98% copper equivalent. The Sun Project is a base metals deposit in a district known for its large-scale copper-cobalt-zinc-silver-gold mineralization, and these results follow the company's maiden drill intercept from 2023 that returned 21 metres at 6.84% copper equivalent. Valhalla Metals trades on the TSX Venture Exchange as VMXX and on the OTCQB as VMXXF. NEWS RELEASE

Blue Moon Metals has announced a definitive agreement to sell Blue Moon Norway, its Norwegian subsidiary holding the construction-stage Nussir copper mine and the NSG exploration property, to London Stock Exchange-listed ACG Metals in an all-share transaction valued at US$220 million. Blue Moon will receive ACG equity representing approximately 27.6% of the company on a basic basis, with those shares expected to be distributed to Blue Moon shareholders within 12 months of closing. The deal allows Blue Moon to repay the project financing package secured by its Norwegian assets and redirect its balance sheet entirely toward its US critical metals portfolio, with a stated goal of putting the Springer tungsten mine and the Apex germanium and gallium mine in Nevada into production by the end of 2027. Closing is expected by November 30, with 80.7% of ACG shareholders having signed irrevocable support agreements. Blue Moon Metals trades on the TSX Venture Exchange as MOON and on the Nasdaq Stock Market as BMM. NEWS RELEASE

Barksdale Resources has commenced its fall 2026 diamond drill program at the Sunnyside copper-silver project in Arizona. The company is drilling to test the continuity and extension of copper-silver mineralization at the project. Oriented diamond drill core will test targets that the Company's 2026 reverse circulation ("RC") rig was unable to reach, including the deeper portions of the porphyry system. Barksdale Resources trades on the TSX Venture Exchange as BRO. NEWS RELEASE

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