Morning Briefing: Surge Copper Publishes Pre-Feasibility Study for Berg

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

It's Monday, June 15.

Gold is surging more than three percent to $4,367 an ounce to kick off the trading week — the driver is a US-Iran interim agreement to reopen the Strait of Hormuz, with a 60-day window for nuclear negotiations sending risk back on across global markets. Silver is up four and a half percent to $71.08, and copper is gaining eight-tenths of a percent to $6.50 a pound. Brent crude is down five percent on the news.

After a punishing week for gold equities — with the GDX shedding more than 16% over the prior seven trading days on rate and credit concerns — this morning's Hormuz deal is providing the relief bounce many were watching for. Details of the agreement remain thin, and a formal nuclear deal is still 60 days of negotiations away, but the immediate read is that the tail risk of a full oil supply shock has been taken off the table — at least for now.

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 Resources is advancing a portfolio of three gold-silver projects in Nevada and Idaho — the producing Florida Canyon Mine, the Delamar development project, and the Nevada North exploration property. The company is currently running a 50,000-metre drill program, the largest in its history, targeting production growth at Florida Canyon, development drilling at Delamar ahead of an updated feasibility study, and engineering work at Nevada North. Learn more at integraresources.com.

Here’s what you need to know today.

Surge Copper has released the pre-feasibility study for its Berg copper-molybdenum-silver-gold project in British Columbia, outlining an after-tax NPV8% of C$4.6 billion and a 24% IRR at long-term base case prices, with a 2.9-year payback supported by a maiden proven and probable reserve of 1.2 billion tonnes grading 0.22% copper and 0.026% molybdenum. At current spot prices — US$6.45 per pound copper — the NPV8% expands to C$9.4 billion with a 36% IRR and a 1.8-year payback The Berg report comes with a 28-year mine life and an initial capex of C$4.7B. (TSXV: SURG, OTCQX: SRGXF). News Release

Montage Gold has grown the higher-grade satellite resources at its Koné project in Côte d'Ivoire to 1.7 million ounces at 1.51 grams per tonne gold in the indicated category and 0.8 million ounces at 1.34 grams per tonne inferred — more than doubling the satellite resource compared to what underpinned the 2024 feasibility study, with satellite grades ranging from 1.3 to 2.0 grams per tonne and the overall Koné M&I grade up 27%. Construction remains on budget and ahead of schedule, with first gold pour targeted in late Q4 2026 (TSX: MAU, OTCQX: MAUTF). News Release

AbraSilver has released 2026 drill results from the La Coipita copper-gold-molybdenum project in San Juan Province, Argentina, with the best hole returning 747.5 metres at 0.69% copper, 0.06 grams per tonne gold and 142 ppm molybdenum — the strongest intercept yet from the program — along with a new shallower discovery at the Yaretas Sur target. The project is fully funded and operated by a Teck subsidiary under an earn-in agreement; with 11,270 metres drilled and approximately US$23 million spent, fulfilment of remaining cash obligations is expected to formalize an 80%/20% Teck/AbraSilver joint venture (TSX: ABRA, OTCQX: ABBRF). News Release

Spanish Mountain Gold has released eight drill holes from its ongoing 60,000-metre feasibility study program at the Spanish Mountain deposit in the Cariboo Gold Corridor of British Columbia, with highlights including 221.8 metres at 0.74 grams per tonne gold — including 24.35 metres at 2.06 grams per tonne — and 339.0 metres at 0.51 grams per tonne, with the high-grade zones driven by the Orca Fault Corridor. The program is fully funded by a US$55 million Wheaton Precious Metals NSR royalty sale, with a construction decision targeted for 2028 (TSXV: SPA, OTCQB: SPAUF). News Release

Great Pacific Gold has reported results from two active rigs at the Wild Dog project in New Britain, Papua New Guinea, with the Kavasuki Main Zone returning 58.9 metres at 2.43 grams per tonne gold-equivalent and 38.4 metres at 2.17 grams per tonne in the first two holes, while a maiden hole at the Kasie Ridge target intersected 593.5 metres into a large sulphide hydrothermal system — assays pending and open at depth. Surface sampling at the South Zone returned values up to 74.6 grams per tonne gold; the company is planning 13,000 metres of drilling in the second half of 2026 across a 4.5-kilometre stretch of the Main Zone with two rigs (TSXV: GPAC, OTCQX: GPGCF). News Release

Triple Flag Precious Metals has acquired a gold stream on the Ravenswood Gold Mine in Queensland, Australia for US$440 million — the stream carries a 5.5% of payable gold rate, stepping down to 3.75% after 194,200 ounces delivered and then to 2.5% after 253,000 ounces, with first delivery expected in Q3 2026. Ravenswood is one of Australia's ten largest gold mines by ore reserves with a 2.8-million-ounce reserve base, produced 134,000 ounces in 2025, and is expected to exceed 200,000 ounces per year by 2028; the deal lifts Triple Flag's 2030 GEO outlook to 150,000–160,000 from 140,000–150,000 (TSX: TFPM, NYSE: TFPM). News Release

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

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