Morning Briefing: Hudbay and Magna Greenlight Copper Projects; AbraSilver Reports Its Strongest Gold Intercept

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. Good morning and welcome back to the Mining Stock Daily Morning Briefing. I am your host for the day, Ian Wagner, filling in for Trevor Hall. Today is Wednesday, October 21st. Gold had an up and down day in the markets on Tuesday. December gold settled at$4 ,142, down about$17. And both the GDX and GDXJ were down modestly as well. Gold appears to be somewhat directionless right now, despite falling U.S.

0:49yields. The yellow metal has traded in a narrow band between roughly$4 ,100 and slightly over$4 ,200 for more than three weeks. Silver has hovered around or below the$60 handle for some time as well. According to Bloomberg NEF's Transition Metals Outlook of 2026, the copper industry needs$332 billion in new mine investment to avert a supply shortage that could begin in 2028, even as refined metal production is expected to outpace demand over the next two years. The report, which was released on Tuesday, noted that global copper consumption is forecast to rise 61 % between 2026 and 2050 to nearly 46 million tons, leaving a potential deficit of 20 million tons or 44 % of projected demand.

1:41Yikes. We will get to the news from the miners and explorers in a moment, but first a mention of today's sponsor.

1:54Today's episode of Mining Stock Daily is brought to you by Equinox Gold. Equinox Gold is a growth-focused gold producer operating mines across the Americas. With cornerstone assets like the Greenstone Mine in Ontario and the Valentine Gold Project in Newfoundland and Labrador, Equinox is advancing a new generation of large-scale long-life gold operations. Learn more about their portfolio and development pipeline at equinoxgold.com.

2:25And here's what you need to know today. Magna Mining's pre-feasibility study supports development of its 100 % owned Korean Hill project, and the board has approved construction, expecting to begin in the first half of 2027. The study outlines a mining rate of about 2 ,400 tons per day from 11.4 million tons of probable reserves. Average annual payable copper equivalent production is projected at£35.5 million, with precious metals expected to contribute nearly 40 % of revenue. At base case prices, the project shows an after-tax NPB of$251 million Canadian and a 43.4 % IRR and a one-and-a-half-year payback.

3:08Initial capital is expected to be $127 million Canadian. Magnum Mining trades on the Toronto Stock Exchange under the symbol NICU.

3:24Kingfisher Metals completed its 2026 drill program at the Highway 37 project in British Columbia's Golden Triangle, drilling more than 13 ,000 meters across 24 holes. At the Hank Porphyry target, all nine holes intersected the porphyry system or its alteration halo, which remains open at depth in a long strike. Hole 26-28 cut a 212-meter stockwork zone of quartz chalcopyrite pyrite veins. And hole 26-31 intersected veins over approximately 328 meters. These are observations assays are pending for most holes. The company is planning an approximate 20 ,000-meter program for 2027. Kingfisher Metals trades on the TSX venture under the symbol KFR.

4:15Hudbay Minerals and Mitsubishi have approved construction of the Copper World project in Arizona following completion of a definitive feasibility study. Hudbay owns 70 % of the joint venture with Mitsubishi holding the other 30%. First production is targeted for the second half of 2029, the base case forecasts 102 ,000 tons of annual copper production over the first decade at average cash costs of roughly$1.65 per pound U.S. The 15-year plan requires$2.07 billion in initial growth capital, partly funded by Mitsubishi's$600 million investment, a$230 million precious metal stream deposit, and anticipated project debt.

4:59All major permits for initial operations are secured. Hudbay Minerals trades on the TSX Stock Exchange under the symbol HBM.

5:13AbraSilver reported its strongest gold intercept to date at Oculto East. Drill hole DDH26-061 returned 228 meters grading 1.79 grams per ton gold from 101 meters down hole. The interval includes 66 meters at 4 grams per ton gold and 19 grams per ton silver, including 11 meters at 15.97 grams per ton gold. The oxide-hosted high-grade zone sits about 50 meters below the pit design and beyond existing resource limits, suggesting potential for resource growth. Three drill rigs are active currently, with Phase 6 drilling expected to finish by year-end and an updated resource estimate planned for Q2-2027.

5:56AbraSilver trades on the Toronto Stock Exchange under the symbol ABRA.

6:06Hemlo Mining produced 29 ,617 ounces of gold in the third quarter from 342 ,000 tons, processed at an average grade of 3 grams per ton and 95 % recovery. Production rose from Q2, supported by higher-grade stopes at Interlake, though an underground electrical substation outage constrained mining rates and delayed the ramp-up. Attributable production was 25 ,000 ounces, production drilling increased 35%, and paste filling rose 13 % quarter-over-quarter. 17 of the 21 equipment units have been delivered. The company reported cash of$144.8 million US and net cash of$2.3 million US at quarter-end. Hemlo Mining trades on the Toronto Stock Exchange under the symbol HMMC.

7:02The Mining Stock Daily Morning Briefing is produced by Clear Commodity Network. It is distributed throughout the world through your podcast network of choice and at clearcommoditynetwork.net. That's it for today, everyone. Have a great day. Stay safe. 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.