Morning Briefing: Q2 Metals Releases PEA Showing C$13.49B NPV

Good morning and welcome back to the Mining Stock Daily morning briefing.I am your host Michael McCrae filling in for Trevor Hall. 

It's Wednesday, November 11, Remembrance Day in Canada and Veteran’s Day in the U.S. 

Stock futures are rising this morning, reversing some of yesterday's losses caused by higher-than-expected inflation numbers. Some catalysts are the demand surrounding Anthropic's massive $1.3 trillion initial public offering filing, and CoreWeave’s strong financial results when markets were worried about the company’s debt load. 

Yesterday’s October consumer price index report revealed that inflation increased by 0.4% monthly, exceeding the 0.3% expected by economists. This hotter-than-forecasted print weighed heavily on market sentiment, raising concerns that the Federal Reserve may maintain tight monetary policy or pursue an aggressive interest rate hike in December.

Dow, S&P and Nasdaq futures are all higher. 

Gold futures are at $4,058 and crude oil futures are at $87.01.

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...Equinox Gold.

Equinox Gold is a growth-focused gold producer operating mines across the Americas. With cornerstone assets like the Greenstone Mine in Ontario and the Valentine Gold Project in Newfoundland & Labrador, Equinox is advancing a new generation of large-scale, long-life gold operations. Learn more about their portfolio and development pipeline at equinoxgold.com.

Here’s the news you need to know today. 

Q2 Metals released a preliminary economic assessment for its Cisco Lithium Project in Québec showing an after-tax NPV of C$13.49 billion at an 8% discount rate and a 38.7% IRR. The study outlines average production of 1.7 million tonnes of SC5.5 annually over a 28-year mine life, against initial capital of C$2.93 billion and an AISC of C$454 per tonne before royalties. The economics rest on a long-term price of US$1,647 per tonne and a resource built from 75 holes drilled through December 2025, so the figures remain conceptual until further drilling and engineering are completed. [TSXV: QTWO] News Release

Coppernico Metals has received the final Start-of-Activities authorization from Peru’s Ministry of Energy and Mines, clearing the way to drill under its expanded permit covering about 3,122 hectares at the Sombrero copper-gold project. The company outlined a Phase 2 program of roughly 20,000 metres across nine targets, though the pace and scale will depend on market conditions and available funding, with only initial drilling at Fierrazo currently funded. Site preparation is underway at Fierrazo, where only about 200 metres of a skarn body at least 700 metres long has been drilled, while first-ever drilling at Nioc is not expected until 2027 pending a separate community agreement and permit. [TSX: COPR] News Release

Elemental Royalty reported third-quarter revenue of US$20.8 million, up 203% from Q3 2025, on 4,861 gold equivalent ounces versus 2,362 a year earlier. Adjusted EBITDA rose 168% to US$16.6 million, and year-to-date GEOs reached a record 15,092, keeping the company on track for its 2026 guidance of 19,500 to 22,000 GEOs. Cash stood at US$23.0 million at quarter end, and management says rising cash flow from Karlawinda, Bonikro, Timok and Caserones will help fund acquisitions while reducing leverage and limiting dilution. [NASDAQ: ELE] News Release

Barrick Mining has named its planned North American gold spin-out American Barrick Gold Corporation and filed a registration statement with the SEC for a proposed initial public offering. The new company intends to list on the New York Stock Exchange under the ticker ABGC, with the number of shares and price range yet to be set and net proceeds expected to flow back to Barrick shareholders. The filing includes technical report summaries for Nevada Gold Mines and Pueblo Viejo along with an initial assessment for Fourmile, and Barrick plans to file a 43-101 PEA for Fourmile within 45 days. [NYSE: B] News Release

Tudor Gold reported results from four holes at the Perfectstorm Zone on its 80%-owned Treaty Creek Project, including 9.00 g/t gold over 9.50 metres from a newly identified high-grade epithermal system about 500 metres northwest of prior drilling. Hole PS-26-34 returned 2.25 g/t gold over 37.50 metres starting 127.50 metres downhole, while PS-26-35 extended gold-dominant mineralization at depth in the PSP Zone, which remains open down-dip and along strike. The 2026 program wrapped up at 22,511 metres in 44 holes, with 19 holes still awaiting assays before a maiden resource estimate for the PSP Zone can be prepared. [TSXV: TUD] News Release

Discovery Mining produced a record 70,564 ounces of gold in Q3 2026, up 12% year over year, in a quarter that included the first full three months of results from the Kidd Operations acquired in June. Operating cash flow of US$203.3 million funded US$116.4 million in cash capital spending and left US$86.9 million in free cash flow, lifting cash to US$450.7 million. Unit costs are tracking to the top end of guidance, with AISC at US$2,293 per ounce for the quarter, while Cordero spending guidance was cut to US$20 to US$30 million after key permits were received.[TSX: DSV] News Release 

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