Morning Briefing: Collective Mining Extends the High-Grade Ramp Zone

0:02Good morning and welcome back to the Mining Stock Daily Morning Briefing presented by the Clear Commodity Network, and delivering today's top news in mining and mineral exploration. From the new ClearCom Studios, here's your host, Trevor Hall. And good morning, everybody. Welcome back to the Mining Stock Daily Morning Briefing. It's election day here in the United States, Tuesday, November 3rd. Gold's off slightly this morning with 3 ,913 an ounce, down about four-tenths of a percent as the metal continues to find its footing after October's sharp sell-off. Silver is under pressure, dropping more than 2 % back below$50, and now sitting at$49.54 an ounce.

0:46Copper is also sliding down more than 2.5 % to$6.37 a pound. The World Gold Council released its Q3 2026 Gold Demand Trends Report this morning. And the central bank headline is notable. official institutions bought a net 321 tons of gold in the third quarter up 42 percent year over year and the strongest quarterly total since q4 of 2024 that's bringing year-to-date central bank purchases to 675 tons up six percent from the same period last year gold-backed etfs reversed course after q2 outflows adding 211 tons in the third quarter driven by what the council describes as mounting concerns over fiscal sustainability and inflation.

1:34Gold mine supply rose 3 % year over year in Q3 to just over 1 ,000 tons, a third quarter record. The average LBMA gold price was 4 ,262 an ounce in Q3 and was 23 % higher than a year earlier. The fact that central bank and ETF demand remained this strong at those price levels is a constructive signal for the gold market, even as prices have pulled back from Q3 highs. The other story today is the midterm elections. Control of both chambers of Congress is on the line, and for the mining sector, the outcomes matter. Congressional Democrats have made clear they intend to deploy oversight authority on the Trump administration's critical minerals agreements and equity stakes in foreign mining projects if they gain seats in either chamber.

2:25That means subpoenas, hearings, and document requests directed at the terms under which the United States has taken equity positions and resource projects abroad. A shift in the balance of power in Washington today could introduce regulatory and political uncertainty into a pipeline of critical minerals financing and development deals that has been one of the most important macro themes in this sector this year. We'll get to the news out of the miners and explorers here in just a moment, but first a quick mention of today's sponsor. This episode of Mining Stock Daily is brought to you by Vizla Silver.

3:03Vizla Silver is advancing the 100 % owned Panuco Silvergold project in Mexico. It's a district-scale development project whose November 2025 feasibility study confirmed an after-tax NPV of$1.8 billion US, an IRR of 111%, with initial capital of$173 million, and an average annual production of 17.4 million silver equivalent ounces, at an all-insustaining cost of$10.61 per ounce. Visa Silver trades on the Toronto Stock Exchange and the New York Stock Exchange, both under the symbol VZLA. Hi, this is Chris Berry, host of the Power Current podcast. Throughout my investing life, I've been obsessed with a single question.

3:52What happens when commodities, geopolitics, and technology collide? About 15 years ago, I founded an advisory firm to help answer this question for both companies and investors alike, and the Power Current podcast is an extension of this effort. Each episode, we dive deep into the current state of the most important markets, companies, and technologies that will power the revolution in energy today and into the future. Find the Power Current podcast wherever you get your podcasts.

4:26And here's what you need to know today. Collective Mining has released drill results from the Apollo Ramp Zone at the Guayabalas Project in Colombia, and the standout hole is one of the most significant the company has drilled to date. Hole 174-D4 returned 154.3 meters at 12.66 grams per ton gold equivalent from a depth of 1208 meters below surface and included 30 .5 meters of 39 grams per ton gold equivalent in the best interval of 4.75 meters of 182 grams per ton gold equivalent. The result makes the hole the broadest high-grade intercept ever drilled at the ramp zone, roughly twice the length of the previous standout hole.

5:15Local grades came in more than 75 % above what the mineral resource estimate predicted for those blocks. The drill ran out of rods at the bottom of the hole in mineralization outside the resource, which the company interprets as potentially entering a new mineralized chute. Track-mounted deep drilling rigs are now on site to follow that zone toward depth. Construction of a 3km underground exploration at it is expected to begin this month, which will allow the ramp zone to be drilled from underground. Collective Mining has 13 rigs turning at Guayabalas and is running a 90 ,000m 2026 program. The company is listed on the NASDAQ and on the Toronto Stock Exchange with the symbol CNL.

5:59Fortune Bay and joint venture partner Manhattan Uranium have reported anomalous radioactivity and six drill holes across the Murmac and Strike Uranium projects in northern Saskatchewan. The results represent early stage validation of multiple targets across the joint venture ground in one of the world's premier uranium belts. Drill core samples have been submitted for lab analysis, with results to be integrated with geological logging to prioritize the next phase of exploration. Fortune Bay trades on the venture exchange with FOR. are. Kirkland Lake Discoveries has reported a step-out drill result at the Murado West Target in Ontario's Kirkland Lake region, returning 10.5 grams per ton gold over 9.2 meters.

6:45The Murado West Target is part of the company's exploration program in the Abitibi Greenstone Belt, and the step-out hole confirms the lateral extent of the mineralized system beyond previously drilled boundaries. Expanding Murado West over 1.1 kilometer strike length directly alongside Murado South underscores the potential of these neighboring zones to form part of a much larger camp-scale gold system, hosting both high-grade chutes and broad mineralized envelopes. Kirkland Lake Discovery's trades on the Venture Exchange with KLDC and on the OTCQB as KLKLF. Valhalla Metals has reported drill results from the Sun Project in the Ambler Mining District of Alaska with a hole returning 32.6 meters at 4.35 percent copper equivalent including a higher grade interval of six and a half meters of 6.98 percent copper equivalent.

7:43The Sun Project is a base metal deposited in a district known for its large-scale copper, cobalt, zinc, silver, gold mineralization. And today's results follow the company's maiden drill intercept from 2023 that returned 21 meters of 6.84 % copper equivalent. Valhalla Metals trades on the Venture Exchange with VMXX and on the OTCQB with VMXXF. Blue Moon Metals has announced a definitive agreement to sell Blue Moon Norway, Its Norwegian subsidiary holding the construction stage Nusert copper mine in the NSG exploration property, two London Stock Exchange listed ACG metals in an all-share transaction valued at$220 million US.

8:31Blue Moon will receive ACG equity representing approximately 27.6 % of the company on a basic basis, with those shares expected to be distributed to Blue Moon shareholders within 12 months of closing. The deal allows Blue Moon to repay the project financing package secured by its Norwegian assets and redirect its balance sheet entirely towards the U.S. Critical Metals portfolio with a stated goal of putting the Springer Tungsten mine and the Apex Germanium and Gallium mine in Nevada into production by the end of next year. Closing is expected by the end of November, with 80.7 % of ACG shareholders having signed irrevocable support agreements.

9:16Blue Moon Metals trades on the Venture Exchange as M-O-O-N and on the NASDAQ stock market with B-M-M. And Barksdale Resources has commenced its fall 2026 Diamond Drill program at the Sunnyside Copper Silver Project in Arizona, The company is drilling to test the continuity and extension of the copper-silver mineralization at the project. Oriented Diamond Drill Core will test targets. The company's 2026 reverse circulation rig was unable to reach, including the deeper portions of the porphyry system. Marksdale Resources trades on the Venture Exchange with BRO. Alright, that's a wrap on the Morning Briefing.

9:57The Mining Stock Daily Morning Briefing is produced by Clear Commodity Network. It is distributed throughout the world through your podcast and area of choice and at clearcommodity.net. Have a wonderful day, everybody. Be well. The information presented should not be considered investment advice. Mining Stock Daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions. Thank you.