Morning Briefing: Barrick Exploring IPO of its North American Portfolio
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m your host, Trevor Hall
It's Monday, December 1st.
Precious Metals investors had much to be thankful for over the US Thanksgiving break and into a new week to open the last month of the year. Gold has been up 6 straight trading days with the February contract now trading at $4,288/oz at time of recording. Silver is making a new high as well, as it is currently up almost 1.5% as it is closing in on $58/oz this morning. Copper appears to be making a new higher high on its chart as well, with the Doctor now at $5.33 a pound. The US dollar is falling, which is giving the metals market another boost today. In other financial news, Japan’s central bank says they will consider raising rates at its next policy meeting, which could have big implications on the carry trade, which utilizes borrowing of yen at low costs to invest in other riskier financial instruments.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
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
And here’s what you need to know this morning…..
Thesis Gold announced the results from its prefeasibility study for the Lawyers-Ranch Project in the Toodoggone Mining District of British Columbia. Using a $2,900 gold price and $35 silver price, the project has a NPV of $2.37B and after-tax IRR of 54.4%. Despite the removal of Inferred Resources from the mine plan, total tonnes processed rose by 18% while process plant throughput increased by 9% to 13,700 tonnes per day (t/d) and the mine life increased to 15-years, based solely on Measured and Indicated Resources. The silver production accounts for 23% of the revenue, according to the study. The technical report also highlights an average all-in sustaining cost of $1,185 per AuEq ounce and a 1.1 year payback period. Initial capital expenditure is estimated at $736.2 million. (TSXV: TAU) (OTCQX: THSGF) News Release
Highlander Silver reported new assay results from shallow drilling at its expanding Bonita vein system. These results include the highest grades reported to date and the discovery of a new zone in step-out drilling over 200m northwest of prior holes along trend. The discovery of the Urpicha zone was found with hole 25, which returned 27m of 5.28 g/t Au and 52.97 g/t Ag. Drilling at the Kusy zone returned 23.9m of 20.82 g/t Au and 31.53 g/t Ag, which is one of the broadest continuous intervals of near surface high grade mineralization to date. The Company is incorporating the results of Phase I, including the assay results of the drilling to-date, processing and analyzing the drone-based geophysical survey to identify permissive structural features across more than 5,000 hectares encompassing the outcropping Bonita vein system and its potential extensions, and integrating the latest drilling, mapping, soil and channel sampling results to design the optimal drilling campaign for Phase II. (TSX: HSLV) News Release
Q2 Metals reported assay results from its ongoing 2025 drill program on the Cisco Lithium Project in Quebec. The primary focus of the fall and winter drilling campaign is on infill-scale drilling within the main mineralized zone. Results today included 95.1m of 1.56% Li2O, 81.9m of 1.56% Li2O and 66.4m of 1.26%. All those results are from the same hole, hole 40. Assays are pending on more than 20 drill holes, including CS25-044 which intercepted 457.4 m of continuous spodumene pegmatite. Four (4) drill rigs continue to operate on the Cisco Project. (TSX.V: QTWO | OTCQB: QUEXF) News Release
Minera Alamos reported their financial results for the third quarter which highlighted a net loss of just over a penny per share. The numbers reflect the majority of costs associated with the Pan Operating Complex and Illipah Project acquisition. On October 28, 2025, the Company reiterated Equinox's 2025 Pan Mine operating guidance targeting of 30,000–40,000 gold ounces at an all-in sustaining cost of US$1,600–$1,700 per ounce. First gold pour from the Pan Operating Complex under Minera Alamos ownership occurred on October 7, 2025, with total gold production of 3,093 ounces in the month of October. The Company intends to complete a 10:1 share consolidation and will file articles of amendment in the coming weeks, with progress updates to be reported in due course. (TSXV: MAI) (OTCQX: MAIFF) News Release
Barrick says its board of directors has authorized the company’s management team to explore an IPO of a subsidiary that will hold Barrick’s premier North American Gold Assets. If an IPO is pursued, NewCo would be anchored by Barrick’s joint venture interests in Nevada Gold Mines and Pueblo Viejo, as well as Barrick’s wholly owned Fourmile gold discovery in Nevada. The Board has authorized Barrick’s management to explore this potential value creation initiative through early 2026 and Barrick will update the market on its progress at the Company’s Full Year 2025 Results in February 2026.
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That’s it for today everyone. Have a great day. Stay safe.
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