Morning Briefing: Strike Averted At World's Largest Copper Mine

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

It is October 15. 

The markets faced their steepest sell off since July after the release of September's Consumer Price Index, which indicated annual inflation rose to 3.7%. The hotter-than-expected data has significantly boosted market expectations that the Federal Reserve will implement another interest rate hike before the end of the year.

Yesterday's pullback wiped roughly $1 trillion in market value. The Korean market index, KRX:KOSPI, crashed more than 7%, heavily weighed down by a double-digit decline in major memory chipmakers

As of 8:45 a.m. ET, Nasdaq futures are off 1.16%. S&P Futures are down 0.31%. 

Gold futures are $4,160 and copper futures are at $6.55. 

Copper supplies got some relief. A strike at the world’s largest copper operation has been averted after BHP and the Escondida mine supervisors’ union endorsed a preliminary agreement reached Wednesday morning. 

We will get to the news from the miners and explorers in a moment, but first a mention of today's sponsor:

Today's episode of Mining Stock Daily is brought to you by…Revival Gold.

Revival Gold is one of the largest pure gold mine developer operating in the United States. The Company is advancing the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. Learn more about the company at revival-gold.com

Here's what you need to know today.

Brunswick Exploration reported that hole AN-26-17 at its Anatacau Main Project in Quebec’s James Bay region intersected 302 metres of spodumene-bearing pegmatite, extending the Anais dyke to a vertical depth of 500 metres about 20 km east of Rio Tinto’s Galaxy project. Visual estimates put spodumene content at roughly 30% with under 5% internal dilution, an improvement on the earlier AN-26-15 hole that returned 1.31% Li2O over 202 metres, and the estimated true thickness is about 78% to 80% of the interval. The dyke remains open in all directions and the hole ended in mineralized pegmatite at the rig’s depth limit, but assays are still pending, so the grade figures rest on visual estimates for now. [TSXV: BRW] NEWS RELEASE

New Found Gold reported preliminary Q3 2026 production of 4,863 ounces and sales of 6,035 ounces from its Hammerdown Gold Mine in Newfoundland, which declared commercial production on August 19, at 85% recovery, a 2.76 g/t processed grade and an average realized price of US$4,310 per ounce. Cash fell to about $167 million from $194 million at the end of June, with debt unchanged at $70 million and a further $35 million facility available until May 2027 subject to conditions. The company expects a life of mine run rate of 20,000 to 25,000 ounces a year at an AISC of roughly US$2,500 per ounce, is building an on-site crusher and sorter for Q1 2027 commissioning, and plans to convert the Pine Cove Mill to a Gravity-CIL circuit by Q4 2027 while focusing on its flagship Queensway project. [TSX: NFGC] NEWS RELEASE

Gold Hart Copper has acquired the 4,000 hectare Mantocobre copper-gold IOCG property in Chile, located roughly 20 km south of Capstone Copper’s Mantoverde mine within the coastal IOCG belt and Atacama Fault System. The company says the ground hosts visible surface copper minerals and several historically worked artisanal veins, including one 145 m long, and that it obtained the asset directly from the government at little cost with geochemical and geophysical surveys already underway. Gold Hart also reported continued progress on its Copioso concession application and is issuing 14.5 million stock options at $0.20 for five years, lifting outstanding options to 7.5% of shares. [TSXV: HART] NEWS RELEASE

Jaguar Mining produced 12,981 ounces of gold in Q3 2026, up 30% from 10,002 ounces a year earlier, with the gain coming entirely from the ramping Turmalina Mine, which contributed 4,432 ounces at a 4.00 g/t head grade but only 67% recovery as the lower-recovery Faina orebody rose to about two thirds of plant feed. Pilar output actually fell about 15% year over year to 8,549 ounces as head grade dropped to 2.76 g/t from 3.68 g/t despite 14% higher throughput, which the company attributes to more development ore, sequencing changes and gaps between mine estimates and plant feed grade, prompting tighter grade control. Nine-month production reached 35,667 ounces, up 15%, and the company maintained its full-year guidance while lifting development by 20% to 2,099 metres and drilling 11,394 metres, with full financial results due by November 13. [TSX: JAG] NEWS RELEASE

Tectonic Metals released results from 19 holes at Chicken Mountain on its 99,840-acre Flat Gold Project in southwest Alaska, led by Alpha Bowl hole CMR26-170 at 2.41 g/t gold over 59.44 metres, including 11.82 g/t over 10.67 metres, within a surface-starting interval of 1.86 g/t over 80.77 metres. At the Adit Zone, CMR26-163 returned 1.52 g/t gold over 42.67 metres and finished with 3.84 g/t over its final 13.72 metres, one of several holes that ended in mineralization, though most of the program was reverse-circulation drilling and much of the remaining Adit width sits below 1 g/t. With more than 29,000 metres drilled this year and assays pending on 114 holes, the company is targeting a maiden resource estimate in Q1 2027 and a PEA in Q2 2027, with column-leach results expected before then. [TSXV: TECT]NEWS RELEASE

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