Morning Briefing: Markets React to a Potential Iran/US One-Page MOU

Good morning and welcome back to the Mining Stock Daily morning briefing. 

It's Wednesday, May 6.

Big moves this morning. Gold is up more than 3% to $4,722 an ounce, silver is ripping higher — up over 6% to $78.13 — and Brent crude is cratering, down over 11% to $97 a barrel.

The Strait of Hormuz situation is shifting fast. Iran's Revolutionary Guards Navy announced overnight that transit through the strait is now secure, citing an end to US threats and the introduction of new procedures — though they offered no specifics on what those procedures entail. That's enough for oil markets to sell off hard this morning, with Brent dropping more than $12 a barrel on the news. At the same time, gold and silver are surging, which tells you the market is reading this not as a resolution but as a regime change in uncertainty — the energy risk premium is coming out of crude, while gold and silver are pricing in what comes next: sanctions relief, dollar weakness, and a flood of capital back into risk assets. The White House is reportedly nearing a one-page memorandum of understanding with Iran to halt fighting and begin nuclear talks, with Iran expected to respond within 48 hours. The core terms as reported: Iran would pause uranium enrichment, forgo nuclear weapons, accept UN inspections, and curb underground sites; the US would ease sanctions and release frozen assets; and both sides would agree to loosen Strait of Hormuz restrictions. No deal is final, but if this framework holds, it is the most significant geopolitical development for commodities in months — and precious metals are pricing in the possibility right now.

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…Equinox Gold.

Equinox Gold is a Canadian mining company with a multi-mine portfolio of producing and development-stage gold assets across the Americas. The company reported a strong Q1 2026 with nearly 198,000 ounces of gold produced, reduced total debt by approximately $990 million in the quarter, and paid its inaugural dividend in March. With a delevered balance sheet and gold above $4,500 an ounce, Equinox is well positioned for the current environment. Learn more at equinoxgold.com.

And here's what you need to know this morning…..

Lundin Gold has released new drill results from the Fruta del Norte South deposit at its producing FDN gold mine in southeast Ecuador — with two holes returning what the company says are the highest-grade intercepts ever drilled at FDNS. Hole FDN-C25-374 returned 667.78 grams per tonne gold over 7.50 metres within a broader envelope of 60.19 grams per tonne over 13.95 metres, and hole FDN-C26-380 returned 523.01 grams per tonne gold over 8.25 metres within 32.94 grams per tonne over 4.55 metres. FDNS has been one of the more significant exploration stories in the gold sector. Lundin is running approximately 133,000 metres of drilling in 2026, the largest exploration program in the company's history (TSX: LUG, NYSE American: LUG). News Release

Collective Mining has confirmed high-grade gold on the previously untested western margin of the Ramp Zone within the Apollo breccia body in Caldas, Colombia, with three maiden holes covering approximately 70 metres of lateral extent and 205 vertical metres of volume returning multiple strong intercepts: 23.15 metres at 4.61 grams per tonne gold and 11 grams per tonne silver from 1,163 metres below surface in hole APC140-D5, 5.30 metres at 37.04 grams per tonne gold and 28 grams per tonne silver from 1,090 metres in APC140-D6, and 8.60 metres at 6.51 grams per tonne gold and 13 grams per tonne silver from 1,316 metres in APC140-D7. To date, only 385 metres of the projected 1,500-metre circumference of the cone-shaped breccia body has been tested for Ramp Zone mineralization — Collective has seven drill rigs dedicated exclusively to testing the full 1,500-metre circumference in 2026. The release also includes broader mineralized intercepts from four shallower holes, with APC151-D1 returning 232.70 metres at 1.80 grams per tonne gold equivalent from 423 metres depth including 45.0 metres at 3.50 grams per tonne AuEq, and APC151-D2 returning 160.15 metres at 2.03 grams per tonne AuEq from 467 metres including 21.10 metres at 4.62 grams per tonne AuEq (TSX: CNL, NYSE American: CNL). News Release

Apex Critical Metals has released new assay results that widen and extend the newly discovered Neo Zone at the Rift Rare Earth Project in southeastern Nebraska, with results confirming significant neodymium-praseodymium enrichment well above typical carbonatite averages. The new intervals include 13.5 metres at 1.08% total rare earth oxides with 31.7% NdPr distribution, 17.2 metres at 0.89% REO with 39.4% NdPr, and 22.7 metres at 0.79% REO with 32.8% NdPr. By comparison, NdPr typically represents 14 to 20% of total REO in carbonatite deposits, making these results substantially more enriched than the global average. (CSE: APXC, OTCQX: APXCF). News Release

Newcore Gold has released new drill results from the Boin Gold Deposit at the Enchi Gold Project in southwestern Ghana, with hole KBDD107 intersecting 1.23 grams per tonne gold over 33.0 metres from 337 metres depth, including 2.16 grams per tonne over 13.0 metres. The result is from diamond drilling in the fresh mineral horizon below the limits of the current open pit-constrained resource, which stands at 1.5 million ounces indicated and 626,000 ounces inferred. The 60,000-metre drill program at Enchi is ongoing (TSX-V: NCAU, OTCQX: NCAUF). News Release

Precipitate Gold has issued an update in response to a recent Dominican Republic government statement, confirming that drilling is continuing at its 100%-owned Pueblo Grande Project. The government statement relates to the suspension of GoldQuest Mining's Romero Project following mass protests over environmental concerns — a separate project in a different part of the country. Precipitate's Pueblo Grande Norte zone, where a 2,000-metre diamond drill program commenced in late March, is not affected by the Romero situation, and the company says its program remains on track (TSX-V: PRG, OTC: PREIF). News Release

Heliostar Metals has announced the addition of Dennis Wilson to its management team as Vice President of Health, Safety, Environment and Sustainability, alongside a reorganization focused on advancing the Ana Paula gold development project in Mexico toward production. As part of the restructuring, Hernan Dorado moves into a new role as Vice President of Operations, with the general managers of the producing San Agustin and La Colorada mines now reporting through that position rather than directly to the COO (TSX-V: HSTR, OTCQX: HSTXF). News Release

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

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