Morning Briefing: A Combination of Factors Driving Metals Lower this Morning
Good morning and welcome back to the Mining Stock Daily morning briefing. I am Trevor Hall.
It's Thursday, May 28.
Gold is down seven-tenths of a percent to $4,416 an ounce on the front-month contract — now hovering right on top of its 200-day moving average, which was a critical support level during the last significant pullback. Silver is off 2.25% to $73.22. Copper is nearly flat, down about two-tenths to $6.32 a pound.
Two things driving the metals complex lower this morning. First, the Iran situation continues to deteriorate at the margins. The U.S. struck Iranian military targets for the second time this week — this time shooting down four Iranian drones fired at a commercial ship and hitting a launch unit near the Strait of Hormuz. Kuwait's air defense systems were also active overnight, intercepting missile and drone threats. U.S. Central Command calls the strikes defensive and says the ceasefire remains intact. Iran's state media reported retaliatory action against the U.S. base from which the strikes were launched. The ceasefire is holding — barely — but the fragility of the situation is becoming more apparent by the day, and the market has moved past pricing in a quick resolution. Second, Federal Reserve Governor Lisa Cook said yesterday that inflation is headed in the wrong direction and that she would be prepared to raise interest rates if that persists. She joins a growing list of Fed officials signaling that the inflation risk has now overtaken the labor market as the policy priority. That combination — prolonged Hormuz closure plus a more hawkish Fed — is a challenging macro setup for gold right here at the 200-day.
We’ll get to the news from the miners and explorers in just a moment, but first a word about 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-gold.com
Here’s what you need to know today.
Minera Alamos has announced a positive pre-feasibility study for the Copperstone Gold Project in La Paz County, Arizona — and the numbers are exceptional. At a base case gold price of $3,500 per ounce, Copperstone delivers an after-tax NPV of $374 million at a 5% discount rate and an internal rate of return of 108%, with a payback period of just 1.2 years. That NPV-to-capex ratio comes in at 6.4 times at the base case and 9.2 times using a spot price of $4,500 per ounce. Initial capital expenditure is estimated at just $58 million — a figure the company says is comfortably financeable from its existing Q1 cash balance of $46 million, the recently closed $75 million revolving credit facility, and ongoing cash flow from the Pan mine. On the resource side, Measured and Indicated resources were increased 110% to 630,000 ounces grading 4.83 grams per tonne, with a maiden Proven and Probable reserve of 303,000 ounces at 4.87 grams per tonne. Copperstone is fully permitted, with active mining and environmental permits in place, and the company is targeting initial civil works in Q1 2027 and a construction start in Q2 2027 (TSX-V: MAI, OTCQX: MAIFF). News Release
Magna Mining has reported Q1 2026 operating and financial results from the McCreedy West mine in the Sudbury Basin, its first full quarter of production from the 700 Footwall Copper Zone. The mine processed 82,296 tons of ore at a grade of 3.38% copper equivalent, producing 4.1 million copper equivalent payable pounds. Revenue from mining operations came in at $25.4 million, with cash costs of US$3.48 per copper equivalent pound and AISC of US$4.21 per copper equivalent pound, generating a total cash margin of $6.0 million for the quarter. Magna maintains full-year production guidance of 16 to 18 million copper equivalent payable pounds (TSX-V: NICU, OTC: MGMNF). News Release
Paramount Gold Nevada has released an updated feasibility study for the Grassy Mountain Gold Project in Malheur County, Oregon, delivering materially improved economics versus the company's 2022 study. At a base case of $3,600 per ounce gold, the project returns an after-tax NPV of $374.7 million at a 5% discount rate and an IRR of 38.9%, with a payback of 2.2 years. Total recoverable ounces have increased 7% to 385,800 ounces and the mine life has been extended from 7.8 years to 9.3 years. Grassy Mountain received its federal Record of Decision in 2025, making it one of the few fully permitted open-pit gold projects in the United States (NYSE American: PZG). News Release
Andina Copper has reported that drilling has confirmed a new porphyry copper system at the Piuquenes North target in Argentina, distinct from the company's established Piuquenes East and Central deposits. Assay results for holes 12 and 13 are pending. Piuquenes North was identified through a deep-penetrating MT survey that defined a strong, coherent anomaly measuring approximately 800 by 700 metres — described as a discrete, vertically extensive geophysical target. With a second drill rig mobilized specifically to test Piuquenes North, the company is now advancing two porphyry copper targets simultaneously. (TSX-V: ANDC, OTCQB: PMMCF). News Release
Scorpio Gold has released further drill results from the Zanzibar Trend at the Manhattan District in Nevada, with a new hole returning 2.77 grams per tonne gold over 12.68 metres from 58.64 metres depth. The result continues Scorpio's Phase Two drilling campaign, which has now systematically extended the Zanzibar Trend beyond its current Inferred Resource boundary with multiple step-out intercepts over the past several months. Scorpio has approximately 300 metres of untested strike remaining along the trend (TSX-V: SGN, OTCQB: SRCRF). News Release
Tocvan Ventures has intersected three new gold-silver zones in step-out exploration drilling at the Gran Pilar Gold-Silver Project in Sonora, Mexico, significantly expanding the known footprint of the system beyond the Main Zone. Holes defining the new zones include JES-26-134, which returned 3.1 metres at 1.5 grams per tonne gold and 25 grams per tonne silver, along with multiple anomalous intervals in companion holes JES-26-139 and JES-26-141 through 143 targeting south and northeast extensions. The company has now completed over 6,200 metres of a fully funded 20,000-metre program, with results from 19 additional holes totalling more than 3,800 metres pending. On the pilot mine side, infrastructure is advancing ahead of a planned 2026 commissioning — including heap-leach pad preparation, road upgrades, perimeter fencing, and stockpiling of 100%-owned material for a facility designed to process up to 50,000 tonnes using heap leaching (CSE: TOC, OTC: TCVNF). News Release
American Pacific Mining has mobilized the first of two drills on site at the Madison Copper-Gold Project in Montana in preparation for the company's largest-ever drill program — a 15,000-metre combined reverse circulation and diamond core campaign. RC drilling will be conducted by O'Keefe Drilling out of Butte, Montana, while diamond core drilling will be handled by NISS Drilling Services out of Kellogg, Idaho. The program is designed to extend and expand on the shallower high-grade copper and gold mineralization identified in previous campaigns and test deeper porphyry discovery targets beneath the known system. (CSE: USGD, OTC: USGDF). News Release
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That's it for today everyone. Have a great day. Stay safe.
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