Morning Briefing: Investors Exit Gold ETFs, US gov't takes equity stake in graphite miner

Good morning and welcome back to the Mining Stock Daily morning briefing. I am not Trevor Hall. I am Michael McCrae and will be filling in this week. 

It’s Thursday, March 26. 

Markets are red. Gold and S&P Futures are both down. Crude Oil Continuous Contract is at the $93 mark, up about 4% from the day prior. Gold is trading at the $4,400 range. Last checked, copper futures are at $5.51. The OECD says inflation in the U.S. will average 4.2 percent in 2026, up one percent from last year’s forecast. 

Investors are exiting gold ETFs, according to Bloomberg Intelligence. March saw a record $11 billion exit U.S. commodity ETFs—the largest outflow since 2005. Gold's GLD lost over $7 billion, while silver shed $1.4 billion. 

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….. 

The U.S. International Development Finance Corporation announced plans to take a strategic equity stake in Syrah Resources, owner of the Balama graphite mine in Mozambique and the Vidalia anode processing facility in Louisiana. The proposed structure would convert a portion of DFC's existing loan to Balama into common equity in Syrah, with the remaining balance rolling into a convertible loan note, while a new-money injection is expected to mobilize over five times that amount from private investors. The deal would give the U.S. government a direct ownership position in one of the world's largest natural graphite reserves and the only natural graphite anode plant in the United States. The transaction is non-binding and remains subject to due diligence, financing documentation, and required approvals. 

Omai Gold Mines reported new high-grade drill results at its Wenot deposit in Guyana, including 7.74 g/t gold over 13.5 metres and 6.30 g/t over 9.8 metres, confirming strong mineralization within the system. The results continue to demonstrate continuity of higher-grade zones within a large bulk-tonnage deposit that already hosts multi-million-ounce resources. The company also announced it has begun drilling a new nearby exploration target, aiming to expand the overall resource base beyond the current Wenot deposit (TSXV: OMG). News release

Provenance Gold Corp. has announced assay results from the first two diamond drill holes at the Herman Area within its Eldorado West Project in Eastern Oregon. The drilling successfully tested both the northern and southern strike extents, returning a broad 83.82-meter interval of strong, pervasive mineralization grading 2.18 grams per tonne (g/t) gold from the surface. Highlighting the robust nature of the system, this wide intercept also featured exceptional high-grade sub-intervals, including 18.19 g/t gold over 1.68 meters and 39.61 g/t gold over 0.91 meters (CSE: PAU). News release

AngloGold Ashanti reported a first-time 4.9 million ounce gold reserve at its Arthur Gold Project in Nevada, supported by a completed pre-feasibility study that outlines a large-scale, open-pit mining operation. The study highlights robust economics, including projected annual production of roughly 500,000 ounces and competitive all-in sustaining costs around $954 per ounce. Initial mine life is estimated at about nine years, with significant additional resources offering potential for further expansion and longer-term production. The project is expected to advance toward a full feasibility decision in 2026, positioning it as a potential Tier 1 asset in a premier U.S. jurisdiction. News release

Foran Mining's McIlvenna Bay copper-zinc-gold-silver mine in Saskatchewan is in final commissioning, with the dedicated 110 kV transmission line successfully energized ahead of schedule and key mill infrastructure including SAG mills, flotation circuits, and the primary crusher all mechanically commissioned. The project remains on schedule for commercial production in mid-2026 and is proceeding within budget (TSX: FOM). News release

Equinox Gold has received approval for a Normal Course Issuer Bid allowing the company to repurchase and cancel up to 39.4 million of its common shares, representing approximately 5% of its total outstanding stock. Commencing on March 2, 2026, the 12-month buyback program is driven by management's belief that the company's current share price does not accurately reflect its underlying value following a massive debt reduction of over US$1.1 billion. Equinox produced 922,827 ounces in 2025 at total cash costs of $1,494 per oz and all-in sustaining costs (“AISC”) of $1,925 per oz (TSX: EQX). News release

K2 Gold Corporation has announced the successful completion of its 2026 reverse circulation (RC) drill program at the Si2 Gold Project in Esmeralda County, Nevada. Assays are pending. Located within the prolific Walker Lane Trend, the property is a major focus for the company's ongoing exploration efforts. The recently concluded drilling campaign consisted of eight drill holes reaching a total depth of 3,871 metres. Throughout the program, K2 Gold specifically focused on testing five priority target areas across the site for potential gold mineralization (TSXV: KTO). 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.