Morning Briefing: Critical One Energy Lands C$25M Strategic Investment, Eyes Up to C$400M in Debt Financing

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, October 29. 

An underwhelming quarter by Alphabet, formerly known as Google, stalled the AI rally and general stock market. Alphabet is off roughly 10%. 

S&P and Nasdaq futures are all in the red. Gold futures are at $4,030. The precious metal has been trading just above the $4,000 mark for the past five days. Copper futures are at $6.59.

The FOMC held benchmark interest rates steady at 3.75%–4.00% following its late October policy meeting. 

Markets are now looking ahead to the mid-terms set for next week, and the possible effects on government policies. 

 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

Critical One Energy has signed a binding MOU with Solar International Core Canada, whose financing partners include Oman’s sovereign wealth fund, covering C$25 million of strategic capital plus up to C$400 million in construction financing for its Howells Lake antimony-gold project in northwestern Ontario. The firm money is a C$15 million placement at C$1.20 per share, a 48% premium for a 12% fully diluted stake, along with C$10 million funding Critical One’s carried interest in a planned Ontario antimony processing facility, while the C$400 million debt piece is only a commitment to use commercially reasonable efforts to deliver an indicative term sheet within 90 days. SICC would also gain exclusive offtake rights to up to 150 million pounds of future antimony, although the equity investment remains subject to due diligence and CSE acceptance and Howells Lake has no NI 43-101 compliant resource yet. (CSE: CRTL) News Release

Apollo Silver’s PEA for its Calico project in California outlines an open pit operation at the Waterloo deposit feeding an 8,000 tonne per day mill and leach plant, producing about 5 million ounces of silver a year as on-site doré over a 15-year mine life. At a base case silver price of US$55 per ounce, the study shows an after-tax NPV5% of US$737 million, a 25% IRR and a three-year payback on initial capital of US$633 million, with all-in sustaining costs of US$26.07 per payable ounce. Those economics rest on a relatively low 65% silver recovery and a high price deck, while Langtry’s 49.1 million inferred ounces sit outside the mine plan as the company moves toward a prefeasibility study. (TSXV: APGO) News Release

Sierra Madre Gold and Silver says Phase 1 modifications have lifted throughput at its Guitarra plant in Mexico to a steady 720 tonnes per day, more than 40% above the previous 500 tpd nameplate capacity. A new 11x12 ball mill has been installed with commissioning expected in November 2026, which the company says should reach its Phase 2 target of 1,200 to 1,500 tpd more than eight months ahead of schedule. To feed the larger plant, the company has driven roughly 2.6 kilometres of development across the Guitarra, Nazareno and Coloso mines since June and has begun groundwork on its permitted dry stack tailings expansion. (TSXV: SM) News Release 

Talisker Resources reports results from 17 more resource conversion holes in the Bralorne West zone of its producing Mustang Mine, led by 301.88 g/t gold over 0.55 metres within 79.23 g/t gold over 2.10 metres on the 276 Vein in hole UB-2026-060. Other highlights include 56.96 g/t gold over 0.80 metres within 19.84 g/t over 2.30 metres on the 55HW Vein, as the company says underground drilling from its first Bralorne West drill bay is returning grades above expectations with consistent widths. Separately, Talisker has agreed to acquire private explorer Midex Resources for 3 million shares, adding the past-producing Berens River Mine north of Red Lake and large land packages in Ontario’s Sturgeon Lake belt, with closing expected in late Q4 2026. (TSX: TSK) News Release 

Tocvan Ventures reports initial trench results from pilot mine development at its Gran Pilar gold-silver project in Sonora, Mexico, with Main Zone Trench 19 averaging 4.6 g/t gold across seven samples and returning up to 24.4 g/t gold. A new zone tested by Trench 3, about 1.3 kilometres east of the pilot mine area, averaged 0.8 g/t gold and 100 g/t silver with samples up to 234 g/t silver. Roughly 6,000 tonnes of trench material has been stockpiled as early feed for the planned 50,000-tonne pilot facility, though the company cautions that the small sample set may not represent the average grade of the stockpiles. (CSE: TOC) News Release 

Gladiator Metals reports new results from the Southern Limb of its Cowley prospect at the Whitehorse Copper Project in Yukon, led by hole CPG-176 with 36.0 metres of 2.63% copper, including 20.0 metres of 3.61% copper, along with silver and molybdenum credits from 68 metres downhole. Hole CPG-178 returned 52.2 metres of 1.17% copper, including 26.0 metres of 2.00% copper, and together with the earlier CPG-173 the three holes confirm broad near-surface mineralization across only about 50 metres of strike, with the zone still open. The company has completed more than 16,000 metres at Cowley this year, has assays pending for over 7,000 metres and plans another 7,000 metres in 2026 as it works toward a maiden NI 43-101 resource. (TSXV: GLAD) News Release

Headwater Gold reports 46.33 metres grading 1.34 g/t gold in hole JC26-01, the first assays from its OceanaGold-funded Jake Creek project in Nevada, which the company calls the best drill result to date in the project area. The eight-hole, 3,574-metre program is complete with remaining assays pending, while partner Centerra has finished about 2,780 metres in 18 holes at the Crane Creek project in Idaho with results still to come. OceanaGold has terminated its earn-ins on the Hot Creek and TJ properties and will decide on Jake Creek once the remaining assays are in, as Headwater prepares a self-funded scout drill program at its Whiskey project in Nevada. (CSE: HWG) News Release 

The Mining Stock Daily morning briefing is produced by Clear Commodity Network. It is distributed throughout the world through your podcast network of choice, and at Clear Commodity Network.

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