Morning Briefing: Sierra Madre Gold & Silver Show Big Increase in Q4 Revenue

Good morning and welcome back to the Mining Stock Daily morning briefing. 

It's Wednesday, April 29.

Metals are continuing to pull back this morning. Spot gold is at $4,563 an ounce, spot silver is at $72.54, and copper is holding near $5.99 a pound. Brent crude is moving higher again, extending its recent run. And in agricultural commodities, corn and wheat have both been on the move higher this week — a broader signal that commodity markets are pricing in supply-side pressures across multiple sectors.

Gold has now given back a significant portion of its gains from the highs above $4,700, and silver is following suit. The pullback in precious metals while energy and agricultural commodities push higher points to a market repricing the commodity complex along different fault lines — oil and food are being driven by supply disruption concerns tied to the Hormuz situation and broader shipping uncertainty, while gold and silver are facing profit-taking pressure after an exceptional run. Copper is holding in better than the precious metals, sitting just below $6.00 and finding some support on the China restocking narrative that has been building ahead of the May holiday 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…Equinox Gold.

Equinox Gold is a Canadian mining company with a multi-mine portfolio of producing and development-stage gold assets across the Americas. The company reported a strong Q1 2026 with nearly 198,000 ounces of gold produced, reduced total debt by approximately $990 million in the quarter, and paid its inaugural dividend in March. With a delevered balance sheet and gold above $4,500 an ounce, Equinox is well positioned for the current environment. Learn more at equinoxgold.com.

And here's what you need to know this morning…..

Sierra Madre Gold and Silver has reported Q4 and full-year 2025 financial results, with Q4 net revenues coming in at $8.32 million — a 40.5% increase from the $5.92 million recorded in Q3. The company produced 68,296 ounces of silver and 1,050 ounces of gold in Q4, and completed 770 metres of underground development during the quarter. 2025 marked the restart year for the La Guitarra mine in Mexico, and the quarterly revenue trend shows a consistent ramp through the year (TSX-V: SM). News Release

Trident Resources has reported what the company says is its best drill result to date at the Contact Lake Gold Project in northern Saskatchewan, with hole CL26036 returning 15.11 grams per tonne gold over 51.83 metres from 256 metres depth in the BK3 Zone. BK3 sits approximately 150 metres northeast of the MZ1 Zone, below the western edge of Contact Lake, and hosts historically defined resources that were never mined due to low gold prices. Trident is running a multi-rig winter program at Contact Lake and has been delivering consistent high-grade results through the campaign (TSX-V: ROCK). News Release

C3 Metals has released new drill results from the Khaleesi copper project in southern Peru, with today's batch of 11 holes returning elevated copper mineralization in eight of them, hosted in magnetite and garnet-diopside skarns. The headline intercept — hole KHZ5825-003 — returned 148.05 metres at 0.34% copper, 0.037 grams per tonne gold, 0.87 grams per tonne silver, and 78 ppm molybdenum (0.42% CuEq) from 275 metres, including 114.05 metres at 0.48% CuEq from 309 metres. Hole KHZ5790-001 hit a near-surface intercept of 43.8 metres at 0.59% CuEq from 40 metres depth, including a 1.4-metre zone of semi-massive chalcopyrite grading 4.91% copper and 5.56% CuEq from 77 metres. Khaleesi is a copper-gold skarn system in southern Peru with a multiphase intrusive complex interpreted to be driving mineralization at depth (TSX-V: CCCM). News Release

Tiernan Gold has released results from a core relogging program at the Dorado West deposit on its Volcan Project in Chile, completed by Motherlode Consulting between December 2025 and February 2026. The program identified four principal lithological domains and concluded that gold mineralization at Dorado West is controlled primarily by veining, silicification, and structural controls rather than host rock type. Dorado West hosts approximately 94% of the project's 463 million tonne Measured and Indicated resource of 9.2 million ounces of gold, and the refined geological model will feed into the pre-feasibility study targeting 2027 (TSX-V: TNGD). News Release

Walhalla Gold Corp. has commenced trading on the Canadian Securities Exchange under the symbol WAU, completing the spin-out from Great Pacific Gold on a one-for-one share basis with 152,310,965 shares issued to GPAC shareholders. Walhalla holds the Walhalla Gold Project in Victoria, Australia — a historically prolific district that produced over 1.5 million ounces at an average grade of 33.59 grams per tonne. Great Pacific Gold retains a 2% net smelter return royalty on the project (CSE: WAU, TSX-V: GPAC). News Release

Montage Gold has completed its acquisition of African Gold, with African Gold now a wholly-owned subsidiary following the issuance of 29,957,800 Montage shares at an exchange ratio of 0.0628 Montage shares per African Gold share. The transaction adds African Gold's Didievi project in Côte d'Ivoire to Montage's portfolio, which is anchored by the flagship Koné gold project also in Côte d'Ivoire (TSX: MAU). News Release

K2 Gold has upgraded to the OTCQX Best Market from the OTCQB Venture Market, beginning trading under the symbol KTGDF. K2 is a gold exploration company focused on projects in the Southwest United States and the Yukon, and the OTCQX listing improves access to US investors (TSX-V: KTO). News Release

District Metals has closed the books on its C$10 million non-brokered private placement, with 14,705,882 shares priced at C$0.68 per share. Proceeds will fund exploration activities on the company's projects in Sweden, with Pareto Securities acting as finder for a portion of the offering (TSX-V: DMX). 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.