Market Commentary ~ Weekly Summary

Precious metals rallied after a weaker-than-expected U.S. June jobs report strengthened expectations of Federal Reserve rate cuts. The softer policy outlook pushed the U.S. dollar and Treasury yields lower, increasing the appeal of non-yielding assets such as gold and silver, while base metals broadly rallied led by weaker U.S. dollar which improved sentiment towards industrial commodities.

Precious Metals

·      Gold prices rose 2.1% during the week after weaker-than-expected U.S. June payrolls data reduced expectations of further Federal Reserve interest rate hikes. The softer outlook pushed the U.S. dollar lower, making dollar-denominated gold more attractive to global buyers, while lower expected interest rates increased the appeal of non-yielding assets such as gold.

·      Silver prices rose 5.5%, outperforming gold, given its dual exposure as both a monetary and industrial metal. The weaker U.S. dollar and growing expectations of Federal Reserve rate cuts supported investment demand, while optimism around industrial consumption from electrification, solar, electronics, and AI-related infrastructure provided an additional tailwind.

·      Both Palladium and Platinum rallied during the week supported by the same dollar weakness lifting bullion markets generally. Platinum benefited from steady automotive demand and Palladium was further supported by persistent global supply tightness.

Base Metals

·      Copper rose 0.1% during the week on concerns over potential U.S. copper tariffs. Prices were further supported by falling Chilean mine production, declining exchange inventories, and a widening global refined copper deficit. Zinc was up 2.4% supported by production disruptions at Glencore's Kazzinc facility, Nexa's Cajamarquilla smelter in Peru, and Boliden's Garpenberg mine which tightened near-term supply.

·      Aluminum closed at $3,079.5/t, down 2.6%, as expectations of improving global supply outweighed supportive demand indicators. Faster-than-expected production recovery at Emirates Global Aluminium's Al Taweelah complex, plans to restart Norsk Hydro's Slovalco smelter, and rising output in China and Indonesia eased supply concerns.

·      Tin rose 3.4% to ~$51,990/t, underpinned by tight spot inventories, limited physical supply, and supplier reluctance to sell.

·      Lead declined 1.5% to ~$1,850/t, as sluggish downstream demand and weak trading activity outweighed constrained supply. Buyers remained cautious, reducing procurement. Nickel fell 2.7% to $16,110/t during the week on account of high inventories in China and moderate demand from downstream buyers.



Spotlight: Key Updates from Coverage Companies

Lode Gold Resources Inc. (TSXV: LOD)

·      On June 29, Lode Gold commenced technical engineering studies and a project readiness assessment at its 100%-owned Fremont Gold Mine in California, marking the next step toward advancing the project into permitting and potential mine development. The work will evaluate underground mine design, infrastructure, processing, environmental requirements, and permitting pathways following the recently updated 2026 mineral resource estimate. Management believes the engineering studies will help de-risk the project, refine development plans, and support future financing and strategic partnership discussions.

Silver Crown Royalties Inc. (CBOE: SCRI)

·      On July 2, Silver Crown Royalties has completed the acquisition of two privately held 1% net smelter return (NSR) royalties on Titiminas Silver's Madre Sierra silver project in Peru. The company paid US$6 million upfront, with up to an additional US$2 million payable upon receiving the first royalty payments, bringing the total potential consideration to US$8 million. The acquisition expands Silver Crown's royalty portfolio and strengthens its long-term exposure to silver production growth.

Almonty Industries Inc. (TSX: AII)

·      On July 1, Almonty Industries has commenced processing operations at its Sangdong tungsten mine in South Korea, marking the transition from mine development to active, revenue-generating production. The company is processing an approximately 139,700-tonne ore stockpile averaging 0.25% WO₃, representing around 2.6 months of Phase I plant feed with an estimated US$68 million in gross in-process value at current tungsten prices. Management expects ore grades to improve as the ramp-up progresses and believes the milestone positions Almonty to capitalize on strong tungsten prices and growing Western demand for non-China tungsten supply.

·      On June 29, Almonty Industries was added to the Russell 1000® and Russell 3000® Indexes, following the annual FTSE Russell reconstitution. The inclusion reflects the company's increased market capitalization and is expected to enhance its visibility among institutional investors, improve trading liquidity, and broaden its shareholder base through greater ownership by index-tracking and benchmark-driven fund.

Juggernaut Exploration Ltd. (TSXV: JUGR)

·      On June 29, Juggernaut Exploration has received C$10.34 million following the 100% exercise of its C$0.75 warrants, further strengthening its balance sheet. Combined with previous financings, the company has now raised over C$35 million since acquiring the Big One property and states it is fully funded through 2029, providing financial flexibility to advance exploration at its flagship Golden Triangle project.

Emperor Metals Inc. (CSE: AUOZ)

·      On June 30, Emperor Metals submitted an updated remediation and closure plan for the Lac Pelletier Project in Québec, a key step toward assuming environmental responsibility and advancing the project toward production. The company expects regulatory approval by Q3 2026, after which it plans to commence a Pre-Feasibility Study. With an existing 1,000 tpd underground mining permit and substantial underground infrastructure already in place, Emperor continues to target production ramp-up in early 2028.

Nord Precious Metals Mining Inc. (TSXV: NTH)

·      On June 29, Nord Precious Metals reported additional high-grade silver-cobalt drill results from the Robinson Zone at its Castle East project, with hole CS-21-73W3 returning 13,620 g/t silver over 0.6 metres, including 25,803 g/t silver over 0.3 metres and 3.60% cobalt. The intercept extends the high-grade Robinson silver vein system by approximately 25 metres from the previously reported W1 hole and confirms continuity of silver-cobalt mineralization. The company continues drilling under its 5,000-metre Phase I program, part of a broader 30,000 metre exploration campaign, with additional assay results expected.



·      On June 29, Nord Precious Metals announced that FINRA has approved a new OTCQB trading symbol, with the company's shares now trading under NPMMF effective June 29, 2026, replacing the previous symbol CCWOF. The new ticker aligns with the company's rebranding as it reflects its name Nord Precious Metals Mining Inc.

Pinnacle Silver and Gold Corp. (TSXV: PINN)

·      On June 29, Pinnacle Silver and Gold has appointed Auramet Capital Partners as lead project financier to arrange up to US$5 million in non-dilutive project financing for the development of its El Potrero gold-silver project in Mexico. The funding process will proceed through a seven-month exclusivity period, while the company continues advancing underground drilling, metallurgical testing, permitting, and infrastructure work to support its strategy of achieving near-term production with minimal shareholder dilution.

PTX Metals Inc. (TSXV: PTX)

·      On June 29, PTX Metals welcomed the Ontario government's early commencement of construction on the Webequie Supply Road, calling it a major milestone for unlocking critical minerals development in the Ring of Fire region. The announcement coincides with PTX receiving an exploration permit for the next phase at its W2 Copper-Nickel-PGE-Gold Project, following positive metallurgical results and the definition of an exploration target, positioning the project for continued advancement during the 2026 field season.