Morning Briefing: Geopolitics Takes the Wheel in Metals Markets
Good morning and welcome back to the Mining Stock Daily morning briefing. This is Ian Wagner filling in for Trevor Hall this week.
It's Monday, April 13th.
U.S. equity futures are pointing sharply lower to start the week after ceasefire negotiations between the United States and Iran broke down over the weekend. Markets had been pricing in some stability following last week’s temporary truce, but that optimism quickly reversed as talks failed to produce an agreement and U.S. President Donald Trump signaled a potential naval blockade in the Strait of Hormuz.
That shift has pushed oil back above one hundred dollars a barrel, reigniting inflation concerns and adding pressure to risk assets broadly.
In precious metals, the reaction has been more nuanced. Gold and silver had rallied into the ceasefire on expectations of easing tensions and a softer dollar, but both metals are now pulling back. Gold is down roughly one percent, with silver off closer to two percent, as a stronger U.S. dollar and rising rate expectations offset traditional safe-haven demand.
The key takeaway here is that metals are no longer trading purely on geopolitical fear. Instead, they’re being driven by the second-order effects—namely oil-driven inflation and the market’s shifting expectations around Federal Reserve policy.
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 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…..
Minera Alamos produced 8,734 ounces of gold from its Pan mine in Nevada during Q1 2026, selling 9,134 ounces in the quarter. The company's cash balance grew from $34 million to $46 million. Full-year 2026 guidance remains unchanged at 32,000 to 38,000 ounces. The company has now produced 18,000 cumulative ounces since acquiring the Pan mine in October 2025. A $75 million revolving credit facility term sheet with Scotiabank and National Bank adds further liquidity. CEO Darren Koningen called the quarter consistent and noted the strengthened balance sheet positions the company to advance its broader portfolio of low-capital projects. Minera Alamos trades on the TSX Venture Exchange under MAI and OTCQX under MAIFF. NEWS RELEASE
Pirate Gold reported a new high-grade vein discovery at its Moosehead Project in Newfoundland, with drilling returning 65 grams per tonne gold over just over three meters within a newly identified “RIB” vein. The intercept highlights the potential for additional high-grade structures outside the main mineralized zones and supports the company’s evolving geological model. Management says the discovery opens a new exploration corridor and could significantly expand the footprint of mineralization at Moosehead. Follow-up drilling is planned to test continuity and scale of the new vein system. Pirate Gold trades on the TSX Venture Exchange under YARR. NEWS RELEASE
Gold X2 reported drill results from its QES Zone showing broad mineralization beneath the current resource pit. Highlights include roughly 100 meters grading about 1.5 grams per tonne gold, including a higher-grade interval of nearly 4 grams over 14 meters. The intercept comes from depth below the conceptual pit shell, suggesting potential to extend the resource and support future underground development. Management says the results confirm continuity of the system at depth and point to opportunities for resource growth beyond the existing open-pit constraints. Gold X2 trades on the TSX Venture Exchange under AUX and OTCQB under AUXXF. NEWS RELEASE
Bonterra Resources outlined its 2026 exploration plans for the Desmaraisville South Project in Quebec, targeting expansion of known mineralization and testing new high-priority zones across the property. The program will include drilling, geophysics, and surface work aimed at advancing multiple targets within the Urban-Barry camp. Management says the campaign is designed to build on prior results and unlock additional value from its 100%-owned land package, while supporting longer-term resource growth across the broader district. Bonterra Resources trades on the TSX Venture Exchange under BTR and OTCQX under BONXF. NEWS RELEASE
West Red Lake Gold reported high-grade drill results from the Austin zone within the 904 Complex at its Madsen Mine in Ontario. Highlights include 215 grams per tonne gold over about five meters, 50 grams over four meters, and 62 grams over three meters, confirming strong continuity of high-grade mineralization. The results support ongoing definition and expansion drilling as the company advances the project toward restart. Management noted the Austin zone remains open, with drilling continuing to target extensions and improve resource confidence. West Red Lake Gold Mines trades on the TSX Venture Exchange under WRLG and OTCQB under WRLGF. NEWS RELEASE
AbraSilver reported expanded gold mineralization at its Oculto East zone within the Diablillos Project in Argentina, with step-out drilling returning broad, near-surface intercepts that extend the footprint of mineralization. Results confirm continuity beyond the current resource boundary and highlight potential for additional oxide gold ounces that could enhance future development plans. Management noted the wide intervals support the case for resource growth and potential mine plan optimization. Follow-up drilling is ongoing to further define the extent of the system. AbraSilver trades on the TSX under ABRA and OTCQX under ABBRF. NEWS RELEASE
Amex Exploration released a positive feasibility study for its Perron Gold Project in Quebec, and the numbers are hard to ignore. The study outlines a high-grade underground operation with average annual production of about 147,000 ounces over the first five years of commercial output. After-tax economics come in at an NPV of roughly 1.1 billion Canadian dollars and an internal rate of return of nearly 115 percent — based on a gold price assumption of thirty-five hundred dollars per ounce. Initial capital is estimated at around 300 million dollars, with payback projected in under three years. The project sits in the Abitibi (ah-bih-TIB-ee) region of Quebec, benefiting from established infrastructure and a track record of high-grade results. Amex trades on the TSX Venture under AMX and on the OTCQX under AMXEF. NEWS RELEASE
On Friday, Brixton Metals announced they closed a non-brokered private placement offering of 1.1M national flow-through shares in the capital of Brixton at a price of $1.35 per FT Share and 1.7M critical mineral flow-through shares at a price of $1.44, for combined gross proceeds of $4.04M USD. Proceeds will fund exploration and drilling at two projects — the Thorn Copper-Gold Project in British Columbia's Golden Triangle and the Langis Silver-Cobalt Project in Ontario. Brixton trades on the TSX Venture Exchange under BBB and on the OTCQX under BBBXF. NEWS RELEASE
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That's it for today everyone. Have a great day. Stay safe.
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