Morning Briefing: Lundin Gold Announce $670M Silver Stream Deal with LunR Royalties
Good morning and welcome back to the Mining Stock Daily morning briefing.
It’s Monday, February 23rd.
Since the US Supreme Court Ruling of the unconstitutionality of President Trump’s Tariff Policy, the president has responded to criticize the court and and signaling that his administration will pursue alternative legal pathways to maintain and potentially expand tariff measures. Markets are now digesting whether future trade actions will slow procedurally — or simply be restructured under different statutory authorities. Separately, cartel violence in Mexico intensified again yesterday, with coordinated incidents reported in multiple regions. Mexico remains one of the world’s largest producers of silver and a key jurisdiction for gold and base metals development. While there are no confirmed impacts to specific mining operations at this time, continued security instability raises operational and logistical risks across the sector. This moring, gold is up over 1.5% while silver is seeing a gain of just under 5%.
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…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…..
Lundin Gold has done a $670M silver stream-for-equity transaction with LunR Royalties. Under the terms of the Transaction, Lundin Gold will sell a silver stream on the Company's Fruta del Norte mine in Ecuador in exchange for newly issued shares of LunR. Upon closing of the Transaction, subject to compliance with all applicable laws, the LunR shares received by Lundin Gold will be distributed to Lundin Gold shareholders as a dividend‑in‑kind. Silver currently represents 1–2% of total revenue and is forecast to contribute 500,000 to 600,000 ounces of payable silver in 2026. The deal also positions LunR as a cash‑flowing intermediate streaming company. Lundin Gold will sell 100% of the payable silver production of FDN until 12.2 million ounces have been delivered; Lundin Gold will then sell 50% of FDN's payable silver until an additional 7.8 million ounces have been delivered ; and thereafter, Lundin Gold will sell 7.5% of the payable silver for the remaining LOM. (TSX: LUG) (OTCQX: LUGDF) News Release
Bonterra Resources announced is updated mineral resource estimates for the Barry and Gladiator deposits. The combined resources now sits at 1.4Moz of measured and indicated with an average grade of 2.9 g/t Au contained within 15Mt, and 2Moz of inferred resources at an average grade of 4.32 g/t Au contained in 14.6 Mt. The combined contained gold ounces increased by 30% in Measured & Indicated Mineral Resources and by 21% in Inferred Mineral Resources relative to the 2021 Mineral Resource Estimates. Both deposits remain open at depth and along the eastern down-plunge, particularly at Barry, where two drill rigs are currently testing extensions of the mineralization. (TSXV: BTR) (OTCQX: BONXF) News Release
Koryx Copper announced assay results from 13 drill holes received as part of the Phase 2 and 3 infill and expansion drill program for its 2026 exploration and project development strategy in the Haib Project in Namibia. Notable holes reported today included 602m of .32% CuEq, 495m of .31% CuEq and 184m of .51% CuEq. 12 rigs are active on site with additional track mounted rigs being mobilized in order to accelerate the drill program. An updated mineral resource estimate is to be published in the near future, which would reflect an updated geological model and grade estimation which would include molybdenum and gold by-products. (TSX:KRY.V) (NSX:KYX) (OTCQB:KRYXF) News Release
Gold Hart Copper has completed its deepest hole ever drilled at the Tolita gold and copper asset in Chile. The company says the drill hole reached a depth of just over 1,000m and displayed encouraging characteristics, with multiple intervals showing strong hydrothermal alterations and mineralization consistent with a fertile porphyry-style environment. The program second diamond drill hole is underway. The company also anticipated launching an RC campaign along a high-grade trench on the project. (TSXV: HART) News Release
Revival Gold provided an update on work happening with both the Mercur Project in Utah and the Beatrack-Arnett Gold project in Idaho. At Mercur, the company is anticipating a two-year permitting timeline with a financing decision to be made sometime in 2027. 12,000m of drilling is being completed to upgrade its resources with another 4,000m designed to support engineering an design. At Beartrack-Arnett, exploration drilling is targeting the underground potential of the project with 3,000m of core drilling with two drill rigs. Assays there remain pending. (TSXV:RVG) (OTCQX:RVLGF) News Release
Integra Resources has provided its 2026 guidance for the Florida Canyon Mine. The company is looking at gold production to hit between 70,000 and 75,000 ounces for the year with a mine-site all-in sustaining cost of up to $2,950/oz. Approximately 45% of the gold ounces produced will be in the first half of the year. The increase to the Mine-Site AISC guidance range in 2026 versus 2025 is primarily a result of higher gold price assumptions impacting royalty costs, increased fleet rebuild financing, increased infill and development drilling and increased waste stripping, all of which are designed to increase gold ounce production in 2027 and 2028. Infill and development drilling at Florida Canyon will consist of ~31,000 meters of reverse circulation drilling focused on near-mine targets designed to support oxide mineral reserve and resource growth. (TSXV: ITR) (NYSE American: ITRG) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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