Core Insights - InZinc Mining Ltd. has reported significant exploration results from its Indy Sedex project, indicating a 40% extension of the mineralized trend at the B-9 Zone, with high-grade intersections of zinc, lead, and silver [1][3][11] Exploration Results - The recent drilling has confirmed that the B-9 mineralized trend extends 200 meters north, increasing the total length from 450 meters to 650 meters, with potential for further expansion [3][11] - Drill hole IB25-029 intersected 11.0% Zn, 2.3% Pb, and 27.1 g/t Ag over 3.0 meters, located 80 meters north of a previous high-grade intercept [7][9] - Additional drill holes IB25-034 and IB25-036 also reported mineralization, with IB25-034 showing 3.45% Zn, 0.27% Pb, and 1.84 g/t Ag over 2.89 meters [5][7] Gallium Discovery - A sample from hole IB25-029 revealed the presence of gallium, with a grade of 4.46 ppm, alongside high concentrations of zinc and lead [4][15] - Gallium is associated with sphalerite, the primary zinc mineral in Sedex deposits, and is significant as a critical mineral [18][19] Geological Context - The Indy project covers 200 square kilometers and is located in a region with under-explored strata similar to the Selwyn Basin, known for its mineral wealth [21][27] - The mineralization at Indy is typical of Sedex deposits, which often include significant by-products such as silver and critical minerals [22][27] Future Exploration Potential - The newly identified northern extension of mineralization remains open for exploration, with untested geochemical and geophysical anomalies extending at least 750 meters to the north of the latest drill hole [14][19]

Company Overview - Royal Gold (NASDAQ: RGLD) is one of the largest royalty and streaming companies, primarily focused on gold, silver, and especially copper [1] - The company has been undergoing significant acquisitions in recent months, indicating a strategic expansion in its operations [1] Analyst Background - The analyst has over 10 years of experience researching companies across various sectors, including commodities like oil, natural gas, gold, and copper, as well as technology and emerging market stocks [1] - The analyst has researched over 1000 companies in depth and has transitioned from writing a blog to a value investing-focused YouTube channel [1] - The analyst expresses a particular interest in covering metals and mining stocks, while also being comfortable with other industries such as consumer discretionary/staples, REITs, and utilities [1]

and walk us through what more we know about the scale uh of this incident. Good morning, Jen. So, what we know is that it's far bigger than what had been anticipated or reported by the government.Initially, the government reported only 50,000 tons had been released into the river, but the report by Zara reveals that up to 30 times more was released, which puts it at 1.5% million tons. And to put this into context, this is toxic waste that can fill over 400 Olympic sized swimming pools. And it's not just any ...

Core Viewpoint - Callinex Mines Inc. has appointed Dr. Stephen Piercey, an experienced geologist specializing in volcanogenic massive sulphide (VMS) deposits, to enhance its technical team and advance the Point Leamington Project in Newfoundland [2][3]. Company Overview - Callinex Mines Inc. is focused on developing a portfolio of base and precious metals deposits in established Canadian mining jurisdictions, with a significant emphasis on the Point Leamington Deposit, which is located in a rich VMS and Gold District in Canada [9]. - The company has reported a pit constrained Indicated Mineral Resource of 5.0 million tonnes grading 2.5 g/t AuEq, equating to 402,000 ounces of AuEq, and an Inferred Mineral Resource of 13.7 million tonnes grading 2.24 g/t AuEq, equating to 986,500 ounces of AuEq [9]. Appointment of Dr. Stephen Piercey - Dr. Piercey brings over 25 years of experience in VMS deposits and has worked in some of Canada's most prolific VMS districts [2][3]. - His expertise is expected to significantly enhance the exploration efforts at the Point Leamington Project, which has not been fully evaluated with modern integrated exploration approaches [3][7]. - Dr. Piercey has received multiple awards, including the Duncan R. Derry Medal, recognizing his contributions to economic geology in Canada [4][5]. Exploration and Development Focus - The company aims to utilize a modern integrated exploration approach to drive resource growth at the Point Leamington project, with Dr. Piercey providing oversight in the next stages of exploration [7]. - The Point Leamington deposit is noted for its high tonnage potential and geological similarities to other productive VMS districts globally, indicating significant exploration opportunities [3][9].

Core Insights - Viscount Mining Corp. announced a significant early-stage discovery at its Passiflora porphyry target in Silver Cliff, Colorado, with drill hole PF-03A intersecting 843.9 meters of continuous copper-gold mineralization averaging 0.214% CuEq, including higher-grade zones [1][4][8] - The results indicate that the Passiflora target has the potential to evolve into a world-class porphyry deposit, as the grades exceed typical early-stage exploration thresholds [1][4][13] Exploration Details - Drill hole PF-03A was designed to test a strong geophysical anomaly identified by Quantec Geoscience's Titan MT survey, which extends from approximately 400 meters to at least 1,500 meters in depth [2] - The drilling commenced in mid-January 2025 and concluded on March 7, 2025, reaching a final depth of 1,144 meters due to equipment challenges [2] Mineralization Characteristics - The upper 300 meters of core were not assayed, but visual inspection confirmed strong sulfide mineralization, making this zone a high-priority target for future sampling [3] - The drill hole confirmed the presence of a copper-gold porphyry system, with consistent anomalous concentrations of copper, molybdenum, zinc, lead, and significant gold presence [3][4] Economic Potential - The average grade of the mineralization is 0.2163% CuEq, well above typical porphyry cut-offs, with nearly half of the samples exceeding the economic range [5][8] - The presence of multiple higher-grade zones, such as 189 meters at 0.326% CuEq and 45 meters at 0.417% CuEq, reinforces the potential for an extensive, long-life copper-gold system [4][8] Next Steps - The technical team plans an expanded drilling campaign to further explore the Titan MT anomaly and assess the system's scale [14] - Further metallurgical work will be conducted to evaluate potential recovery rates for all metals [14]

Core Viewpoint - Hudbay Minerals Inc. reported strong financial results for the second quarter of 2025, driven by significant free cash flow generation, industry-leading cost margins, and diversified exposure to copper and gold, while reaffirming production guidance and improving cost guidance for the year [2][5][10]. Financial Performance - Revenue for the second quarter of 2025 was $536.4 million, with adjusted EBITDA of $245.2 million, reflecting strong operating cost margins and significant exposure to copper and gold [5][18]. - Net earnings attributable to owners were $117.7 million, or $0.30 per share, representing a 17% increase from the first quarter of 2025 [12][18]. - Cash and cash equivalents increased by $62.9 million to $625.5 million, with total liquidity reaching $1,050.2 million as of June 30, 2025 [15][18]. Production and Cost Guidance - Consolidated copper production for the second quarter was 29,956 tonnes, and gold production was 56,271 ounces, with full-year production guidance reaffirmed at 117,000 to 149,000 tonnes of copper and 247,500 to 308,000 ounces of gold [5][9]. - Consolidated cash cost per pound of copper produced was $(0.02), while sustaining cash cost was $1.65, reflecting strong cost control and increased exposure to gold by-product credits [14][19]. - Full-year 2025 consolidated cash cost guidance improved to $0.65 to $0.85 per pound from $0.80 to $1.00 per pound [5][10]. Strategic Developments - The announcement of a $600 million joint venture with Mitsubishi Corporation for a 30% minority interest in the Copper World project is expected to enhance financial flexibility and reduce capital contributions [6][10]. - The joint venture is projected to increase levered project IRR to approximately 90% based on pre-feasibility study estimates, validating the long-term value of the Copper World asset [10][11]. - Hudbay is advancing its Copper World project towards a sanction decision in 2026, with a definitive feasibility study expected by mid-2026 [10][11]. Operational Highlights - Peru operations produced 21,710 tonnes of copper and 7,366 ounces of gold in the second quarter, maintaining production in line with expectations despite a planned mill maintenance shutdown [21][24]. - Manitoba operations produced 43,235 ounces of gold, with production impacted by temporary shutdowns due to wildfire evacuation orders [30][37]. - British Columbia operations produced 6,634 tonnes of copper, with ongoing optimization initiatives expected to enhance production in the second half of 2025 [51][52].

Core Insights - EMX Royalty Corporation reported strong financial results for the first half of 2025, with significant increases in adjusted royalty revenue and adjusted EBITDA, leading to an increase in 2025 revenue guidance due to rising commodity prices [1][2][7] Financial Performance - For the six months ended June 30, 2025, EMX achieved revenue and other income of $14.7 million, adjusted royalty revenue of $19.0 million, and adjusted EBITDA of $12.1 million [1][20] - In Q2 2025, the company recognized adjusted revenue and other income of $8.7 million, a 1% decrease from Q2 2024, while adjusted royalty revenue increased by 5% to $8.2 million [17][20] - Cash flows from operating activities for the first half of 2025 were $8.2 million, compared to $0.5 million in the same period of 2024, marking a significant improvement [5][34] Updated Guidance - EMX has updated its 2025 guidance, projecting GEO sales to range from 10,500 to 12,000 and adjusted royalty revenue between $30 million and $35 million, up from the previous guidance of $26 million to $32 million [7][8] Capital Management - The company made a $10 million early repayment towards its credit facility, reducing the principal from $35 million to $25 million [9] - EMX executed a new Normal-Course Issuer Bid program, allowing for the repurchase of up to 5,440,027 common shares, with 1,202,168 shares repurchased during the quarter [9][10] Portfolio Growth - Key growth drivers include producing assets at Caserones in Chile and Timok in Serbia, with ongoing exploration programs aimed at expanding mineral resources [12][16] - The acquisition of a royalty on the Chapi Copper Mine in Peru is expected to contribute to revenue starting in 2026 [13] Operational Highlights - The company reported a 20% decrease in operating expenditures compared to 2024, primarily due to reduced generative expenditures [10] - EMX's financial position remains strong, with cash and cash equivalents of $17.2 million and working capital of $30.2 million as of June 30, 2025 [5][9]

Core Viewpoint - Hudbay Minerals (HBM) is expected to report improved second-quarter 2025 results, driven by higher gold and copper prices, with projected revenues of $495.3 million, reflecting a 16.4% year-over-year growth [1][5]. Financial Performance - The Zacks Consensus Estimate for HBM's second-quarter earnings has decreased by 35.3% over the past 60 days to 11 cents per share, but this still represents a significant improvement from the break-even earnings reported in the same quarter last year [2]. - HBM's earnings surprise history shows that the company has outperformed the Zacks Consensus Estimate in two of the last four quarters, with an average earnings surprise of 50% [3]. Production and Operations - In Q1 2025, HBM produced 30,958 tons of copper and 73,784 ounces of gold, with copper output down 11% and gold production down 18% year-over-year, aligning with internal expectations [8]. - The ongoing stripping phase in the Pampacancha pit has negatively impacted production in Peru, but higher gold production in Manitoba has partially offset this decline [9]. - Manitoba operations achieved gold production of 60,354 ounces, copper of 3,469 tons, and silver of 285,603 ounces, with gold, copper, and silver production increasing by 6%, 10%, and 30% respectively compared to Q1 2024 [10]. Commodity Prices - Gold prices averaged around $3,301.42 per ounce in the April-June 2025 period, marking a 41% year-over-year increase, while silver prices rose by 16% and copper prices increased by 5% [14]. - These favorable pricing trends are expected to help mitigate the impact of lower production volumes on HBM's revenue performance in the upcoming quarter [15]. Valuation and Market Performance - HBM shares have increased by 19% over the past three months, outperforming the industry growth of 17.9% [16]. - The company is currently trading at a forward price/sales ratio of 1.74, higher than the industry average of 1.15, indicating a relatively elevated valuation compared to peers [19][20]. Investment Outlook - Hudbay Minerals' diversified operations in copper and gold provide leverage to strong commodity prices, with projected copper output averaging 144,000 tons annually over the next three years [21]. - Despite expected upbeat second-quarter results driven by higher gold prices, concerns remain regarding lower production levels due to the depletion of the Pampacancha deposit [23].

Industry Trend - Europe is seeking rare earth independence from China [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The short - term trend of nickel and stainless steel is mainly volatile, and the support of ferronickel should be noted. The fundamentals of Shanghai nickel have no obvious logical changes, with the Indonesian nickel ore benchmark price rising slightly and downstream product differentiation. Stainless steel is expected to have strong supply and weak demand in August, and the macro - level needs to pay attention to the trend of the US dollar index [4]. 3. Summary According to Related Catalogs Price and Volatility Forecast - Shanghai nickel price range forecast is 118,000 - 126,000 yuan/ton, with a current 20 - day rolling volatility of 15.17% and a historical percentile of 3.2% [2]. - Stainless steel price range forecast is 12,500 - 13,100 yuan/ton, with a current 20 - day rolling volatility of 9.27% and a historical percentile of 1.8% [2]. Risk Management Strategies - **Shanghai Nickel Risk Management Strategies**: For inventory management, when product sales prices fall, short Shanghai nickel futures or sell call options; for procurement management, when worried about rising raw material prices, buy Shanghai nickel forward contracts, sell put options, or buy out - of - the - money call options [2]. - **Stainless Steel Risk Management Strategies**: Similar to Shanghai nickel, for inventory management, short stainless steel futures or sell call options; for procurement management, when worried about rising raw material prices, buy stainless steel forward contracts, sell put options, or buy out - of - the - money call options [3]. Market Situation Analysis - **Nickel Market**: The Indonesian nickel ore price has stabilized with a slight increase, and the supply side of ferronickel has a strong willingness to hold prices. The new energy link has some support, and the demand of some downstream precursor factories has increased [4]. - **Stainless Steel Market**: It fluctuates repeatedly, with the expectation of strong supply and weak demand in August. The spot side is relatively firm, and some specifications still have upward trends, but overall trading is average [4]. Market Data - **Nickel Disk Data**: The latest price of Shanghai nickel main contract is 121,070 yuan/ton, with a trading volume of 87,840 lots (up 3.56% month - on - month), and a position of 86,052 lots (down 4.96% month - on - month) [6]. - **Stainless Steel Disk Data**: The latest price of stainless steel main contract is 12,935 yuan/ton, with a trading volume of 82,019 lots (up 2.75% month - on - month), and a position of 84,046 lots (down 2.21% month - on - month) [7]. Inventory Data - Domestic social nickel inventory is 39,486 tons (down 795 tons from the previous period), LME nickel inventory is 211,254 tons (up 2,172 tons from the previous period), stainless steel social inventory is 966.2 tons (down 1.2 tons from the previous period), and ferronickel inventory is 33,415 tons (up 182 tons from the previous period) [8]. Influencing Factors - **Positive Factors**: Indonesia plans to revise the HPM formula, shorten the nickel ore quota license period, the construction of the Yarlung Zangbo River Hydropower Station may increase stainless steel demand, and ferronickel trading is warming up [6]. - **Negative Factors**: Stainless steel enters the traditional off - season, de - stocking is slow, pure nickel inventory is high, nickel ore seasonal inventory rises, and Sino - US tariff disturbances still exist [6].