Market Commentary ~ Weekly Summary

Precious metals were lower as stronger Fed rate-hike expectations lifted the U.S. dollar and Treasury yields, raising the opportunity cost of holding non-yielding bullion. Mixed signals from the U.S.–Iran conflict added to volatility, with shifting assessments of escalation risks. Base metals traded lower as weak Chinese economic data reinforced concerns over slowing industrial activity and softer demand from the world’s largest metals consumer.

Precious Metals

·      Gold prices declined 2.5% during the week as the renewed U.S.-Iran conflict drove oil prices sharply higher, reviving inflation concerns and expectations that the Federal Reserve could keep interest rates elevated or tighten further. Hawkish comments from Fed officials reinforced the rise in yields and the opportunity cost of holding non-yielding

bullion, outweighing support from softer June inflation data and safe-haven demand.

·      Silver prices fell 6.5%, underperforming gold, as higher oil prices revived inflation concerns and strengthened expectations of tighter monetary policy. Its sizeable industrial exposure also amplified the decline, given fears that elevated interest rates could weaken manufacturing activity and demand.

·      Palladium and Platinum declined as a stronger U.S. dollar, higher Treasury yields and expectations of prolonged restrictive monetary policy reduced demand for non-yielding metals. Their industrial exposure, particularly to the automotive sector, added pressure amid concerns over weaker manufacturing demand, while palladium’s thinner liquidity and higher volatility amplified its losses.

Base Metals

·      Copper edged lower as weaker Chinese growth and domestic-demand data raised concerns over consumption from the world’s largest metals buyer. Elevated global inventories, rising Chinese refined production and weaker imports reinforced the near-term demand concerns, although softer U.S. inflation and mine-supply disruptions limited the downside. Zinc fell 1.5% as weak Chinese demand data and higher domestic production pressured sentiment, although supply disruptions and a narrowing global surplus limited losses.

·      Aluminum closed at $3,152/t, down 0.1%, as easing Middle East tensions reduced risk premiums, while the restart of EGA’s Al Taweelah alumina refinery improved supply expectations. Tight inventories and firm physical demand limited the decline.

·      Tin fell 1.0% to $51,990/t, as high prices and the seasonal demand slowdown made downstream solder and electronics manufacturers cautious, with purchases largely limited to immediate orders.





·      Nickel rose 1.7% to $16,675/t during the week supported by Indonesia’s decision to restrict broad-based increases in nickel ore quotas, while escalating Middle East tensions raised shipping and input-supply risks. Lead was down 1.6% to $1,820.5/t as the seasonal slowdown in China’s e-bike and automotive battery markets weakened orders and dealer purchasing.





Spotlight: Key Updates from Coverage Companies

Lode Gold Resources Inc. (TSXV: LOD)

·      On July 13, Lode Gold announced a non-brokered private placement of up to C$7.0 million, comprising 25.93 million units priced at C$0.27 each. Each unit includes one share and one three-year warrant exercisable at C$0.45, with an acceleration clause if the shares trade at or above C$0.80 for 10 consecutive days. Coast Capital, currently holding more than 18%, will participate and may increase its stake to approximately 19.9%. Proceeds will fund drilling, metallurgical, geotechnical and engineering work supporting a PFS at the Fremont Gold Mine, alongside an initial mine plan and environmental and permitting activities.

Sun Summit Minerals Corp. (TSXV: SMN)

·      On July 14, Sun Summit completed more than 5,100 metres across 13 holes at the Creek Zone, with nine additional holes planned to test the continuity and expansion of near-surface high-grade and bulk-tonnage gold mineralization. One rig has now moved to the Finn Zone, where up to 19 holes and 5,100 metres are planned. More than 1,400 core samples from the first five Creek holes have been submitted for assay, with initial results expected in the coming weeks. The 2026 program is intended to support an inaugural JD Project mineral resource estimate in Q1 2027.

Abcourt Mines Inc. (TSXV: ABI)

·      On July 16, Abcourt reported a strong Q4 FY2026 ramp up at Sleeping Giant, processing 11,891 tonnes, up 60% from Q3, with June reaching a fiscal year high of 5,229 tonnes. Underground development rose 80% to a record 554 metres, gallery rehabilitation increased 131% to 1,052 metres and drilling climbed 55% to 11,059 metres. Q4 production totalled 720 ounces as the average grade fell to 2.1 g/t due to the processing of lower-grade development material. Full-year production reached 3,628 ounces from 28,499 tonnes milled at 4.18 g/t.

Dryden Gold Corp. (TSXV: DRY)

·      On July 16, Dryden Gold received a drill permit covering the Mud Lake target within its 100%-owned Dryden Gold District. Surface sampling at Mud Lake returned up to 93.0 g/t gold from a high-grade shear zone displaying structural similarities to the Elora and Big Master systems, while 2026 mapping identified an en-echelon mineralized trend and a broader structural corridor. One of two active rigs at Gold Rock is scheduled to move to Mud Lake in early August 2026 to test whether the mineralized system repeats along the Manitou-Dinorwic deformation zone, which extends across roughly 50 km of prospective strike.

North Peak Resources Ltd. (TSXV: NPR)

·      On July 14, North Peak Resources proposes extending the expiry of 4.52 million warrants by three months, subject to TSXV approval. The extension would move 4.31 million warrants to January 17, 2027 and 208,333 warrants to January 24, 2027, while the C$0.90 exercise price and all other terms remain unchanged. Of the total, 390,000 warrants are held by related parties.

  

Almonty Industries Inc. (TSX: AII)

·      On July 14, Almonty expanded its long-term tungsten offtake agreement with Global Tungsten & Powders for Phase I production from the Sangdong Mine. The amendment extends the term from 15 to 21 years, increases contracted volumes by 40% to 4.41 million MTU and improves pricing by approximately 6.3%. At current APT prices, Almonty expects annual contracted revenue of about US$490 million, including at least US$30 million of incremental revenue per year. The agreement covers roughly 90% of Phase I output but excludes the planned Phase II expansion.

Quimbaya Gold Inc. (CSE: QIM)

·      On July 16, Quimbaya Gold identified a third exploration target at Tahami Southeast in Colombia’s Segovia Gold District, immediately adjacent to Aris Mining’s operations. Initial selective rock sampling from quartz-vein sub-outcrops returned up to 59.4 g/t gold and 52.3 g/t silver, while fieldwork outlined an approximately 1 km × 1 km sericitic-alteration anomaly with visible coarse gold in nearby drainages. The company plans systematic mapping, rock and channel sampling, and structural interpretation during H2 2026 to define drill targets.

Emperor Metals Inc. (CSE: AUOZ)

·      On July 16, Emperor Metals has begun work on an updated NI 43-101 technical report for its Lac Pelletier Gold Project near Rouyn-Noranda, Quebec, with completion expected in the coming months. The report will consolidate more than 100,000 metres of historical drilling, geological models, metallurgical work and underground-development data, and will support a subsequent pre-feasibility study. Lac Pelletier already hosts approximately 3.3 km of underground workings and a permit allowing production of up to 1,000 tonnes per day, providing a potentially accelerated pathway toward development.

Pinnacle Silver and Gold Corp. (TSXV: PINN)

·      On July 13, Pinnacle Silver and Gold is arranging a non-brokered private placement of up to C$2.2 million through the issuance of 20 million units at C$0.11 each. Each unit includes one share and half a warrant, with each full warrant exercisable at C$0.16 for 24 months. Proceeds will advance the high-grade El Potrero gold-silver project in Durango, fund project evaluations and support working capital. Closing is expected around August 13, 2026.

Golden Cariboo Resources Ltd. (CSE: GCC)

·      On July 15, Golden Cariboo Resources closed the first tranche of its non-brokered private placement, raising C$710,800 through the issuance of 8.89 million units at C$0.08 each. Each unit comprises one share and one five-year warrant, with the exercise price rising annually from C$0.12 in year one to C$0.25 in year five. Insiders contributed C$330,000, while proceeds will support continued exploration at the Quesnelle Gold Quartz Mine property and general working capital.

PTX Metals Inc. (TSXV: PTX)

·      On July 15, PTX Metals announced that investee company Green Canada Corporation received conditional TSXV approval for its proposed listing, subject to completing standard exchange requirements and its concurrent financing. The transaction would create a publicly traded critical-minerals explorer focused on Green Canada’s portfolio of uranium and related exploration assets, providing PTX with a clearer route to crystallize the value of its investment