Morning Briefing: Elemental Royalties to Acquire Vizsla Royalties

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

It's Thursday, May 14.

Gold is at $4,707 an ounce. Silver is down about 2% to $87.59. Copper is taking a breather at $6.63 a pound after this week's run to new all-time highs.

Three things worth flagging this morning. First, Kevin Warsh has been confirmed as the next Chair of the Federal Reserve following a 54-45 Senate vote — the closest confirmation in the modern era, essentially along party lines. Warsh succeeds Jerome Powell, whose term expires tomorrow. His first FOMC meeting as Chair is scheduled for June 16-17, and markets will be watching closely for any signal on the rate path. Second, President Trump is in Beijing for the high-stakes summit with President Xi. The first session ran about two hours and was described by the White House as good, covering trade, tariffs, rare earths, Taiwan, and Iran. A Board of Trade framework is reportedly being explored. No grand deal is expected, but the tone matters for copper and industrial commodities. Third, the Baltic Dry Index has surged to 3,189 — its highest level since late 2023 — driven by Capesize demand and amplified by the ongoing Middle East situation, which is raising freight market volatility. Rising shipping costs add to the broader inflationary picture.

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 advancing the Beartrack-Arnett Gold Project in Idaho — the largest past-producing gold mine in the state — and the Mercur Gold Project in Utah, where the company is targeting a pre-feasibility study completion in Q1 2027. As you'll hear in today's news, Revival has a significant update on Mercur this morning. Learn more at revival-gold.com.

And here's what you need to know this morning…..

Two big releases from Elemental Royalty this morning. First, the company has announced an agreement to acquire Vizsla Royalties for approximately C$327 million — or US$239 million — representing a 31% premium to Vizsla Royalties' unaffected closing price. Vizsla Royalties shareholders can elect to receive C$4.13 in cash, 0.15 Elemental shares, or a combination per share. The key asset is a 2.0% to 3.5% NSR royalty on the Panuco silver-gold project in Sinaloa, Mexico — Vizsla Silver's flagship development project. Once Panuco is in production, the royalty is projected to contribute approximately 7,500 gold equivalent ounces per year to Elemental's portfolio, making it a cornerstone long-life asset. The deal closes in Q3 2026. News Release

Alongside the acquisition announcement, Elemental also reported record Q1 2026 financial results: revenue of US$24.3 million — up 83% year-over-year — and adjusted EBITDA of US$17.7 million, up 55%. Operating cash flow of US$14.5 million was up 340% over the prior year quarter. The company sold 4,983 gold equivalent ounces in the quarter and held US$69.1 million in cash. In the Quarter, Elemental also announced a new US$150 million credit facility and declared an inaugural annual dividend of US$0.12 per share, payable quarterly (TSX-V: ELE, NASDAQ: ELE; Vizsla Royalties TSX-V: VRR). News Release

Meridian Mining has reported a new gold discovery at the Álamo prospect within its Cabaçal VMS belt in Mato Grosso, Brazil, with exploration hole CD-852 intersecting 3.5 metres at 2.4 grams per tonne gold, 0.5% copper, 9.5 grams per tonne silver, and 0.7% zinc from 108.9 metres — along a 1.6-kilometre IP anomaly that is open along strike and at depth. The company also released new high-grade results from Santa Helena Central, with hole CD-854 returning a high-grade core of 10.7 metres at 2.5 grams per tonne gold, 2.4% copper, 76.7 grams per tonne silver, and 11.7% zinc — the highest gold grade drilled to date in the Santa Helena footwall. Álamo is located 1 kilometre from Santa Helena's existing infrastructure (TSX: MNO, OTC: MRRDF). News Release

Discovery Silver has reported Q1 2026 financial results, with net earnings of $81.7 million or $0.10 per share and total liquidity of $634.9 million, including $384.9 million in cash and an undrawn $250 million revolving credit facility. Capital expenditures totalled $69.9 million in the quarter. The company's 2026 production guidance of 260,000 to 300,000 ounces is back-half weighted (TSX: DSV, OTCQX: DSVSF).

Talisker Resources has released an updated mineral resource statement for the Bralorne Gold Project in southern British Columbia, with combined Measured and Indicated resources now estimated at 720,000 tonnes at 8.91 grams per tonne gold — representing a 100% increase in the global resource compared to the prior estimate. The update reflects the results of ongoing underground drilling and development since Talisker restarted the historic Bralorne mine (TSX: TSK, OTC: TSKFF). News Release

Onyx Gold has released new results from 18 holes at Munro-Croesus in northern Ontario, with the two new Argus Main holes the headline. MC26-288 returned three stacked zones from near-surface to 400 metres including 69.9 metres at 0.7 grams per tonne gold with a 16.5-metre core at 2.1 grams per tonne. MC26-292 delivered 287 metres of cumulative mineralization including 40.7 metres at 1.3 grams per tonne in the Middle Zone with 5.8 metres at 5.8 grams per tonne. Both holes step out 40 metres northeast from the discovery holes. The Argus system now extends over 1.4 kilometres of strike and 500 metres vertically, open in both directions (TSX-V: ONYX, OTCQX: ONXGF). News Release

Hemlo Mining has intersected 16.1 grams per tonne gold over 8.1 metres in a newly interpreted South-Rim Zone adjacent to active mining in the C-Zone at its project in the Hemlo Gold Camp of northern Ontario. The zone had not been previously recognized and sits adjacent to current mine workings, suggesting near-term resource potential with limited additional development required (TSX-V: HMMC). News Release

Vizsla Silver has appointed Angel Diego Gómez Olmos as Vice President of Government Relations, effective immediately. Based in Mexico City, Gómez Olmos brings over a decade of senior experience in mining law, regulatory affairs, and public administration within Mexico's federal government, including running the very agencies that Vizsla works with on the Panuco permitting process. The hire is directly focused on advancing Panuco through the permitting stage toward a production decision (TSX: VZLA, NYSE American: VZLA). News Release

Revival Gold has provided a substantive update on the Mercur Gold Project in Utah, framing the project as a candidate to become Utah's next new operating gold mine. The company's 16,000-metre drill program is underway targeting resource conversion in support of the pre-feasibility study scheduled for Q1 2027. A 2025 PEA outlined a 10-year open-pit heap leach operation producing 100,000 ounces per year with an after-tax NPV of $295 million and a 27% IRR at $2,175 gold — metrics that look significantly better at today's prices (TSX-V: RVG, OTCQX: RVGDF). News Release

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

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