Morning Briefing: Metals Attempt to Stabilize Following Friday's Sell-off

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

It's Monday, November 2nd.

Gold is finding its footing this morning at $3,901 an ounce, up about two-thirds of a percent as buyers step in following Friday's brutal selloff to a one-year low. Silver is bouncing as well, up more than two and a half percent at $50.13 an ounce. Copper is edging higher to $6.49 a pound.

Friday was a punishing session for precious metals. Gold fell 3.2% to a one-year low of $3,891 an ounce, putting bullion on track for a 6% decline in October, its worst October since 2008 and roughly 28% below its January record of $5,419. The selling came from two directions: tensions in the Middle East pushed oil to its highest since April, reinforcing inflation fears and driving traders to price more than a 70% probability of a Federal Reserve rate hike in December; and a sharp selloff in technology stocks triggered margin calls that forced liquidation across the precious metals complex. Silver broke below $50 an ounce for the first time since last November and fell nearly 6% on the day, and mining stocks dropped as much as 8%, with Kinross, Agnico, and Barrick among the hardest hit. Both metals are stabilizing this morning but the picture for the sector has changed meaningfully.

Adding to the gold demand picture, Tether, the El Salvador-headquartered issuer of the world's largest stablecoin, reduced the amount of gold in its reserves backing USDT by 3.4 metric tonnes in the third quarter to 142.8 tonnes as of the end of September. This is the first reduction since Tether emerged as a notable gold buyer last year and represents a reversal of a trend that had drawn attention from the metals market. Gold now represents roughly 10% of Tether's USDT reserves, which are predominantly backed by US Treasury bills. Tether's separate gold-backed token, XAUT, continues to accumulate, holding 25.7 tonnes and growing by about 4 tonnes in the quarter.

 We will get to the news from the miners and explorers in a moment, but first a mention of today's sponsor: This episode of Mining Stock Daily is brought to you by… Integra Resources.

Integra Resources is a gold producer and developer with assets in Nevada and Idaho. At Florida Canyon, an open-pit heap leach gold mine in Pershing County, Nevada, the company's June 2026 feasibility study outlined an 8-year mine life and US$0.8 billion in after-tax free cash flow. At the DeLamar Gold-Silver Project in Owyhee County, Idaho, detailed engineering, permitting, and procurement are advancing on plan, and the company has appointed GenCap as project financing advisor, signaling the transition into the financing and pre-construction phase of development. Integra Resources trades on the TSX Venture Exchange as ITR and on the NYSE American as ITRG.

Here's what you need to know today.

District Metals has released results from four drill holes, VIK-26-002 through VIK-26-005, at Target A on the Viken Property in Jamtland County, Sweden, with all four intersecting significant cumulative intervals of Alum Shale. The standout hole, VIK-26-005, returned 198 metres of cumulative Alum Shale from 24 to 274 metres depth. To put that in context, Alum Shale naturally occurs in sequences that are typically 5 to 20 metres thick, and the company says structural stacking at Target A is responsible for the exceptional cumulative intervals. Geochemical assays are still pending to confirm grade and continuity of mineralization. District Metals trades on the TSX Venture Exchange as DMX and on the OTCQX as DMXCF. NEWS RELEASE

1911 Gold has reported infill drill results at the True North Gold Project in the Bissett Gold Camp of eastern Manitoba, with a highlight interval of 14.86 grams per tonne gold over 7.20 metres. The True North deposit carries an Indicated resource averaging 4.41 grams per tonne gold, making this infill result roughly three times the deposit average. The True North Complex includes a modern, fully permitted 1,300-tonne-per-day processing facility currently under care and maintenance, and the company's strategy is to grow the resource base to support a restart of an operation that has produced more than two million ounces of gold over its history. 1911 Gold trades on the TSX Venture Exchange as AUMB and on the OTCQX as AUMBF. NEWS RELEASE

Revival Gold has released a comprehensive update on the Mercur Gold Project in Tooele and Utah Counties, Utah's largest primary gold development project. Over the past 18 months the company has completed 24 kilometres of resource delineation drilling to convert Inferred material to the Measured and Indicated categories, and an updated mineral resource estimate and pre-feasibility study are both targeted for completion by the end of Q1 2027. On the permitting side, the company is preparing a Notice of Intention to formally kick off the revision of Mercur's Large Mine Operating permit, with approval expected within approximately 12 months of filing. Revival Gold trades on the TSX Venture Exchange as RVG. NEWS RELEASE

C3 Metals has reported what it calls the highest-grade copper and gold mineralization intersected to date at its Khaleesi Project in Peru, with a hole returning 64.9 metres at 3.45% copper equivalent, including 23.3 metres at 6.64% copper equivalent. Grades of this magnitude reflect a meaningful gold contribution alongside copper and rank among the stronger copper-gold intercepts from the Peru exploration circuit this year. C3 Metals trades on the TSX Venture Exchange as CCCM. NEWS RELEASE

West Red Lake Gold has announced a US$95 million credit facility and gold offtake agreement with Centalion, a significant financing milestone for the company as it advances toward production at its project in northwestern Ontario's Red Lake Gold District. Funds advanced under the Proposed Facility are intended to refinance the Company’s existing secured debt facility with Nebari. West Red Lake Gold trades on the TSX Venture Exchange as WRLG. NEWS RELEASE

Pecoy Copper has announced a C$49.8 million strategic financing led by Hudbay Minerals, a significant validation of the company's copper project from one of Canada's most established base metal producers. Hudbay will invest approximately C30.1M and the strategic investor will invest approximately C19.7M, each at the Issue Price of $2.02 per share, representing a 10% premium to the 10-day volume weighted average price. Pecoy Copper trades on the TSX Venture Exchange as PCU. NEWS RELEASE

Radisson Mining has appointed M. Simon Gelinas as Vice President of Operations and and will be responsible for the management of Radisson’s recently announced Advanced Underground /Exploration Program at the O’Brien Gold Project in the Abitibi. Radisson's Advanced Underground Exploration Program will comprise an access ramp and related underground infrastructure developed to an expected vertical depth of 300 metres. Radisson Mining trades on the TSX Venture Exchange as RDS. NEWS RELEASE

Meridian Mining has filed the NI 43-101 Definitive Feasibility Study Technical Report for the Cabaçal Gold-Copper-Silver Deposit in Mato Grosso, Brazil, completing the formal technical disclosure requirements for the project's feasibility-stage study. Filing the full technical report is a regulatory requirement and represents the final step in formally establishing the project's economic and geological parameters under Canadian securities standards. Meridian Mining trades on the Toronto Stock Exchange as MNO. NEWS RELEASE

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