Morning Briefing: Metals Attempt to Stabilize Following Friday's Sell-off

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. Hey, good morning, everybody. Welcome back to the Mining Stock Daily Morning Briefing. This is Trevor Hall back from some travels, even if it is just for a short while. Well, we head back into Europe for a few conferences into November. But I'll take care of you here in the morning briefing for the next few days. It is Monday, November 2nd. Gold's finding its footing this morning at$3 ,901 an ounce.

0:43It's up about two-thirds of a percent as buyers step in following Friday's brutal sell-off to a one-year low. Silver's bouncing as well, up more than 2.5 % to$50.13 an ounce. Copper's edging higher to$6.49 a pound. Friday was a punishing session for precious metals. Gold fell 3.2 % to a one-year low to$3 ,891 an ounce, putting bullion on track for a 6 % decline in October. It was the worst October since 2008 and roughly 28 % below its January record of$5 ,400. The selling came from two directions. Tensions in the Middle East pushed oil to its highest since April, reinforcing inflation fears and driving traders to price more than a 70 % probability of a Federal Reserve rate hike in December.

1:39That's a sharp set off in technology stocks also triggered margin calls and forced liquidation across the precious metals complex. Adding to the gold demand picture, Tether reduced the amount of gold in its reserves backing USDT by 3.4 metric tons in the third quarter. They came down to 142.8 tons as of the end of September. This is the first reduction since Tether emerged as a notable gold buyer last year and represents a reversal of a trend that had drawn attention from the metals market. Gold now represents roughly 10 % of Tether's USDT reserves, which are predominantly backed by U.S. Treasury bills.

2:23Tether's separate gold-backed token, XAUT, continues to accumulate, holding 25.7 tons and growing by about 4 tons in the quarter. 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 morning briefing is brought to you by Integra Resources. Integra is a gold producer and developer with assets in Nevada and Idaho. At Florida Canyon, an open pit heap leach gold mine in Pershing County, Nevada, the company did report its 2026 feasibility study outlining an eight-year mine life and$0.8 billion in after-tax free cash flow. At the Delamar Gold and Silver Project in Idaho, detailed engineering permitting and procurement are advancing on plan, and the company has appointed GenCap as project financing advisor, signaling the transition into the financing and pre-construction phase of the project.

3:20Integra Resources trades on the Venture Exchange with ITR and on the NYSE with ITRG. From power generation to steelmaking, coal still drives the global economy, and the Coal Trader podcast from Clear Commodity Network is where the industry comes to talk about it. Join me, Matt Water, and my partner, Joe Aldina, as we break down the latest trends in thermal and met coal, explore shifting market dynamics, and sit down with industry veterans and executives for unfiltered, insightful conversations. Listen to Coal Trader Podcast on Apple Podcasts, Spotify, or at clearcommodity.net. Clear Commodity Network, digital news on the physical markets.

4:01And here's what you need to know this morning. District Metals has released results from four drill holes, holes two through five, at Target A on the Viken property in Sweden, with all four intersecting significant cumulative intervals of alum shale. The standout hole, hole 5 returned 198 meters of cumulative alum shale from 24 to 274 meters of depth. To put that in context, alum shale naturally occurs in sequences that are typically 5 to 20 meters thick. Then the company says structural stacking at target A is responsible for the exceptional cumulative intervals. Geochemical assays are still pending to confirm grade and continuity of mineralization.

4:49District Metals trades on the Venture Exchange with DMX and on the OTCQX with DMXCF. 1911 Gold has reported infill drill results from the True North Gold Project in Bissec Gold Camp of Eastern Manitoba with a highlight interval of 14.86 grams per ton gold over 7.2 meters. The True North deposit carries an indicated resource averaging 4.41 grams per ton gold, making this infill result roughly three times the deposit average. The True North complex includes a modern fully permitted 1300 ton per day processing facility currently under care and maintenance. The company's strategy is to grow the resource base to support a restart of an operation that has produced more than 2 million ounces of gold over its history.

5:391911 Gold trades on the Venture Exchange with AUMB and on the OTCQX with AUMBF. Revival Gold has released a comprehensive update on the Merkur Gold project in Utah. It's Utah's largest primary gold development project. Over the past 18 months, the company has completed 24 kilometers of resource delineation drilling to convert inferred material to the measured and indicated categories, and an updated mineral resource estimate and pre-feasibility study are both targeted for completion by the end of Q1-2027. On the permitting side, the company is preparing a notice of intention to formally kick off the revision of Merkur's large mine operating permit, with approval expected within approximately 12 months of filing.

6:28Revival Gold trades on the venture exchange with RVG. C3 Metals has reported what it calls the highest grade copper and gold mineralization intersected to date at its Caleesi project in Peru, with a hole returning 64.9 meters of 3.45 % copper equivalent, including 23.3 meters of 6.64 % copper equivalent. Grades of this magnitude reflect a meaningful gold contribution alongside copper and rank among the stronger copper gold intercepts from the Peru exploration circuit this year. C3 Metals trades on the venture exchange with CCCM. And let's stick with Peru, as Pekoi Copper has announced a$49.8 million Canadian dollar strategic financing led by Hudbay Minerals.

7:18Significant validation of the company's copper project from one of Canada's most established base metal producers. Hudbay will invest approximately$30.1 million Canadian and a strategic investor will invest approximately$19.7 million each at the issue price of$2.02 cents per share. That represents a 10 % premium to the 10-day volume weighted average price. McCoy Copper trades on the venture exchange with PCU. West Red Lake Gold has announced a$95 million US credit facility and gold offtake agreement with Centalion. It's a significant financing milestone for the company as it advances towards production at its project in northwestern Ontario's Red Lake Gold District.

8:08Funds advanced under the proposed facility are intended to refinance the company's existing secured debt facility with Nabari. West Red Lake Gold trades on the venture exchange with WRLG. Radisson Mining has appointed M. Simon Gedlin as Vice President of Operations and will be responsible for the management of Radisson's recently announced Advanced Underground Exploration Program at the O 'Brien Gold Project in the Apatibi. Radisson's Advanced Underground Exploration Program will comprise of an access ramp and related underground infrastructure developed to an expected vertical depth of 300 meters.

8:50Radisson Mining trades on the Venture Exchange with RDS. And finally, Meridian Mining has filed that NI-43-101 Definitive Feasibility Study Technical Report for the Cabo Salgo Gold Copper Silver Deposit in Mato Grosso, Brazil, completing the formal technical disclosure requirements for the project's feasibility stage study. filing the full technical report is a regulatory requirement and represents the final step in formally establishing the project's economic and geological parameters under the Canadian security standards. Meridian Mining trades on the TSX with MNO. All right that's a wrap here this morning on the morning briefing we have a number of updates to come to you this week including more from the New Orleans Investment Conference.

9:42And we still have a couple holdouts from the LME week covering as well the week before. So lots coming down this week. The 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 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.