Morning Briefing: Sierra Madre Closes Acquisition of Del Toro, Magna Drills High-Grade at Levack

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

It's Monday, June 22nd.

The metals are catching a bid to start the week. Gold is up 1.27%, or about 53 dollars, to $4,204 an ounce on the spot price. Silver is outperforming, up 2.08% to $66.25. And copper is firmer as well, up just under half a percent to $6.36 a pound. Brent crude, on the other hand, is moving the other way — slipping toward $78.80, off around 1.5% from Friday's $80 close.

The split tells the story of the weekend's headlines out of Switzerland. After a stop-start few days, the first day of high-level US-Iran talks landed on the constructive side: mediators Pakistan and Qatar say the two sides made "encouraging progress," agreeing on a roadmap toward a final deal within 60 days, plus a "de-confliction cell" to wind down military operations in Lebanon. So precious metals are getting a safe-haven bid on the uncertainty, while Brent fades as that 60-day roadmap takes some of the Hormuz supply premium back out of oil.

The other thread worth watching this morning is on critical minerals. China has started more closely scrutinizing its exports of indium — the metal behind indium phosphide, a key material for high-speed AI chips. This raises concerns that formal export curbs could follow, as Beijing has done with other critical minerals. China produces roughly 70% of the world's indium, and indium phosphide itself has been on China's export-control list since early 2025. 

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…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.

Here's what you need to know today.

Magna Mining turned in some eye-popping grades from its past-producing Levack Mine in the Sudbury Basin. The R2 Footwall Zone returned 29.7% copper-equivalent over 3.4 metres — and that breaks down to 9.4% copper, 2.3% nickel, 19.8 grams per tonne gold, and 8.8 grams of combined platinum and palladium. The R2 is a copper- and precious-metal-rich footwall vein system that Magna compares to Sudbury's Morrison deposit, and the company is advancing Levack toward a potential restart decision in the second half of this year (TSXV: NICU, OTCQX: MGMNF). News Release

Alamos Gold has reported more high-grade drilling from across its Island Gold District in Ontario, extending mineralization at the main Island Gold deposit and at the nearby past-producing Cline-Pick and Edwards targets, which the company frames as potential sources of additional higher-grade feed for the expanded Magino mill. Today's standouts include a bonanza hit from the NS4 zone — a parallel structure tracking about 180 metres west of NS1 — grading 132.9 grams per tonne gold, over 2.2 metres; alongside 19.5 grams, over a healthy 11.6 metres in the NS1 zone; and out at the regional Cline-Pick mines, 67.9 grams over 3.05 metres, including 127.7 grams over 1.35. It all feeds the Island Gold District Expansion to 20,000 tonnes per day, a plan built on 8.3 million ounces of reserves that Alamos has positioned as one of Canada's largest and lowest-cost gold operations (TSX, NYSE: AGI). News Release

In deal news, Sierra Madre Gold & Silver and First Majestic Silver have closed the acquisition of the Del Toro silver mine. The transaction is worth up to US$60 million — US$30 million upfront in cash and shares, with up to another US$30 million in deferred and contingent payments. Del Toro is a fully permitted past-producer with three underground mines and a 3,000-tonne-per-day flotation plant. It's the second mine Sierra Madre has acquired from First Majestic, following La Guitarra, which it brought back into commercial production at the start of 2025 (Sierra Madre TSXV: SM; First Majestic TSX, NYSE: AG). News Release

Radisson Mining continues to extend the scope of gold mineralization at its 100%-owned O'Brien Gold Project in the Abitibi region of Québec, with another batch of step-out results from its 140,000-metre program. The new holes keep returning both width and high grade: OB-26-378W3 cut 4.06 grams per tonne gold over 13.1 metres and 3.52 grams over 13.0 metres, while OB-26-385W3 hit a spectacular 178.7 grams over 1.1 metres. The program keeps pushing high-grade gold below the historic O'Brien mine, the project Radisson is advancing on the strength of a July 2025 PEA that outlined an 11-year mine life using existing regional infrastructure (TSX-V: RDS, OTCQX: RMRDF). News Release

Copper Giant Resources has extended mineralization below the conceptual pit at its Mocoa copper-molybdenum porphyry in Putumayo, Colombia — into ground previously modeled as waste — and confirmed a third mineralized corridor within the system. Today's deep infill hole, MD-064, returned more than a kilometre of mineralization and included 486 metres of 0.57% copper-equivalent, running above the deposit's 0.51% resource average, while a companion hole extends mineralization at depth toward the La Estrella corridor. Mocoa is a large Jurassic-age porphyry with continuous copper and molybdenum from surface to beyond 1,100 metres depth, and the company is running three rigs in a fully funded 2026 program as it works toward PEA-level studies (TSXV: CGNT). News Release

Apex Critical Metals delivered its strongest rare-earth results yet from the Rift project within the Elk Creek Carbonatite Complex. The company cut 14.9 metres of 5.09% total rare-earth oxide and 12.3 metres of 5.63%, within a broader 191.9 metres averaging better than 2.50%. The high-grade Trinity Zone now stretches roughly 380 metres and remains open in all directions, with Apex targeting a maiden resource estimate by the first quarter of 2027 — a timely name given this morning's critical-minerals backdrop (CSE: APXC, OTCQX: APXCF). News Release

And finally, Enduro Metals has outlined its 2026 program at the 688-square-kilometre Newmont Lake project in British Columbia's Golden Triangle, headlined by an initial 3,000-metre maiden drill program at the Andrei copper-gold porphyry target. Andrei is a better-than-4-kilometre chargeability-and-magnetic anomaly where 25% of last year's rock samples ran above 0.1% copper, sitting in the neighborhood of major developments like Galore Creek and KSM (TSXV: ENDR). News Release

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

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