Gold

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]

Torex Gold Resources has agreed to acquire Prime Mining in an all-share transaction valued at approximately $449 million. The transaction implies an enterprise value of roughly US$322 million and values Prime at about US$108 per gold equivalent ounce based on total Indicated and Inferred resources of approximately 3.0 million ounces. Prime shareholders will receive 0.060 Torex shares per share held and will own about 10.7 percent of Torex following closing. The acquisition adds the Los Reyes gold-silver project in Mexico to Torex’s development pipeline and increases its silver exposure. [more]

Royal Gold (NASDAQ: RGLD) will acquire Sandstorm Gold (TSX: SSL | NYSE: SAND) and Horizon Copper (TSXV: HCU) in transactions valued at approximately US$3.5 billion and $196 million, respectively. The deals are expected to close in late 2025 and will significantly expand Royal Gold’s streaming and royalty portfolio to 393 assets, including 80 producing properties. The company anticipates a 26% increase in gold equivalent output and an 87% revenue mix from precious metals. The acquisitions align with a broader trend of consolidation and diversification in the mining royalty space amid rising demand for gold and copper. [more]

Canadian Gold Corp (TSXV: CGC) is progressing its Tartan Lake Gold Mine project in Manitoba, supported by a strategic investment from mining financier Rob McEwen. A pending updated resource estimate will include more than 30,000 metres of drilling completed since 2021. With an average grade of 6.32 g/t Au and strong infrastructure access, the Company is targeting a potential restart of underground operations. CGC also holds projects near Agnico Eagle’s Hammond Reef and Malartic mines. Multiple near-term catalysts, including a resource update, PEA, and additional drill results, could impact valuation as the company advances toward development. [more]

Blue Star Gold Corp (TSXV: BAU) is advancing its exploration and development program in Nunavut’s High Lake Greenstone Belt. The company’s flagship Ulu Gold Project holds 875,000 ounces of gold in NI 43-101 resources. Last month, Blue Star completed a $3.5 million private placement and reported new high-grade gold intercepts at Ulu, expanded the Central Prospect to 525 metres of strike, and confirmed the drill-readiness of the Axis and Auma targets. Additional work is planned at the Ataani VMS discovery in the Roma Project. Shares have gained 130% year-to-date, supported by exploration results and renewed market interest. [more]

AbraSilver (TSX: ABRA) is progressing its 100%-owned Diablillos silver-gold project in Argentina, following a Pre-Feasibility Study (PFS) and successful equity financings totaling $58.5 million. The Diablillos project includes a Proven and Probable Reserve of 124 million silver ounces and 1.1 million gold ounces, with an after-tax NPV of US$747 million and a 27.6% IRR. AbraSilver has also partnered with Teck Resources at its La Coipita copper-gold project. Kinross Gold and Eric Sprott participated in the recent financings, reinforcing industry support as the company advances toward a full Feasibility Study at Diablillos expected later this year. [more]

PDAC’s Technical Program on “The Next Big Moves In Commodities” spotlighted key shifts in the global commodities market. Discussions covered leadership challenges in volatile markets, the copper vs. gold investment case, the complex trajectory of lithium demand, and uranium’s strategic re-entry. Speakers emphasized how capital allocation, community engagement, and geopolitical awareness are shaping investment strategies across metals. Lithium’s volatility, copper’s infrastructure potential, gold’s financial role, and uranium’s resurgence formed the core of the debate. No clear winner emerged, but the case was made for diversification and long-term thinking in a landscape increasingly shaped by energy transition and technological disruption. [more]

At PDAC 2025, Eric Sprott shared his investment philosophy, emphasizing value recognition, patience, and navigating market inefficiencies. He criticized major banks’ shorting practices, citing global regulatory failures, and highlighted gold and silver’s potential amid ongoing market manipulation. Sprott discussed investment strategies, stressing due diligence in resource analysis and undervalued mining stocks. With gold nearing $3,000 and bullish long-term forecasts, he sees opportunities in metals like manganese for solid-state batteries. He advised mining professionals to embrace risk and research deeply. His insights provide a roadmap for navigating the mining sector’s volatility and identifying overlooked value in resource investments. [more]