Morning Briefing: Magna Mining Publish Levack Resource, Equinox's Valentine Reaches Commercial Production
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m your host, Trevor Hall
It's Tuesday, November 18th.
Gold prices fell yesterday, along with general equity indices in the United States. Traders continued to scale back on the possibilities of a December rate cut, which was causing nerves to heighten a bit and risk to be taken off the table. Bitcoin briefly fell below $90K early this morning but has since rebounded a bit. It continues to show weakness. But the general market is on shaky ground this week as big companies are now announcing debt funding for AI spending. Google’s Alphabet CEO, Sundar Pichai, told the BBC today that no company would be unscathed if the AI boom collapses.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Vizsla Silver.
Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 375,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at https://vizslasilvercorp.com/
And here’s what you need to know this morning…..
Equinox gold says it has reached commercial production at its Valentine gold Mine in Newfoundland and Labrador. For the last 60 days, the Valentine process plant averaged 5,451 tonnes per day ("tpd"), representing 80% of nameplate capacity of 6,850 tpd, with gold recovery averaging over 93% on lower-grade commissioning feed of 1.2 grams per tonne gold. Valentine is expected to deliver into the higher end of our Q4 production range of 15,000 to 30,000 ounces of gold. With the ramp-up firmly on track, the company anticipates Valentine will reach nameplate capacity by Q2 2026, resulting in 150,000 to 200,000 ounces of gold produced in 2026. (TSX: EQX) (NYSE American: EQX) News Release
Magna Mining has published a mineral resource estimate for the Levack Mine in the Sudbury Basin of Ontario. The Levack Mine MRE is comprised of both footwall-type deposits, which contain copper ("Cu") and precious metals including gold ("Au"), platinum ("Pt"), palladium ("Pd") and silver ("Ag"), and contact-type deposits hosting mineralization rich in nickel ("Ni") and Cu. Current mineralization shown in the report in the Levack Mine includes 6.1 million tonnes in the Indicated category at 3.5% copper equivalent, as well as 5.2 million tonnes in the Inferred category at 3.6% CuEq. This resource estimate will now be used to complete a Preliminary Economic Assessment ("PEA") with the vision of utilizing a new ramp from surface to access the shallower deposits, as well as the existing shaft and loading pocket infrastructure to hoist higher grade footwall copper-precious metals ore from deeper within the mine. The contract to complete the PEA will be awarded prior to the end of the year and will be completed during 2026. In addition, Magna has engaged a contractor to begin developing the scope of work to re-establish hoisting capabilities, and this work could potentially begin in early 2026. (TSXV: NICU) (OTCQX: MGMNF) News Release
First Mining Gold shared results of their updated Pre-Feasibility Study for the Springpole Gold Project in Ontario. At a $3,100 per ounce of gold base case, the project economics is now estimated at US$3.2 billion pre-tax net present value and a 54% pre-tax internal rate of return. Springpole hosts a 9.4 year mine life with a payback period of 1.8 years. Initial capital costs come in at $1.1B. The 2025 PFS evaluates recovery of gold and silver from a 30,000 tpd open pit operation, with a process plant planned to include crushing, grinding, and flotation, with fine grinding of the flotation concentrate and separate agitated leaching circuits for both the reground flotation concentrate and the flotation tailings, followed by a carbon-in-pulp recovery process and a Merrill-Crowe circuit to produce doré bars. The updated mineral resource in the PFS includes 4.8 million gold ounces of indicated. (TSX: FF) (OTCQX: FFMGF) News Release
District Metals says the airborne MobileMT survey conducted over its 100%-owned Tåsjö nr 101 to 108 mineral licenses, located in Jämtland and Västerbotten Counties, north-central Sweden, were successful. On the basis of these encouraging results, the Company has filed several applications for new mineral licenses adjacent to some of the Tåsjö mineral licenses that cover possible extensions of MobileMT anomalies.
Together with the Österkälen and Malgomaj mineral licenses, the Tåsjö mineral licenses form part of the Company's Alum Shale Properties, collectively covering approximately 79,250 hectares. All three license areas were surveyed using MobileMT during the summer of 2025. The survey generated extensive datasets and revealed numerous geophysical anomalies. The results are being released in a series of three announcements - this being the second. (TSXV: DMX) (Nasdaq First North: DMXSE SDB) (OTCQX: DMXCF) News Release
The Mining Stock Daily morning briefing is produced by Clear Commodity Network. It is distributed throughout the world through your podcast network of choice, and by our friends at the Junior Mining Network.
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.