Morning Briefing: PIMCO Warns of a New Credit Loss Cycle

Good morning and welcome back to the Mining Stock Daily morning briefing. I am Trevor Hall. 

It's Thursday, June 11.

Gold is attempting a recovery this morning — it dropped to an overnight low of $4,052 before bouncing, and is currently trading at $4,103, still down about seven-tenths of a percent from Wednesday's close but well off the lows. Silver is also down one and a half percent to $63.71, above its overnight lows. The GDX has shed more than 16% over the past week, but many of the most important charts in precious metals and the equities are now sitting on stiff long-term support — some traders are placing bets on a bounce into the weekend.

The US launched a second day of strikes on Iran overnight, with President Trump saying Tehran had taken too long to negotiate a deal. Iran retaliated against Kuwait, Bahrain, and Jordan — with Jordan's military intercepting 20 missiles bound for a US military base. Gold is down less than one percent through all of it. Same read as yesterday: the market is watching rates and credit, not guns.

PIMCO via Bloomberg is warning this morning that the credit loss cycle is upon us — heavy AI infrastructure spending has loaded up leveraged loan and private direct lending markets, and lower-quality borrowers will be the first to feel the pain. It's one more layer of macro pressure on top of the rate headwinds already driving the GDX down 16% in a week.

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…Revival Gold.

Revival Gold is advancing the Beartrack-Arnett Gold Project in Idaho — the largest past-producing gold mine in the state — with a multi-million-ounce resource base and a pre-feasibility study underway. The company is also running a 16,000-metre drill program at the Mercur Gold Project in Utah, targeting a PFS completion in Q1 2027. Learn more at revival-gold.com.

Here’s what you need to know today.

Brixton Metals has commenced its fully funded 10,000-metre 2026 exploration program at the Thorn copper-gold project in northwestern British Columbia, with drilling underway since June 1 and 249 metres completed in three holes so far. The program targets the Camp Creek high-sulphidation gold and porphyry system, the recently discovered Catalyst and Tempest copper-gold porphyries, and the Sentinel copper porphyry target in the eastern portion of the property — with a concurrent magnetic survey advancing to refine additional drill targets (TSXV: BBB, OTCQX: BBBXF). News Release

GoldMining has released a PEA for the São Jorge Gold Project in Pará State, Brazil, outlining a $532 million after-tax NPV at a 5% discount rate and a 42.4% IRR at a $3,500 per ounce base case gold price — with a 2.8-year payback on $202 million of initial capital and a 10.6-year mine life averaging 51,250 ounces per year at an AISC of $1,464 per ounce. At current spot gold of $4,400 per ounce, the NPV climbs to $836.8 million with a 58.6% IRR; the company holds approximately $183 million in cash and securities to advance São Jorge into pre-feasibility (TSX: GOLD, NYSE American: GLDG). News Release

Barksdale Resources has established continuous hypogene copper mineralization to over 1,000 metres of vertical depth at the Sunnyside Property in Arizona's Patagonia mining district, with Phase II drilling now completing 19 holes for 20,005 feet while testing near-surface chalcocite targets alongside extensions of the silver-rich World's Fair and January-Norton vein systems. The company has announced plans for a 15,240-metre — or 50,000-foot — fall 2026 core program beginning in late Q3 or early Q4, designed to extend the near-surface copper to depth and define the full structural character of the porphyry deposit; completing Phase II will also satisfy the required 25,000-foot drilling threshold to increase Barksdale's ownership in Sunnyside to 67.5% (TSXV: BRO, OTCQB: BRKCF). News Release

Energy Fuels expects to hit its full-year 2026 uranium production guidance by the end of June — tracking toward approximately 1.6 million pounds of finished uranium oxide from White Mesa Mill in Utah through June 30, within the company's full-year range of 1.5 to 2.5 million pounds. Mining and transport costs at Pinyon Plain are running $23 to $30 per pound, while processing costs at White Mesa are at historic lows of $9 to $12 per pound (TSX: EFR, NYSE American: UUUU). News Release

Helius Minerals has received conditional approval from the TSX Venture Exchange for the acquisition of the Serra Pelada Gold-PGM Project in Pará State, Brazil — clearing the key regulatory hurdle and allowing the company to proceed with exercising its option under the definitive agreement with Colossus Minerals. The deal involves acquiring Colossus's Brazilian subsidiaries, which together hold a 75% interest in Serra Pelada — one of Brazil's most historically significant high-grade gold and platinum-group metal projects — and concurrently with the option exercise, $37.4 million in subscription receipt proceeds raised in a February 2026 brokered offering will be released from escrow to fund the transaction (TSXV: HHH). News Release

Coppernico Metals has announced a C$5 million Listed Issuer Financing Exemption offering, pricing 14.28 million units at C$0.35 each — each unit comprising one common share and one warrant exercisable at C$0.50 for 24 months — with closing targeted on or about June 26. Proceeds will be directed toward drill permitting and community agreements to support future exploration at the Sombrero copper-gold project in Peru, a 57,000-hectare land package in the Andahuaylas-Yauri trend that hosts copper-gold skarn and porphyry systems including the advanced Ccascabamba and Nioc target areas (TSX: COPR, OTCQB: CPPMF). News Release

Alaska Silver has appointed Aaron Schutt as its new Chief Executive Officer, with founder and current CEO Kit Marrs planning to retire following the transition. Schutt is the outgoing President and CEO of Doyon Limited — the Alaska Native regional corporation overseeing more than $500 million in revenue across a family of companies — bringing two decades of Alaska resource and arctic business leadership to the role (TSXV: WAM, OTCQX: WAMFF). News Release

Elemental Royalty has filed a Normal Course Issuer Bid, authorizing the repurchase of up to 3.22 million shares — 5% of shares outstanding — over a 12-month period commencing June 15. The board says it believes the market price doesn't fully reflect the value of the company's royalty portfolio and cash flow profile; Elemental, formed through the merger of Elemental Altus and EMX, holds 18 producing assets and more than 200 royalties (TSX: ELE, NASDAQ: ELE). News Release

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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.