Market Commentary ~ Weekly Summary

Precious metals were lower despite escalating U.S.-Iran tensions, as rising oil prices pushed Treasury yields higher and revived inflation concerns, increasing the opportunity cost of holding non-yielding bullion. Mixed signals from the Federal Reserve, including hawkish June meeting minutes alongside softer employment data, added to volatility. Base metals were higher, supported by a weaker U.S. dollar, improving manufacturing indicators and tightening near-term supply.

Precious Metals

·      Gold prices declined 1.3% during the week as renewed U.S.–Iran tensions pushed oil prices higher, reviving inflation concerns and reinforcing expectations that the Federal Reserve may keep interest rates elevated for longer. The resulting pressure from higher yields outweighed safe-haven demand.

·      Silver prices were down 4.1%, underperforming gold, as rising oil prices intensified inflation and rate-hike concerns, pressuring the metal’s investment appeal. Unlike gold, silver also carries significant industrial exposure, making it more sensitive to concerns that tighter monetary policy could weaken manufacturing demand.

·      Palladium was marginally higher, while Platinum declined during the week, reflecting metal-specific industrial and automotive-catalyst demand dynamics rather than developments in the Iran conflict or movements in Treasury yields.

Base Metals

·      Copper rose 0.8% 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 1.6% supported by improving manufacturing activity alongside tightening near-term supply and continued disruptions at major mining and smelting operations.

·      Aluminum closed at $3,155/t, up 2.5%, as LME inventories fell to their lowest level since September 2022 and the cash contract moved into a premium, signalling tighter near-term availability. Supply concerns linked to renewed Middle East tensions, record Japanese shipment premiums and lower global production outweighed rising output in China and Indonesia.

·      Tin rose 1.0% to $52,525/t, as a weaker U.S. dollar, limited overseas supply and lower inventories following recent downstream restocking provided firm support, despite sluggish spot demand at elevated prices.

·      Nickel rose 1.8% to $16,400/t during the week as weaker U.S. employment data and a softer dollar improved sentiment, while active downstream buying at low price levels supported the market. Lead was flat at $1,850.5/t.





Spotlight: Key Updates from Coverage Companies

Lode Gold Resources Inc. (TSXV: LOD)

·      On July 8, Lode Gold filed an updated NI 43-101 technical report for its Fremont Gold Mine in California. At a 0.82 g/t gold cut-off, the project hosts 19.9 million tonnes grading 1.79 g/t for 1.15 million indicated ounces and 38.5 million tonnes grading 1.73 g/t for 2.17 million inferred ounces. The report also highlights consistent mineralization thickness and grade distribution, supporting flexibility between bulk-tonnage and selective underground mining scenarios.

Roxmore Resources Inc. (TSX: RM)

·      On July 9, Roxmore reported encouraging initial results from its 30,000-metre Phase 1 drill program at the Converse Gold Project in Nevada. Hole CV26-010C returned 247.2 metres grading 0.51 g/t gold and 3.79 g/t silver, including 34.3 metres at 1.25 g/t gold, while several nearby holes also intersected broad higher-grade zones. The results support the updated geological model, indicate grades above those modelled in some inferred resource blocks and strengthen the potential to upgrade resources to indicated or measured categories ahead of an updated resource estimate expected in Q1 2027.

 Abcourt Mines Inc. (TSXV: ABI)

·      On July 9, Abcourt Mines reported results from nine holes at its Flordin property in Quebec, including a broad South Zone intercept of 0.5 g/t Au over 153 metres, with a higher-grade interval of 10.9 g/t Au over 2.1 metres. The mineralized envelope begins at 185 metres downhole, and its estimated true width is approximately 80% of the reported core length. Several additional South Zone holes, spaced 50-75 metres apart, visually intersected similar mineralization and remain pending. At Cartwright, drilling returned 0.3 g/t Au over 29.5 metres, including 3.9 g/t over 1 metre, and confirmed continuity to roughly 200 metres depth. Drilling at stripping 25-2 extended the gold-bearing structure more than 300 metres west, supporting an interconnected mineralized system extending over 2 kilometres. Abcourt expects to complete the first 10,000 metres of its planned 20,000 metre program by the end of July.

Dryden Gold Corp. (TSXV: DRY)

·      On July 6, Dryden Gold entered an option agreement to acquire 100% of the 123-claim Lost Lake property in Ontario’s Gold Rock Camp, which is surrounded by the Company’s existing land position. The property hosts a 2.4-kilometre gold-grain-in-till anomaly along the prospective Manitou-Dinorwic Deformation Zone. Dryden will pay C$100,000 and issue 125,000 shares over two years, after which Orebot will retain a 3% NSR royalty, half of which can be repurchased for C$1.0 million.

North Peak Resources Ltd. (TSXV: NPR)

·      On July 8, North Peak Resources installed an on-site water pump at its 100%-owned Prospect Mountain Mine Complex in Nevada, securing approximately 4 million gallons of annual water capacity for its 2026 drill program. The supply removes a key logistical hurdle for planned RC and diamond drilling of the 2-kilometre sulphide anomaly, reduces reliance on trucked water and supports the use of lower-cost RC pre-collars before diamond drilling through deeper targets.

Juggernaut Exploration Ltd. (TSXV: JUGR)

·      On July 6, Juggernaut Exploration commenced a fully funded, 10,000-metre maiden drill program with two rigs at its 100% controlled Big One property in British Columbia’s Golden Triangle. Drilling will test the Whopper, Big Mac and Gold Dome zones within the 22 km² Eldorado system, where more than 400 mineralized veins have returned surface grades of up to 263.70 g/t AuEq. Key targets include the Big Mac vein, with 4.89 g/t AuEq over 5.21 metres; the Whopper vein, with 6.89 g/t AuEq over 4.0 metres; and the XXXL vein at Gold Dome, with 5.86 g/t AuEq over 3.0 metres. The program will assess the depth continuity of the high-grade shear-hosted veins and test for a potential buried porphyry-style source.

55 North Mining Inc. (CSE: FFF)

·      On July 6, 55 North Mining shareholders approved changing the Company’s name to 55 North Gold Inc., subject to regulatory approval, to better reflect its focus on gold exploration and development. Shareholders also elected Hugh Aird and Peter Simeon as new directors, expanding the board to six members, and re-approved the rolling RSU plan capped at 10% of outstanding shares. The Company is advancing the 100%-owned Last Hope Gold Project, which hosts 71,100 indicated ounces at 5.41 g/t Au and 273,800 inferred ounces at 5.48 g/t Au.

Canstar Resources Inc. (TSXV: ROX)

·      On July 8, Canstar Resources’ first 2026 drill hole at the Mary March VMS Project intersected 271 metres of altered, sulphide-bearing rhyolite, including an upper 118-metre interval with frequent zinc-bearing stringers. The hole entered the target at 390.6 metres downhole, close to the company’s 3D model prediction, and reached a mineralized basal contact at 710.6 metres containing visible sphalerite and chalcopyrite. The results support the presence of a potential copper-zinc VMS feeder zone, although assays and true widths are still pending.

Grizzly Discoveries Inc. (TSXV: GZD)

·      On July 6, Grizzly Discoveries identified a significant intrusion-related porphyry target at its Sappho project in British Columbia following 10.1 line-km of IP surveying. The chargeability anomaly extends at least 600 metres south and 800 metres east, remains open, and reaches intensities of 30–105+ mV/V, suggesting disseminated sulphides. Grizzly is permitting additional drill pads, while assays are pending from seven holes totalling 1,485 metres drilled at the adjacent Sappho skarn target. The Company also staked 35 claims in Washington State to cover the anomaly’s potential southern extension.