Morning Briefing: Magna Mining Guide Record Breaking Quarter
Good morning and welcome back to the Mining Stock Daily morning briefing. I am Trevor Hall.
It's Monday, June 29.
Gold is down one percent to $4,052 an ounce this morning, on track for what could be a fourth consecutive monthly loss. Silver is also off one percent to $58.48. Copper is bucking that trend, gaining eight-tenths of a percent to $6.19 a pound. US equity futures are pointing to a stronger open as tech stocks attempt to recover recent losses.
The backdrop for gold's continued pullback is by now a familiar one. Iran launched missiles and drones at US military sites in Kuwait and Bahrain early Sunday morning — shortly after President Trump threatened that Iran would cease to exist if it failed to honor its existing commitments. But as has consistently been the case since the beginning of this conflict, the two sides pulled back before markets opened Sunday, agreeing to halt hostilities and renew negotiations over the Strait of Hormuz. The renewed ceasefire is limiting this morning's damage to that one-percent move.
Canada and Japan are working toward a formal critical minerals partnership that could include joint mining projects, off-take agreements, and joint stockpiling of materials such as graphite and gallium. Canada's International Trade Minister Maninder Sidhu is currently in Tokyo leading what Reuters describes as Canada's largest-ever trade mission to the Asia-Pacific — roughly 300 representatives from 180 companies — with Mitsubishi Corp. signaling strong interest in deepening Canadian resource commitments beyond its existing stake in LNG Canada. The push is driven in large part by China's decision to ban rare earth and critical mineral exports to Japan, and the Japan-Canada story is increasingly one of the more compelling diversification plays in the global critical minerals landscape.
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…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
Here's what you need to know today.
Magna Mining has reported record quarterly tonnage at the McCreedy West Mine in Sudbury in its Q2 2026 operational update — its strongest production period since taking over operations at the copper-nickel mine. As of end of the day on Friday (June 26), McCreedy West had shipped 91,724 tons of ore from the 700 Copper Zone to Vale Base Metals’ Clarabelle mill in Sudbury, with four days remaining in the second quarter. That is an 11.5% increase over Q1. The average grade of the 66,445 tons of ore shipped during April and May is 3.55% copper equivalent. Underground development at McCreedy West during the quarter is anticipated to exceed 2,350 feet, also a record under Magna ownership. (TSX: NICU, OTCQX: MGMNF). News Release
Collective Mining has discovered a new tungsten-enriched high-grade subzone 300 metres below surface at the Apollo porphyry system in Antioquia, Colombia, with a standout drill hole returning 27.35 metres at 37.55 grams per tonne gold-equivalent — including 1.68% tungsten trioxide, 11.62 grams per tonne gold, 54 grams per tonne silver, and 0.43% copper. This newly identified tungsten enriched subzone remains open down-dip along the Apollo breccia body eastern contact margin, with follow up drilling expected to commence shortly. (TSX: CNL, NYSE: CNL). News Release
Fitzroy Minerals has intersected 59.0 metres at 1.73% copper from 92.0 metres at the Buen Retiro Copper Project in Chile — including a high-grade core of 12.0 metres at 5.39% copper from 136.0 metres — building on a May hole that returned 78.0 metres at 1.70% copper and confirming a shallow, wide, and consistent system with strong open-pit potential. On the back of these results, Fitzroy has expanded the drill program to 22,000 metres (TSXV: FTZ, OTC: FTZFF). News Release
Blue Moon Metals has reported a bulk sample assay from the Apex Project in Nevada returning 0.180% germanium and 0.0273% gallium alongside 1.96% copper — both germanium and gallium are on the USGS critical minerals list and are among the metals China has targeted with export restrictions to Japan and the West. The result adds strategic value to a company also advancing the Nussir copper project in Arctic Norway, where it awarded an EPC contract for the processing plant just five days ago (TSXV: MOON, NASDAQ: BMM). News Release
Koryx Copper has released further drill results from the Haib Copper Project in southern Namibia. Results were highlighted with 584m of .34% CuEq, 428m of .35% CuEq and 714m of .31% CuEq. The company closed C$51 million in financing earlier this year to fund an accelerated drill program at Haib as it advances toward feasibility; copper at $6.19 a pound this morning keeps the project's economics well in focus (TSXV: KRY, OTC: KRYXF). News Release
Enduro Metals has commenced the first-ever drill program at the Andrei copper-gold porphyry target on the 688-square-kilometre Newmont Lake Project in British Columbia's Golden Triangle, with the drill turning on a target defined and prepared by last year's surface exploration and geological mapping campaign. Andrei is one of multiple large porphyry targets on the property alongside McLymont, Burgundy Ridge, and Chachi; maiden drill programs at the Golden Triangle consistently generate significant interest given the region's track record of world-class copper-gold discoveries (TSXV: ENDR, OTC: ENDMF). News Release
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That's it for today everyone. Have a great day. Stay safe.
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