Market Overview & Trends - Gold prices have broken out to new all-time highs, holding over $3,000 per ounce for the entire second quarter and into the third quarter, leading to tremendous earnings for gold miners [3] - The industry is experiencing a bull market on all metals, both precious and otherwise [24] - Newmont, one of the largest gold miners, reported record earnings and free cash flow, subsequently raising its share buyback plan and paying off debt, indicating favorable market conditions for gold miners [4] Company Performance & Strategies - Agnico Eagle Mines (Agneo), Kinross, and AngloGold Ashanti are highlighted as Zacks number one ranked gold miners, with charts showing an "up and to the right" trend, reflecting strong earnings performance [2][9][18] - Many gold miners are considering expanding share buybacks or paying special dividends due to the high gold prices, rather than significantly raising regular dividends, as they are uncertain about the sustainability of prices above $3,000 [8] - Some gold miners are pursuing acquisitions of smaller miners instead of developing their own mines, due to the cash-intensive and risky nature of mine development [20][21] Individual Company Analysis - Agnico Eagle Mines (Agneo) shows an 89% earnings growth in 2024 and an expected 57% in 2025 [5] - Kinross shows 94% earnings growth this year [10] - Alamos Gold (AGI) is a smaller market cap company with a number three rank, showing 66% earnings growth this year and analysts are more bullish on next year with 33% growth [11][14] - El Dorado Gold, a smaller gold miner with operations in Quebec, Greece, and Turkey, is expected to have 63% earnings growth in 2026 [14][17] - Anglo Gold Ashanti is expected to have earnings up 125% this year [19] Investment Considerations - Analysts are trying to catch up with the dramatic earnings growth, resulting in cheap forward P/E ratios for some gold mining stocks even at their highs [10] - The GDX is mentioned as an ETF option for investing in gold miners [11] - Investors should watch free cash flows and how companies are utilizing their cash [7]

Core Viewpoint - Q-Gold Resources Ltd. has engaged FHB Consulting Services LLC to conduct an updated review of the historical mineral resource estimates for the Quartz Mountain Project in Oregon, which the company plans to acquire [1][8]. Group 1: Acquisition and Consulting Engagement - The company intends to acquire the Quartz Mountain Project through a share exchange agreement dated March 31, 2025 [1]. - FHB Consulting will perform a comprehensive revision of previous mineral resource estimates, originally completed in 2012 and updated in 2016 [2]. - The updated resource estimate will include data from boreholes drilled by Alamos Gold Inc. in 2015 and historical drilling data from earlier exploration campaigns [3]. Group 2: Current Resource Estimates - The current mineral resource estimates for the Quartz Mountain Project are as follows: - Measured and Indicated Mineral Resources: 12,156,000 tonnes at a grade of 0.87 g/t Au, totaling 339,000 ounces of gold - Inferred Resources: 39,205,000 tonnes at a grade of 0.91 g/t Au, totaling 1,147,000 ounces of gold [5][10]. Group 3: Project Potential and Future Plans - The company believes the Quartz Mountain Project has significant exploration potential, particularly in the Crone Hill and Quartz Butte deposits [11]. - Q-Gold aims to leverage modern exploration techniques to enhance shareholder value and unlock the potential of the project [8][9].

Core Viewpoint - Defiance Silver Corp. has successfully completed the acquisition of Green Earth Metals Inc. (GEMS), enhancing its position in the exploration sector with three copper-gold-silver projects in Sonora, Mexico [1][2][6]. Company Summary - Defiance has acquired 100% of GEMS, solidifying its status as a leading exploration company in Mexico's mineral belts [2][6]. - The acquisition involved issuing 4,954,613 common shares of Defiance at a deemed price of C$0.255 per share, totaling C$1,263,426 [5][6]. - GEMS projects cover 6,795.22 hectares in Sonora, a region known for significant copper deposits, including Cananea and La Caridad [6][8]. Industry Context - Sonora is recognized as Mexico's premier mining jurisdiction, contributing 75.6% of the country's copper production and 25.7% of gold output as of early 2024 [8]. - The state accounts for 31.4% of the national mining value, highlighting its robust mining environment [8]. - The GEMS projects are strategically located near major mining operations, such as Alamos Gold's Mulatos Mine, which produces over 120,000 ounces of gold annually [9][8]. Exploration Potential - Defiance plans to advance exploration efforts on the newly acquired projects, with a comprehensive exploration campaign including a diamond drill program at the Victoria project [7][12]. - Historical exploration has indicated extensive geological features suggestive of large-scale hydrothermal Cu-Au-Ag systems within the Porphyry Copper Belt of Sonora [12][13]. - The Victoria Project consists of 1,795.22 hectares and shows potential for secondary copper enrichment, indicating strong exploration upside [13][12].

Core Viewpoint - Eldorado Gold Corporation (EGO) and Alamos Gold (AGI) are both considered strong options for investors seeking undervalued stocks in the Mining - Gold sector, with EGO currently appearing as the superior value option based on various valuation metrics [1][7]. Valuation Metrics - EGO has a forward P/E ratio of 11.48, while AGI has a forward P/E of 18.23, indicating that EGO is more attractively priced relative to its earnings [5]. - EGO's PEG ratio is 0.34, compared to AGI's PEG ratio of 0.53, suggesting that EGO offers better value when considering expected earnings growth [5]. - EGO's P/B ratio stands at 1.02, while AGI's P/B ratio is significantly higher at 3.05, further supporting EGO's position as the more undervalued stock [6]. Earnings Outlook - Both EGO and AGI hold a Zacks Rank of 1 (Strong Buy), indicating a positive earnings outlook driven by favorable analyst estimate revisions [3].

Core Insights - Sandstorm Gold Ltd. (SAND) has entered into an agreement with Royal Gold, Inc. (RGLD) for the acquisition of all issued and outstanding common shares of Sandstorm at an implied value of approximately $3.5 billion [1][8] - The transaction is expected to provide Sandstorm shareholders with 0.0625 shares of Royal Gold for each Sandstorm share, representing a 21% premium to Sandstorm's 20-day volume-weighted average price as of July 3, 2025 [2][3][8] - The merger aims to enhance portfolio maturity and diversification, allowing Sandstorm shareholders to participate in a larger, diversified precious metals streaming and royalty company [3][4][8] Transaction Details - The acquisition is part of a broader strategy by Sandstorm to deliver consistent growth and value to its shareholders [2] - Royal Gold will benefit from Sandstorm's high-quality, long-life precious metals assets located in mining-friendly jurisdictions [4] - The transaction is anticipated to close in the fourth quarter of 2025, pending requisite approvals, leading to the delisting of Sandstorm and Horizon stocks from the TSX, NYSE, and TSX-V [4] Market Performance - Sandstorm's stock has increased by 85.3% over the past year, outperforming the industry average growth of 49.5% [6] - The current Zacks Rank for Sandstorm is 3 (Hold), indicating a neutral outlook [7]

Group 1 - Three mining companies, Hudbay Minerals Inc., Vale Base Metals, and Alamos Gold Inc., donated C$1.25 million to the Canadian Red Cross for wildfire relief efforts in northern Manitoba [1][2] - The funds will support various critical services, including evacuation assistance, mental health support, and community resilience projects [7][2] - The companies expressed their commitment to the affected communities, emphasizing their solidarity and ongoing support for long-term recovery [2][6] Group 2 - Hudbay is a copper-focused critical minerals company with operations in Canada, Peru, and the United States, producing copper, gold, zinc, silver, and molybdenum [4][5] - Vale Base Metals is a major producer of nickel and copper, contributing to energy transition metals with operations in multiple countries [8] - Alamos Gold is an intermediate gold producer with diversified operations in North America and a commitment to sustainable development [9]

Company Overview - Labrador Gold Corp. is a Canadian mineral exploration company focused on acquiring and exploring gold projects in Eastern Canada [4] - The company currently has approximately CAD $18.1 million in cash [4] - Labrador Gold has 170,009,979 common shares issued and outstanding, trading on the TSX Venture Exchange under the symbol LAB [7] Leadership Appointment - Ryan Weston has been appointed as Vice President Exploration, bringing over 20 years of global experience in base and precious metals exploration [2] - Weston previously played key roles in the successful sales of Carlisle Goldfields for CAD $28 million in 2016 and Noront Resources for CAD $686 million in 2022 [2] - He has served as Vice President Exploration at Wyloo, leading initiatives in Ontario's Ring of Fire region [2] Strategic Vision - Weston expressed confidence in Labrador Gold's strong position to pursue major gold discoveries without the immediate need for additional financing [3] - The company aims to leverage Weston's extensive experience in leading technical teams for new gold projects [3] Exploration Projects - The Hopedale property covers a significant portion of the Florence Lake greenstone belt, which is underexplored compared to similar global belts [5] - Labrador Gold has identified gold anomalies over a 3-kilometer section of the northern part of the Florence Lake greenstone belt, with five gold occurrences discovered [5] - The Borden Lake project near Chapleau, Ontario, has shown promising results with up to 48 gold grains identified in till samples [6]

Core Insights - ATI Inc. has launched a state-of-the-art facility in Pageland, SC, for the production of titanium alloy sheets, which are essential for airframe manufacturers due to their strength and durability [1][10] - The new 'pack rolled sheet' product meets rigorous industrial standards, with production capabilities that include ultra-thin sheets as thin as 0.020 inches and lengths up to 25 feet, enhancing ATI's position in the aerospace sector [2][10] - ATI has secured a multi-year contract with Airbus to supply titanium products, with over two-thirds of the Pageland facility's capacity expected to be dedicated to long-term aerospace agreements [3][10] Company Operations - The Pageland facility is vertically integrated, encompassing leveling, annealing, finishing, and inspection within a nearly 125,000-square-foot site, designed with sustainability in mind [4] - The plant utilizes all-electric furnaces and efficient processes to minimize air pollutants and wastewater, aligning with South Carolina's green energy initiatives [4] Financial Outlook - For Q2, ATI projects adjusted EBITDA between $195 million and $205 million, with adjusted EPS expected to range from 67 cents to 73 cents [5] - Full-year adjusted EBITDA is forecasted to be between $800 million and $840 million, with adjusted EPS anticipated to be between $2.87 and $3.09 [5] - The company expects adjusted free cash flow for the year to be between $240 million and $360 million, with capital expenditures projected at $260 million to $280 million [5] Market Performance - ATI's shares have increased by 54.6% over the past year, reflecting strong market performance [11]

Core Insights - Fortuna Mining Corp. (FSM) has acquired 15,037,593 common shares of Awalé Resources Limited, securing a 15% stake, which aligns with its long-term growth strategy to enhance its exploration pipeline in Côte d'Ivoire [1][7] - The acquisition was made through a non-brokered private placement at a price of $0.399 per share, totaling $6 million [2][7] Strategic Portfolio Optimization - FSM has been actively optimizing its portfolio, recently closing the sale of its interest in Roxgold Sanu and three other subsidiaries to Soleil Resources International Ltd., resulting in no longer holding a stake in the Yaramoko Mine [3] - In April 2025, FSM sold its non-core San Jose mine in Mexico, and with the sale of Yaramoko, it will cease operations in Burkina Faso, focusing on its Séguéla mine in Côte d'Ivoire, Lindero mine in Argentina, Caylloma mine in Peru, and Diamba Sud Gold Project in Senegal [4][5] - The decision to sell the Yaramoko mine was influenced by its limited remaining life and challenging operating conditions, providing additional liquidity to focus on strategic objectives [5] Financial Performance - Following the recent transactions, FSM's first-quarter cash and short-term investments have exceeded $380 million, with liquidity surpassing $530 million, and approximately $50 million in capital being reallocated [5] - FSM's shares have appreciated by 41% over the past year, significantly outperforming the industry average growth of 1.4% [6]

Group 1 - POSCO Holdings has established the Australia Critical Minerals R&D Lab in Perth to enhance technological competitiveness in steel, battery materials, raw materials, and rare earth industries [1][8] - The lab aims to integrate Australia's resources with POSCO's materials technology, adding value to core businesses and serving as a strategic hub for raw material processing and critical mineral acquisition [2][4] - The necessity of localization methods in the steel and battery materials industries has been recognized, focusing on cost-effective raw material procurement and technological competitiveness in carbon reduction [3][4] Group 2 - The R&D lab will focus on critical mineral research and development, including partnerships with local raw material companies and research institutions to advance low-carbon steel raw material utilization and cost-cutting technologies in lithium and nickel sectors [4][8] - Research will also include rare earth supply chains and high-efficiency separation and refining technologies to explore next-generation mineral business opportunities and promote investment in global mines through local knowledge exchange [4][8] Group 3 - Over the past year, shares of POSCO Holdings (PKX) have decreased by 27.7%, slightly underperforming the industry average decline of 27.3% [6]