Morning Briefing: Chilian Copper Output Slowed in May

Good morning and welcome back to the Mining Stock Daily morning briefing. I am Trevor Hall.

It's Monday, July 13.

Metals are starting the week on the soft side. Gold is down 1.6% to $4,056 an ounce. Silver is off 2.3% to $58.47. Copper is essentially flat, up two-tenths of a percent to $6.25 a pound — holding in there relative to the pressure on the precious metals side.

China's economy is expected to show a slowdown in second-quarter GDP data this week, after a solid start to 2026. Weak domestic demand has been dragging against the resilient export side of the economy — and that export strength has itself been complicated by the global oil shock running through supply chains. The emerging read from economists is that Beijing is likely to step up stimulus in the back half of the year.

Separately, new data from Chile's state copper commission Cochilco shows output from the country's major producers fell sharply in May. Codelco — the world's largest copper producer — was down 18.3% year-on-year to just 106,300 metric tons. BHP's Escondida fell 17.6% to 108,800 tons. And Collahuasi dropped 19.3% to 31,000 tons. Three of the world's biggest copper mines all posting double-digit output declines in the same month is a supply-side signal that doesn't go unnoticed in a market that's already watching China for the demand catalyst — and it reinforces the structural case for copper at current prices and above.

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…Integra Resources.

Integra Resources is advancing a portfolio of three gold-silver projects in Nevada and Idaho — the producing Florida Canyon Mine, the Delamar development project, and the Nevada North exploration property. The company is currently running a 50,000-metre drill program, the largest in its history, targeting production growth at Florida Canyon, development drilling at Delamar ahead of an updated feasibility study, and engineering work at Nevada North. Learn more at integraresources.com.

Here's what you need to know today.

AbraSilver Resource has released new assay results from its ongoing Phase VI drill program at the Diablillos silver-gold project in Salta Province, Argentina, with the headline hole DDH 26-036 returning 109.0 metres grading 221.2 grams per tonne silver and 0.72 grams per tonne gold at Oculto West — including a higher-grade core of 14.0 metres at 580 grams per tonne silver — in a previously undrilled gap that now confirms mineralization continuity across the interval. The hole also cut 7.6 metres of 0.73% copper and 15.0 metres of 0.54% copper beneath the oxide zone, flagging the sulphide system below. This is exploration upside beyond the company's recently completed Definitive Feasibility Study, which outlined Proven and Probable Reserves of 77.9 million tonnes at 146 grams per tonne silver-equivalent containing 184 million ounces silver and 1.8 million ounces gold (TSX: ABRA, OTCQX: ABBRF).

Banyan Gold has released new drill results from the Powerline Deposit southwest area at the AurMac Project in Yukon, with the best hole — AX-26-865 — returning 151.3 metres at 0.55 grams per tonne gold, including 31.4 metres at 0.86 grams per tonne gold and a 4.1-metre interval at 2.08 grams per tonne gold, along with multiple high-grade spikes including 15.76 grams per tonne over 0.6 metres in AX-26-855B and 14.40 grams per tonne over 0.8 metres in AX-26-859. The results continue to delineate new continuous high-grade zones in Powerline Southwest and support upgrades from inferred to indicated at a project that already hosts 3.639 million ounces gold indicated and 4.985 million ounces gold inferred — with the 70,000-metre 2026 drill program now more than 33,000 metres complete and running ahead of schedule (TSXV: BYN, OTCQB: BYAGF).

American Pacific Mining has announced that a second drill rig — a reverse circulation rig — has arrived on site and commenced drilling at its 100%-owned Madison Copper-Gold Project in Montana, joining the diamond core rig already turning as part of the company's fully funded 15,000-metre 2026 program. The RC rig will focus on rapid testing of near-surface skarn targets that share the geological hallmarks of the historic Madison and Broadway Mine footprint — an area with a history of high-grade copper and gold production — with the goal of identifying shallow mineralization that could feed into a maiden mineral resource estimate targeted for 2027. (CSE: USGD, OTCQX: USGDF).

Talisker Resources has acquired a 100% interest in the Ben Nevis property from Coast Copper Corp., adding 10,404 hectares of contiguous ground southeast along the Cadwallader fault system that hosts the Bralorne deposits in southwestern British Columbia, and expanding the Bralorne Gold Project to 24,000 hectares spanning 40 kilometres of strike. The property hosts seven historic mineral occurrences with Bralorne-style quartz veining and structural controls, including the Silicon Cirque showing where 2018 grab samples returned up to 26.47 grams per tonne gold and 103 grams per tonne silver. Consideration was $125,000 cash and 211,864 shares valued at $250,000, plus minimum exploration commitments and contingent payments of $100,000 per 100,000 ounces of gold defined in resource up to a maximum of one million ounces (TSX: TSK, OTCQB: TSKFF).

Collective Mining has announced that Colombia's National Mining Agency — the ANM — has granted additional mining titles to the company following a successful public hearing in the municipality of Supia in the Caldas Department held back in May. This follows a separate title grant out of a Marmato hearing in February, reported in April. Together the two processes have materially expanded Collective's titled land position at the Guayabales Project, consolidating tenure along regional structural trends and adding new drill-ready targets the company says it plans to begin testing this year. The expanded footprint gives the company more flexibility for both exploration and future infrastructure planning at a project that has now seen 184,000 metres of diamond drilling, with 120,000 of those at the flagship Apollo system, and a 2026 program of up to 100,000 metres currently underway across 13 rigs, all backed by US$113.3 million in cash as of the end of Q1 (TSX: CNL, NYSE: CNL).

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

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