Morning Briefing: Integra Delivers New Feasibility Study for Florida Canyon

Good morning and welcome back to the Mining Stock Daily morning briefing. I am Trevor Hall.

It's Thursday, June 25th.

The metals complex is still bleeding. Gold breached the $4,000 line yesterday in an ugly session, finishing down 3.4%, and it remains lower this morning at $3,983 an ounce. Silver is off another two-tenths at $57.24. The one exception is copper, which is bucking the tape — up 1.27% to $6.02 a pound. And the force behind the havoc is the U.S. dollar. The DXY is back in triple digits, sitting at a 13-month high near 101.6 — though worth noting the technicals are stretched, with its relative-strength index up around 75, squarely in overbought territory.

What's driving the dollar is a hawkish repricing of the Fed. Even with oil prices falling sharply as the Iran risk premium unwinds — which should be cooling inflation — the market is now leaning the other way, pricing in about one and a half rate hikes this year. And the sell-side is chasing it harder. Bank of America became the standout call, flipping from no moves at all to three hikes this year, which would lift the funds rate to 4.25 to 4.50%. Deutsche Bank sees two. Both pin it on new Chair Kevin Warsh's hawkish debut and inflation that's proven stickier than the Fed wants. Fed-funds futures now put the odds of a September hike near 70%, up from less than 30% just a week ago. 

All of which sets up this morning's main event. The Bureau of Economic Analysis releases the May Personal Consumption Expenditures report — the PCE. This is the Fed's primary inflation gauge, so it carries real weight for the rate path. Economists are looking for annual headline PCE inflation to accelerate to 4.1%, up from 3.8% in April, largely driven by those earlier energy-cost spikes. A hot print would cement the hawkish case the dollar is already running with; a soft one could finally hand gold and silver some relief. Watch it closely.

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 one of the largest pure gold mine developers 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.

Here's what you need to know today.

Integra Resources has delivered a feasibility study for its producing Florida Canyon Mine in Nevada — and it's a strong one. Less than two years after acquiring Florida Canyon for $68 million, Integra has grown proven and probable reserves by 74% to 1.19 million ounces, lifted annual production 17%, and extended mining through 2033. The study shows an after-tax NPV of $601 million at base-case prices — about $723 million at spot — and over $800 million in after-tax free cash flow over the life of mine. It's funded largely from existing cash flow, with roughly $92 million in growth capital for heap-leach expansion and fleet modernization (TSXV: ITR, NYSE American: ITRG). News Release

Wesdome Gold Mines has extended reserve life to eight years at both of its mines — Eagle River in Ontario and Kiena in Quebec — out to 2033. Proven and probable reserves climbed 17% to a record 1.4 million ounces, led by 39% reserve growth at Eagle River. The plan supports production rising toward 230,000 ounces by 2028 and over $1 billion in free cash flow across three years at $4,000 gold. On the back of that, Wesdome initiated a quarterly dividend and expanded its share buyback (TSX: WDO). News Release

Hemlo Mining has released an increased mineral resource estimate for the Hemlo Gold Mine near Marathon, Ontario — the historic camp it acquired from Barrick for up to US$1.1 billion late last year. At a base-case $2,500 gold price, measured and indicated resources now sit at roughly 4.8 million ounces on a 100% basis, with strong leverage to higher gold prices. The growth came from a mix of new drilling and updated economic assumptions, and Hemlo is running a 130,000-metre program to keep expanding a system that has produced roughly 25 million ounces over four decades (TSX: HMMC). News Release

Heliostar Metals continues to expand the Expansion Zone at its 100%-owned Ana Paula project in Guerrero, Mexico, drilling 99.8 metres grading 10.9 grams per tonne gold. CEO Charles Funk said the step-out hits, sitting immediately beneath the feasibility-study envelope, suggest the potential for a much bigger prize. Heliostar is a growing producer using cash flow from its La Colorada and San Agustin mines to advance Ana Paula toward a feasibility study in 2027 and production in 2028 (TSXV: HSTR, OTCQX: HSTXF). News Release

Revival Gold — today's sponsor — reported drilling at the Joss area of its Beartrack-Arnett project in Idaho, cutting 14.9 grams per tonne gold over 5.9 metres and extending the depth of mineralization by 240 metres. Joss hosts a high-grade underground inferred resource of about 877,000 ounces that sits outside the project's open-pit heap-leach plan, and the drilling is aimed at expanding it as a potential future underground phase (TSXV: RVG, OTCQX: RVLGF). News Release

Pirate Gold reported visual results from step-out drilling at its Moby Dick copper-gold discovery on the Treasure Island project in central Newfoundland. Moby Dick is a copper-gold porphyry-to-epithermal system confirmed so far at over three kilometres long, 850 metres wide and 500 metres deep, where the discovery hole returned 180.8 metres of 0.54% copper-equivalent, including 1.48% over 49.4 metres. Today's step-outs logged further mineralization, with assays pending (TSXV: YARR). News Release

And finally, Kingfisher Metals announced the arrival of its second diamond drill at the HWY 37 project in BC's Golden Triangle, where it's targeting the Hank copper-gold porphyry. It's the second of three rigs in a 15,000-metre campaign building on last year's discovery hole, which returned 425 metres of 0.40% copper-equivalent below the Hank epithermal gold-silver system (TSXV: KFR). News Release

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

The information presented should not be considered investment advice. Mining Stock Daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.