Morning Briefing: Hudbay and Magna Greenlight Copper Projects; AbraSilver Reports Its Strongest Gold Intercept
Good morning and welcome back to the Mining Stock Daily morning briefing. I am your host for the day Ian Wagner filling in for Trevor Hall.
It is Wednesday October 21st. Gold had an up and down day in the markets on Tuesday. December Gold settled at $4142, down about $17 and both the GDX and GDXJ were down modestly as well. Gold appears to be somewhat directionless right now, despite falling US yields. The yellow metal has traded in a narrow band between $4100 and slightly over $4200 for more than three weeks. Silver has hovered around or below the $60-handle.
According to to BloombergNEF’s Transition Metals Outlook 2026, The copper industry needs $332 billion in new mine investment to avert a supply shortage that could begin in 2028, even as refined metal production is expected to outpace demand over the next two years.
The report, which was released Tuesday, noted that Global copper consumption is forecast to rise 61% between 2026 and 2050 to nearly 46 million tonnes, leaving a potential deficit of 20 million tonnes, or 44% of projected demand,
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… Equinox Gold
Equinox Gold is a growth-focused gold producer operating mines across the Americas. With cornerstone assets like the Greenstone Mine in Ontario and the Valentine Gold Project in Newfoundland & Labrador, Equinox is advancing a new generation of large-scale, long-life gold operations. Learn more about their portfolio and development pipeline at equinoxgold.com.
Here's what you need to know today.
1) Magna Mining’s pre-feasibility study supports development of its 100%-owned Crean Hill project, and the board has approved construction, expected to begin in the first half of 2027. The study outlines a mining rate of about 2,400 tons per day from 11.4 million tons of probable reserves. Average annual payable copper-equivalent production is projected at 35.5 million pounds, with precious metals expected to contribute nearly 39% of revenue. At base-case prices, the project shows an after-tax NPV of C$251 million, a 43.4% IRR and 1.5-year payback. Initial capital is C$127 million. Magna Mining trades on the Toronto Stock Exchange under the symbol NICU. NEWS STORY
2) Kingfisher Metals completed its 2026 drill program at the HWY 37 project in British Columbia’s Golden Triangle, drilling 13,551 metres across 24 holes and extending one prior hole. At the Hank porphyry target, all nine holes intersected the porphyry system or its alteration halo, which remains open at depth and along strike. Hole HW-26-028 cut a 212-metre stockwork zone of quartz-chalcopyrite-pyrite veins; HW-26-031 intersected veins over approximately 328 metres. These are observations, and assays are pending for most holes. The company is planning an approximately 20,000-metre 2027 program. Kingfisher Metals trades on the TSX Venture Exchange under the symbol KFR. NEWS STORY
3) Hudbay Minerals and Mitsubishi have approved construction of the Copper World project in Arizona, following completion of a definitive feasibility study. Hudbay owns 70% of the joint venture, with Mitsubishi holding 30%. First production is targeted for the second half of 2029. The base case forecasts 102,000 tonnes of annual copper production over the first decade, at average cash costs of $1.65 per pound. The 15-year plan requires $2.07 billion in initial growth capital, partly funded by Mitsubishi’s $600 million investment, a $230 million precious-metals stream deposit and anticipated project debt. All major permits for initial operations are secured. Hudbay Minerals trades on the Toronto Stock Exchange under the symbol HBM. NEWS STORY
4) AbraSilver reported its strongest gold intercept to date at Oculto East. Drill hole DDH-26-061 returned 228 metres grading 1.79 g/t gold from 101 metres downhole. The interval includes 66 metres at 4.04 g/t gold and 19 g/t silver, including 11 metres at 15.97 g/t gold. The oxide-hosted high-grade zone sits about 50 metres below the pit design and beyond existing resource limits, suggesting potential for resource growth. Three rigs are active, with Phase VI drilling expected to finish by year-end and an updated resource estimate planned for Q2 2027. AbraSilver trades on the Toronto Stock Exchange under the symbol ABRA. NEWS STORY
5) Hemlo Mining produced 29,617 ounces of gold in the third quarter from 342,000 tonnes processed at an average grade of 3.00 g/t and 95% recovery. Production rose from Q2, supported by higher-grade stopes at Interlake, though an underground electrical substation outage constrained mining rates and delayed the ramp-up. Attributable production was 25,652 ounces. Production drilling increased 35% and paste filling rose 13% quarter over quarter; 17 of 21 equipment units have been delivered. The company reported cash of US144.8 million and net cash of US 2.3 million at quarter-end. Hemlo Mining trades on the Toronto Stock Exchange under the symbol HMMC. NEWS STORY
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That's it for today everyone. Have a great day. Stay safe.