Morning Briefing: Tether Continues to Add More Gold and Royalty Company Equity to its Portfolio

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

It's Thursday, August 13.

Gold is pulling back this morning, off 0.57% to $4,383 an ounce as the front month contract runs into stiff resistance at its 200-day moving average — and the GLD ETF is approaching overbought territory, which may be weighing on sentiment. Silver is also softer, down 0.68% to $64.88. Copper is lower as well, off 0.35% to $6.57 a pound.

Sweden has given Boliden the green light to proceed with its Laver copper mine in northern Sweden, a project that could double the country's copper production and increase total European Union copper output by roughly 10%. Those are meaningful numbers in a continent that has been trying to reduce its dependence on imported critical minerals. The project still needs approval from Sweden's Land and Environment Court before it can proceed. Boliden first applied for the mining concession in 2014, was initially rejected, reapplied in 2024, and navigated an appeal process before Wednesday's government ruling.

Tether International has lifted its stake in Metalla Royalty and Streaming to about 14%, continuing the stablecoin group's push into Canadian gold royalty companies. The El Salvador-based firm bought 149,116 shares on Monday for approximately $1.36 million at $9.14 per share, bringing its total holding to 13.2 million shares. Tether holds $187.75 billion in assets and added 14 tonnes of physical gold in Q2 2026, reflecting a deliberate strategy to build hard asset exposure alongside its digital holdings. 

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

This 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-dash-gold.com

Here’s what you need to know today. 

Magna Mining is out with a strong second quarter from the McCreedy West copper-precious metals-nickel mine in Sudbury, Ontario, reporting record production of 98,446 tonnes processed at 3.34% copper equivalent, yielding 6.6 million contained copper equivalent pounds and 4.5 million payable CuEq pounds. The company noted a record cash margin of $8.9 million and free cash flow of $5.1 million at an AISC of US$4.54 per CuEq pound. Both the Levack PEA and the Crean Hill PFS remain on track for Q3 2026. Magna Mining trades on the TSX as NICU and on the OTCQX as MGMNF. NEWS RELEASE

Rio2 is reporting second quarter 2026 results from two operating mines — the Fenix Gold Mine in Chile and the Condestable copper mine in Peru — with consolidated revenue of $105.3 million driven by copper sales of $52.2 million, gold sales of $47.0 million, and silver sales of $4.3 million. Fenix produced 9,088 ounces of gold at a cash cost of $2,701 per ounce and an average realized price of $4,268 per ounce, while Condestable turned out 9,296,883 pounds of copper at a C1 cash cost of $2.34 per pound and AISC of $3.10 per pound; net income for the quarter was $46.8 million. Rio2 trades on the TSX as RIO and on the OTCQX as RIOFF. NEWS RELEASE

Great Pacific Gold is out with new channel-sampling results from the Elamaraka and Kargalio vein systems at its Wild Dog Project in East New Britain Province, Papua New Guinea, showing that both targets are materially larger than the historical vein exposures mapped decades ago. At Elamaraka, a continuous 9-metre channel returned 4.81 grams per tonne gold and 41.96 grams per tonne silver, including peak values of 26.86 grams per tonne gold and 233.4 grams per tonne silver. At Kargalio, a 6-metre channel returned 7.29 grams per tonne gold, including 2 metres at 16.20 grams per tonne, and a new quartz-sulphide breccia zone 260 metres east of the historical vein returned approximately 10 metres at 1.77 grams per tonne gold. Great Pacific Gold trades on the TSX Venture Exchange as GPAC and on the OTCQX as GPGCF. NEWS RELEASE

American Pacific Mining has provided a progress update on its 15,000-metre Phase I drill program at the Madison Copper-Gold Project near Silver Star, Montana, reporting 2,048 metres completed to date across core holes targeting the porphyry and reverse circulation holes targeting near-surface skarn and high-grade vein zones; initial assay results are expected in the coming weeks. Phase II drilling of up to 7,500 additional metres is planned for fall 2026, focused on areas that return favorable results from the current program. American Pacific Mining trades on the Canadian Securities Exchange as USGD and on the OTCQX as USGDF. NEWS RELEASE

And Intrepid Metals has identified what it's calling a prospective porphyry alteration corridor at the Corral Copper Project in the Turquoise District of southeastern Arizona — a significant development because the Corral system has historically been understood as a carbonate replacement deposit, or CRD, type target. New detailed mapping has revealed potassic alteration, quartz-magnetite veins, and A, B, and D-type porphyry veins within the CRD footprint, indicating the surface copper mineralization may overlie a bulk-tonnage porphyry copper-gold system between 300 and 1,000 metres depth, which the company will now evaluate with a 65-line-kilometre IP and magnetotelluric geophysical survey. Intrepid Metals trades on the TSX Venture Exchange as INTR and on the OTC as IMTCF. NEWS RELEASE

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