Morning Briefing: PDAC Underway with Big M&A News - Hudbay to Acquire Arizona Sonoran
Good morning and welcome back to the Mining Stock Daily morning briefing.
It’s Monday, March 2nd
Global stock markets opened sharply lower today as traders reacted to the weekend’s intense U.S. and Israeli strikes on Iran, with major equity futures indicating declines amid a broad risk-off mood. Oil and energy prices surged at the open, with Brent crude climbing toward multi-month highs on fears that shipping disruptions in the Strait of Hormuz will choke global supply, while natural gas also spiked. Airlines, travel stocks, and regional markets were under pressure amid uncertainty over the conflict’s spread across the Middle East, with some Gulf exchanges even halting trading temporarily due to fallout. Gold did cross above $5,400/oz earlier in the session but is being faded as the day progresses. Silver is down over 3%.
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…..
Hudbay Minerals has entered into a definitive agreement to acquire all of the issued and outstanding common shares of Arizona Sonoran Copper. The offer implies a value of C$9.35 per ASCU share based on Hudbay's closing share price on the Toronto Stock Exchange on February 27, 2026, and represents a premium of 30% to ASCU’s closing share price on February 27, 2026. The offer implies a premium of 36% based on Hudbay’s and ASCU’s 20-day volume-weighted-average share prices on the TSX for the period ending February 27, 2026. The Transaction will result in Hudbay owning a 100% interest in ASCU’s Cactus project. The one and a half billion dollar deal will combine Arizona Sonoran's Cactus project with Hudbay's Copper World development. With Copper World and near-term optimisation projects, output is expected to exceed 250 000 t/y by 2030, with potential to grow to more than 350 000 t/y as Cactus is developed in stages. (TSX, NYSE: HBM)(TSX: ASCU; OTCQX: ASCUF) News Release
Aldebaran and Centauri Metals announced the results of an updated mineral resource estimate for the Rio Grande gold-copper project in Salta, Argentina. The indicated Resources contain 1.45 million ounces of gold, 384,000 tonnes of copper and 12.7 million ounces of silver. The inferred resource comes in at 1.55 million ounces of gold, 420,000 tonnes of copper and 17.8 million ounces of silver. Mineralization at Rio Grande remains open at depth in all of the known zones, particularly in the Sofia and Southwest zones. Drilling completed to date has primarily tested the upper portions of the mineralized system, however many of the existing drill holes terminated in sulphide mineralization. In addition, geological interpretation indicates potential for deeper sulphide extensions of the known zones, with historic drilling intercepting mineralization in porphyry dykes whose source has yet to be discovered. Centauri is currently working on the legal and commercial requirements to complete the previously announced spinout and go-public event, expected to be completed in the first half of 2026. (TSX-V: ALDE, OTCQX: ADBRF) News Release
Radisson Mining has also published an updated resource estimate for its O’Brien gold Project in the Abitibi of Quebec. Today's updated MRE is an interim report and shows an 82% increase in Inferred Mineral Resources from step-out drilling intersecting new mineralization, with 1.69 million ounces ("Moz") in 10.37 million tonnes ("Mt") at 5.08 grams per tonne. The inferred resources has an 8% increase with 0.63 Moz in 3.49 Mt at 5.59 g/t Au. The Company is currently undertaking a fully-funded 140,000-metre step-out drill program at the Project with the objective of determining the scope of mineralization to a depth of 2 kilometres. This program commenced in 2025 and is expected to continue through the first half of 2027. (TSXV: RDS) (OTCQB: RMRDF) News Release
LiFT Power has commenced a scoping study to build a Lithium Carbonate Converter. to be integrated with its Yellowknife Lithium Project in the Northwest Territories. The Converter Project will have a planned production capacity of 30ktpa Lithium Carbonate Equivalent of Battery Grade Lithium Carbonate, sourcing future feedstock from the Yellowknife Lithium Project. The launch of the Scoping Study is coordinated with the emerging regional demand considerations, as the lithium battery value chain continues to evolve and develop in Canada and more broadly the North American market. (TSXV: LIFT) (OTCQX: LIFFF) News Release
Discovery Silver corp is acquiring the Kidd operations in Timmins, Ontario from Glencore. The Kidd Operations include the Kidd Metallurgical Site, the Kidd tailings management area and the Kidd Creek copper, zinc and silver mine. The company says this supports Discovery’s vision to more than double gold production in Timmins to over half a million ounces per year. Consideration to Glencore at closing includes $10 million in Discovery common shares, offtake arrangements related to concentrates produced from the Kidd Operations, and a 1% NSR royalty on minerals produced from a large exploration land package held by Kidd Creek Timber Ltd., that is located outside of the existing Kidd Creek operations. The Agreement also includes a deferred payment of up to $75 million, payable either in Discovery common shares or in cash at the sole discretion of Discovery. (TSX: DSV, OTCQX: DSVSF) News Release
AbraSilver Resources its flagship Diablillos silver-gold project has been formally approved for inclusion under Argentina's Large Investment Incentive Regime ("RIGI"). The approval was confirmed by Argentina's Minister of Economy, Luis Caputo, through his official X account on Friday February 27th. The official government resolution announcing RIGI approval for the Diablillos project is expected later in March. RIGI is a federal investment framework designed to accelerate large-scale development projects in Argentina by providing long-term fiscal stability along with competitive tax, customs, and foreign-exchange benefits. (TSX: ABRA) (OTCQX: ABBRF) News Release
Newcore gold says it has received total proceeds of approximately $10.3 million from the exercise of 20,548,000 common share purchase warrants of the Company which expired on February 27, 2026. The Warrants had an exercise price of $0.50 and were originally issued on February 27, 2025 following the completion of a private placement financing. (TSX-V: NCAU, OTCQX: NCAUF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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