Morning Briefing: Gold and Silver Continue Decline on Inflation Fears
Good morning and welcome back to the Mining Stock Daily morning briefing.
It’s Thursday, March 19th
Markets are opening under pressure this morning as geopolitical escalation in the Middle East collides with hotter-than-expected U.S. inflation data. Overnight, reports confirmed strikes impacting energy infrastructure across the Gulf, raising credible concerns about oil and LNG supply disruption, particularly tied to Qatar and key shipping routes. This is shifting markets from pricing geopolitical risk to pricing potential supply shock. At the same time, U.S. producer prices for February came in stronger than expected, reinforcing the idea that inflation was already sticky before this latest energy move. That combination is keeping interest rate expectations elevated and tightening financial conditions. Interestingly, gold and silver are trading lower this morning, suggesting that rising real yields and a stronger dollar are offsetting traditional safe-haven demand. For investors, it’s a more complex setup—where energy is bid on supply fears, but precious metals are being pressured by the rate environment.
We will get to the news out of the miners and explorers in a minute, but first a quick word about 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-gold.com
And here’s what you need to know this morning…..
Scorpio Gold announced results from five step–out holes and one exploration holes this morning from the Phase two drill campaign on the Manhattan District Project in Nevada. Hole 53 returned 24.69 m of .75 g/t Au and reinforces the company’s believe that gold mineralization continues along the caldera margin to the northwest of Goldwedge, outside of the current inferred resource. Other results reported this morning included 14.95m of 1.25 g/t Au and 19.96m of 1.05 g/t Au. (TSXV: SGN) (OTCQB: SRCRF) News Release
Heliostar Metals published their fiscal year results from 2025. The company did achieve full-year production guidance with 34,098 gold-equivalent ounces with all-in sustaining costs of $2,028/oz. The company showed mine operating earnings of $47.4 million with net income of $12.4 million after $13.3 million of exploration costs in the nine-month period ending in December. The company has over $40M in cash and working capital of $49M. There is no debt on the books. (TSXV: HSTR) (OTCQX: HSTXF) News Release
Tocvan Ventures has completed a high-resolution drone-based airborne magnetic survey covering the entire Gran Pilar Gold-Silver Project in Sonora, Mexico. The survey, conducted by Zonge International, Inc., encompassed 70 east-west lines spaced 100 meters apart, totaling 235.66 line-kilometers. The survey was successful in revealing the subsurface features that coincide with known areas of mineralization, while outlining the extension of those features on current unexplored areas within the project boundary. This is the first comprehensive survey completed across the project; data is being analyzed for further structural and target interpretations. (CSE:TOC) (OTCQB:TCVNF) News Release
Galway Metals reported drill results from 9 holes at the Southwest Deposit on the company’s Clarence Stream gold Project in New Brunswick. Highlights include 8.6 g/t Au over 15m, 1.8 g/t Au over 17m and 7.3 g/t over 2m. Drilling was designed to fill gaps within existing resource pit shells and extend mineralization toward surface.There are currently 37 drill holes from the Southwest Deposit with pending assays, including 28 holes located near the drill results reported today. (TSX-V:GWM)(OTCQB:GAYMF) News Release
Electra Battery Materials provided a construction progress update for its cobalt sulfate refinery project in Ontario. The project continues to advance beyond detailed engineering, with procurement and installation activities progressing in line with the Company’s previously announced construction plan and budget. Earlier this year, Electra’s Board of Directors approved a US$73 million construction budget and execution schedule designed to advance the refinery through mechanical completion in the second quarter of 2027, with commissioning activities beginning in late 2026 and production ramp-up expected in 2027. Once operational, the facility will establish a critical piece of North America’s battery materials supply chain by producing battery-grade cobalt sulfate for the region’s growing electric vehicle and energy storage markets. (NASDAQ: ELBM; TSX-V: ELBM) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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