Market Commentary ~ Weekly Summary

Precious metals were higher during the week as softer-than-expected U.S. CPI and PPI data reduced expectations for a September Fed rate hike, easing Treasury yields and weakening the U.S. dollar. Gold and silver also benefited from continued central-bank buying, geopolitical uncertainty and broader demand for hard assets. Base metals were mixed during the week, with copper and zinc outperforming on tightening physical markets and falling LME inventories. Softer U.S. data and a weaker dollar provided additional support.

Precious Metals

·      Gold prices rose 0.8% during the week as softer U.S. inflation, weaker-than-expected retail sales and declining consumer sentiment reduced expectations for a September Fed rate hike, lowering the opportunity cost of holding non-yielding bullion. Gains were partly capped by firmer oil prices and renewed inflation concerns linked to Middle East tensions.

·      Silver outperformed gold because it benefited from the same macro tailwinds including softer U.S. inflation and reduced expectations of Fed rate hike, while also receiving support from its industrial demand exposure. Strong consumption from solar, electronics and other manufacturing applications added to the monetary policy bid.

·      Platinum moved higher, while Palladium declined during the week. Platinum was supported by persistently low above ground inventories, a structural supply deficit and constrained mine supply from South Africa, while palladium declined as profit taking followed recent gains weighed on the metal. Palladium’s relatively thin and less liquid market amplified the sell-off and contributed to heightened price volatility.

Base Metals

·      Copper edged higher by 2.1% on tightening global supply expectations, with LME available inventories nearly halving to 101,425 tonnes at the end of July from 201,700 tonnes in June. Supply concerns were reinforced by the DRC’s concentrate export ban. Zinc rose 2.4% on tightening near-term supply, with LME inventories falling to around 95,000 tonnes. Supply concerns were reinforced by Glencore’s 21% YoY decline in H1 zinc production and planned mine/smelter disruptions in China.

·      Aluminum closed at $3,247/t, down 1.0%, as concerns over Gulf supply eased after Emirates Global Aluminum reaffirmed plans to restore full production at its Al Taweelah smelter in Q1 2027, while rising Chinese exports also improved availability.

·      Tin was broadly flat as tight supply conditions were offset by seasonally weak downstream demand and cautious spot buying.

·      Nickel fell 1.0% to $16,570/t during the week as expectations for looser Indonesian supply and persistently high inventories outweighed support from softer U.S. inflation. Lead was up 0.3% to $1,845/t during the week.





Spotlight: Key Updates from Coverage Companies

Lode Gold Resources Inc. (TSXV: LOD)

·      On August 10, Lode Gold Resources received a three-year Administrative Use Permit from Mariposa County covering surface exploration and drilling across its 100%-owned Fremont Gold Mine in California. The permit enables a 3,500-4,500 metre drilling program in H2 2026, targeting metallurgical, geotechnical, hydrogeological and infill work to support a 2027 PFS. Fremont currently hosts 1.16 Moz Au at 1.90 g/t Indicated and 2.02 Moz at 2.22 g/t Inferred, with additional exploration upside across a 4-km strike and nine greenfield prospects.

·      On August 13, Lode Gold appointed Qi Guo to its Board of Directors, adding nearly 20 years of public-market investment experience focused on precious metals, base metals and junior mining. Guo is Founder, CEO and Portfolio Manager of EDE Asset Management and is expected to support capital allocation, investor outreach and the Company’s capital-markets strategy as it advances the Fremont Gold Mine.

Almonty Industries Inc. (Nasdaq: ALM)

·      On August 11, Almonty Industries reported Q2 2026 revenue of C$43.0 million, up 498% YOY and 69% QOQ, driven by record tungsten pricing, with European APT averaging US$3,075/MTU versus US$453/MTU a year earlier. Adjusted EBITDA improved to C$17.6 million from a C$4.8 million loss, while mining income reached C$26.1 million. Reported net income was C$181.8 million, including C$173.1 million of non-cash derivative/warrant revaluation gains. Almonty ended June with C$1.23 billion in cash following its US$800 million convertible-note offering, while Sangdong Phase I remained in commissioning and ramp-up.

North Peak Resources Ltd. (TSXV: NPR)

·      On August 10, North Peak Resources commenced its 2026 drill campaign at the 100%-owned Prospect Mountain Mine Complex in Nevada, with approximately 7,000 metres of drilling planned through November across five target areas. The program will use RC and diamond drilling to test both oxide mineralization near existing underground infrastructure and a deeper sulphide/geophysical anomaly, with additional rigs expected to arrive in September.

Endurance Gold Corp. (TSXV: EDG)

·      On August 11, Endurance Gold reported additional 2026 drilling success at its 100%-owned Reliance Gold Project in British Columbia, extending mineralization beyond the current 1.45 Moz Au Inferred resource. Hole DDH26-135 returned 9.27 g/t Au over 6.1m, including 19.40 g/t Au over 1.0m, representing a 100m down-dip extension outside the current MRE, while also intersecting 4.33 g/t Au over 7.7m within the Eagle Zone. As of end of July, Endurance had completed 7,200m across 18 holes, with the fully funded 2026 program now expected to exceed 10,000m as drilling continues at the Eagle, Crown and Imperial zones.

Silver Crown Royalties Inc. (CSE: SCRI)

·      On August 11, Silver Crown Royalties reported record Q2 2026 royalty revenue of C$1.87 million, up 598% YOY and nearly 3x Q1 2026, primarily driven by higher income from the Igor 4 royalty in Peru. The company returned to profitability with net income of C$138,000, versus a C$571,000 loss in Q2 2025. During the quarter, SCRI also acquired a 2% gross smelter return royalty on the Madre Sierra deposit in Peru for US$6 million upfront, with a further US$2 million contingent payment, and raised C$4.5 million through a strategic private placement.

Golden Cariboo Resources Ltd. (CSE: GCC)

·      On August 12, Golden Cariboo Resources reported that drill hole QGQ26-30 expanded the Halo Zone by approximately 200 metres west at its Quesnelle Gold Quartz Mine property in British Columbia. The 402.4m hole intersected broad altered and mineralized volcanic rocks with multiple occurrences of visible gold up to 3mm, extending mineralization well beyond QGQ24-20, which previously returned 1.55 g/t Au and 16.05 g/t Ag over 137.17m. Assays from QGQ26-30 are pending and are expected to be incorporated into the company’s upcoming Mineral Resource Estimate.

Silver Hammer Mining Corp. (CSE: HAMR)

·      On August 13, Silver Hammer Mining completed its 2026 summer field exploration program at the Eliza high-grade silver project in Nevada, including geological mapping, 58 rock samples and 396 soil samples to refine drill targets ahead of permitting. Work focused on the Belmont, Passayank, California and New Western Au-Ag areas, where the company is testing extensions to existing geochemical anomalies. The program is intended to position Eliza for drilling once its Plan of Operations receives approval.

PTX Metals Inc. (TSXV: PTX)

·      On August 10, PTX Metals strengthened its leadership team with the appointment of Dr. James Franklin to the Board of Directors and Dr. Alan Wainwright as Technical Advisor, adding extensive geological and mineral-exploration expertise. Franklin brings more than 50 years of experience in Canadian mineral exploration and research, while Wainwright has over 25 years of experience in structural geology and exploration targeting.