Analyst Articles

At PDAC 2026, Vale S.A. CEO Gustavo Pimenta outlined a five-pillar strategy at Vale that he believes can help reshape mining’s role in the global markets. He said mineral demand could rise five to six times, driven by electrification, AI infrastructure, and global development. However, mining company valuations remain low due to weak public perception. Vale plans to meet this demand by focusing on iron ore, copper, and nickel, leveraging existing infrastructure, automation, and lower-carbon products. Pimenta emphasized that execution and social license, not just production growth, will determine whether mining companies can close the valuation gap. [more]

PDAC 2026 will feature two technical sessions examining brownfield and greenfield exploration strategies. The brownfield session focuses on expanding resources around existing or past-producing mines, highlighting lower geological risk, faster timelines, and capital efficiency. Case studies include copper, gold, and IOCG systems in established districts. The greenfield session reviews recent discoveries and emerging districts, including gold, potash, copper-gold, and uranium projects. These presentations illustrate differing risk-return profiles, infrastructure requirements, and exploration economics. Together, the sessions demonstrate how brownfield extensions and greenfield discoveries both contribute to long-term mineral supply and reserve replacement across global jurisdictions. [more]

We have published a new Update Report on Silver Bullet Mines Corp. (TSXV: SBMI | OTC: SBMCF). The Company is advancing a dual revenue model combining mill concentrate operations in Arizona with a direct ship ore agreement also covering its Arizona assets, and Idaho upside with a planned bulk sample. Based on projected sustainable run-rate cash flow and a discounted 7.0x multiple relative to peers, we are maintaining our Speculative Buy rating and increasing our one-year target price to $0.70. The valuation reflects early-stage but improving operational momentum while acknowledging execution, liquidity, and grade sustainability risks. The report provides detailed financial analysis, valuation methodology, and discussion of key operational catalysts. [more]

Part of the PDAC 2026 technical program will examine supply security challenges across critical minerals, uranium, and potash, highlighting their strategic importance to energy, food production, and national security. Sessions will address by-product recovery from existing operations, uranium’s evolving role in the energy transition, and potash’s exposure to trade and geopolitical risks. Industry leaders, analysts, and technical specialists will discuss processing innovations, market fundamentals, and policy considerations shaping future supply. The program reflects how governments and companies are responding to resource constraints, geopolitical pressures, and shifting demand across these strategically significant commodity markets. [more]

Written by Edward G. Thompson, this article reflects on more than six decades in the gold mining industry and the evolution of gold price cycles. Beginning in the fixed-price era of the 1950s, Thompson traces how inflation, financial crises, and geopolitical shifts reshaped gold’s role across multiple market regimes. The narrative moves through the 1970s bull market, the post-financial crisis recovery, and the structurally driven rally of the 2020s. Drawing on firsthand experience with discoveries, financing cycles, and investor behavior, the article concludes that gold itself does not change. Instead, the world around it does, redefining gold’s role from speculative asset to strategic reserve. [more]

SoftBank has agreed to acquire DigitalBridge in a $4 billion cash transaction, marking a strategic pivot toward AI infrastructure assets. The deal values DigitalBridge at $16.00 per share and reflects premium valuation multiples tied to scarce, power-secured data center capacity. As AI demand accelerates, SoftBank is shifting from software-focused venture investing to owning the physical backbone required to support large-scale computing. The acquisition strengthens SoftBank’s exposure to data centers, fiber, and power-ready land while supporting large AI initiatives such as the Stargate project. The transaction is expected to close in the second half of 2026. [more]

PDAC 2026 Technical Sessions outline how artificial intelligence and advanced geophysics are being applied in mineral exploration. The program includes an AI session covering computer vision, machine learning for structural modeling, and implementation considerations for large language models. Two geophysics sessions focus on integrated exploration case histories and newer methods, including magnetotellurics, inversion workflows, airborne geophysics analytics, and muon tomography. Regional technical sessions add examples from Latin America and brownfield exploration. Across the agenda, presentations emphasize multi-dataset interpretation, risk reduction, and operational constraints. The sessions collectively frame technology adoption as workflow-driven and incremental. This article summarizes sessions and key themes. [more]

We have written a 23-page Update Report on Silver Bullet Mines Corp. (“SBMI” or “the Company”) (TSXV: SBMI | OTC: SBMCF), a Canadian-based precious metals exploration and development company operating in Arizona and Idaho. The company has transitioned from development to commercial production, completing its first concentrate sales in 2025 from the King Tut gold mine and Super Champ silver mine. With three active projects and a fully operational mill in Globe, Arizona, SBMI is advancing toward multi-asset production. We maintained a Speculative Buy rating but increased our one-year price target to $0.40, based on forward cash flow estimates from the company’s three active mining operations. [more]