Morning Briefing: Rio2 Acquires the Condestable Mine in Peru
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m your host, Trevor Hall
It's Tuesday, December 9th.
Gold and silver finished the day slightly lower yesterday, but remained in consolidation mode. For gold, the $4,200 level remains nice support for the metals. This morning, both are up in early morning trading. Silver, specifically, finds itself back at the top of its range once again, just north of $59/oz. Copper reached a new high of $11,771/t yesterday. Demand is picking up ahead of anticipated levies being increased in the US. And buyers are coming from data center builders. The hyperscalers are acquiring a lot of the copper supply recently.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Vizsla Silver
Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 375,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at https://vizslasilvercorp.com/
And here’s what you need to know this morning…..
Rio2 Limited announced last night that it is acquiring the Condestable Mine in Peru from Southern Peaks Mining. Southern Peaks will receive total upfront consideration of US$180 million, including US$80 million in cash, US$65 million in vendor debt financing and approximately US$35 million in common shares of Rio2. Southern Peaks will also receive total deferred consideration of US$37 million, payable between 2027 and 2030, for total consideration of US$217 million, implying a Transaction enterprise value of approximately US$241 million, including the assumption of approximately US$24 million of net debt. Condestable is a long-life underground copper operation with over 60 years of continuous production history. It is projected to generate average annual EBITDA of approximately US$110 million at consensus prices or approximately US$145 million at spot prices over the next five years. Rio2 did accompany the deal with a US$165M financing to finance the deal, which was increased in fairly short order after the news was released. (TSX: RIO; OTCQX: RIOFF) News Release
Magna Mining provided an exploration update from its past-producing Levack Mine in the Sudbury basin of Ontario, Canada. The company did publish four new diamond drill holes which tested the R2 target, with all four holes intersecting multiple veins containing high grade copper (“Cu”) and precious metals, including platinum (“Pt”), palladium (“Pd”), gold (“Au), and silver (“Ag”). Results included 12.9% Cu, 140.7 g/t Pt+Pd+Au and 78.0 g/t Ag over 0.3 metres, from 955.7 metres down hole and 18.6% Cu, 38.5 g/t Pt+Pd+Au and 105.0 g/t Ag over 0.6 metres, from 1,027.1 metres down hole, both coming from hole 6083-W3. Hole 2026-W2 returned 24.8% Cu, 26.3 g/t Pt+Pd+Au and 153.0 g/t Ag over 0.3 metres, from 1,069.4 metres down hole and another .4m of 25.0% Cu, 34.7 g/t Pt+Pd+Au and 151.0 g/t Ag. Mineralization within the R2 target area has now been intersected over a vertical extent of greater than 200 metres and remains open up-dip towards the No. 3 Footwall Zone and at depth and to the west towards the Morrison Footwall Cu-PGE Deposit. (TSXV: NICU) (OTCQX: MGMNF) News Release
Kenorland Minerals provided a thorough exploration update on its portfolio of project in Canada and Alaska. As of October 31, 2025, the Company's working capital position was approximately $18.5 million. Forecasted exploration expenditures in 2025 across properties where Kenorland holds direct or royalty interests total over $45.0 million, including approximately $35.3 million funded by partners. Forecasted revenue for the year, including management fees and cash payments, is approximately $4.1 million, with an additional $1.1 million expected from a refundable mining tax credit in 2026.The maiden Mineral Resource Estimate for the Frotet Project is expected shortly, which will incorporate 127,217 metres of drilling from 265 holes and will represent the first formal quantification of the high-grade gold mineralisation first discovered by Kenorland and Sumitomo in 2020. (TSXV: KLD) (OTCQX: KLDCF) News Release
Revival Gold published new drill results out of the Mercur gold project in Utah. Highlights from the 10 holes reported this morning included 1.3 g/t Au over 18.3m and .46 g/t Au over 56.4m. Three intercepts extend outside the current pit designs indicating potential upside in the Rover area of the deposit. Revival Gold has completed 108 holes for a total of 11,300 meters of the planned 13,000-meter drilling program. Drilling continues with two rigs turning and additional results are pending. (TSXV: RVG, OTCQX: RVLGF) News Release
Valkea Resources announced drill results from its fall exploration work on its Paana project in Finland. Assay results demonstrate continuity of bulk-tonnage style gold mineralization at the Koivu Zone covering a 200-meter dip extent and over 100-meter strike extent where it remains open down-dip and along strike. Results included 10.4 meters of 0.54 g/t gold at 193.95 meters downhole and 12.77 meters of 0.77 g/t gold including 6.0 meters of 1.15 g/t gold at 331.8 meters downhole in drill hole AW-25-010. Outside of the bulk-tonnage mineralization drilling hit 17.55 g/t Au over .5m in hole 12. Results are pending from a Phase 1, 300-hole base of till (BoT) program conducted across parts of the Paana Project designed to strengthen the pipeline of high-priority drill targets. (TSXV: OZ) (OTCQB: OZBKF) News Release
Minera Alamos has closed its private placement offering of C$3,500,000, by the issuance of 8,750,000 Units at a price of C$0.40 per Unit. Each Unit is comprised of one common share and one purchase warrant, each warrant entitling the holder to acquire one additional common share of the Company at a price of C$0.705 for a period of 36 months. Mr. Darren Blasutti, who recently joined the Company as Executive Vice President, Corporate Development, purchased 2,500,000 Units for subscription proceeds of C$1,000,000. (TSXV: MAI) (OTCQX: MAIFF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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