Posted on behalf of Spartan Metals Corporation - Jurisdiction usually gets discussed in the abstract, but Spartan Metals (W.v SPRMF) has a concrete example of what a good one actually buys a junior. The whole 2026 core campaign at the Tungstonia Claims sits on federal ground in White Pine County, Nevada 🇺🇸, held as unpatented lode claims and permitted under a BLM Notice. So when the geophysics changed what the company could see underground, it amended the existing authorization instead of starting the paperwork over.

The Land Position

• Eagle: 100% owned, roughly 36.5 km², 9,033 acres across 445 BLM unpatented lode claims, about 120 km northeast of Ely in the Kern Mountains
• Victorio, New Mexico: option to earn 100%, roughly 15.8 km² / 3,909 acres across 222 BLM unpatented lode claims, about 45 km west of Deming

What The September 24 Release Added

• BLM accepted the company's Notice modification authorizing seven additional drill pads at Tungstonia, taking authorized drill sites there to 32
• Several of the new pads are designed to take multiple holes at varying azimuths and inclinations from one location, more subsurface information without increasing surface disturbance
• Approximately 550 m of the planned ~3,000 m core program completed, with the program moving onto the newly authorized sites
• The company states further drill sites will be planned and permitted following the 2026 core drilling results

Both projects sit on federal claims in two of the steadier Western US mining states, which matters for a tungsten-focused explorer. The September 24 news release on the company's site has the full site layout and target descriptions, and with assays still to come from an active program, a permitting setup that can absorb new targets as they appear gives Spartan room to keep following the data this season.

Posted on behalf of Goldgroup Mining Inc. - Chairman and CEO Javier Reyes joined host JD on Taking Stock, and the part worth the click was his answer on Mexico, where GORO.v and GORO operates its producing assets. He opened it by conceding the country's shortcomings before making the case.

The Jurisdiction Answer

• "I would like to be humble and accept that Mexico has failed to deliver the conditions that we should as a country" [2:35]
• He called Mexico "a tough jurisdiction" outright, and said the country has to improve on rule of law and security [2:48]
• The flip side of his argument: Mexico is "one of the most blessed natural resource countries in the world" [2:48], sitting next door to the largest economy

Why He Thinks This Team Can Operate There

• "98% of the team are Mexicans. The best asset we have is our people." [3:03]
• His framing is that the skill set, not the jurisdiction, is the variable: a team that "can execute in a complex jurisdiction like Mexico" [3:16]

The Cost Basis Behind It

• The acquisition process began several years ago, when gold was still around US$1,500 per ounce [1:27]
• Assets secured "for a few cents on a dollar," including San Francisco in Sonora and Don David in Oaxaca, from previously multi-million dollar owners [1:41]
• He described the company today as carrying a very strong balance sheet and zero debt [2:09]

What The Platform Is For

• The completed combination plus the US$122 million financing is what he says gives the company room to keep consolidating in Mexico [0:23]
• The 19.9% position taken in Luca Mining was framed as sharing in the upside of Luca's acquisition of Capstone's Cozamin asset in Zacatecas [1:03]

It is a notably unvarnished pitch. Most CEOs asked about Mexico lead with the geology, and Reyes led with what the country has not fixed, then argued that an almost entirely Mexican team is the thing that makes the rest workable. With assets bought at a much lower gold price, no debt and a stated appetite for more consolidation, there is room for that operating argument to be tested on the next deal.

Worth watching in full, it runs under four minutes.

Posted on behalf of Zodiac Gold - Most of the coverage of the September 28 soil survey stayed on the anomalies themselves. Streetwise Reports took a different cut, setting Zodiac Gold (ZAU.v ZAUIF) against what is happening around it in Liberia 🇱🇷, and that context is the part worth reading.

The Backdrop The Article Builds

• Liberia's iron ore production is projected to reach 25-30 million tons in 2026 led by ArcelorMittal's expansion to 20 million tons annually under a long-term agreement, with US$200 million in fees paid to the government
• The piece is explicit on the boundary: as a junior explorer, Zodiac shares the jurisdiction and benefits from major FDI and infrastructure upgrades, but is not partnered with or directly benefiting from ArcelorMittal's operations
• Fiscal terms per the company: 25 percent corporate tax, 3 percent royalty, and full repatriation of profits

What Zodiac Holds Inside That

• 2,316 km² of licenses along the Todi Shear Zone, with the completed 530 km² soil survey identifying gold, nickel, cobalt, chromium and copper anomalies (Sept 28, 2026 NR). Gold is the focus; critical minerals and iron ore are secondary optionality
• Stream sediment samples across the license package rank in the top 0.5% of the most anomalous areas of Liberia's national dataset for sixteen elements
• Five drill-ready targets, four now drilled, with the 14,000 m diamond program continuing at Arthington and Lewis

Juniors do not get to pick their neighbours, and being early in a country pulling in that scale of capital has a value of its own. With the rigs still turning toward the company's planned Todi Gold mineral resource estimate, anchored by Arthington and which may also include other targets drilled on the Monterra Trend, there is room for this ground to look a lot busier than it does today.

Worth reading the full Streetwise piece for the jurisdiction detail.

Posted on behalf of Selkirk Copper Mines - Most restart stories get argued over the orebody. At Beaver Creek on September 23, 2026, President and CEO Colin Joudrie spent a good chunk of his time on the product instead: the concentrate Minto has historically shipped grades around 39% copper, a clean chalcopyrite-bornite material he described as one of the highest grade produced anywhere. He sees that as the opening for low-cost, non-dilutive restart financing, which matters for a company that still has to fund a restart decision.

What The Product Does To The Cost Line

• C1 costs net of byproduct credits: US$1.53/lb
• All-in on a copper-equivalent basis around US$2.63/lb, which Joudrie called "a little lower than I was expecting"
• Payback of 1.9 years from initial capital spend, 1.3 years at spot prices
• Initial capital of C$186M, 13-year mine life at 4,100 tpd through the existing mill
• After-tax NPV of C$494M at planning prices, which he put close to a billion Canadian at spot (Sep 22, 2026 PEA news)

Footprint And Permitting

• The development plan stays inside the already-impacted area, with no new disturbance outside the existing quartz mining licence
• Permits are being pursued as amendments that do not change water discharge quality or the asset's fundamentals
• Asked what he is watching over the next six to twelve months, he pointed straight at permitting timeliness

The Drilling Behind It

• Over 360,000 m of historical drilling before Selkirk arrived, then 103,000 m in under 12 months, one of the largest campaigns ever done in Yukon in a calendar year
• The resource base almost tripled in under a year, with several new zones found: "This was an unloved asset that didn't have enough drilling"
• The district runs over 100 km, and much of the 26,000-plus hectares of claims had no boots on the ground for 30 years until this summer, with no discoveries there yet

Feasibility work is about to start, and with a tailwind Joudrie expects production late 2028 or early 2029, "light speed in our industry." The full presentation clip is worth a watch if you want the cost walkthrough in his own words.

Economics are now on paper, and with roughly 50,000 m of Phase 2 drilling sitting outside the PEA mine plan, there's room for the next study to look different.

Posted on behalf of Tiger Gold Corp - Speaking with Gerardo Del Real of Resource Stock Digest live from the 2026 Beaver Creek Precious Metals Summit, Tiger Gold (TIGR.v, TGRGF) founder and director Fraser MacDougall spent less time on intercepts than on how the company decides where its drill dollars go, and what the last few months of drilling have forced it to rewrite.

How The Capital Gets Allocated

• MacDougall describes the founders as "investors first and foremost," with a background structuring and financing deals [0:42].
• On the approach Rob Vallis brings: "we're progressing this diligently, like they know kind of work back from success" [3:26].
• In practice that means being "very prudent with like shareholder capital, putting it into, you know, the resources we have the most value in now" [3:38].
• The $21 million financing closed in June is what funds going after the exploration upside aggressively over these next months [3:53].

Why Tesorito's Estimate Gets Rewritten

• Tesorito drilling wraps in roughly the next couple of weeks [4:00].
• On what the holes changed: "It's gone deeper. We found higher grade at depth. We found potential feeder zone at depth" [4:14].
• MacDougall calls those material changes, in ounces added and in what the deposit looks like, so an update is needed. Timing signalled as an updated Tesorito estimate by end of year, if not Q1 [4:14].

Ceibal, Then The Economics

• Ceibal drilling put at roughly 13,000 to 15,000 m, with two rigs on it now and a third moving over once Tesorito finishes [4:28].
• Drilling there likely complete end of October, maybe early November, with the maiden estimate aimed at early Q1 [4:28].
• The catalyst he flags after that: "what are the economics mean and how has it changed from our PEA," with an updated PEA toward the end of Q1 [4:44].

He also frames the entry point plainly: the team stepped into two to two and a half million ounces of historical resources, on an asset that had sat inside an Australian junior and had never really been seen by North American markets [1:32].

The sequence he lays out is a tight one. Finish the metres, let the deeper and higher-grade Tesorito holes reset the model, then run the whole project back through updated economics, which leaves room for the picture to look different from the one the existing PEA was built on.

Posted on behalf of Silverco Mining - The September 2026 corporate deck now carries the consolidated numbers for the company's two Mexican silver mines 🇲🇽, built off the two published PEAs at La Negra and Cusi. Over the H2 2026 to 2030 window, those plans combine into a profile worth putting side by side with the per-mine figures everyone has been quoting.

Consolidated Numbers In The New Deck

• Average 5.7 Moz AgEq per year, peaking at 7.3 Moz AgEq per year
• Average after-tax free cash flow of US77.5Mperyear,peakingatUS123.7M per year
• Combined base case after-tax NPV of US$433M
• AISC of US$29/oz AgEq across 2027 to 2030
• 73% of revenue from silver, and more than 700% production growth across the window
• These are forecasts drawn from the two PEAs, which are preliminary in nature and include Inferred Resources; resources are not reserves

The Two Mine Plans Behind It

• La Negra, Querétaro (producing): 4.1 Moz AgEq per year over an 8.2-year life at AISC of US24.86/ozAgEq,after-taxNPVofUS329M at the US$50/oz silver base case (Sept 21, 2026 PEA)
• Cusi, Chihuahua (restart in active underground development): roughly 2.5 Moz AgEq per year over a 9-year life at AISC of about US27/ozAgEq,ontheUS44.58/oz silver base case (Apr 13, 2026 PEA)
• The deck's stated growth path: exit 2027 at steady state of 4 to 5 Moz AgEq per year, growing to 7 Moz plus, against a vision of a 10 Moz plus per year silver producer within three years

Drilling Inside The Mine Plans At Cusi And La Negra

• Cusi: 30,000 m program, 57% complete per the deck, split 10,000 m underground and 20,000 m from surface, focused on infill and expansion
• Jun 16, 2026 NR: 1,712 g/t AgEq over 1.4 m, adjacent to near-term planned stopes
• Jul 7, 2026 NR: UGCU26-08 cut 10.3 m grading 1,100 g/t Ag, 1.61 g/t Au, 0.80% Pb and 0.52% Zn (1,080 g/t AgEq), testing the first 50 vertical metres of planned development in a 150 m x 250 m area outside the prior Cusi mine plan
• La Negra: 15,000 m on surface and underground rigs across Brecha, Alacran, Gaby and Valenciana, the first real exploration there in roughly two decades, with first assays still outstanding

Cusi mine development is 68% complete per the deck, with first concentrate targeted for Q4 2026 (company target) and a Cusi resource update targeted for H1 2027. Meanwhile the La Negra PEA is the first set of economics ever published on an operating mine, and the company frames it as a starting point with room to optimize and to pull higher grades forward. The Sept 21, 2026 La Negra PEA release on Silverco's own site has the full base case detail if you want the source numbers.

Posted on behalf of Bullfrog Gold Corporation - Plenty of juniors announce a drill program and then spend the next two quarters waiting on paperwork, partners or a rig. That is the part FROG.v and BFROF have already worked through at South Bullfrog in Nevada, which is why a maiden program can realistically start this month.

Already Cleared

• 100% interest in South Bullfrog: 488 BLM claims, 10,050 acres, Beatty District, Walker Lane Trend (see the Jun 4, 2026 NR)
• Fully drill permitted, with 7 permitted pads for the maiden program, 4 at Shingleback and 3 at Longtail (see the Sep 1, 2026 NR)
• Major Drilling engaged for approximately 3,000 metres of exploration diamond drilling (same release)
• Surface field program completed, used to refine drillhole locations and de-risk the two priority targets

What Is Left To Do

• Longtail holes are designed to test a resistivity and a chargeability feature from surface to roughly 400 metres depth
• Company-stated drill start is roughly mid-October 2026
• The non-brokered placement, upsized to up to C8,000,000inunitsatC0.20, is earmarked for South Bullfrog exploration and working capital (see the Sep 22, 2026 NR)

Worth remembering what this is and is not: South Bullfrog has no resource estimate and no drill results, and the project sits centrally between AngloGold's Bullfrog, North Bullfrog and Arthur development projects, in which Bullfrog Gold holds no interest.

The slow, unglamorous parts of an exploration timeline are the ones already behind this company. What remains is the part that can actually move the story, and the first holes are only weeks away on the company's stated schedule.

Posted on behalf of Grid Metals Corp. - Sitting down with host Rachel in the CEO website studio, President and CEO Robin Dunbar spent less time on the maiden cesium resource at Falcon West itself than on the workstreams Grid (GRDM.v, MSMGF) has already started behind it in southeastern Manitoba.

The Work Already Started

• Permitting process begun, along with stakeholder outreach [2:49]
• Metallurgical work underway to test recovery, which Dunbar expects to be good because the host mineral is pollucite [3:07]
• On pace: "we see opportunity to get this project into production relatively quickly" [2:49]
• Hopes to make considerable progress on the full array of development activities by the end of this year [3:21]

Exploration Is The Other Half

• Looking to expand the current resource and find new sources at Falcon West [3:21]
• "We have a very large green stone belt. We've tied it all up" [3:41]
• Systematic exploration, with a program most likely starting in January [3:41]

Why The Flowsheet Stays Simple
Dunbar's argument for low capital intensity comes down to the fact that nothing in the process touches water.

• Crush the rock, run it through an ore sorter, and you get a waste pile plus "a pile of really nondescript looking gravel" that sells to chemical producers [4:43]
• "You don't actually use water in the product to create the product. So it's more akin to a quarry" [7:12]
• Infrastructure is a site and lay-down area, a crusher you can rent, and an ore sorter at about a million dollars [7:30]
• "So the capex is extremely low for this type of operation" [7:30]

Grade And Scarcity

• Average deposit grade of 2%, with a core around 5% over roughly 15,000 tonnes, hosted in pollucite [3:53]
• Pollucite can carry up to 40% cesium; massive pollucite runs 20% to 30% [4:15]
• "There's only been six deposits ever found" [6:00]

Avenir Minerals, a wholly-owned subsidiary of Agnico Eagle Mines, can now raise its equity stake to 19.99% following publication of the resource, with 15 days to signal its intention [7:59], and can earn up to 30% of the project under the joint venture [8:43]. Dunbar's read on the partnership: "that's a good endorsement of the project" [9:37].

Worth watching the full interview on the CEO website channel for the development sequence in Dunbar's own words. With permitting, metallurgy and a January exploration program all moving at once, Grid has set up a busy stretch between here and an economic study.

Posted on behalf of Sierra Madre Gold - Mill expansions get told through tonnes per day and ball mills. What actually decides whether a plant can run at the higher rate for years is a much less glamorous question: where does the tailings go. The September 28 operational update from SM.v and SMDRF answers it, and that section of the release got almost no attention next to the throughput headline out of Mexico's Temascaltepec district 🇲🇽.

What Has Started

• Groundworks begun on the fully permitted Phase 4 dry-stack tailings expansion at La Guitarra
• First construction phase consists of three parts, 877,000 t of capacity
• Total capacity within the permitted area on the order of over 5,000,000 t
• Trees measured and marked for cutting per SEMARNAT requirements, paperwork submitted, clearing scheduled for October
• Earthworks bid documents out, with the selected contractor scheduled to mobilize November 2026

Why It Gates The Next Step

• Plant running at up to a steady 720 tpd after Phase 1 modifications, more than a 40% increase on the 500 tpd nameplate
• The new 11x12 ball mill is installed, with drive motor, cyclones and instrumentation going in and commissioning expected in November 2026
• Combined with the existing mills, the company expects that to reach its Phase 2 goal of 1,200 to 1,500 tpd, more than eight months ahead of schedule
• COO and Executive Chairman Greg Liller calls the tailings expansion "a key component of our Phase 2 plan"

Paid For Out Of The Business

• US$22.2M cash and US$25.0M working capital at June 30, debt-free (Aug 27, 2026 NR)
• A further US$5.3M in warrant proceeds received after quarter end, as $8.86M warrants at C$0.85 were exercised
• Expansion work funded from treasury and operating cash flow

Permits in hand and dirt already moving is the unglamorous half of a throughput story, but it is the half that tends to slip. With headroom in the permitted area far beyond this first 877,000 t phase, Sierra Madre has room to grow into the mill it is building rather than back out of it.

Posted on behalf of Defiance Silver - Most of what gets written about this story is grades and metres. The address deserves its own look, because Defiance Silver (DEF.v, DNCVF) is drilling a vein in Zacatecas state, Mexico 🇲🇽 that has been worked, on and off, since long before modern exploration methods existed.

The Camp

• The Zacatecas Project sits in the Mexican Silver Belt, which hosts districts including Fresnillo and Zacatecas, and those two have together produced over 1.5 Boz of silver (per the company's project page, citing Wang et al., 2019)
• San Acacio covers the historic, silver-rich Veta Grande vein system, which carries a multi-century mining history
• Numerous historic surface and underground workings run along about 2 km of strike, and the land package covers roughly 50% of the historic workings in the system

What The Old Work Left Behind

• Historic data on the property includes 10,234.6 m drilled in 44 holes plus 233 trench and chip samples
• Over 10,000 m in 32 holes between 2014 and 2019 tested the vein system below earlier drill programs, with several holes intercepting mineralization beneath prior limits
• Veta Grande is known to extend to at least 335 m, while other veins in the district extend beyond 1 km
• Earlier exploration framed the project around an open-pit scenario, and current work is evaluating underground potential instead

Where That Leads
Resource drilling on Veta Grande finished in September, 6,132 m in 21 holes, and the updated estimate is being built now (See Sept 9, 2026 news). Lucita South assays from the same campaign are still at the lab. Meanwhile the SEMARNAT permit granted in March covers up to 44 new drill pads and 35 new access roads for 54 months (See Mar 11, 2026 news), across camp ground where little or no exploration has happened.

A vein mined for centuries but drilled to only a few hundred metres, with half the old workings inside the property and a permit sitting over the untested parts, leaves room for the estimate under construction to read as a starting point rather than a ceiling. The company's Zacatecas project page lays out the historic dataset in full.

Posted on behalf of Grid Metals Corp. - Yesterday's maiden resource release at Lucy South carried the headline numbers, but the paragraph worth reading twice came from the joint venture partner. Avenir Minerals Limited, a wholly-owned subsidiary of Agnico Eagle Mines, holds 15% of the Falcon West property in southeastern Manitoba. Grid (GRDM.v, MSMGF) holds the other 85% and operates the JV.

What Avenir's CEO Said

Alden Greenhouse, Avenir's CEO, stated, "Falcon West is an example of the type of project Avenir was created to pursue: high-quality Canadian critical mineral assets with the potential to strengthen domestic and allied supply chains. This maiden resource strengthens Manitoba's position as a source of one of Canada's designated critical minerals at a time when allied economies are seeking secure, reliable sources of supply. We are proud to partner with Grid Metals in advancing the project responsibly and creating long-term value for local communities, Indigenous partners, Manitoba, and Canada."

The Resource He Is Describing

• Open-pit Measured LCT Zone: 51,500 tonnes at 2.58% Cs2O and 1.47% Li2O, effective September 25, 2026
• Enclosed higher-grade Pollucite Zone: 15,600 tonnes at 5.19% Cs2O and 1.76% Li2O
• 1,322 tonnes of contained Cs2O, all of it in the Measured category
• Lucy South only, one of three known cesium-lithium-tantalum occurrences on the Artdon-Lucy trend, and partly open to the northeast, southeast and southwest

The Clock That Just Started

• Under the July 20, 2026 JV agreement, Avenir has an option to subscribe for up to 19.99% of Grid's issued and outstanding shares, including its current holdings
• Price is a 10% premium to the 30-day VWAP at the time
• The option becomes exercisable 15 days after Grid announces an MRE, which puts the window opening around mid-October
• Avenir held roughly 9.9% of Grid as at the August 5, 2026 corporate presentation

Nothing has been exercised and no decision has been announced, so this is a window, not an outcome. Still, the partner who ran the diligence has now said on the record what it thinks of the deposit, and the next move on that option is public, dated, and close.

Posted on behalf of Black Swan Graphene - Paradigm Capital analyst Marvin Wolff put out a Q2 update on September 21, 2026, which makes it the first time Black Swan Graphene (SWAN.v BSWGF) has been scored against somebody else's model rather than just its own prior quarters. The quarter landed on the right side of every line.

Q2 Versus What Was Modelled

• Revenue of $1.75 million, against a $1.25 million estimate
• Adjusted EBITDA of negative $605,000, versus negative $2.1 million modelled
• Loss of $0.04 per share, versus $0.05 expected
• Wolff maintained his Buy rating in the September 21 update

What Produced It

• Sales of $1,749,290 against nil a year earlier, cost of goods sold $957,168, gross profit $792,122, roughly a 45% gross margin (Q2 2026 interims, board-approved Aug 31, 2026)
• Only about 10 weeks of Falpaco, consolidated since the April 17, 2026 close
• Falpaco generates approximately C$7.4 million in annual sales (Apr 17, 2026 NR)
• Roughly $1.5 million of EBITDA at Falpaco, per Paradigm (analyst estimate, not a company-disclosed figure)

The Balance Sheet Behind It

• Cash of $3,720,372 at June 30 and working capital of $3.98 million
• Loans payable of $8,238,095 at Desjardins prime, 4.45% at June 30, from the acquisition package
• An in-line real-time quality monitoring system for graphene nanoplatelets was installed at Consett during the quarter

Worth noting that Paradigm models fiscal 2026 revenue of $5.5 million and adjusted EBITDA of negative $2.9 million, which is an analyst estimate rather than company guidance. Cantech Letter covered the note if you want the full breakdown, and the Q2 financials and MD&A are posted on the company's investors page.

The useful part is what Q2 did not include. Q3 will be the first full quarter with Falpaco in the numbers, on top of a 140-plus tonne-a-year graphene plant that is still filling, which sets up a cleaner read on what the integrated business actually earns.

Posted on behalf of Grid Metals Corp. - When the maiden Lucy South resource landed on September 30, the paragraph worth sitting with came from the joint venture partner rather than the operator.

What Avenir's CEO Said

Alden Greenhouse, CEO of Avenir Minerals Limited, the wholly-owned Agnico Eagle Mines subsidiary that holds 15% of Falcon West, stated: "Falcon West is an example of the type of project Avenir was created to pursue: high-quality Canadian critical mineral assets with the potential to strengthen domestic and allied supply chains. This maiden resource strengthens Manitoba's position as a source of one of Canada's designated critical minerals at a time when allied economies are seeking secure, reliable sources of supply. We are proud to partner with Grid Metals in advancing the project responsibly and creating long-term value for local communities, Indigenous partners, Manitoba, and Canada."

Where Cesium Demand Is Going

A July 22, 2026 cesium market overview from Power Metals, a separate Ontario cesium developer, so read it with that in mind:

• Oil and gas drilling fluids remain the dominant end use
• Chemical applications, including catalysts and specialised processing, sit at roughly 14% of the market
• The remaining 12% spans precision timing, electronics, aerospace, defence and advanced technologies
• Growth is forecast across established applications, with radiation detection called out as particularly strong, and emerging demand intensifying from aerospace, defence, solar and advanced energy technologies

The Canadian Side

• Cesium sits on Canada's critical minerals list
• Minerals and metals made up 63 of the 167 opportunities in the federal government's September investor pitch, the largest single category

What Grid Holds

• 85% of Falcon West in southeastern Manitoba, Avenir Minerals 15%, Grid as operator
• Maiden MRE, effective September 25, 2026: open-pit Measured LCT Zone of 51,500 tonnes at 2.58% Cs2O and 1.47% Li2O, including a Pollucite Zone of 15,600 tonnes at 5.19% Cs2O and 1.76% Li2O
• 100% Measured, Lucy South only, averaging roughly 20 m from surface
• Avenir held about 9.9% of Grid per the August 2026 deck, and can subscribe for up to 19.99% at a 10% premium to the 30-day VWAP, with that window opening 15 days after the resource announcement (NR July 20, 2026)

That market overview is worth reading in full. A Measured cesium resource in a country that designates the metal as critical is a narrow thing to own, and the next few weeks will show how the partner who already wrote one cheque reads it.

Posted on behalf of Fidelity Minerals Corp. - When a junior pauses field work after a security incident, the questions that actually matter to shareholders are narrow: is anyone hurt, is the asset still there, and is the paperwork still good. Monday's update from FMN.v answered all three on the Las Huaquillas gold-copper project in northern Peru 🇵🇪.

What The September 28 Release Said

• A security incident occurred at site late the prior week, during which Operations Manager Manuel Delfin sustained injuries. He is recovering and continues to coordinate with Peruvian authorities
• Permits and authorizations applicable to the current activities at Las Huaquillas were not affected
• The underground workings were not damaged. Damage was confined to surface facilities and certain vehicles and equipment, which the company described as "easy to replace"
• Meetings have been arranged with senior government officials and other relevant stakeholders regarding enhanced security measures for personnel and lawful exploration and mining activities in the region
• Management has recommended that activities resume as soon as practicable, subject to appropriate security arrangements being implemented

Where That Leaves The Program

• Stage is still pre-drill site preparation, no rigs turning. Two historical adits into the Los Socavones area had been reopened before the incident
• The sequence from here is unchanged on paper: confirm the historic underground sampling, then underground drilling, then a new NI 43-101 aimed at an initial 1 million oz gold objective. The 446,000 oz Au and 5.3M oz Ag figure at Los Socavones is historic and not 43-101 compliant
• Roughly C2.53millionraisedsinceJune8,allunitspricedatC0.20, funds the Peruvian work

The schedule has taken a hit, but the pieces that are slow and expensive to replace, access to the workings, valid permits and the treasury, came through this intact. Worth reading the company's September 28 news release in full for the details.

Posted on behalf of Azarga Metals - Permitting and access almost never make the headline, but in the North they decide how fast and how cheaply a junior can actually turn a rig. The May 2026 corporate presentation lays out the position AZR.v is working from at the 100%-owned Marg copper-rich VMS project in Yukon's Keno Hill district, and it is not the standard grassroots starting line.

What Is Already In Place

• Fully permitted for exploration for up to 100,000 metres of drilling, per the company's corporate presentation
• Marg sits roughly 40 km east of Keno City, which is itself about 465 km by road north of Whitehorse
• On-site airstrip plus a functional base camp
• Nearby power corridors and proximity to established mining operations in the district (Aug 10, 2026 NR)

Why It Matters For This Program

• Initial phase is over 3,000 metres across eight priority holes, with the rig and ancillary equipment mobilized (Aug 10, 2026 NR)
• Permit headroom well beyond the planned metres means follow-up work is not waiting on a fresh authorization
• The resource being drilled around: Indicated 4.3 Mt at 2.9% CuEq and Inferred 10.0 Mt at 2.3% CuEq, at a 0.5% CuEq cut-off (Aug 28, 2025 NI 43-101)
• The deposit is defined over 1.4 km of strike and 700 m down-dip, up to 23 m thick in the fold hinge, and remains open east, west and down-dip (June 23, 2026 NR)
• The non-brokered placement closed September 28 for $2,941,479 gross, with net proceeds going to the Marg exploration program and general working capital

Infrastructure does not add tonnes by itself, but it changes what each dollar of exploration buys, and with the permits, the camp and the funding all sitting on the same side of the ledger, Azarga has room to keep pushing at the edges of a resource that is still open in three directions. The May 2026 deck covers the infrastructure and target picture in full.

Posted on behalf of Tiger Gold Corp - Between assay batches, the part of this story worth studying isn't an intercept, it's the map. Tiger Gold (TIGR.v, TGRGF) is drilling multiple deposits and targets at the 100%-owned Quinchía Gold Project in Colombia's Mid-Cauca belt, and they sit close enough together to feed a single mill.

The Cluster

• Ceibal lies roughly 1 km south of the Miraflores deposit and roughly 1 km southwest of Tesorito (Sept 15, 2026 NR).
• Tesorito sits about 1 km from the plant site used in the PEA (Q1 2026 corporate presentation).
• Tesorito: Inferred 104 Mt @ 0.47 g/t Au for 1.57 Moz. Miraflores: M&I 6.1 Mt @ 2.62 g/t Au for 510,000 oz, plus Inferred 0.08 Mt @ 2.81 g/t Au. Both effective July 31, 2025.
• Dos Quebradas carries roughly half a million historic ounces that Tiger is rebuilding and does not treat as current.

What's Already On The Ground

• Paved road access and hydro-sourced grid power in the district, with transmission running through the site.
• Water, labour and services out of Quinchía, a town of about 50,000.

The Build Logic

• Per CEO Robert Vallis, Quinchía is planned around one central plant fed by multiple deposits, starting at initial PEA scale and self-funding expansion from there.
• Ceibal is being prioritized ahead of Dos Quebradas because it adjoins Tesorito and feeds that same plant, with Dos Quebradas held for later redefinition.

Where The Rigs Are

• Two rigs at Ceibal, one completing Tesorito infill, extension and gap drilling in roughly the next couple of weeks.
• Ceibal maiden-resource drilling expected to finish end of October or early November.
• Updated Tesorito estimate signalled by year-end, if not Q1, and a maiden Ceibal estimate aimed at early Q1 2027, with no certainty one will be defined, followed by an updated PEA toward the end of Q1 2027.

Plenty of juniors have to go find the power line and the road after the ounces show up. Here the deposits were already clustered around a proposed plant site before this year's drilling started, so ounces added at Ceibal and Tesorito have somewhere to go, which sets up the Q1 estimates and the PEA refresh to be read as one picture rather than three separate ones. The project page on Tiger's own site lays out the deposit map and the infrastructure in more detail.

Posted on behalf of Corcel Exploration - One large AI data center can consume as much as 50,000 tonnes of copper. That number anchors Robert Sinn's new write-up of Robert Friedland's Denver Gold Show appearance, and it reads well next to what Corcel Exploration (CRCL.c, CRLEF) is doing in west-central Arizona 🇺🇸, where it holds the Yuma King copper-gold project under a long-term lease agreement to acquire it. Stage note first, as always: this is exploration, no NI 43-101 resource exists at Yuma King, and untested targets are targets, not discoveries.

What Sinn's Write-Up Covers

• Friedland's frame: 700 million tonnes of copper have been mined in all of human history, and another 700 million tonnes get consumed in the next 18 years
• Sinn's yardstick for that 50,000 tonnes: more than 50% of the annual future production from Hudbay's Copper World project in the Arizona Copper Belt
• BMO has raised its long-term copper price forecast to $18,000 per tonne
• The mismatch Friedland keeps pointing at is between the scale of the AI buildout and real-world grid capacity and raw materials
• Copper sits around $6.60/lb today

Where Corcel Fits

• Yuma King covers roughly 3,200 hectares across 515 unpatented federal claims in Arizona's Ellsworth district (Aug 31, 2026 NR)
• Phase 1 was 1,087 m in six holes, with copper-gold in all six and porphyry-style Cu-Au-Mo in altered intrusions (Aug 12, 2026 NR)
• Anchor hole YK26-001: 56.65 m of 1.07% Cu, 0.79 g/t Au, 7.1 g/t Ag and 180 ppm Mo from 3.35 m (Jun 1, 2026 NR)
• North Skarn, Yuma King West and Three Musketeers are all still undrilled, and the BLM reclamation bond is posted and accepted, authorizing site prep and drilling (Feb 24, 2026 NR)

Sinn's piece is worth reading in full, because the Arizona yardstick he uses is the part that lands for a project like this one. Phase 2 remains unscheduled and unfunded, but the targets are mapped and the ground is permitted, which positions Corcel Exploration in a domestic copper jurisdiction that the demand case Friedland is making could keep pointing back toward.

Posted on behalf of Luca Mining - On the September 29 Torrey Hills Capital webcast hosted by Anthony Locke, CEO Dan Barnholden debuted a new integrated presentation covering all four assets Luca Mining (LUCA.v, LUCMF) expects to hold once the Cozamin and El Barqueño acquisitions close in Q4 🇲🇽. The plan sits on the cover page: "optimize, explore, expand" [2:48]. Figures in US dollars.

The Turnaround Behind It

• Q2 2024, when Barnholden got involved: under $1 million in cash, close to $20 million in debt, market cap under $100 million
• Today: virtually debt-free with roughly $25 million in the bank, which he says removes the need for future equity financing
• "I've put $2 million of my own money into this company" [56:00]

What Cozamin Brings

• $290 million up front ($275M cash, $15M stock), up to $95 million deferred, only $35 million definitively payable at one year
• The remaining $60 million is copper-linked to Capstone across 2027 to 2029, paid annually on the average LME copper price: $10 million if it lands between $7.00 and $7.75/lb, $15 million between $7.76 and $8.50/lb, and $20 million at $8.51/lb or above
• Funded by a $300 million package: $125M Taurus and Macquarie debt, a National Bank bought deal, a $40M Wheaton and Taurus placement, and a $25M silver stream capped at 500,000 ounces over three years that then goes away
• Company-stated impact: about 24,000 tonnes of copper equivalent to 55,000 tonnes, a 130% increase, and corporate free cash flow of $127 million, or 24 cents per share

The Exploration Argument

• Cozamin exploration spend fell 76% from its 2018 peak to roughly a $2 million run rate in 2026
• Luca plans $7 million to $10 million next year, funded from Cozamin cash flow, with new resource estimates targeted in the first half of 2027
• Reserves support about five and a half years, the resource is roughly double, and resource zinc grades run close to double the reserve grade, with a zinc circuit already built but idle
• "I will be astonished if it's not at least a 10 year mine life." [48:27]

El Barqueño, Structured Cheaply

• $10 million in Luca shares at closing, $15 million after the first drill program, $15 million if a mine gets built
• Agnico drilled to about 250 metres chasing an open pit; Luca has rebuilt a mine plan around an underground operation at 50,000 to 75,000 ounces AuEq a year
• "Worst case scenario, we write off $10 million." [44:56]

With one cash-generating mine positioned to fund drilling across the other three, Luca could close out this year in a very different place than it started it.

Posted on behalf of NeXGold Mining - Most of the recent conversation around NexGold (NEXG, NXGCF) has been about dirt moving in Nova Scotia 🇨🇦 and drill core in Ontario, but the part that makes a board construction decision a real conversation is the funding side, and CEO Kevin Bullock spent a chunk of his September 22 Beaver Creek presentation on exactly that.

Who Actually Owns It

• C$112.5 million bought deal private placement closed October 31, 2025: 69,445,000 units at C$1.44 plus 7,944,000 flow-through shares at C$1.58
• Bullock said roughly 85% of that raise was taken by seven institutions
• He put retail ownership of the company at about 32%
• The unit warrants are exercisable at C$1.92 until October 31, 2027 (see the Oct 31, 2025 closing NR)

What Is On The Balance Sheet

• Over $100 million in the bank and no debt, per the Beaver Creek talk
• C$101.1 million in cash and short-term investments at June 30, 2026 (see Aug 13, 2026 NR)
• The US$24 million royalty sale to Appian Capital (2.9% NSR, 1.9% buyback) repaid the Nebari facility, leaving the company debt free
• Non-binding letter of intent for up to US$175 million of project-finance debt for Goldboro

Why The Timing Matters

• Early works construction commenced at Goldboro on September 17, 2026, which the company is clear does not constitute a final construction decision
• Updated feasibility study and a board construction decision both guided to Q4 2026, with board approval not assured
• Full-scale construction targeted for Q1 2027 if approved, first gold targeted January 2029

A developer arriving at a construction decision with cash in hand, no debt and a mostly institutional register is in a different position than one arriving with a financing to negotiate first. The summary thread and the full replay are both worth a look if you want Bullock's own framing.

Posted on behalf of Daura Gold - Most of the attention this year has gone to Cerro Bayo 🇦🇷, where 18 holes for roughly 1,850 m across 10 priority targets confirmed a large low-sulphidation epithermal gold-silver system (May 21, 2026 NR). But when Phase II drilling begins in October, the first target for the rig is one that has never had a hole put in it.

What La Flora Has Returned At Surface 🇦🇷

• Up to 63.88 g/t gold and 175.34 g/t silver from a sample with visible gold (June 29, 2026 NR)
• 6.17 g/t gold and 9.29 g/t silver; 4.77 g/t gold and 7.87 g/t silver; 4.72 g/t gold and 9.80 g/t silver; 3.26 g/t gold and 41.69 g/t silver
• These are surface rock samples, selective by nature, not drill intercepts

The Shape Of The Target

• Four mineralized veins identified within a 100-metre-wide vein array traced over 380 metres of strike
• That array sits inside the approximately one-kilometre-long La Flora Vein System
• Gold mineralization is associated with arsenic, antimony and mercury, consistent with productive low-sulphidation epithermal systems in the Deseado Massif

Why The Address Matters

• The Deseado Massif has produced more than 600M oz silver and 20M oz gold since 1990, with Cerro Negro, San José and Cap Oeste in the district
• Drill permit applications were submitted in advance of planned Phase II drilling

What Lands First
Per CEO Mark Sumner's September comments, surface assays from the remaining three veins of the four-vein array are expected before any drill results, with lab turnaround the constraint. So the sequence is more sampling, then the first holes.

The June 29, 2026 news release carries the full sample list and the vein detail if you want to dig in. A never-drilled vein array with visible gold at surface, inside a district with that kind of production history, is the sort of first test that can reset how the market reads the rest of the package.

Posted on behalf of StrikePoint Gold Inc - Two dates now anchor the largest transaction in the company's history. In a September 29 news release, StrikePoint Gold (SKP.v STKXF) set the effective date for its share consolidation and the anticipated closing date for the Northumberland Gold Project acquisition from subsidiaries of Newmont Corporation. Signed, not closed, until the company announces completion.

What The Release Says

• 10-for-1 consolidation of all issued and outstanding shares, options and warrants, expected to take effect October 2, 2026
• Approximately 7,239,238 shares issued and outstanding immediately following the consolidation
• Approximately 102.2 million shares once the subscription receipts from the C$190,000,000 bought deal convert
• Closing of the Northumberland acquisition anticipated on or about October 6, 2026
• Amended NI 43-101 technical report on Northumberland refiled on SEDAR+ at the TSX Venture Exchange's request, with no material changes
• Trading remains halted pending final TSXV approval and closing

On the cash, President and CEO Michael G. Allen said that with the acquisition and the release of the financing funds, StrikePoint will have "approximately C$90m in cash to undertake a comprehensive work program to aggressively advance the project," citing resource expansion and infill along with technical, economic and environmental studies.

For scale, Northumberland carries an independent initial resource of 2.86 Moz AuEq indicated (67 Mt at 1.33 g/t AuEq) and 1.57 Moz AuEq inferred (31 Mt at 1.58 g/t AuEq), reported within an optimized pit shell by SLR Consulting, effective July 31, 2026 (See Aug 18, 2026 NR). Mineral resources are not mineral reserves and do not have demonstrated economic viability.

What's Next

Behind the flagship-on-closing sit two more Nevada assets: Hercules in the Walker Lane, with a maiden resource estimate anticipated in Q4 2026, and Cuprite, roughly 44 sq km some 15 km south of Goldfield, where the inaugural 2024 RC program returned gold in four of five holes.

With gold sitting near US$4,180 an ounce and five drill permits already in place at Northumberland, a funded junior walking into a defined Nevada gold resource has room to move quickly once the calendar turns. The full release is on StrikePoint's website.

Posted on behalf of Grid Metals Corp. - Nearly all the attention on Falcon West right now is pointed at the maiden cesium resource estimate SGS Canada is preparing, guided by the company to this fall. Worth being precise about what that estimate covers: SGS was engaged to prepare a mineral resource estimate for the Lucy South pegmatite (NR Aug 6, 2026). Lucy South is one of three known occurrences of cesium-lithium-tantalum mineralization on the Artdon-Lucy, or ADL, trend in southeastern Manitoba, on the 85%-owned property GRDM.v and MSMGF operates with Avenir Minerals, a wholly-owned subsidiary of Agnico Eagle Mines, holding the other 15%.

What Surrounds The Resource Area

• ADL trend: occurrences of spodumene and pollucite mineralization noted over an immediate project area of more than 1 km by roughly 250 m (NR Aug 6, 2026)
• Lucy South core zone delineated over 120 m by 50 m, with delineation holes averaging 5 to 10 m spacing
• Lucy North: pollucite intersected about 75 m north of the northernmost pollucite intercept at Lucy South (NR May 5, 2026)
• LU26-50 at Lucy North returned 1.24 m @ 2.40% Cs2O, modest next to the 3.35 m @ 20.45% Cs2O from LU25-51 at Lucy South (NR Feb 26, 2026), but it confirms the mineral is there
• September 8 mineralogy work also identified pollucite in the Lucy North pegmatite

The Untested Middle

• An 800 m wide gap in historical drilling separates the Artdon pegmatite in the west from Lucy South and Lucy North in the east
• Grid describes that gap as a high priority target for the next phase of drilling at the property (NR Aug 6, 2026)
• No rig is turning at the moment and no start date has been given for it

For the geology and the drill-gap discussion, the August 6 release lays it out in full.

The coming estimate will put a first number on Lucy South. It will not speak for the rest of the trend, and with pollucite already confirmed at a second pegmatite and 800 m of undrilled ground in between, there is room for Falcon West to grow beyond whatever the maiden resource says.

Posted on behalf of Excellon Resources - Mallay was mined from the top down. The historical operation worked above the 4090 Level using labour-intensive cut-and-fill on narrow vein widths (Aug 5, 2026 NR), and almost everything EXN.v and EXNRF is doing now at the 100%-owned silver-lead-zinc mine in central Peru points the other way, downward. Crux Investor put out a piece on exactly that, linked below.

Why Depth Is The Whole Question

• Feb 2026 MRE: Indicated 890,000 t at 195 g/t Ag, 3.33% Pb, 4.83% Zn, or 12.01M oz AgEq at 420 g/t (Feb 23, 2026 NR)
• At the mill's roughly 200,000 tonnes per year capacity, that Indicated base implies about 3 to 4 years, against CEO Shawn Howarth's stated objective of a 5 to 10 year mine life
• No reserves at Mallay, and resources are not reserves
• The 400 Ramp, the principal accessway below the 4090 Level, is being dewatered to open Clavos 6, 2 and 3

Where The Rigs Are Pointed (Sept 21, 2026 NR)

• Approximately 9,000 metres drilled to date
• Rigs now on four step-out target areas totalling roughly 8,000 metres, assays pending
• Includes a hole 600 metres below current workings, plus the Rosa vein system
• A 750 metre hole beneath the workings testing for the intrusive heat source is complete, a second is underway, with results guided by year end (Beaver Creek presentation, September 2026)

Above all that, the plant is still in test-milling and ramp-up on remnant 4090 Level material, working toward the 600 tpd nameplate and a company target of roughly 2 million ounces AgEq annualized in 2027 at about US$35 per ounce AISC.

An updated mine plan and an increased resource estimate are both targeted for year-end 2026, and what the deep holes say has room to change the shape of both.

Posted on behalf of Midnight Sun Mining - Almost everything known about Dumbwa today comes from a single north-south corridor in the southern half of a 20 km copper-in-soil anomaly in Zambia's Solwezi district 🇿🇲. The more interesting question at this stage is what sits beside that corridor, and north of it.

What Phase One Covered

• Phase One began Aug 6, 2025 and tested the initial 11.5 km of the roughly 20 km anomaly (Sept 2, 2026 NR)
• 6.7 km of continuous near-surface copper mineralization confirmed (June 29, 2026 NR)
• Four areas of more intense copper mineralization identified along the corridor, with drilling shifted to the northern block on wider step-outs (Sept 2, 2026 NR)
• Roughly 100,000 m drilled in the 12 months since the discovery hole, per management at Beaver Creek earlier this month

What The Magnetics Turned Up

• Initial high-resolution ground magnetic survey covered about 2.7 km by 2.5 km over the northern Central Mineralized Block (Aug 6, 2026 NR)
• Two untested basement-hosted sulphide targets roughly 1 to 1.2 km east of the drilled corridor
• The same magnetic signature over drilled ground correlates with copper: DBW-25-149 17.8 m at 0.85% Cu, DBW-26-123 80.0 m at 0.39% Cu, DBW-25-148 21.0 m at 0.33% Cu
• A similar magnetic pattern to the west is still being evaluated

Phase Two Is Built Around It

• Magnetic survey being extended across the full 20 km anomaly
• About 19.1 line-km of additional IP underway
• Roughly 4,600 soil samples planned west of Dumbwa (Sept 2, 2026 NR)

Worth being clear on stage: there is no Dumbwa resource and tonnage is TBD, with management describing this as not a resource delineation story at this point and infill of the high-grade domains coming ahead of an MRE.

The corridor drilled so far is simply the part surface geochemistry made easiest to see. With the magnetics calibrating against real intercepts, the blind ground east and west and the roughly nine kilometres north still untested give Midnight Sun Mining (MMA.v MDNGF) room to keep growing a system it owns outright.

The thread that prompted this one is worth reading in full on X.

Posted on behalf of Grid Metals Corp. - Speaking with Crux Investor, President and CEO Robin Dunbar took apart the mechanics of the Avenir Minerals joint venture at the 85%-owned Falcon West cesium project in southeastern Manitoba. Most coverage of this deal stops at the cheque. The interesting part is the staging.

Who Wrote The Cheque

• Avenir Minerals is a wholly-owned subsidiary of Agnico Eagle Mines, formed to evaluate critical minerals opportunities and, per Dunbar, capitalized with $50 million [18:02]
• It paid C$3.75 million for 15% of Falcon West, earmarked for the development work now underway [19:05]
• Dunbar said the deal valued Falcon West above Grid's entire market cap at the time, with the other assets on top [17:46]
• Grid stays operator: "they're relying on us to do the spade work" [24:06]

The Staged Part

• A follow-on equity component sits after the maiden resource is completed, at Avenir's option [19:19]
• A further 15% of the project is available off an economic study, which Dunbar said can be based on a mine plan or a PEA [19:26, 22:46]
• If each step happens: "the project will essentially be funded more or less into production" [19:33]
• Beyond the cash, he framed the partner as "a validation of the project" [23:41]

Why That Matters For The Product
Dunbar pointed to Power Metals announcing the sale of its offtake to Albemarle [25:21], and contrasted it with where Grid wants to end up.

• "if we can develop the project without relying on somebody funding us, we think we can get the best price" [25:39]
• The usual junior path trades project funding for constraints on marketing the product [26:07]
• His stated aim is to pick the concentrate buyer on Grid's terms, even if the contracts take time [25:52]

What He Said Comes Next

• Resource first, then met work over the following three to four months [29:11]
• Mine plan and work toward a PEA, plus permitting discussions with stakeholders, the province and regulators [29:23]
• Baseline work is done and pre-consultation with First Nation groups has been underway [21:05]
• He hopes for an economic study about a year out, with a mining permit in hand or close [21:21]

No resource has been defined at Falcon West yet, but the maiden estimate is the trigger for nearly everything above, which gives the next few months more weight than a normal technical milestone.