Morning Briefing: Elemental Royalty Announces US$290 Million Acquisition of Royalty and Streaming Portfolio
Good morning and welcome back to the Mining Stock Daily morning briefing. I am Michael McCrae filling in for Trevor Hall.
It's Tuesday, September 22nd.
Oil is dropping. Crude oil futures are down 2.21% to $90.34. Reuters reports that Iran is ready to reopen the strait of Hormuz within seven days if the US eases military pressure and lifts its blockade on Iranian ports. The news agency also reported that Saudi Arabia has restarted operations at its East-West Pipeline and could resume exports from the Red Sea port of Yanbu later on Tuesday.
Gold is mostly flat, trading at the $4,379 level. Copper is up, trading at $6.86, nearing its all-time high it made a earlier this month.
We will get to the news from the miners and explorers in a moment, but first a mention of today's sponsor:
Today's episode of Mining Stock Daily is brought to you by…Vizsla Silver
Vizsla Silver is advancing the Panuco silver-gold project in Sinaloa, Mexico — one of the highest-grade silver development projects in the world. The project hosts the world's largest, undeveloped high-grade silver resource, and the company has been aggressively expanding its drill program to grow that resource ahead of a development decision. Learn more at vizslasilver.ca.
Here’s what you need to know today.
Elemental Royalty is acquiring a five-asset precious metals streaming and royalty portfolio from Orion Mine Finance for US$290 million, split between US$200 million cash and US$90 million in equity. The company says the deal will boost NAV and revenue per share while adding North American and Tier 1 jurisdiction exposure. In a related move, Elemental will divest its Generation Business, comprising exploration projects and option agreements, to Carlin East in exchange for a cornerstone equity stake. The company says the move will cut G&A by over 25% while letting Elemental keep upside from future royalty generation as Carlin East's largest shareholder. Alongside the restructuring, CEO David M. Cole is stepping down to lead Carlin East, with current COO and President Frederick Bell taking over as CEO and Director (NASDAQ: ELE). News Release
Meridian Mining's definitive feasibility study for the Cabaçal gold-copper-silver project in Brazil delivers a base-case after-tax NPV5 of US$2.09 billion, 108% IRR, and 0.9-year payback, improving to US$2.90 billion and 135% IRR at spot prices, on initial capex of US$322 million. Over a 13.9-year mine life, the project is expected to produce 983,537 oz gold, 180,634 tonnes copper and 1.78 million oz silver, at an AISC of US$1,056/oz AuEq (US$715/oz in years 1-5). Preconstruction is already underway with US$15.9 million in committed contracts, the installation licence permitting lodged, and financing activities progressing (LSE: MNO). News Release
Talisker Resources' PEA for its Bralorne Gold Project in British Columbia delivers an after-tax NPV5% of C$1,048 million and 31.3% IRR at a base-case gold price of US$3,500/oz. At spot gold of US$4,300/oz, the after-tax NPV5% rises to C$1,876 million with a 67.2% IRR. The project would produce an average of 110,000 ounces of gold annually over a 14-year mine life, drawing on Measured and Indicated Resources of 206,300 oz at 8.91 g/t Au and Inferred Resources of 3,151,000 oz at 8.73 g/t Au; the company notes the study relies substantially on Inferred Resources. Initial capital is estimated at C$416 million, with total cash costs of US$1,553/oz and AISC of US$1,914/oz (TSX: TSK). News Release
Bravo Mining's PFS for its Luanga PGM-nickel project in Brazil delivers a base-case after-tax NPV of US$1.45 billion (8% discount rate), 35.1% IRR, and 2.0-year payback, with a maiden reserve of 86.7 Mt at 2.77 g/t PdEq for 7.73 million ounces contained. The base case includes a company-owned smelter in the Barcarena export processing zone, saving US$90.2 million in capex via ZPE fiscal incentives and running on renewable power. Over a 10-year mine life, average annual production is roughly 209 koz Pd, 151 koz Pt, 16 koz Rh, 18 koz Au and 9,800 tonnes Ni, with the Preliminary Licence already secured (TSXV: BRVO). News Release
Selkirk Copper's PEA for the restart of its Minto copper-gold-silver project in Yukon delivers an after-tax NPV7% of C$494 million and 47.8% IRR at planning prices, rising to C$1.02 billion and 78.2% IRR at spot prices, over a 13-year mine life at 4,100 tpd. The restart leverages existing infrastructure (roads, power line, mill, underground workings) for a strong capital efficiency ratio of 2.7:1, and a completed Phase 1 drill program already grew M&I resources by 280%, with Phase 2 nearing completion. Selkirk targets a Feasibility Study and permit amendment in H2 2027, with first concentrate production targeted for H2 2028 (TSXV: SCMI). News Release
Great Pacific Gold's maiden two-hole program at Kasie Ridge (Wild Dog, PNG) confirmed a large, high-temperature alteration system still open at depth, with KAS-01A (595.7 m) ending in the strongest sulphide-rich zone encountered. Both holes returned gold (up to 1.55 g/t Au) and silver (up to 22.4 g/t Ag), with pathfinder elements strengthening downhole. Surface mapping is now underway to rank follow-up targets, while rigs stay active at Magiabe and Mengmut. (TSXV: GPAC). News Release
K2 Gold's four new holes at the Dragonfly Zone (Mojave Project, California) intersected multiple stacked, west-dipping gold structures 75m south of its 2020 discovery, headlined by DF26-028's 53.34m of 2.00 g/t Au including a high-grade core of 15.24m of 5.33 g/t Au. All four holes hit the main mineralized corridor, extending high-grade intersections to 160m of strike while the zone remains open in all directions. With 29 of a planned 14,000m, 14-hole campaign completed and 18 more results pending, drilling is now underway at the nearby Newmont Zone (TSX-V: KTO). News Release
Revival Gold's 2026 infill drilling at its Mercur Gold Project in Utah is now 64% complete (11,600m of 119 planned holes), with 20 new RC results from the Main Mercur area confirming shallow, oxidized gold mineralization suitable for heap leaching, including 0.92 g/t over 33.5m in RM26-213. The results support grade and leachability estimates from the 2025 PEA and point to expansion potential beyond the current mine plan, with three rigs still active and a fourth auger rig arriving by month-end to test legacy heap leach pad material. Approximately 9 million tonnes of legacy ROM heap leach material at Mercur may offer a further reprocessing opportunity (TSXV: RVG . News Release
Valkea Resources completed diamond drilling of its first new target, Kari, at the Paana project in Finland (five holes, 1,275m), with assays pending in Q4 2026 and disseminated sulphide mineralization noted in three of five holes. Base-of-till drilling has now started across the wider Paana licences following updated aeromagnetic surveys, aiming to rank the best 5-10 of 24 identified targets for diamond drilling this winter, with a second BoT rig arriving in October. Metallurgical test work on a bulk sample from the Aarnivalkea West discovery is also underway, with results expected in the coming months (TSXV: OZ). 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.