I’ll be honest with you… I’ve been doing this a long time, and I can’t remember a week where every single metal on my screen was flashing at or near highs at the same time. Gold is holding above $4,600/oz. Silver is sitting near $69. Copper printed an all-time record above $6.70/lb last week. Uranium just touched ~$90/lb, its highest level in over six months.

When everything runs at once, the temptation is to chase everything at once. Don’t. The way we do it here is simple: know the macro calendar, know your names, and know exactly what you’re waiting for on each one. So let’s do both, first the events that could move the whole complex this week, then the five stocks on my watchlist and the specific thing I’m watching on each.

The Macro Map: What Could Move Metals This Week

The Warsh aftermath. New Fed Chair Kevin Warsh delivered his debut Jackson Hole address on Friday. Markets treated it as a credibility test more than a policy signal — but the follow-through trade happens this week, as traders decide whether his tone changes the odds for the September 15-16 Fed meeting. Gold’s reaction will tell you what the market really heard.

Friday’s jobs report is the main event. The August employment report lands Friday, September 4th, and it’s the last major labor print before the Fed meets. Here’s the plain-English version of why metal investors should care: a soft number means bigger rate-cut bets, a weaker dollar, and lower real yields — historically rocket fuel for gold and silver. A hot number does the opposite, at least for a day or two. With core PCE still firm enough to keep the Fed honest, this print carries real weight.

The undercard, day by day: Tuesday brings ISM Manufacturing and JOLTS job openings. Wednesday it’s the ADP employment report and the Fed’s Beige Book. Thursday we get ISM Services plus Fed speakers Hammack and Goolsbee. Each one nudges the rate-cut math — and the rate-cut math is currently the single biggest driver of precious metals.

And don’t sleep on the geopolitics. Washington’s Venezuela resource deal and Colombia’s new pro-mining government have quietly redrawn the map for Western Hemisphere supply — copper especially. Add the US copper tariff clock (15% duties scheduled for January 2027) still pulling metal into American warehouses, and the structural bid under copper isn’t going anywhere this week.

Now — the five names.

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1. Copper Giant Resources (TSXV: CGNT) — Watching for: the next assays

You knew this one was coming. Our June 29th coverage at a C$0.71 close has now roughly doubled — C$1.31 as of Wednesday — and last week the company printed the intercept of the summer: 771 metres of continuous 0.54% CuEq, with grades improving at depth. Here’s why it stays on the watchlist this specific week: three rigs are turning, over 2,100 metres from the La Estrella satellite target are sitting in the lab, and more Mocoa holes have assays pending. Any morning could bring the next set of numbers, and with the Q4 PEA approaching, every hole feeds the study. After an 85% run, expect volatility in both directions — but this is the most catalyst-dense story on my board.

2. Agnico Eagle Mines (NYSE: AEM) — Watching for: Friday, 8:30am

With gold above $4,600, the senior gold producers are generating the kind of cash flow that would have sounded like a typo three years ago — and Agnico, the gold major with arguably the best jurisdictional profile in the business (Canada, Finland, Australia, Mexico), is my proxy for the whole group. The thing to watch is simple: Friday’s jobs report. Soft print → cut odds rise → gold bid → the seniors move first, before the juniors. If you want to understand how the metal’s macro week went, AEM’s Friday close will tell you faster than any headline.

3. Hecla Mining (NYSE: HL) — Watching for: silver’s behavior around the data

Silver at $69 is the quiet monster of this market — and Hecla, the largest primary silver producer in the United States, is one of the most direct ways to own it. Here’s the plain-English mechanics most traders never learn: silver miners are leveraged to the silver price — costs are largely fixed, so each dollar the metal adds falls disproportionately to the bottom line. That works beautifully in both directions, which is exactly why I watch the miner, not just the metal, around big macro prints. If silver holds its level through Tuesday’s ISM and Friday’s jobs data, the path of least resistance stays higher.

4. Cameco (NYSE: CCJ | TSX: CCO) — Watching for: the next nuclear-AI headline

Uranium just hit roughly $90/lb — a six-month high — and the driver is one of the cleanest demand stories in all of commodities: Meta, Amazon, and Microsoft signing nuclear power agreements to feed AI data centers, while the US, Japan, and even Italy advance pro-nuclear policy. Cameco is the blue-chip way to own that story, with tier-one Canadian production and long-term contracts. The catalyst here isn’t on the economic calendar — it’s headline-driven. Every new utility contract or tech-company nuclear deal tightens a market that’s already structurally short.

5. Teck Resources (NYSE: TECK | TSX: TECK.B) — Watching for: merger newsflow

The special situation on the board. Teck’s “merger of equals” with Anglo American — creating a global copper champion — is grinding through regulatory approvals, with a decision expected by year-end and closing projected between 2026 and 2027. Meanwhile the underlying business delivered blowout earnings this summer as QB2 ramps into record copper prices. Any week can bring merger newsflow: regulatory milestones, timelines, or terms chatter. You’re being paid to wait by copper itself.

The Bottom Line

This week is really one question asked five different ways: how fast is the Fed cutting into a metals market that’s already at record highs? Tuesday’s ISM starts the conversation, Wednesday’s Beige Book adds color, and Friday’s jobs report answers it. Keep your watchlist tight, know your catalyst on each name, and remember the discipline that keeps us in this game: we don’t chase green candles — we wait for our spots.

Talk soon,

Mining Stocks Today

Disclaimer

This newsletter is for informational and educational purposes only and is not investment advice, nor a recommendation, offer, or solicitation to buy or sell any security. Mining Stocks Today and its author(s) are not registered investment advisors or broker-dealers. Mining equities — junior explorers in particular — are speculative and volatile, and you can lose your entire investment. Always do your own due diligence and consult a licensed financial advisor before making investment decisions.

Compensation disclosure: Mining Stocks Today has NOT received compensation of any kind from any company mentioned in this article.

This article contains forward-looking statements — including regarding metals prices, Federal Reserve policy, economic data, drill results, the Anglo American-Teck merger, and Copper Giant’s anticipated Q4 2026 PEA — that involve risks and uncertainties; actual outcomes may differ materially. Past performance is not indicative of future results.

Price data as of August 28, 2026 (gold ~$4,608/oz; silver ~$69.35/oz; COMEX copper record ~$6.73/lb set August 25; uranium ~$89.85/lb; Copper Giant closes of C$0.71 on June 29 and C$1.31 on August 27 on the TSX Venture Exchange) is drawn from public market sources believed reliable but not guaranteed, and will have changed by the time you read this. Verify all company information via SEDAR+ (www.sedarplus.ca) and SEC EDGAR (www.sec.gov).

That day, the stock closed at C$0.71.

Yesterday — August 27th — it closed at C$1.31 and touched an intraday high of C$1.34.

That’s roughly an 85% move in under two months, with the stock briefly up as much as ~89% from where we covered it.

I don’t show you that to take a victory lap. Past performance tells you nothing about what happens next, and I’ve been in this game long enough to know the market humbles anyone who confuses a good two months with a guarantee. I show you because the reason we covered it in June — a tier-one-scale copper system, priced like an option, with serious money behind it — is the same reason the stock has been re-rating. And yesterday, the company gave the market fresh evidence.

Let’s walk through what actually happened.

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1. Yesterday’s News: 771 Metres of Continuous Mineralization

On August 27th, Copper Giant released assays from two directional holes at the Mocoa copper-molybdenum project in Colombia:

• MD-070: 771 metres of continuous 0.54% CuEq (0.33% Cu, 0.039% Mo) from 211 metres — including a higher-grade core of 102 metres at 0.87% CuEq.

• MD-068: 157 metres of 0.69% CuEq plus a second interval of 154 metres at 0.54% CuEq — extending mineralization to the southeast and at depth, below where the historic 1970s-80s vertical holes stopped.

If you’re newer to porphyry deposits, here’s the plain-English version: a 771-metre continuous intercept is a very long stretch of mineralized rock, and the fact that grades improve at depth — where alteration patterns suggest the drills are getting closer to the system’s heat source — implies the deposit may be getting better, not worse, in the direction they’re drilling.

The company’s VP of Exploration put it in a way I appreciated: “MD-068 is the hole I would look at twice... Those holes stopped where the technology of the day stopped.” Translation: the old-timers didn’t drill off the edge of this thing. They drilled to the limit of their equipment. Copper Giant is now drilling past it.

Why does this matter right now? Because Mocoa already carries an inferred resource of 1.12 billion tonnes at 0.51% CuEq, and a Preliminary Economic Assessment (PEA) is expected in Q4 2026. Holes like these validate the resource model heading into that study — and anything that extends mineralization beyond the current model is potential future upside to it. Three rigs are turning, and over 2,100 metres have already been drilled at the La Estrella satellite target with assays pending.

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2. The August Catalyst Most People Slept On

Yesterday’s drill results didn’t happen in a vacuum. The re-rating really started on August 6th, when the company announced a C$31 million strategic financing and long-term offtake agreement. Three things in that release told me the story had changed category:

Denarius Metals wrote a C$28.8 million cheque at C$0.72 per share for a 15.6% stake. That’s not retail money chasing a chart — that’s a strategic investor doing diligence and buying size.

Trafigura — one of the largest commodity traders on Earth — signed a 10-year offtake for 20% of Mocoa’s future copper concentrate and 20% of its molybdenum concentrate. Trading houses do not sign decade-long offtake agreements on projects they believe will never produce. This is the kind of counterparty validation most juniors never get.

Frank Giustra bought MORE. Giustra subscribed for roughly 2.8 million additional shares in the financing, CEO Ian Harris bought alongside him, and all three major participants accepted two-year lock-ups. In June I wrote that Giustra doesn’t take major positions to make a quick 20% — he plays for multiples. Two months later, he added to his position at $0.72 and voluntarily locked it up until 2028. I’ll let you draw your own conclusion about what he thinks this is worth.

Here’s the detail I find most interesting as someone who’s watched hundreds of these financings: the smart money paid C$0.72 — a penny above where we covered it — and they can’t sell for two years. The stock trading at $1.31 today doesn’t change their math. They’re not positioned for this move. They’re positioned for what they believe comes after the PEA.

3. Why It Stays On My Radar

The thesis from June 29th hasn’t just held — every leg of it has strengthened:

• The asset keeps getting bigger. Mineralization is now confirmed to extend southeast and below the historic drilling. The 1.12-billion-tonne resource may not be the ceiling.

• The de-risking keeps compounding. Approved and integrated mining titles from Colombia’s National Mining Agency earlier this year, a fortress balance sheet after the C$31M raise, and now a Tier-1 trading house contractually attached to future production.

• The catalyst calendar is loaded. Assays pending from La Estrella and additional Mocoa holes, three rigs turning, and the big one — the maiden PEA in Q4 2026 — which will put the first real economic numbers on this deposit.

• Copper’s structural story hasn’t blinked. The supply deficit driven by electrification and AI-related power demand that we laid out in June remains, in my opinion, the defining metals trade of this decade.

To be crystal clear: an 85% move means the easy re-rating from “ignored” to “noticed” has largely happened. The risk profile at $1.31 is different than it was at $0.71 — a disappointing PEA, weak assays, financing dilution, or a copper pullback could take a large bite out of this share price, fast. This remains a speculative, pre-revenue exploration company. Never invest money you can’t afford to lose, and never let a winning call talk you out of doing your own due diligence.

4. Want the Full Deep-Dive? Watch This.

If you want the complete due-diligence breakdown on Copper Giant — the deposit, the structure, the people, the risks — I’d point you to this video walkthrough:

Copper Giant (CGNT): The 6x Copper Stock Explained — Full Due Diligence

It’s the most complete visual explanation of the Mocoa story I’ve seen, and it covers the parts of the thesis that are hard to do justice in text — the maps, the drill sections, and the share structure.

If this kind of follow-through is why you subscribe, share this one with a friend who missed the June piece. Finding these stories before the crowd is the whole point of Mining Stocks Today.

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Disclaimer

This newsletter is for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer or solicitation to buy or sell any security. Mining Stocks Today and its author(s) are not registered investment advisors, broker-dealers, or financial planners, and nothing herein should be construed as personalized financial advice. Always consult a licensed financial advisor before making any investment decision.

Investing in junior mining and exploration companies is highly speculative and involves a substantial risk of loss, including the possible loss of your entire investment. Copper Giant Resources Corp. is a pre-revenue exploration-stage company. Its shares are volatile and may be illiquid. Exploration results, resource estimates, and preliminary economic assessments are inherently uncertain, and there is no assurance that the Mocoa project will ever reach production. Additional financings may dilute existing shareholders.

This article contains forward-looking statements — including statements about anticipated drill results, the timing and outcome of the Q4 2026 PEA, copper market conditions, and potential future value — that are based on current expectations and involve numerous risks and uncertainties. Actual results may differ materially. Forward-looking statements are not guarantees of future performance, and past performance (including the share price appreciation described above) is not indicative of future results.

Share price data referenced in this article (closing prices of C$0.71 on June 29, 2026 and C$1.31 on August 27, 2026, and an intraday high of C$1.34 on August 27, 2026) was obtained from publicly available market data sources believed to be reliable but not independently guaranteed. Prices are in Canadian dollars and reflect trading on the TSX Venture Exchange.

All factual statements about Copper Giant Resources are sourced from the company’s public press releases and publicly available filings. Readers should verify all information independently via SEDAR+ (www.sedarplus.ca) and the company’s own disclosures before making any investment decision. Do your own due diligence.

New on the radar: Guanajuato Silver (TSXV: GSVR | OTCQX: GSVRF)

Most people have never heard of this company. That’s the point of putting it on your radar today.

Guanajuato Silver is a Mexican silver-gold producer running five mines and three mills in Guanajuato and Durango. It reported Q2 2026 results this morning. Here is what actually matters.

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The receipts

Revenue came in at $42.5M, essentially flat with Q1’s $43.0M. Over 95% of that revenue came from precious metals, so this is a clean silver-gold story, not a base-metal business with a silver label on it.

Mine operating income was $9.1M for the quarter and $23.4M for the first half. Adjusted EBITDA was $5.8M in Q2 and $20.6M for H1.

Net income was positive at $557,000. Small, yes. But it’s the second consecutive quarter of positive net income, and H1 net income sits at $6.3M. For a company that spent years as a turnaround, two profitable quarters back to back is a shift in the story.

Production: 347,481 oz silver (up 2% quarter over quarter) and 3,653 oz gold (down 15%). Silver made up 57% of revenue. The gold dip comes from Bolanitos, the gold-heavy mine that is still in ramp-up.

Cash, equivalents and short-term investments finished the quarter at $19.9M.

The debt move nobody will talk about

This is the part of the release that deserves more attention than it will get.

GSilver paid down 3,029 oz of gold on its gold loan with Ocean Partners in Q2. That accelerated repayment wiped out every remaining monthly payment. Only one final payment remains, due April 2028.

At the Q2 closing gold price of $4,026, the Q2 repayment was worth about $12.1M and the remaining final payment is worth about $9.5M. Because the loan was struck when gold was much cheaper, they effectively retired a large chunk of debt at a discount to spot. Balance sheet cleaner, monthly cash drain gone.

The hedges (read this before you buy)

Management has locked in a meaningful piece of production:

• 300 oz of gold per month hedged at $5,220/oz through December 2026, roughly 25% of current gold output

• 20,000 oz of silver per month sold forward at $84.50/oz through September 2026

• Another 20,000 oz of silver per month in a collar ($80 floor, $93 cap) through December 2026

Combined, that’s about 34% of current silver production hedged. Translation: if silver rips past $93 this fall, roughly a third of their silver won’t fully participate. If silver rolls over, they’ve protected the floor. This is a company prioritizing cash-flow certainty over max upside, and you should know that going in.

Why costs were high, and why that’s the thesis

AISC was elevated this quarter, and management is upfront about it. 2026 is the largest capital budget in company history. They are spending on development and drilling now to raise throughput and lower unit costs later.

The specifics: 3,192 metres of underground development in Q2, 10,018 metres drilled across 87 holes, three new company-owned drill rigs delivered (two at Bolanitos, one at San Ignacio) with a fourth headed to Topia in Q3. At El Cubo alone, development was up 429% year over year and exceeded all of 2025 combined.

Bolanitos had inherited a lack of development when acquired. The CEO says about 2,500 metres of capital development were completed there by mid-August, and production should improve as more mining faces come online before year-end.

The Valenciana decision

GSilver is pausing extraction at the Valenciana Mines Complex to focus on exploration. This is the kind of decision retail hates and patient capital likes.

VMC got a new resource estimate in February: inferred resources grew 630% to 20.3M AgEq oz, plus 3.8M AgEq oz indicated. The problem is that the mineable zones are scattered across a 4.2km strike, which made development inefficient. Rather than chase scattered ore, they are drilling to build a proper life-of-mine plan and shifting crews and equipment to higher-margin work at Cubo, San Ignacio and Bolanitos.

The early drilling supports the call. Highlights include 849 g/t AgEq over 3.81m true width at Valenciana, 627 g/t AgEq over 1.34m at Cata, and 856 g/t AgEq over 0.92m on the Santa Margarita vein at Pozos.

Bottom line

GSilver is a small-cap silver producer that just posted its second straight profitable quarter, killed its monthly debt payments, and is spending heavily to grow production in 2027 and beyond. The trade-offs are real: elevated costs through Q3 and Q4, roughly a third of silver hedged, and a paused mine that won’t contribute until a new plan is in place.

If you want pure silver leverage, the hedges dilute that. If you want a producer with a clean balance sheet and a visible development runway in a strong silver tape, this one belongs on the watchlist.

We’ll be tracking the Bolanitos ramp and the Valenciana drill results through year-end.

Source: Company news release, August 26, 2026. All figures in US$. Not investment advice. Do your own due diligence.

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Disclosure & Disclaimer: Mining Stocks Today is a financial publisher, not a registered investment advisor. The information provided regarding Orlens and mining equities is for educational, informational, and entertainment purposes only. Always conduct your own independent due diligence and consult with a licensed professional before making any financial decisions.

If you’ve spent any real time trading the resource markets, you know that mid-August is when the noise gets stripped away. The June 30, 2026 (Q2) 13F filings are officially live on EDGAR. For the past 48 hours, I’ve been buried in these filings, tracking where the mega-funds, institutional desks, and smart money family offices quietly allocated capital while retail investors were distracted by summer chop.

We all know the catch with 13F filings: they come with a 45-day reporting lag. They don’t tell you what a fund is doing this morning, but they provide an unvarnished look at where multi-billion-dollar institutions built high-conviction positions over the quarter. When large funds move into mining names, they don’t do it for a two-week swing—they do it because they see a multi-quarter macro imbalance.

Before we dive into the specific names, I have an important announcement.

A Quick Word on Orelens

I’ve spent the better part of my trading career navigating the junior mining trenches and working directly with resource companies. If you’ve traded this sector long enough, you know the hardest part isn’t finding ideas—it’s filtering out the junk.

Too many retail traders get crushed by disguised share dilution, toxic warrant structures, predatory debt, and drill-hole marketing that has zero economic viability. The standard stock screeners you find on the web were built for generic tech or consumer goods; they completely fail when applied to mining lifecycles and exploration burn rates.

That is why I spent the last several months building Orelens.

I designed Orelens from the ground up as a career, full-time trader to help serious mining investors separate the legitimate assets from the lifestyle companies. It scans share structures, dilution mechanics, insider skin-in-the-game, and balance sheet health so you can evaluate opportunities with real clarity.

We are officially launching the beta right now. You can go to getorelens.com and sign up for FREE to get immediate access. I want you inside using it, testing the features, and seeing the difference it makes in your daily trading routine.

The Q2 13F Intelligence Report: Where Smart Money Allocated

Looking through the June 30, 2026 disclosures, institutional capital showed a clear pattern: institutions used Q2 consolidations to aggressively build base-metal leverage, lock down Tier-1 precious metal producers, and establish positions in nuclear infrastructure.

Here is the deep-dive breakdown across 7 key mining stocks that saw notable institutional accumulation:

1. Barrick Gold Corp (NYSE: GOLD)

• The Institutional Footprint: Broad-scale accumulation across passive giants and systematic value funds. BlackRock increased its holdings by over 28% during the quarter, absorbing millions of shares during market dips, alongside steady position increases from State Street and several macro-oriented hedge funds.

• The Smart Money Thesis: Institutions treated Barrick as a primary gold proxy trading at a steep discount to net asset value (NAV). With massive free cash flow generation and sustained capital returns via buybacks and dividends, Tier-1 funds used Q2 pullbacks to build core positions without having to chase high-beta small caps.

• Trader’s Take: When institutional heavyweights soak up supply in a large-cap producer like Barrick, it sets a solid price floor. Watch for institutional support to hold on technical retests.

2. Freeport-McMoRan Inc. (NYSE: FCX)

• The Institutional Footprint: Sustained accumulation from global macro funds and industrial commodity desks. Multiple multi-strategy funds expanded their net long equity positions by mid-to-high single digits during Q2.

• The Smart Money Thesis: Copper remains the premier institutional trade for secular electrification, grid modernization, and data center buildouts. With new, large-scale open-pit discoveries remaining scarce and permitting timelines extending globally, institutions are treating Freeport’s existing portfolio—specifically Grasberg and its North American operations—as irreplaceable real estate.

• Trader’s Take: FCX remains the institutional liquidity vehicle for base metals. When macro funds want copper exposure without dealing with single-asset development risk, this is where the capital goes first.

3. Cameco Corporation (NYSE: CCJ)

• The Institutional Footprint: Crossover growth funds and tech-adjacent institutional accounts established fresh positions during Q2. Traditional energy funds also added to existing stakes.

• The Smart Money Thesis: The nuclear fuel cycle is moving into a structural deficit, and Cameco is the Western world’s premier pure-play supplier. Big tech’s long-term push to secure dedicated, zero-emission baseload power for AI infrastructure has brought generalist institutional capital directly into uranium equities.

• Trader’s Take: The 13F disclosures confirm that the long-term contracting cycle at Cameco is no longer just an industry talking point—institutional balance sheets are actively paying up for that production runway.

4. Agnico Eagle Mines (NYSE: AEM)

• The Institutional Footprint: Heavy buying from conservative institutional asset managers, pension funds, and quality-focused value managers throughout the second quarter.

• The Smart Money Thesis: Jurisdictional risk is a top priority for institutional risk committees. Agnico’s concentration of assets in low-risk mining jurisdictions (Canada, Finland, Australia) makes it the institutional darling for precious metals allocation. 13F filings show funds prioritizing AEM’s operational reliability and cost discipline over higher-risk operations in emerging markets.

• Trader’s Take: AEM consistently commands a premium multiple. As institutional funds re-allocate to gold, AEM continues to be the default safe-haven equity within the sector.

5. Teck Resources Ltd. (NYSE: TECK)

• The Institutional Footprint: Event-driven, value, and activist-leaning institutional funds significantly increased their exposure through the quarter ending June 30, 2026.

• The Smart Money Thesis: Following the strategic repositioning and divestment of its steelmaking coal assets (Elk Valley Resources), Teck has transformed into a focused, pure-play critical minerals and copper growth company. Institutional funds moved in heavily during Q2 to capture the multiple re-rating associated with a pure copper-zinc producer.

• Trader’s Take: The capital structure is clean, and the balance sheet is loaded with cash. Institutions bought the transition story, making TECK a prime candidate for sustained multi-quarter strength.

6. Newmont Corporation (NYSE: NEM)

• The Institutional Footprint: Broad accumulation from income-focused institutional funds and large-scale index managers, with notable block additions reported across mutual fund complexes.

• The Smart Money Thesis: Following the integration of Newcrest assets and non-core portfolio rationalization, Newmont’s focus on Tier-1 assets and debt reduction began attracting big institutional accounts that previously sat on the sidelines. Large desks favored NEM for its scale, liquid float, and cash return framework.

• Trader’s Take: Newmont acts as the sector’s bellwether. Seeing institutions steadily absorb supply here indicates broader confidence in the health of the entire gold mining ecosystem.

7. Pan American Silver Corp. (NYSE: PAAS)

• The Institutional Footprint: Mid-tier institutional managers, precious metals specialty funds, and family offices selectively accumulated blocks throughout Q2.

• The Smart Money Thesis: Silver’s dual identity as an industrial transition metal (driven by solar/PV manufacturing and electronics) and a monetary asset created an asymmetric risk/reward that specialty funds couldn’t ignore. PAAS provided the exact liquid, diversified operational footprint institutions needed to capture silver leverage without taking on micro-cap balance sheet risk.

• Trader’s Take: When institutional interest expands beyond gold majors into liquid silver names like PAAS, it is an early signal that institutional risk tolerance in the resource space is expanding outward.

How to Trade This Data

Here is how we use this intelligence as active traders:

1. Understand the Waterfall Effect: Institutional capital always fills the largest, most liquid buckets first (Barrick, Freeport, Newmont, Cameco). Once these majors achieve their re-ratings and trade at higher multiples, capital naturally rotates down-market into mid-tier producers, developers, and well-structured junior explorers.

2. Watch the Cash Flow, Not the Promotion: Notice that smart money did not load up on companies that survive solely on constant equity financing. They accumulated cash-flow-positive operators, low-cost assets, and companies with real pricing power.

3. Audit Your Portfolio: Take a close look at your holdings. Are you holding companies that institutions will eventually want to acquire or finance? Or are you holding promotional drillers burning cash to pay management salaries?

If you need a systematic way to analyze those questions on your own watchlist, make sure you take advantage of the beta access at getorelens.com. I built the platform to give resource traders an institutional-grade edge without needing a Wall Street terminal.

Let’s stay disciplined, manage our risk, and capitalize on this momentum.

Good trading,

Mining Stocks Today

IMPORTANT DISCLAIMER & DISCLOSURES

Let me be completely transparent with you. The commentary, analysis, and 13F data provided in Mining Stocks Today are strictly for educational and informational purposes. I have been in the trenches trading for 12 years, but I am not a registered financial advisor, broker, or dealer, and this newsletter is not a solicitation or recommendation to buy, sell, or hold any specific securities.

Trading the financial markets—especially junior mining stocks, base metals, and commodities—carries a massive amount of risk. The volatility is real, and it is entirely possible to lose some or all of your capital. The market reads I share are simply my personal opinions based on my own research and how I am viewing the charts from my desk down here in Panama City.

Please assume that MiningStockstoday, actively trade these markets. I may currently hold long or short positions in the companies mentioned in this newsletter (including GOLD, FCX, NEM, CCJ, AEM, TECK, and PAAS). Because I am an active day trader, my positions and strategies can change at any moment without notice to subscribers.

Additionally, I am the founder and owner of Orelens. I built this software specifically to help traders analyze share structures, evaluate dilution mechanics, and filter mining setups. However, any reliance you place on the software or the data provided in this newsletter is strictly at your own risk.

Wall Street leaves footprints, but past performance is never a guarantee of future results. Always do your own due diligence, aggressively manage your own risk, and consult with a licensed financial professional before making any capital allocation decisions.

To our 18,000 subscribers, today we are looking at a completely different beast in the precious metals sector. While most of the market is chasing high-risk exploration plays or dealing with crippling jurisdictional headaches, one company has systematically built a silver empire in North Africa: Aya Gold & Silver (TSX: AYA | NASDAQ: AYA).

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If you want leverage to silver, you usually have to buy a base metals miner that produces silver as a byproduct. Aya is one of the few true pure-play silver producers left on the board, and their recent operational results prove they are executing at an elite level.

Let’s break down why Aya Gold & Silver deserves your attention, the de-risked jurisdiction they operate in, and the financial reality of their growth pipeline.

1. The Crown Jewel: Zgounder’s Record Expansion

Aya’s flagship asset is the high-grade Zgounder Silver Mine located in the Kingdom of Morocco. While many mining companies struggle to hit their guidance, Aya is consistently breaking its own records.

• In Q2-2026, Aya reported a record consolidated production of 1.68 million silver equivalent ounces, representing a massive 61% increase year-over-year.

• The Zgounder mine alone produced 1.49 million ounces of silver in the quarter, which is a 43% jump year-over-year.

• The company achieved this through a record processing rate that averaged 3,889 tonnes per day.

• This strong processing rate was coupled with a highly efficient silver recovery rate of 91.2%.

This isn’t just a story about pulling metal out of the ground; it is a story of operational optimization. The mill is running hot, the recoveries are excellent, and the expansion is translating directly into bottom-line growth.

2. The Jurisdiction: Why Morocco Matters

For traders and investors, jurisdiction is half the battle. Morocco is quietly positioning itself as one of the most attractive mining jurisdictions globally.

• Morocco features a highly efficient permitting process, a skilled workforce, and an established infrastructure grid.

• Unlike many jurisdictions that extract massive hidden taxes, Morocco features a mining-friendly code with no state free-carried interest.

• The country holds a first-mover advantage for Aya, ranking #15 globally and #2 in Africa for mining investment attractiveness.

They aren’t fighting the government to get permits approved; they are operating in an environment that actively encourages and rewards resource development.

3. The Catalyst: The Boumadine Project

While Zgounder is the cash-flowing engine, the Boumadine polymetallic project is a massive growth catalyst for the company. Aya isn’t just resting on its laurels.

• The company is actively advancing work on an updated Preliminary Economic Assessment (PEA) for Boumadine, which is on track for release in the second half of 2026.

• This updated PEA is expected to feature a revised resource model and mine plan.

• Aya has already initiated a feasibility study for Boumadine, which commenced in early 2026 and is progressing as planned.

• To squeeze immediate value out of the site, they initiated a pyrite reclaim operation at Boumadine that added 187,784 silver equivalent ounces to their Q2-2026 production.

4. Dilution Risk & Financial Health

As we discussed with our recent coverage of junior explorers, dilution is the ultimate killer of retail wealth. However, Aya Gold & Silver is in a fundamentally different financial weight class.

Because Zgounder is a highly profitable, producing asset, Aya is generating massive internal cash flow.

• In the first quarter of 2026 alone, the company achieved record revenues of $117 million.

• This Q1-2026 performance generated $49 million in net income and $70 million in operating cash flow.

• As of March 2026, Aya maintained a very strong balance sheet, holding $172 million in cash against only $98 million in debt.

The Bottom Line When you have an internally funded producer sitting on a massive war chest of cash, the dilution risk for shareholders drops dramatically. They can fund their massive drill programs and the Boumadine feasibility work without constantly returning to the market to issue cheap shares.

Aya Gold & Silver offers a rare combination: a pure-play silver producer with exploding production metrics, operating in a top-tier jurisdiction, with the cash flow to organically fund its next mega-project.

Trade smart, manage your risk, and I’ll see you in the next issue.

— Mining Stocks Today

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What is Mining Stocks Today?

So, what exactly are we doing here at Mining Stocks Today?

We are a community of 18,000+ rebels, risk-takers, and relentless market junkies who refuse to trade blind.

Whether we are hunting down the next massive structural metal squeeze, dissecting the exact mechanics of corporate share dilution, or tracking retail volume spikes to sniff out a major rotation, we are all about one thing: maintaining a razor-sharp strategic edge in the markets. We don’t just read the tape; we read between the lines. If you like your market analysis served with a side of unvarnished truth, relentless macro research, and absolutely zero fluff, you’ve found your new home. Grab a coffee and let’s beat the market.

IMPORTANT NOTICE AND DISCLAIMER: Mining Stocks Today is a publisher of financial information and market analysis, not a registered investment advisor. The information, opinions, and technical analysis contained in this newsletter are for educational and informational purposes only and do not constitute a personalized recommendation or an offer to buy, sell, or hold any security.

Speculative micro-cap, junior exploration, and producing mining stocks, including Aya Gold & Silver (TSX: AYA | NASDAQ: AYA), carry an exceptionally high degree of risk. The resource sector is highly volatile and uniquely sensitive to geopolitical shifts, commodity price fluctuations, permitting hurdles, and exploration risks. Investors may lose all or a substantial portion of their investment.

Always conduct your own thorough due diligence, consult with a licensed and registered financial professional, and rigidly manage your risk before making any investment decisions. The author and publishers of Mining Stocks Today may hold positions in the securities mentioned and are under no obligation to disclose entries, exits, or changes to those positions. Trade at your own risk.

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For the newer folks joining our 18,000-strong community—we built this scanner specifically for the mining industry to track near-term dilution risks, active drill programs, and high-grade news breakouts. We don’t just buy into good stories or hold and hope. We look for price momentum, earnings breakouts, and clean bases straight out of the Minervini and O’Neil playbooks. I am strictly looking for setups that offer a solid 2-3 week swing trade based on the hard data.

Here are the top 5 mining stocks flashing on my screens right now.

1. Idaho Strategic Resources (IDR)

This small-cap gold and rare-earth producer is showing exactly the kind of fundamental strength we look for in a swing trade. They are projecting a massive 33% EPS growth for the year, and the price action is lifting out of a very clean technical base. With the market increasingly prioritizing domestic, secure supply chains for rare earths alongside gold, IDR is positioned perfectly.

2. Sigma Lithium (SGML)

Lithium prices have been volatile, but Sigma is completely detaching from the noise. Operating the Grota do Cirilo project in Brazil using 100% renewable power, they are appealing heavily to EV makers desperate for clean supply chains. More importantly for us traders, their projected EPS growth is sitting at an eye-watering 355%. The chart is breaking out of a deep base—a textbook CANSLIM setup where current earnings acceleration meets institutional accumulation.

3. San Lorenzo Gold (TSXV:SLG)

Our scanner started pinging heavily on this junior explorer earlier this year. They struck major mineralization at the Cerro Blanco porphyry target in Chile, pulling up over 132 meters grading 1.09 g/t gold. The stock rocketed from around $1.00 to hit $3.70 on the news. Crucially, they just closed a fully subscribed $20 million private placement, meaning near-term dilution risk is completely off the table. They have the cash to drill, and the market is pricing in further discoveries.

4. First Majestic Silver (AG)

If you want to trade silver momentum, you trade First Majestic. Because they generate the vast majority of their revenue directly from silver production, their stock is hyper-sensitive to the underlying commodity price. With industrial silver demand surging from the solar and electronics sectors, AG provides incredible asymmetric risk/reward for an aggressive 2-3 week swing. When silver runs, this stock acts like a leveraged ETF.

5. BHP Group (BHP)

You don’t always need to play the small caps to get momentum. BHP is the world’s largest mining company, but they are undergoing a massive fundamental shift. For the first time, copper delivered 51% of BHP’s profit—surpassing iron ore.

This is a structural supply-demand play. With AI data centers, EVs, and solar grid upgrades all requiring massive amounts of copper simultaneously, global demand is expected to surge while supply lags by a decade. Owning a stake in the Escondida mine (the largest copper mine in the world) gives BHP unparalleled leverage to this supercycle. It’s the perfect institutional anchor for a swing portfolio.

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As we wrap up this week's scans, I want to leave you with a critical reminder about our execution strategy. The mining sector is notorious for its brutal volatility, which is exactly why we rely on the charts, volume profiles, and strict parameters rather than just falling in love with a company's story. Remember, our objective here isn't to marry these stocks; we are looking for precise, high-probability 2-3 week swing trades where momentum and fundamentals align perfectly. Whether it's a junior explorer flashing high-grade results or a mega-cap shifting its core revenue streams, the rules of the game do not change. Never let a short-term trade turn into a long-term investment just because the thesis sounded good on paper. Set your stop losses before you even enter the position, keep your risk management incredibly tight, and ruthlessly cut your losers so your capital is always freed up for the next clean breakout.

The market is inevitably going to shake out the weak hands over the coming sessions, but if we stick to the system and trade the actual price action in front of us, the math will take care of the rest. Stay disciplined, protect your accounts, and I’ll see you in the next update.

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Disclaimer & Terms of Use

Mining Stocks Today is published for informational and educational purposes only and is not intended to provide personalized financial, investment, or trading advice. The publisher operates as a corporate entity based in Panama and is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), or any other regulatory authority.

High Risk Warning: Trading and investing in the financial markets, particularly in junior mining companies, micro-cap stocks, and commodities, carries a high degree of risk. The securities discussed in this newsletter are inherently volatile, and you may lose some or all of your principal investment. The CANSLIM method, momentum trading, and swing trading strategies discussed carry significant risks and may not be suitable for all investors. Past performance of any trading system, methodology, or specific stock is not indicative of future results.

No Recommendation to Buy or Sell: The information, technical setups, charts, and data provided—including references to proprietary stock scanners—represent the personal opinions and trading methods of the author. Nothing contained herein constitutes a direct solicitation, recommendation, or offer to buy, sell, or hold any security, financial product, or instrument. You are solely responsible for your own investment decisions and should conduct your own independent due diligence or consult with a licensed financial professional before risking capital.

Conflict of Interest Disclosure: The author and affiliated entities may hold, initiate, or close positions in the securities, commodities, or cryptocurrencies mentioned in this newsletter at any time without prior notice. As short-term swing traders operating on 2-3 week timeframes, our positions can change rapidly. We are under no obligation to update readers on changes to our personal positions or to execute trades in accordance with the setups discussed in this publication.

By reading this newsletter, you acknowledge and agree that Mining Stocks Today, its authors, and its affiliates are not liable for any financial losses, damages, or consequences resulting from the use of this information. Always use strictly defined risk management and stop-loss protocols.

To our 18,000 subscribers reading this over your afternoon coffee: let’s talk about the tape, the trend, and the truth about copper.

If you’ve been paying attention to the resource space lately, you’ve probably noticed a recurring theme. Legendary mining financier Frank Giustra, the man who has built multi-billion-dollar empires from the ground up seems to be banging the drum on exactly one thing: the unavoidable, structural shortage of copper.

And if you look closely at where he and the Fiore Group are placing their chips, one name keeps coming up: Copper Giant (TSXV: CGNT).

Today, we are going to look over Frank’s shoulder. We’re going to break down exactly why he is so heavily positioned here, the risks involved, and why this setup offers the kind of asymmetrical risk-to-reward ratio we dream about as traders.

Let’s dive in.

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1. The Macro: A Squeeze of Historic Proportions

To understand Copper Giant, you first have to understand the macroeconomic storm we are trading into.

We are looking at a massive, structural supply deficit. It’s not just EVs and global electrification anymore. The artificial intelligence boom is consuming power at a rate the grid simply cannot handle, and upgrading that grid requires millions of tonnes of copper.

The problem? There are virtually no new “billion-tonne” tier-one copper deposits coming online. The major miners have spent the last decade starved of capital, under-exploring, and high-grading their existing mines. We are hurdling toward a supply squeeze where demand is completely inelastic. When supply tightens, the producers have to buy growth. This is the exact environment where junior explorers with massive metal in the ground become acquisition targets.

2. The Giustra Bet: Pennies on the Dollar

Frank Giustra doesn’t take major positions to make a quick 20%. He plays for multiples. He is backing Copper Giant through his Fiore Group because of a glaring mismatch in the valuation.

Right now, the market is pricing Copper Giant at literal pennies per pound of copper in the ground. When you contrast that with recent M&A activity—like Hudbay’s recent aggressive acquisitions—the majors are paying steep premiums for established resources.

Giustra sees a company sitting on a massive, strategic asset that is priced like an out-of-the-money option. The major miners are desperate to replace their depleting reserves, and they will inevitably have to pay up for assets of this scale. Giustra is simply front-running the eventual buyout.

3. The Elephant in the Room: Operating in Colombia

I know what some of you are thinking. “But what about the government? What about operating in Colombia?”

It is a fair question, and as traders, we must always price in jurisdictional risk. Over the last few years, the political noise in Colombia has kept a lot of institutional money on the sidelines. But here is the critical catalyst the market is completely ignoring:

Copper Giant just achieved a massive de-risking milestone. Colombia’s National Mining Agency (ANM) officially approved and integrated their mining titles. This isn’t just bureaucratic red tape—it streamlines their entire legal and environmental framework. It is a clear, institutional green light from the government. The jurisdictional discount currently baked into CGNT’s share price is no longer justified by the reality on the ground.

4. The Trader’s Truth: Dilution Risk vs. Explosive Reward

I promised you I would always give you the unvarnished truth, so let’s talk about share structure.

Junior exploration is a capital-intensive business. Copper Giant has an incredibly aggressive 2026 exploration program underway right now, with three drill rigs actively turning on the property. Keeping three rigs spinning costs serious cash, and the reality of this sector is that cash comes from issuing shares.

So, what is the dilution risk? It is real, and it is present. However, we have to weigh that risk against the potential reward.

• The Bear Case: They raise capital, dilute the share structure by 15-20%, and the drills hit nothing but barren rock.

• The Bull Case: Those three rigs hit. They dramatically expand the known resource, proving up a tier-one deposit that makes the major miners drool.

If they successfully expand this resource to the scale we anticipate, the value creation will so entirely dwarf the cost of dilution that the share structure will take care of itself. In trading, you take the bet when the downside is defined (a slight dilution hit) and the upside is logarithmic (a major discovery or buyout).

The Bottom Line We have a desperate macro environment for copper, a massively undervalued asset, a newly de-risked government operating environment, and the smartest money in the room (Giustra) heavily backing the play.

Keep a close eye on CGNT’s drill results over the coming months. If they connect, things are going to move very fast.

Trade smart, manage your risk, and I’ll see you in the next issue.

— Mining Stocks Today

IMPORTANT NOTICE AND DISCLAIMER: Mining Stocks Today is a publisher of financial information, not a registered investment advisor. The information, opinions, and analysis contained in this newsletter are for educational and informational purposes only and do not constitute an offer to buy, sell, or hold any security.

Speculative micro-cap and junior exploration stocks, including Copper Giant (TSXV: CGNT), carry an exceptionally high degree of risk. Investors may lose all or a substantial portion of their investment. The junior resource sector is highly volatile and sensitive to dilution risk, geopolitical shifts, commodity price fluctuations, and exploration failures.

We frequently discuss the positions and market actions of major shareholders, including Frank Giustra and the Fiore Group. A prominent investor’s involvement is not a guarantee of future success, and their investment horizons or exit strategies may differ significantly from yours.

Always conduct your own thorough due diligence, consult with a licensed financial professional, and manage your risk appropriately before making any investment decisions. The author and publishers of Mining Stocks Today may hold positions in securities mentioned and are under no obligation to disclose changes to those positions.

To our 18,000 dedicated readers: take a deep breath.

I know it’s tough to open your brokerage account this week and see a sea of red. The anxiety you are feeling is completely natural, but let’s step back and look at this through the lens of a seasoned trader. Mid-cycle corrections—the moments when there’s a little “blood in the streets”—are not times to panic. They are exactly where life-changing wealth is built.

In this sector, the retail crowd buys the euphoria and sells the despair. We do the exact opposite. Today, we are going to break down why the macro picture is fundamentally unchanged, and I’m going to give you my top 7 high-conviction buys to capitalize on this temporary weakness.

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State of the Metals: The Macro Picture

Let’s talk about the elephant in the room: Gold recently slipped below the psychological $4,000/oz level for the first time in months, down from its all-time high of $5,594 back in January. Silver has also taken a hit, pulling back into the $68–$74 range.

Why is this happening? It’s a perfect storm of short-term macroeconomic headwinds. Resilient inflation data has forced the Federal Reserve to signal a “higher for longer” stance, pushing rate cut expectations further out into late 2026 or 2027. This has caused US Treasury yields to spike and the US Dollar (DXY) to rebound strongly. Since metals are priced in dollars and yield nothing, rising rates create a temporary gravitational pull on prices. Throw in some aggressive profit-taking from institutional hedge funds who rode the massive early-2026 rally, and you get the sharp correction we are seeing right now.

Why the bull thesis remains intact: Do not confuse a healthy 15–30% cyclical correction with the end of a structural bull market. The under-the-radar fundamentals are screaming buy. While Western investors are distracted by Fed chatter, central banks are still accumulating massive physical tonnage. Off-the-books (OTC) purchases remain incredibly robust, particularly from China, whose imports actually tripled in Q1 compared to late 2025.

The industrial demand for silver and critical metals in the energy transition isn’t slowing down either. The structural deficit is real. This pullback is simply shaking the weak hands out of the market before the next leg up.

The Pullback Buy List: Top 7 Stocks

This list is a strategic barbell: foundational, cash-gushing senior producers to anchor your portfolio, paired with high-upside junior explorers that have been unfairly punished in this sell-off.

1. Newmont Corporation (NYSE: NEM)

• The Fundamental Case: As the world’s largest gold producer, Newmont offers unmatched scale and geographic diversification. They are generating tremendous free cash flow (projected at 10% annually over the next three years) and boast a fortress balance sheet with over $3 billion in net cash.

• The Pullback Catalyst: The broad market sell-off has dragged NEM down, ignoring their aggressive $6 billion share buyback program. When the world’s premier gold miner is buying its own stock hand over fist on a dip, we should be buying right alongside them.

  

2. Barrick Gold Corporation (NYSE: GOLD)

• The Fundamental Case: Barrick strictly focuses on Tier-1 assets—massive, long-life, low-cost mines—and offers incredible secondary exposure to copper. They are deeply committed to shareholder returns, targeting a 50% free cash flow dividend payout.

• The Pullback Catalyst: The current sector weakness is masking a massive upcoming value unlock: Barrick is exploring a potential IPO of its North American gold assets by the end of 2026. This dip is a prime opportunity to position yourself before the market prices in that structural reorganization.

  

3. Agnico Eagle Mines (NYSE: AEM)

• The Fundamental Case: The undisputed premium operator in the gold space. They operate exclusively in safe, stable jurisdictions (Canada, Australia, Finland, Mexico) and have a flawless track record of meeting production guidance while keeping All-In Sustaining Costs (AISC) fiercely contained.

  Canadian Mining Report

• The Pullback Catalyst: Agnico has sold off purely in sympathy with the gold price, not due to any operational flaws. Their ability to expand margins even in a choppy metal price environment makes this dip one of the safest entry points on the board.

4. Evolution Mining (ASX: EVN)

• The Fundamental Case: A high-quality mid-tier producer that has managed its capital brilliantly. They recently shifted to a net cash position, providing a massive buffer to protect margins during this current price volatility.

  Canadian Mining Report

• The Pullback Catalyst: The stock took an unfair beating recently after missing Q3 expectations due to temporary weather disruptions. With production at their Ernest Henry mine now stabilizing and output normalizing, this is a classic “buy the operational hiccup” setup.

5. Nexa Resources (NYSE: NEXA)

• The Fundamental Case: We need base metal exposure, and Nexa is a top-tier player with heavy leverage to zinc and copper. They are projecting triple-digit EPS growth for 2026 and are trading at an incredibly cheap forward price-to-earnings multiple of under 5x.

• The Pullback Catalyst: Recession fears and dollar strength have hammered base metals across the board. However, the physical supply deficit in critical metals hasn’t changed. Nexa is currently trading at a deep, deep discount to its intrinsic value.

6. San Lorenzo Gold (TSXV: SLG)

• The Fundamental Case: Our top junior explorer. They are aggressively advancing the Salvadora copper-gold porphyry project in Chile, located in the exact same neighborhood as Codelco’s legendary Salvador mine.

• The Pullback Catalyst: This stock was a rocket earlier this year after hitting 132 meters grading 1.09 g/t gold at their Cerro Blanco target. They just closed a massive $20 million upsized private placement, meaning they are fully funded to drill right through this market weakness. The recent sector pullback gives us a rare second chance to board the train before the next batch of assay results drops.

  

7. Xali Gold (TSXV: XGC)

• The Fundamental Case: A high-upside junior that recently acquired the advanced-stage Pico Machay gold project in Peru from Pan American Silver. The property already hosts a historic resource of over 260,000 ounces of gold.

• The Pullback Catalyst: Junior miners always get punished the hardest during macro corrections, making them violently mispriced. Xali just secured local community agreements to proceed with exploration and is actively drilling to verify and upgrade those historic grades. At its current market cap, the risk-to-reward ratio is incredibly skewed in our favor.

  

Final Word to the Community

When the screens are red, the amateur instinct is to sell and wait for the dust to settle. By the time the dust settles, the smart money has already bought the bottom and the stocks are up 40%.

Stay disciplined. Protect your core positions, use this temporary weakness to selectively accumulate high-quality assets at a discount, and trust the long-term thesis. We have the data, we have the strategy, and we will come out of this pullback significantly wealthier on the other side.

Hold those strong hands. Talk soon.

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DISCLAIMER AND TERMS OF USE

For Informational and Educational Purposes Only: The content provided in Mining Stocks Today is for informational, educational, and entertainment purposes only. We are not registered financial advisors, brokers, or dealers. The information contained herein does not constitute personalized investment advice, nor is it a solicitation or an offer to buy or sell any securities, options, or other financial instruments.

High Risk Warning: Investing in the stock market, and specifically in the mining sector, involves a high degree of risk. The junior mining and exploration sector is notoriously volatile. Companies operating in this space face unique risks, including but not limited to: commodity price fluctuations, severe geopolitical and jurisdictional risks, operational hazards, and the inherent uncertainty of exploration and resource estimates. You could lose some or all of your invested capital. Never invest money you cannot afford to lose.

Do Your Own Due Diligence (DYOR): All investment decisions must be your own. We strongly recommend that you consult with a qualified, registered financial professional and conduct your own thorough research before making any investment decisions. The analysis provided in Mining Stocks Today is based on data available at the time of publication and is believed to be accurate, but we cannot guarantee its accuracy, completeness, or timeliness.

Forward-Looking Statements: This newsletter contains “forward-looking statements” based on current expectations, estimates, and projections. These statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed or forecasted.

Disclosure of Positions and Conflicts of Interest: The authors, editors, and publishers of Mining Stocks Today, as well as their affiliates and family members, may currently hold, buy, or sell positions in the companies mentioned in this newsletter at any time without notice. We are not compensated by the companies mentioned to feature them in this publication unless explicitly disclosed.

By reading Mining Stocks Today, you agree that the authors and publishers bear no liability for any losses or damages, direct or indirect, that may result from the use of the information contained within this newsletter.

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To the 17,000+ of you tuning in this week—thank you. I spent my weekend exactly where you’d expect: locked in at the trading desk, ultra-wide monitors glowing, running CAN SLIM scans while my two dogs Gucci and Chanel slept at my feet. Wife was trying to get me to step away for the afternoon, but when the macro environment shifts like it is right now, you don’t step away. You dig deeper.

Here are my two dogs Gucci and Chanel.

We are not here to drag a sleepy 7% return out of a legacy major. We are momentum and swing traders. We want the 20% to 40% rips over a 3- to 6-month horizon. To get those, you have to know exactly where the edge is, what cycle is firing next, and which juniors offer the absolute most bang for your buck.

Here is your playbook for the current cycle.

The Macro Setup: What Cycle Are We In?

If you’ve been watching Gold (XAU/USD), you know it is taking a breather. After printing a massive all-time high of $5,595 back in January 2026, it has pulled back into a consolidation range around $4,300 to $4,500. The culprit? The May non-farm payrolls came in hot at 172,000 jobs, which sparked fears of the Fed keeping rates elevated.

While the heavy institutional players like J.P. Morgan still have year-end targets of $6,000/oz for gold, the immediate momentum has stalled out. We don’t tie up capital in ranging assets. We follow the velocity.

Right now, the next cycle is fully accelerating in Copper and Silver.

The Edge: Where to Look for 40% Swings

The real edge is found when structural supply deficits collide with unstoppable, price-insensitive demand.

The Silver Breakout

Silver finally shattered the $100/oz ceiling this year, spiking as high as $121 in Q1. This isn’t just a monetary play; it is an industrial supply crisis. The Silver Institute is projecting a 117 million-ounce deficit for 2026. AI infrastructure, EVs, and solar are draining physical inventories, and by-product mining simply cannot scale fast enough to meet it.

The Copper Deficit

AI data centers are effectively massive copper sinks. J.P. Morgan forecasts a global refined copper deficit of 330,000 tonnes in 2026 alone. Furthermore, the U.S. recently revised Section 232 tariffs on copper products, which is completely rewiring global trade flows and putting a massive premium on North American and allied concentrate.

When deficits this severe hit the market, junior explorers and developers offer the kind of leverage that the majors fundamentally cannot match.

The Watchlist: Most Bang for Your Buck

Applying our momentum and technical criteria, here are the juniors flashing the strongest setups for our 3- to 6-month swing horizon:

1. Highlander Silver (TSX: HSLV)

Institutional sponsorship is a cornerstone of our trading methodology, and Highlander just secured a massive $40 million strategic investment from Eric Sprott. They recently merged with Bear Creek Mining to advance the Corani and San Luis projects. San Luis is one of the highest-grade resources in the sector. When smart money steps in with this kind of volume, we pay attention and watch the chart for our entry.

2. BP Silver (TSXV: BPAG)

For sheer explosive potential, BP Silver is a standout. They are operating the Cosuño silver project in Bolivia and recently released drill results showing a staggering 600.4 g/t silver over 5 meters. In a market starved for high-grade discoveries, these are the exact fundamental catalysts that trigger 40%+ momentum swings.

3. Silver X Mining (TSXV: AGX)

If you want pure leverage to triple-digit silver prices, look at operators expanding production right now. Silver X is actively ramping up in Peru. Because their baseline mining costs are relatively fixed, every dollar silver stays above $100 goes straight to their bottom line, expanding their free cash flow exponentially.

Stay disciplined, stick to your stop losses, and trade the momentum. I’ll see you in the markets on Monday.

The Bottom Line

When the retail crowd is sitting on their hands waiting for gold to decide what it wants to do, the smart money is front-running the inevitable. That is our edge. The next cycle isn’t a monetary speculation game—it is a relentless industrial necessity cycle driven by AI data centers, grid expansion, and electrification.

The severe structural deficits in silver and copper are locked in for the remainder of 2026. The legacy majors simply cannot pivot fast enough to bring new supply online to close a 316,000-tonne copper gap or a 117-million-ounce silver deficit. This means the extreme price leverage belongs exclusively to the juniors.

If you want the 20% to 40% swing opportunities over the next three to six months, you look exactly where we just discussed: operators securing massive institutional backing, drilling undeniable high-grade intercepts, or actively scaling production while the underlying metal prices remain structurally elevated.

That is where you get the absolute most bang for your buck in this market. Manage your risk, respect your stop-losses, and let the momentum do the heavy lifting. I will see you in the markets on Monday

Works Cited

BullionVault & Reuters. Gold price reactions to U.S. May non-farm payrolls of 172,000 jobs and rate hike expectations. June 2026.

J.P. Morgan Global Research. Forecast of a 330,000-tonne refined copper deficit and copper’s macro outlook for 2026. April 2026.

The Silver Institute / Metals Focus. Projection of a 117 million ounce structural silver deficit for 2026. November 2025.

S&P Global. “Copper in the Age of AI” report detailing the structural shift of copper demand into electrical and data center infrastructure. January 2026.

Kitco & Trading Economics. Silver spot pricing data reflecting the $100/oz breakout and Q1 2026 highs of $121.62.

Disclaimer

The information provided in Mining Stocks Today is for educational and informational purposes only and does not constitute financial advice. We are not licensed financial advisors. Trading equities, particularly junior mining stocks, involves a high degree of risk, and you could lose your entire investment. Please conduct your own due diligence before making any financial decisions. No companies mentioned are sponsored. We do not own any of the companies mentioned but may be looking to take positions.

Pour yourself something. This is the letter I’ve wanted to write for two years.

Let me tell you where my head is at this morning. I’m staring at a screen with gold at roughly $4,500/oz and silver around $76/oz, and the gold-silver ratio sitting near 60 — a multi-year low. The ratio holding near 59.85 is historically the kind of signal that flags silver’s outperformance in the next leg of a sustained bull cycle. If you’ve been with me a while, you know what that ratio compression means in my world: silver — and the silver miners specifically — tend to be where the violent, life-changing returns get made when this thing runs.

Here’s the macro picture as I read it. The Iran situation has been the wildcard — gold has faced strong selling pressure since late February as the surge in oil prices triggered by the conflict fueled inflation worries and strengthened expectations for tighter monetary policy. That’s the near-term headwind. But underneath it, the structural story hasn’t budged. Silver recorded a supply deficit of 95 million ounces in 2025, marking the fifth consecutive year of deficit, with a cumulative five-year shortfall of roughly 820 million ounces. Five straight years of the world consuming more silver than it digs up. That’s not a narrative — that’s a hole in the ground that keeps getting deeper.

And here’s the part that gets me out of bed: the miners haven’t caught up to the metal. Many trade at 0.7–0.9× NAV, compressed versus bull-market averages of 1.2–1.5×. The metal ran. The equities are lagging. That gap is the edge. That’s where we hunt.

So I went looking. Not for the safe large-caps — you don’t need me for those. I went looking for asymmetry: limited downside (real assets, real cash or real grade in the ground) with the kind of leverage that turns a re-rate into a 10x. Here are the five, ranked the way I’d weight them.

#1 — Vizsla Silver (NYSE/TSX: VZLA)

The “de-risked rocket” — my highest conviction.

This is the one I’d build a position around first, because it gives you the rare combination I’m always chasing: it’s already de-risked but still has the torque of a developer.

The Panuco project in Sinaloa is the crown jewel. The November 2025 Feasibility Study highlights 17.4 Moz AgEq of annual production over an initial 9.4-year mine life, an after-tax NPV(5%) of US$1.8B, a 111% IRR and a 7-month payback at US$35.50/oz silver and US$3,100/oz gold.

Read those numbers again. A 111% IRR and a 7-month payback — and that’s modeled at $35.50 silver. We’re sitting at double that price today. The leverage to current spot is almost comical.

Here’s why downside is contained: they’re funded. Vizsla secured over $450 million in cash through equity and convertible debt financing, exceeding the project’s initial capital requirement by nearly 2x. No desperate dilution overhang. Construction starts mid-2026 with first production in H2 2027, targeting 20 million ounces AgEq annual output.

The thesis: You’re buying a fully-financed, feasibility-stage mine with bonanza economics, before it transitions from “developer” to “producer.” That transition — the re-rate from project to cash-flowing mine — is historically where the biggest multiples live. A 10x here isn’t a moonshot; it’s the market eventually paying producer multiples on numbers calculated at half today’s silver price.

#2 — AbraSilver Resource (TSX: ABRA / OTCQX: ABBRF)

The catalyst calendar play.

If Vizsla is the de-risked rocket, Abra is the one with the thickest stack of near-term catalysts — and a government literally clearing the runway.

Diablillos in Argentina is a monster — and it just got bigger. In its May 6, 2026 resource update, AbraSilver grew Measured & Indicated resources to roughly 248 million ounces of silver and 2.54 million ounces of gold — about 454 Moz silver-equivalent. That’s a 25% jump in contained silver, 48% in gold, and 30% in AgEq versus the prior estimate, driven largely by a big new heap-leach component at Oculto. The project is materially larger than it was just a few months ago. The plan envisions average output of 13.4 million silver-equivalent oz a year, all-in sustaining costs of $12.67 per silver-equivalent oz, and roughly $544 million in initial capital (with total life-of-mine capital around $760 million).

Sub-$13 AISC with silver at $76? That’s a money-printing margin.

But here’s my favorite part — the Argentina angle. Argentina’s new Large Investment Incentive Regime (RIGI) is clearing the path to a construction decision, with a package that cuts corporate tax to 25% from 35% and removes export duties on gold and silver — changes the company says could add more than $1 billion in free cash flow over the mine’s life. And it’s no longer hypothetical: the formal RIGI decree for Diablillos (Resolución 562/2026) was published in Argentina’s official gazette in May 2026, signed by Economy Minister Luis Caputo. The deal is on the books.

The thesis: Stacked catalysts dead ahead — the Definitive Feasibility Study expected in Q2 2026 and a construction decision later in 2026. Each milestone is a re-rate trigger. The market often discounts Argentina jurisdiction risk heavily; RIGI is systematically removing that discount. When jurisdiction fear lifts off a world-class deposit, the re-rate can be ferocious.

#3 — Blackrock Silver (TSXV: BRC / OTCQX: BKRRF)

The high-grade, all-American exploration leverage.

Now we move up the risk curve — and up the potential reward. This is my pure discovery-leverage pick. (Quick note for longtime readers: this slot used to belong to Dolly Varden, but DV got absorbed into Contango in a March 2026 merger of equals and no longer trades on its own. The high-grade silver asset lives on inside a bigger, more diversified company — which is exactly why I’ve rotated into a cleaner pure-play here.)

Blackrock’s flagship is Tonopah West in Nevada — the historic “Queen of the Silver Camps.” The freshly updated 2026 PEA lays out an 11.2-year mine life off a 90% increase in Indicated Resources, with average annual production of 7.1 million AgEq oz, an AISC of US$17.44/oz AgEq, initial capex of US$190 million, and a base-case after-tax NPV5% of US$437 million with a 28% IRR — and that’s modeled at a conservative US$31 silver and US$2,700 gold. We’re at $76 silver. The leverage to spot is enormous.

Two things make the downside look contained to me. First, jurisdiction and land tenure: Tonopah West sits largely on private patented claims, which offers a far more streamlined permitting path than the federal-land projects that get stuck in U.S. regulatory limbo. Second, they’re funded — Blackrock has $20M+ in working capital, eliminating near-term dilution risk. And you’ve got the smart-money signal: Eric Sprott owns roughly 15% and was adding shares in December 2025.

The thesis: Grade is king in this market, and this is a high-grade system in the best mining jurisdiction on earth, with the catalysts firing. A 17,100-metre two-phase drill program is underway in 2026 across Eastern and Northwest expansion targets — every good hole expands the resource, and every uptick in silver re-rates the whole package. On top of that, there’s a strategic angle the market is just starting to price: Tonopah West could eventually supply 15–25% of all U.S.-produced silver, which makes it exactly the kind of domestic critical-metal asset a major would pay up to own. A takeout premium stacked on a discovery run is how the 10x math works here. Higher risk than #1 and #2 — it’s a developer, not a producer — but that’s the price of the bigger swing.

#4 — Endeavour Silver (NYSE: EXK / TSX: EDR)

The producer with a growth gear.

I wanted one name on this list that’s already pouring metal — real cash flow as your downside cushion — but with a clear catalyst to re-rate it higher.

Endeavour is a Mexican-focused producer with the Terronera project advancing toward 2026 production, while existing mines provide a cash-flow bridge. In Q1 2026 the company produced 1,875,375 oz silver and 11,740 oz gold, for a total of 3.3 million silver-equivalent ounces.

The thesis: This is the lower-beta way to play the theme. With existing production, the operating leverage is brutal in your favor right now — fixed operational expenses create leveraged profit growth during price rallies, and mining equities have historically delivered 2–3x the upside of the metal. Add Terronera coming online as a step-change in output, and you get production growth stacked on top of margin expansion at $76 silver. It won’t 10x as fast as the developers, but it’s the position that lets you sleep at night while still giving you serious multiple potential. I rank it #4 only because the explosive upside is capped relative to the earlier-stage names — not because the risk/reward is worse.

#5 — Silver Tiger Metals (TSXV: SLVR)

The lottery ticket with a real deposit behind it.

The highest-risk, highest-octane name on the list — sized accordingly in any sane portfolio.

Silver Tiger’s El Tigre project in Mexico is advancing toward feasibility. It’s earlier and smaller than the names above, which is precisely the point: the entire developer/explorer space is sitting at compressed valuations, and junior silver miners — smaller, more exploration-focused companies — historically exhibit greater sensitivity to changes in silver prices, with profitability that can expand more rapidly during rising-price periods.

The thesis: This is where you accept real binary risk for the fattest potential payout. A successful feasibility study, a resource upgrade, or a strategic investment can re-rate a name this size by multiples in a single news cycle. Developers in this space average 0.76–0.88× P/NAV despite robust project economics in a $50–60/oz environment — and we’re well north of that on spot now. The gap between a feasibility-stage junior’s price and its NAV at today’s silver is enormous. If the catalysts land, this is your 10x. If they don’t, you’ll know why I put it last and sized it small.

How I’m thinking about it

If I’m ranking by risk-adjusted conviction, it’s exactly the order above: Vizsla and Abra are the core (de-risked, funded, catalyst-rich), Endeavour is the ballast (cash flow now), and Blackrock and Silver Tiger are the swing-for-the-fences allocation where the true 10x+ lives but where you must be willing to lose the position.

The one macro caveat I’ll leave you with — and you know I always do — is timing. There’s a strong case for near-term weakness due to investor selling, but the long-term bullish case for gold and silver looks good, and any major dip could be an excellent buying opportunity. The Iran headlines could shake more weak hands loose before this runs. I view that as a gift, not a threat. Scale in. Don’t chase green candles.

This is the setup I’ve been waiting for. Compressed ratio, structural deficit, lagging equities. Now we just have to be patient and disciplined enough to let it pay us.

Talk soon, — The Mining Stocks Today Desk

Disclaimer: This newsletter is for informational and educational purposes only and represents the author’s personal opinions. It is not investment advice, nor a recommendation or solicitation to buy, sell, or hold any security. I am not a registered investment advisor or broker-dealer, and nothing here is tailored to your individual financial situation. Junior and developer mining stocks are highly speculative and volatile; they can and do go to zero. You can lose some or all of your capital. The author and affiliates may hold positions in the securities mentioned and may buy or sell at any time without notice. Forward-looking project figures (NPV, IRR, resource estimates, production timelines) are company-reported estimates that are subject to change and may not be realized. Metal prices and figures cited were accurate as of late May 2026 and will change. Always conduct your own due diligence and consult a licensed financial professional before making any investment decision. Past performance does not guarantee future results.

Works Cited

1. USAGOLD — Daily Silver Price History (gold/silver spot prices and gold-silver ratio, May 2026): https://www.usagold.com/daily-silver-price-history/

2. JM Bullion — Silver Price Today / Live Silver Spot Price (May 30, 2026): https://www.jmbullion.com/charts/silver-prices/

3. Trading Economics — Gold Price / Chart / Historical Data / News (Iran conflict, inflation, Fed posture, May 2026): https://tradingeconomics.com/commodity/gold

4. The Motley Fool — What’s the Outlook for Gold- and Silver-Mining Stocks in 2026?: https://www.fool.com/investing/2026/03/31/whats-the-outlook-for-gold-and-silver-mining-stock/

5. Crux Investor — Vizsla Silver Advances Panuco Project as Silver Hits $120 (financing, deficit data, production timeline): https://www.cruxinvestor.com/posts/vizsla-silver-advances-panuco-project-as-silver-hits-120

6. Vizsla Silver Corp. — Files Feasibility Study Technical Report on the Panuco Project (NPV, IRR, payback, mine life): https://vizslasilvercorp.com/vizsla-silver-files-feasibility-study-technical-report-on-the-panuco-project/

7. AbraSilver Resource Corp. / Yahoo Finance — AbraSilver Receives RIGI Approval for the Diablillos Project(DFS and construction-decision timeline): https://finance.yahoo.com/news/abrasilver-receives-rigi-approval-diablillos-120000466.html

8. MINING.COM — JV video: AbraSilver eyes 2026 build in Argentina (output, AISC, initial capital, RIGI tax/duty benefits): https://www.mining.com/joint-venture/jv-video-abrasilver-eyes-2026-build-in-argentina/

9. Discovery Alert — AbraSilver’s Diablillos RIGI Approval (RIGI tax/duty benefits, computable assets): https://discoveryalert.com.au/abrasilver-diablillos-rigi-argentina-gold-silver-investment-2026/

10. AbraSilver Resource Corp. — Expands Diablillos Mineral Resource Estimate to 248 Million Ounces Silver and 2.5 Million Ounces Gold (454 Moz AgEq) in M&I (May 6, 2026 MRE; +25% Ag / +48% Au / +30% AgEq): https://www.abrasilver.com/news-releases/abrasilver-expands-diablillos-mineral-resource-estimate-to-248-million-ounces-contained-silver-and-25-million-ounces-contained-gold-454-moz-ageq-in-mi

11. Discovery Alert — Proyecto Diablillos RIGI: Argentina Mining Investment 2026 (Resolución 562/2026 published May 11, 2026; construction/production timeline): https://discoveryalert.com.au/proyecto-diablillos-rigi-argentina-mining-investment-2026/

12. Parlamentario — El Gobierno aprueba el ingreso de AbraSilver al RIGI por US$764 millones (decree in Boletín Oficial, total capital, production start): https://www.parlamentario.com/2026/05/11/el-gobierno-aprueba-el-ingreso-de-abrasilver-al-rigi-por-us764-millones/

13. Blackrock Silver Corp. — Company site / Tonopah West (2026 PEA: mine life, production, NPV, IRR, AISC, capex; private-land tenure):

https://www.blackrocksilver.com/

1. PrivatePlacements.com — Blackrock Silver Corp. (2026 drill program, working capital, Indicated resource growth, base-case economics):

https://brc.privateplacements.com/

1. Simply Wall St (community narrative) — Blackrock Silver (Sprott ~15% ownership, US silver-supply share, resource summary): https://simplywall.st/community/narratives/ca/materials/tsxv-brc/blackrock-silver-shares/tstb4qso-update-for-blackrock-silver

2. PR Newswire — Contango Completes Merger with Dolly Varden (March 26, 2026 deal close; share exchange; combined-company details): https://www.prnewswire.com/news-releases/contango-completes-merger-with-dolly-varden-302725761.html

3. Junior Mining Network — List of Silver Mining Stocks (Endeavour Q1 2026 production): https://www.juniorminingnetwork.com/mining-stocks/silver-mining-stocks.html

4. Barchart — Grade Is King: Bonanza Silver Discoveries Ignite Junior Mining Rally (takeover appeal, premium valuations): https://www.barchart.com/story/news/36907616/grade-is-king-bonanza-silver-discoveries-ignite-junior-mining-rally

5. Amplify ETFs — Index Insights: Nasdaq Junior Silver Miners (junior price sensitivity / operating leverage): https://blog.amplifyetfs.com/insights/index-insights-nasdaq-junior-silver-miners

6. Crux Investor — Silver Mining Stocks: Why the $60 Breakthrough Could Unlock Major Investment Returns(developer P/NAV multiples): https://www.cruxinvestor.com/posts/silver-mining-stocks-why-the-60-breakthrough-could-unlock-major-investment-returns-in-2025-2026

7. Canadian Mining Report — Best Silver Mining Stocks to Buy After Silver Breaks $100 (NAV compression vs. bull-market averages): https://www.canadianminingreport.com/blog/top-silver-mining-stocks-to-buy-after-silver-breaks-100

8. Discovery Alert — Gold and Silver Mining Stocks: Complete 2026 Guide (operating leverage, 2–3x metal upside): https://discoveryalert.com.au/gold-silver-mining-stocks-investment-2026/

I hope you’re getting some real rest this Memorial Day weekend. Markets are closed Monday, we don’t get back to it until Tuesday, and honestly, after the week we just had…a breather is welcome.

Let me walk you through what I’m seeing, because I think this coming week sets up better for us than the headlines would suggest.

The week That Was

On the surface, last week looked great. The Dow closed at a record, 50,580. Eighth straight weekly gain for the S&P. If you only read the front page, you’d think everyone was winning.

We weren’t. Materials and mining got left behind. The gold miner ETF, GDX, fell six sessions in a row into Tuesday, May 19, bottoming exactly at $83.78 before clawing back to $85.02 by Friday’s close. Gold itself drifted down to around $4,516. And silver? Silver got a specific gut-punch — back on Wednesday, May 13, India hiked its silver import duty from 6% to 15%, then followed up by moving the metal onto its “restricted” import list. XAG closed Friday at $75.35, well off its highs.

So while the index investors were popping champagne, anyone with a mining-heavy book spent the week feeling like they got singled out.

Here’s the thing though. I’ve been doing this long enough to know the difference between a sector that’s broken and a sector that’s been punished for things that have nothing to do with it. And what happened to the miners last week is the second one.

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Why I’m leaning in, not out

Three things hit the mining complex at the same time last week. Let’s take them one at a time, because two of the three are already turning.

One — the 10-year Treasury yield spiked, hitting a 52-week high of 4.668% on Tuesday. Higher yields are kryptonite for rate-sensitive assets like gold. But by Friday’s close it had backed off to 4.56% as Treasuries stabilized. That pressure is already easing.

Two — oil dropped below $100 as the US and Iran signaled progress toward ending their conflict. On the surface that’s bad for gold — it pulls out a safe-haven bid. But look one layer deeper: cheaper oil means less inflation pressure, which means less reason for yields to keep climbing. It cuts both ways, and the second-order effect actually helps our names.

Three — India’s silver move. This is the one everyone’s panicking about, and I think it’s the most misunderstood. India restricting silver imports is a demand-side story — it’s about India’s forex reserves, not about there being too much silver in the world. The actual physical silver market is in its sixth consecutive year of supply deficit. A country making it harder to import silver doesn’t change how much silver exists. These policy-shock dislocations have a long history of snapping back once the headline cools.

So here’s where I land: the miners sold off on macro noise. Their actual earnings power — and Q1 was a genuinely blowout quarter across the sector — didn’t change one bit. That gap, between a beaten-down stock price and an unchanged business, is exactly the kind of setup I want to be buying. Not because I’m calling a bottom — nobody can do that — but because the downside looks limited and the snap-back potential is real.

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What’s on the list this week

I put together a top 10 for the next two weeks. This is a tactical list, not a forever list — I want to be clear about that. Every name had to clear four tests: it had to be oversold or coiled, it had to be sitting near real technical support so I know where I’m wrong, it had to have strong bounce potential, and it had to be liquid enough to get in and out cleanly.

The full watchlist is in the PDF attached — with my notes on each name, position sizing, stops, and the catalyst calendar. But here’s the shape of it:

Full PDF Watchlist

The foundation is GDX. It’s the cleanest, lowest-risk way to play this. It fell six straight days and it’s sitting right on a support shelf that a lot of people are watching. Build around it.

The torque comes from GDXJ, SILJ, K92, and Pan American Silver. These are the higher-beta names — junior gold, junior silver, a mid-tier with monster Q1 numbers, and a liquid silver large-cap. If the bounce comes, this is where the bigger moves show up. Smaller sizing, though. Always smaller sizing on the high-beta stuff.

The quality anchors are Agnico Eagle, Freeport, and Cameco — three names Bank of America itself flagged as top picks for the year. When operators this good get dragged down purely by sector beta, that’s the textbook limited-downside trade.

The lower-volatility play is Wheaton — a royalty name that gives you precious-metals upside without the operating and cost risk of running actual mines. If you want exposure but you hate drawdowns, that’s your name.

And COPX rounds it out for diversified copper, in case the industrial-metals narrative is the one that catches fire on easing oil and yields.

Download Weekly Watchlist

How I’m thinking about the trade

Two weeks. That’s the window. If this setup is going to work, it should start working in the first week or so. If we’re sitting here in two weeks and the names are flat or red with no catalyst, then the thesis didn’t play out — and the move is to take the trade off, not quietly let it become a long-term hold you didn’t plan for. Discipline on the exit matters as much as the entry.

And I won’t sugarcoat the risks. If yields break to fresh highs, if the dollar rips, if gold loses $4,400 — any of those would tell me the correction has further to run, and I’d honor my stops without arguing with the market. We also have a long holiday weekend, which means gap risk into Tuesday’s open if a headline hits. The PDF lays all of that out in plain language.

One last thought before you get back to your weekend

There’s an old instinct, when a sector gets hit, to wait for it to “feel safe” again before stepping in. I understand it. But by the time a beaten-down group feels safe, the easy part of the recovery is already gone. The uncomfortable truth about mean-reversion trades is that they’re supposed to feel a little uncomfortable. That discomfort is the price of admission.

Last week the tape punished the miners for a yield spike, a peace rumor, and one country’s import policy. None of those three things changed what these companies are worth. That’s the whole trade.

I’ll be back midweek if anything material shifts, and next Sunday with a full check-in on how the list is tracking — what’s working, what isn’t, and anything that gets cut. You’ll hear from me either way.

Enjoy the long weekend. Be good to the people around you. And we’ll get back to work on Tuesday.

Talk soon,

— The Mining Stocks Today Team

P.S. — Quick housekeeping: markets are closed Monday, May 25 for Memorial Day. Regular trading resumes Tuesday the 26th. Watch the 10-year yield and gold’s behavior around $4,500 on the open — those two charts will tell you early whether this bounce has legs. I’ll be watching right alongside you.

This newsletter is for educational and informational purposes only and is not investment advice. Mining stocks are volatile, and short-term tactical trades carry elevated risk. Price levels and data referenced are as of the May 22, 2026 market close and are subject to change. Always do your own research, manage your position sizes, use stops, and never risk money you can’t afford to lose.

Let me tell you what I’ve been doing the last two weeks, because if you’re feeling the same way I am about this tape, you’ll recognize it.

I’ve been sitting on my hands. Watching gold bleed from that January high near $5,589 down to the $4,690 zone. Watching silver chop around $74 like it can’t decide what it wants to be that day. Watching the financial media tell anyone who’ll listen that the precious metals trade is “done,” that the rally has “run its course,” that it’s time to rotate back into whatever they were pushing six months ago.

Free Top 15 Mining Stock Watchlist

And the whole time, I’ve been looking at one number that nobody on TV is talking about.

That number is the spread. The spread between what these miners are paying to pull an ounce out of the ground, and what they’re selling it for. Because while the spot price has been pulling back, that spread? It hasn’t budged. If anything, it’s gotten wider.

What the earnings actually said

Pull up G Mining Ventures’ Q1. They sold gold at $4,143 an ounce. Their all-in sustaining cost? $1,588. That’s a $2,555 margin. Per ounce. They sold 33,776 of them. That’s not a story, that’s a printing press.

K92 Mining — revenue up 63% year-over-year. Cash flow from operations up 64%. They moved a record amount of material, hit 95.1% gold recovery beating their own feasibility study, and they’re trading at a PEG of 0.12. Read that again. Point one two.

Agnico, Lundin Gold, the royalty names — across the board, Q1 earnings were not just good, they were the kind of good that makes you check your screen twice. And the response? The stocks pulled back with the metal.

That’s the part that matters. The market is treating these companies like the gold price is going back to $2,500. The companies are operating like it’s going to $5,000. One of those two views is wrong. I know which one I’m betting on.

The macro nobody’s pricing in

Here’s the setup, fast:

• Fed cut expectations are rebuilding into June. Soft data keeps showing up.

• The US-China tariff truce on May 10-11 compressed the gold/silver ratio from 62 to under 55 in a week. That’s a silver-leadership move and historically those don’t happen at the end of cycles, they happen at the start of new legs.

• Copper just put up a 6.5% month on expanding Chinese PMI. The metal that nobody wanted to talk about three months ago is quietly making new local highs.

• Morgan Stanley raised their gold target to $4,800 by Q4. Citi’s at $100/lb uranium by year-end. Macquarie just lifted long-term uranium $10/lb.

I’m not telling you to follow the banks. I’m telling you the institutional consensus is still climbing the wall of this cycle, not jumping off it.

How I’m playing it

I’m not loading up on a single name. That’s not the trade. The trade over a 30-day window is to get diversified exposure across the parts of the mining complex that have the most operating leverage to a snap-back — and then let the names that report best and chart best do the work for me.

So I built a ranked watchlist. Tier 1 is the foundation: GDX and GDXJ for diversified gold miner exposure, Agnico for the quality anchor, K92 for the operational momentum. These are positions I can hold through chop and not lose sleep.

Tier 2 is where I’m adding torque: SILJ for the junior silver beta if this gold/silver ratio compression continues, Lundin Gold for one of the highest-grade mines on the planet, Freeport as my copper anchor, and G Mining Ventures because the post-earnings pullback handed me an entry I wasn’t expecting.

Tier 3 is where I take some swings: COPX, URA, Energy Fuels, SSR Mining, MP Materials, Vizsla Silver, Gold Royalty. Smaller sizing, tighter discipline. These are the names that can run 30-60% in a month if the tape cooperates — and they’re also the ones that can hurt you if it doesn’t.

The full ranked watchlist with my notes, position sizing framework, stop-loss guidance, and the risk map is in the PDF attached to this email. Print it. Mark it up. Disagree with my rankings — I’d rather you have your own conviction than borrow mine.

Download Watchlist Now

What I’m watching this week

• DXY behavior at range resistance. If the dollar breaks out, this whole thesis takes a hit. Watch the close.

• Gold/silver ratio. Does it stay below 55, or does it bounce back to 60+? That tells me whether silver leadership is real.

• The June FOMC tea leaves. Every Fed speaker gets parsed.

• Late Q1 reports from the smaller producers. AISC disclosures matter more than the headline EPS — that’s where the real story lives.

One last thing

I know it’s hard to step into a sector that just pulled back 16% off the highs. It’s psychologically easier to wait for the all-clear signal. But here’s the thing about all-clear signals in mining: by the time you get one, the move you wanted to catch is already 40% gone. The trade isn’t to buy the high. The trade isn’t to buy the bottom either, because nobody can do that consistently. The trade is to buy the spread — to buy companies that are printing cash at current prices and let the multiple expansion do the rest.

That spread is wider right now than it has been in this entire cycle.

I’ll be back next week with an update on how the watchlist is tracking and any names that earn an upgrade or get cut. If something on the list isn’t moving the way I think it should, you’ll be the first to know.

Trade smart. Manage your size. And remember — the only people who lose in a bull market are the ones who keep selling too early.

Talk soon,

— The Mining Stocks Today Team

P.S. — Three reads worth your time this week: the latest CME precious metals outlook, the World Gold Council Q1 2026 demand trends report (1,231 tonnes total, +74% in value YoY — that’s a record), and the Bernstein note on copper price trajectory through year-end.

This newsletter is for educational and informational purposes only. Not investment advice. Mining stocks are volatile. Do your own work, manage your risk, and never invest money you can’t afford to lose.

I’m going to be straight with you — this week hurt. Silver got dragged behind the truck for two sessions straight, dropping over 9% on Friday alone and now sitting near $75.75/oz after sticky April CPI and a hawkish Fed killed the rate-cut narrative. Gold pulled back too. Margin calls. Forced liquidations. The whole picture.

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But here’s the thing I keep telling my wife when she asks why I’m still smiling at the screen: this is exactly when we get paid. The miners just dropped their Q1 numbers and the cash flow they printed is absurd. Companies are sitting on record cash piles while their stocks are getting sold like it’s 2015. That gap closes. It always does.

I went deep this week. Read every Q1 transcript I could get my hands on. Cross-referenced cash flow against AISC. Looked at who’s debt-free vs. who’s leveraged. Then ranked the 10 names I’d actually put real money in right now.

Let’s get to it.

📊 THE TOP 10 — Rated on Valuation, Momentum & Trade Setup

Each score is out of 10. “Trade Op” is my read on the next 30–90 day setup specifically, given the silver flush.

1. Wheaton Precious Metals (WPM) — The Cash Machine

• Valuation: 7/10

• Momentum: 8/10

• Trade Op: 9/10

Q1 revenue hit a record $901M, up 92% YoY. EPS of $1.28 beat by 11%. They closed the $4.3B Antamina silver stream — biggest streaming deal in history — right before silver got hit. Doubled their silver exposure to Antamina to 67.5%. They’ve got $2.2B cash. Streaming model means costs barely move when silver does. This is my “sleep at night” pick.

2. Hecla Mining (HL) — Debt-Free Silver Pure-Play

• Valuation: 9/10

• Momentum: 7/10

• Trade Op: 10/10

Listen to me on this one. Hecla moved to a dominant net-cash position in Q1 and officially wiped out its remaining long-term debt in April. Record $265M adjusted EBITDA. Record $144M free cash flow. Greens Creek is producing silver at negative $12/oz cash cost after byproducts. NEGATIVE. They’re projecting $900M+ free cash flow at $100 silver. The Q1 EPS miss is noise — the operations are firing. Best risk/reward on the list.

3. Aris Mining (ARIS) — The Sleeper Junior-to-Mid

• Valuation: 10/10

• Momentum: 8/10

• Trade Op: 9/10

Record Q1 — $364M gold revenue, adjusted EPS of $0.60. Segovia AISC at $1,492/oz crushed guidance. New 5,000 tpd Marmato CIP plant on track for first gold Q4 2026. Nobody’s talking about this name and that’s exactly why it’s here. My highest-conviction smaller cap.

4. Agnico Eagle (AEM) — Tier-1 With Tier-1 Numbers

• Valuation: 6/10

• Momentum: 9/10

• Trade Op: 8/10

Record adjusted net income of $1.7B. Realized gold price of $4,861/oz. Net income more than doubled YoY. Maintained full-year guidance. Less upside than the smaller names but it’s the safest way to ride this cycle if you want institutional-grade quality.

5. Pan American Silver (PAAS) — Silver Leverage With a Fortress Balance Sheet

• Valuation: 8/10

• Momentum: 7/10

• Trade Op: 9/10

$488M attributable free cash flow in Q1. Record $1.8B cash position. Silver segment AISC of $6.63/oz — yes, you read that right, $6.63. With Juanicipio fully integrated, this is the cleanest large-cap silver exposure available. They get bigger when silver gets stronger, and they don’t break when it’s weak.

6. Fortuna Mining (FSM) — Free Cash Flow King

• Valuation: 9/10

• Momentum: 7/10

• Trade Op: 8/10

Record $174M free cash flow Q1. Séguéla in Côte d’Ivoire is a monster — 42,016 oz at +16% head grade YoY. Company-wide cash cost at $951/GEO, with Séguéla standalone cash costs proving to be an absolute monster at just $678/oz. Trading at a multiple that doesn’t match what they’re printing. Mid-tier with junior-style torque.

7. Barrick Gold (B / ABX) — The Beat Nobody Believed

• Valuation: 8/10

• Momentum: 7/10

• Trade Op: 7/10

Q1 adjusted EPS of $0.98 vs. $0.79 expected. Revenue climbed to $4.11B. Production at 719koz vs. 680koz expected. Jefferies says production strengthens through 2026. The stock has been a dog for years — and that’s the setup. Mean reversion candidate.

8. Kinross Gold (KGC) — Quiet Beat, Loud Cash Flow

• Valuation: 7/10

• Momentum: 8/10

• Trade Op: 8/10

Adjusted EPS of $0.71 vs. $0.68 expected. Revenue $2.41B, up 61% YoY. Tasiast and Paracatu running well. Underowned by retail. This one tends to move late in the cycle — and we may be early-cycle in the gold leg again after this flush.

9. G Mining Ventures (GMIN) — Pure Production Growth Story

• Valuation: 5/10

• Momentum: 9/10

• Trade Op: 8/10

$140M Q1 revenue. $80.4M net income. Tocantinzinho hit a $4,143/oz realized gold price. 2027 guidance: 200-235k oz gold, AISC dropping to $977-$1,146. That cost compression in 2027 is the catalyst nobody’s pricing in yet. Higher risk, higher reward.

10. Newmont (NEM) — Beaten-Up Heavyweight

• Valuation: 8/10

• Momentum: 6/10

• Trade Op: 7/10

Q1 revenue $7.31B (+46% YoY). Adjusted EPS $2.90 vs. $2.18 expected. Production dropped, costs rose — but they generated record cash flow and the buybacks are real. If you want a contrarian heavyweight with a beat-down chart, this is your name.

🎯 MY FILTERED TOP 3 — If You Only Buy Three

If I had a fresh $10K and had to deploy it Monday morning, here’s how I’d split it:

1. HL — Hecla Mining (Best trade op + best valuation combined)

2. ARIS — Aris Mining (Best small-cap valuation in the basket)

3. WPM — Wheaton Precious Metals (Lowest-risk silver leverage)

Three names. Diversified by size. Diversified by structure (producer / junior-mid / streamer). All printing cash through this drawdown.

🔥 The Big Picture

The Q1 numbers came in during historically high gold prices ($4,800+) and before silver got smashed. That means cash on the balance sheets is real, the buybacks are real, and the dividends are real — regardless of what the next two weeks of metals action looks like.

When the Fed pivots — and they will, because they always do — these stocks won’t go up 20%. They’ll go up 100-300%. Your job is to be positioned before that, not after. Drawdowns like this Friday’s silver flush are a gift, not a warning.

I’m buying. Calmly. In tranches. Not all at once.

📱 BEFORE YOU GO

If you’re not using ChartSwipe yet, you’re trading blind. We built it specifically for moments like this — swipe through mining setups, spot the ones flashing oversold while fundamentals stay strong, and never miss a breakout off a flush.

👉 Download ChartSwipe on the iOS App Store — free to try.

For deeper dives, watchlists, and our private model portfolio, head to miningstockstoday.com.

Got questions? Text me directly: 844-722-9743. I read every message — yes, really. Tell me what stocks you’re watching, what’s confusing, or what you want me to break down next issue. This is a two-way conversation.

Stay sharp out there. The best opportunities always show up dressed as problems.

— The Mining Stocks Today Team

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⚠️ DISCLAIMER

This newsletter is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. The opinions expressed are those of the author and are subject to change without notice. We are not registered investment advisors or broker-dealers. Mining stocks are highly volatile and speculative; you can lose some or all of your investment. The author and/or affiliated parties may hold positions in the securities mentioned, which may be bought or sold at any time without notice. Past performance is not indicative of future results. Always conduct your own due diligence and consult a licensed financial advisor before making any investment decision. All data sourced from public company filings and press releases as of May 16, 2026; figures and prices subject to change.

Market Overview: Gold Surges, Copper Holds Strong, Uranium Heats Up

This week’s edition of Mining Stocks Today arrives against a backdrop of remarkable strength across the metals complex. Gold has continued its historic bull run, trading near $4,816 per ounce as of mid-April 2026—up more than 50% from a year ago and well above the psychologically significant $5,000 level it breached in January. Central bank purchasing activity remains elevated, the Federal Reserve is widely expected to deliver additional rate cuts later this year, and geopolitical instability in the Middle East continues to drive safe-haven demand.

Copper is similarly positioned for a strong year. The red metal climbed toward $6.10 per pound on COMEX this week, recovering from its March lows and benefiting from optimism around U.S.-Iran diplomatic developments that could ease pressure on shipping through the Strait of Hormuz. The structural story for copper remains powerful: AI data center buildouts, global grid modernization, and EV adoption are creating what analysts have called a “triple demand shock,” while Chinese smelter production cuts and mine disruptions constrain supply. The global refined copper market is projected to face a deficit of roughly 330,000 tonnes this year.

Meanwhile, uranium continues to attract institutional capital. Long-term contracting activity picked up during Q1, with TradeTech’s monthly long-term price indicator marked higher to $93 per pound. With 75 new nuclear reactors under construction globally and another 120 planned, the demand runway for uranium producers looks increasingly robust. The AI-driven expansion of data center capacity has made nuclear power a favored energy source for baseload generation, adding yet another demand layer.

In this edition, we profile five mining stocks across four commodity segments that represent distinct investment themes—from blue-chip gold producers to copper growth plays, a uranium pure-play, and a lower-risk royalty and streaming model. As always, this newsletter is strictly for informational and educational purposes. Read our full disclaimer at the end of this report.

Five Mining Stocks to Watch

1. Barrick Mining Corp. (NYSE: B)

Company Profile

Barrick Mining is one of the world’s largest gold producers, with operations spanning 17 countries and a growing copper business. The company differentiates itself through a disciplined focus on what it calls “Tier One” mining assets—large-scale, long-life mines that produce at least 500,000 ounces per year and operate in the lower half of the industry cost curve. Barrick also holds approximately two decades of proven gold reserves and significant copper holdings.

Recent Developments & Catalysts

Barrick has delivered a remarkable 12-month share price performance, with several analysts noting the stock has surged significantly over the past year. In 2026, the company revised its dividend policy, targeting a payout of 50% of annual free cash flow. The base dividend was boosted by 40%, and the company will also pay a variable performance top-off dividend each year. Barrick turned net cash positive in Q3 2025, ending that quarter with a net cash position of $323 million—a milestone that activated its performance dividend framework. Looking ahead, gold production is expected to grow from roughly 3.3 million ounces in 2025 to between 3.4 and 3.75 million ounces by 2029, while copper output is slated to expand from 220,000 tonnes to between 255,000 and 285,000 tonnes by 2028. The company is also exploring a potential IPO of its North American gold assets and received an upgrade to Outperform from BNP Paribas Exane.

Bull Case

Barrick trades at a forward P/E of roughly 12.8x—a discount to its industry average of approximately 13.5x—offering relative value among gold majors. With gold prices sustained above $4,800 per ounce, free cash flow generation should continue to expand, supporting growing dividends and share buybacks. The production growth pipeline across both gold and copper provides dual commodity exposure, and the Fourmile development project in Nevada could become a low-cost addition to the portfolio. Analyst consensus is Strong Buy with an average price target of $51.13, implying meaningful upside from recent levels.

Bear Case & Key Risks

A sharp pullback in gold prices from current elevated levels would compress margins. Barrick has operational exposure to higher-risk jurisdictions including Tanzania, the Democratic Republic of Congo, and Papua New Guinea, where regulatory and political risks are persistent. The Reko Diq project in Pakistan, while massive in scale, faces multi-year development timelines and geopolitical uncertainty. The company’s premium valuation relative to its own five-year average P/E suggests the market has already priced in much of the gold bull run.

2. Freeport-McMoRan Inc. (NYSE: FCX)

Company Profile

Freeport-McMoRan is the world’s largest publicly traded copper producer, with operations in North America, South America, and Indonesia. The company’s flagship asset is the Grasberg mining district in Indonesia, one of the world’s largest copper and gold deposits. FCX also operates a portfolio of copper mines in the American Southwest and the Cerro Verde mine in Peru.

Recent Developments & Catalysts

FCX’s upcoming Q1 2026 earnings report on April 23 is widely anticipated, with analysts expecting a potential year-over-year EPS increase of up to 100%. JPMorgan recently raised its price target to $76, citing growing institutional interest in copper as a strategic asset. The company reported Q4 2025 adjusted EPS of $0.47 per share, and for the full year 2025, adjusted EBITDA approached $10 billion. The Grasberg mine is undergoing a phased restart after the September 2025 mud rush incident, with management targeting approximately 85% district production restoration by H2 2026. Capital expenditure guidance for 2026–2027 is in the range of $4.3–$4.5 billion annually. The company declared a $0.15 per share cash dividend with an ex-date of April 15, 2026.

Bull Case

Copper’s structural supply-demand imbalance is the primary thesis. AI data centers, EV charging infrastructure, and grid modernization are creating unprecedented demand growth, while new mine development struggles to keep pace. LME copper prices averaged above the 2025 average early in 2026, and with a projected global deficit of 330,000 tonnes this year, pricing should remain supportive. The Grasberg restart could unlock significant production upside in the second half of 2026. FCX’s U.S.-based mining operations also stand to benefit from copper being designated a critical mineral, potentially attracting policy support and strategic stockpiling.

Bear Case & Key Risks

Grasberg’s restart timeline is uncertain—any further delays would weigh on near-term earnings and sentiment. Copper prices remain volatile and sensitive to China’s economic trajectory, which has shown mixed demand signals recently. LME warehouse inventories climbed to an eight-year high in April, which could signal softer spot demand. Potential U.S. tariffs on refined copper, expected to phase in by 2027, could disrupt global trade flows and create pricing dislocations.

3. Cameco Corporation (NYSE: CCJ)

Company Profile

Cameco is the world’s second-largest uranium producer by volume and the largest pure-play uranium company that is publicly traded. Headquartered in Saskatoon, Canada, the company operates through three segments: Uranium (mining and milling), Fuel Services (refining, conversion, and fabrication), and Westinghouse (a 49% stake in the nuclear reactor technology company). Cameco’s high-grade McArthur River and Cigar Lake mines in Saskatchewan are among the richest uranium deposits on the planet.

Recent Developments & Catalysts

Cameco’s stock has been a standout performer in 2026, gaining over 80% year to date after breaking out of a multi-year trading range. The company produced roughly 15% of the world’s uranium in 2025 and reported revenue of $3.48 billion, an increase of 11% year-over-year, with earnings of $589.58 million—up 243% from the prior year. TradeTech’s long-term uranium price indicator was recently marked higher to $93 per pound, reflecting firmer contracting activity. Cameco’s Westinghouse investment continues to contribute strong cash flow, with constructive guidance for 2026. The company also received a dividend from its JV Inkai operations in Kazakhstan, highlighting near-term cash flow contributions. Over the past five years, Cameco has increased revenue by 76%, dividends by 93%, and free cash flow by 134%.

Bull Case

The nuclear energy renaissance is the defining macro tailwind. With 75 reactors under construction globally and 120 more planned, uranium demand is set to expand for decades. AI-driven data center growth has accelerated interest in nuclear baseload power, as these facilities require far more electrical capacity than traditional data centers. The U.S. government has signaled its intention to quadruple nuclear energy capacity by 2050. Supply constraints are real: Kazakhstan’s 2026 uranium output may face tighter guidance, and Cameco’s reliable, high-grade Western production is increasingly valuable in a market seeking secure, non-Russian supply. Analyst consensus is Strong Buy with an average price target near $124.

Bear Case & Key Risks

At a P/E ratio near 119x, Cameco’s valuation is stretched and reflects significant growth expectations. A slowdown in reactor construction timelines or a reversal in government nuclear policy could undercut the thesis. Uranium spot prices can be volatile, and a surplus of enriched fuel or inventory destocking by utilities could pressure near-term pricing. The Westinghouse segment, while valuable, adds complexity and is not a pure uranium play. Currency fluctuations (CAD/USD) also represent a risk factor.

4. Rio Tinto Group (NYSE: RIO)

Company Profile

Rio Tinto is one of the world’s largest diversified mining companies, with operations spanning iron ore, aluminum, copper, gold, and industrial minerals across six continents. The company is headquartered in London and dual-listed in the UK and Australia. Rio’s Pilbara iron ore operations in Western Australia are the backbone of its cash flow generation, while copper assets including Oyu Tolgoi in Mongolia and Kennecott in Utah represent its growth metals strategy.

Recent Developments & Catalysts

Under CEO Simon Trott, Rio Tinto has been executing a strategic pivot toward “growth metals,” particularly copper and lithium, while maintaining its iron ore cash engine. The company secured a 15-year renewable energy agreement to decarbonize its Kennecott mining operation and has been expanding lithium ambitions following a major acquisition. However, the stock has faced headwinds from iron ore price concerns, with Bernstein forecasting iron ore to decline to $96/t in 2026 from around $105/t. JPMorgan downgraded Rio from Overweight to Neutral in March 2026 with a reduced price target. Analyst sentiment is mixed, with a consensus price target of $95.50 implying roughly 10% upside, and about 50% of covering analysts maintaining bullish views.

Bull Case

Rio’s diversified portfolio provides natural hedging across commodity cycles. Copper production is ramping at Oyu Tolgoi, which is becoming one of the world’s largest copper mines. The company’s entry into lithium positions it in the battery metals supply chain. Rio’s balance sheet strength and focus on low-cost production make it a defensive choice in the mining sector, and its dividend yield provides income support. If copper prices remain elevated and the energy transition accelerates, Rio’s growth metals strategy could rerate the stock.

Bear Case & Key Risks

Iron ore remains Rio’s dominant revenue driver, and a sustained decline in iron ore prices (tied to China’s property sector weakness) would pressure earnings. The Alumina segment is seeing production cuts, with output at Yarwun reduced by 40%. Geopolitical risks exist around Oyu Tolgoi (Mongolia) and legacy legal disputes, including a Russian court ruling in favor of Rusal in a $1.32 billion lawsuit. The stock’s near-fair-value PEG ratio of 1.24 suggests limited upside at current levels without a catalyst.

5. Franco-Nevada Corporation (NYSE: FNV)

Company Profile

Franco-Nevada is the world’s leading gold-focused royalty and streaming company, providing investors with exposure to precious metals, copper, and energy assets without the operational and capital risks of traditional mining. The company’s business model involves financing mine development in exchange for a percentage of future production or revenue, generating high-margin, diversified cash flow. Franco-Nevada holds a portfolio of over 300 development and exploration-stage royalties across Latin America, North America, and internationally.

Recent Developments & Catalysts

Franco-Nevada reported Q4 2025 EPS of $1.85, beating analyst consensus by roughly 12%, on revenue of $597.3 million that exceeded expectations by about 11%. Total Gold Equivalent Ounces (GEOs) sold surged 18% year-over-year to 141,856. The company issued FY2026 guidance projecting 510,000–570,000 total GEOs sold. Since its IPO, Franco-Nevada’s share price has appreciated 1,414%, representing an annualized return of approximately 17%, and the company has increased its dividend for 19 consecutive years—boosting it 16% in January 2026. Franco-Nevada ended 2025 with no debt and $3.1 billion in available capital. Key catalysts in 2026 include a potential restart at Cobre Panama and a final investment decision at the Coroccohuayco project. The company expects to generate approximately $2 billion in cash flow from operations in 2026.

Bull Case

Franco-Nevada’s royalty model delivers operating margins above 60%—among the highest in the mining sector—with minimal operational risk. The company’s 19-year streak of dividend increases provides reliable income growth. Recent EPS growth has been accelerating, with year-over-year increases of 65%, 79%, and 95% over the past three quarters. With no debt and $3.1 billion in available capital, Franco-Nevada has the financial flexibility to pursue accretive acquisitions in a favorable market. The potential restart of Cobre Panama operations would add an estimated 30% to the company’s growth outlook. Analyst consensus is Buy with a price target near $256, and the technical picture shows strong momentum with a ChartMill Technical Rating of 10 out of 10.

Bear Case & Key Risks

Franco-Nevada’s upside is inherently capped compared to operators because royalty holders cannot increase their take rate when commodity prices surge. Cobre Panama remains subject to political and regulatory uncertainty in Panama, and a continued shutdown would leave a meaningful gap in the portfolio. The company’s energy segment, while diversifying, adds exposure to volatile oil and gas markets. At around $262 per share, FNV trades near its 52-week high of $285.67, which may limit near-term upside without additional catalysts.

Key Themes to Watch

Gold Above $4,800: How Long Can It Last?

Gold’s rally has been driven by a confluence of factors: central bank purchasing, geopolitical risk premiums, expectations of Federal Reserve rate cuts, and strong ETF inflows. The metal briefly surpassed $5,000 per ounce in January before pulling back, and it has been volatile in recent weeks. Whether gold can sustain levels above $4,800 depends on the trajectory of Middle East conflicts, U.S. monetary policy, and the pace of central bank diversification away from dollar-denominated reserves. For gold miners like Barrick and streaming companies like Franco-Nevada, the current price environment is highly supportive of cash flows and dividends.

Copper’s Structural Deficit

The copper market is experiencing what may be a generational supply-demand imbalance. AI-related demand alone is projected to be substantial, as data centers can require up to 10 times the electrical load of traditional facilities. Analysts at JPMorgan and Citigroup have characterized copper as a strategically important asset for 2026 and beyond. Supply disruptions at major mines, Chinese smelter production cuts, and slow permitting for new projects all contribute to the tightness. Investors with exposure to copper producers like Freeport-McMoRan and diversified miners like Rio Tinto are positioned to benefit, though elevated inventories at LME warehouses warrant monitoring.

The Nuclear Renaissance and Uranium

The nuclear energy theme has evolved from a niche investment thesis into a mainstream institutional allocation. Government commitments to expand nuclear capacity, combined with AI’s voracious appetite for baseload power, have created a multi-decade demand story for uranium. Supply remains constrained, with production from Kazakhstan—the world’s largest producer—potentially facing tighter guidance in 2026. Western uranium producers like Cameco benefit disproportionately from supply security concerns, as utilities seek to diversify their sourcing away from geopolitically sensitive regions.

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Important Disclosures & Legal Disclaimer

Mining Stocks Today is a newsletter publication produced for informational and educational purposes only. Nothing contained in this newsletter constitutes investment advice, a recommendation, or a solicitation to buy or sell any securities or financial instruments. The information presented herein is compiled from publicly available sources believed to be reliable, but no representation or warranty, express or implied, is made as to its accuracy, completeness, or timeliness.

This newsletter is not registered as an investment advisor with the U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), or any state securities regulatory authority. The publisher does not hold a Series 7, Series 65, Series 66, or any other securities license. Mining Stocks Today does not provide personalized investment advice and does not take into account any individual reader’s financial situation, investment objectives, or risk tolerance.

No fiduciary relationship. The publication of this newsletter does not create a fiduciary, advisory, or professional relationship between Mining Stocks Today and any reader. Readers should not regard any content in this newsletter as a substitute for the exercise of their own independent judgment or for the advice of a licensed financial professional.

Past performance is not indicative of future results. Stock prices, commodity prices, and market conditions discussed in this newsletter are subject to change without notice. There can be no assurance that any stock mentioned will appreciate in value or that any investment strategy will be successful. Investing in mining stocks involves significant risk, including the potential loss of principal.

Forward-looking statements. This newsletter may contain forward-looking statements based on current expectations, estimates, forecasts, and projections. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. These include, but are not limited to, changes in commodity prices, geopolitical events, regulatory changes, operational disruptions, and general market conditions.

Conflicts of interest disclosure. The author and publisher of Mining Stocks Today may hold positions in securities mentioned in this newsletter. Positions may change at any time without notice. This newsletter does not receive compensation from any company mentioned herein.

Do your own due diligence. Readers are strongly encouraged to conduct their own independent research and due diligence before making any investment decisions. This includes reviewing SEC filings, reading company earnings reports, consulting with a qualified financial advisor, and considering their own financial circumstances and risk tolerance.

Copyright © 2026 Mining Stocks Today. All rights reserved. This newsletter may not be reproduced, redistributed, or transmitted without the prior written consent of the publisher.

THESE STOCKS ARE HAND PICKED FROM OUR TRADING DESK

The precious metals and mining sector is running hot, and the latest earnings reports are proving that cash flow is king. From massive dividend hikes to record-breaking production numbers, the Q4 2025 earnings season has delivered serious volatility and opportunity.

Here is the breakdown of the top nine mining and royalty stocks you need on your radar this week, straight from the latest financial prints and HAND PICKED from our Trading Desk.

$SII | Sprott Inc.

• Recent News & Earnings: Sprott delivered a massive Q4 2025 earnings beat on February 19, 2026.

• What the Earnings Said: The numbers were staggering. Sprott reported an EPS of $1.11, crushing the $0.71 estimate. Revenue surged 168.6% year-over-year to $114.43 million. The company announced that Assets Under Management (AUM) reached a record $70.1 billion by mid-February, driven by massive inflows into their physical trusts and ETFs.

$SCCO | Southern Copper

• Recent News & Earnings: Southern Copper released its Q4 2025 results in late January 2026, posting record full-year financials.

• What the Earnings Said: Net income for the quarter surged 65% year-over-year to $1.31 billion, with sales hitting $3.9 billion. However, the stock saw a slight pullback post-earnings. Management guided that 2026 copper production would drop 4.7% below 2025 levels due to lower ore grades at key Peruvian mines, temporarily overshadowing the otherwise stellar cash generation.

$PAAS | Pan American Silver

• Recent News & Earnings: Pan American reported exceptional Q4 2025 numbers on February 18, 2026.

• What the Earnings Said: The company posted an EPS of $1.11, easily beating the $0.90 consensus. Revenue hit $1.18 billion (a 44.6% increase YoY), and the company generated a record operating cash flow of $554 million for the quarter. Thanks to strong performance at the Juanicipio mine and high realized metal prices, the board increased the dividend by 29%.

$ORLA | Orla Mining

• Recent News & Earnings: While full audited earnings drop in March, Orla provided a highly anticipated Q4 operational update to kick off the year.

• What the Earnings Said: Orla achieved record quarterly production, pushing the company above 300,000 ounces of gold for the first time in its history. The company exceeded its revised annual guidance, officially declared its inaugural quarterly cash dividend, and stated they are fully funded for a catalyst-rich 2026.

🚨 TRADER ALERT: Don’t trade the mining sector blind! Text the word FREE to 844-722-9743 right now to get our exclusive VIP mining Stock Alerts sent directly to your phone.

Pro Tip: Take your technical analysis to the next level by downloading the ChartSwipe app, available now on the iOS App Store. Swipe through setups and find your next breakout fast!

$OR | Osisko Gold Royalties

• Recent News & Earnings: Osisko reported its Q4 2025 results on February 19, 2026.

• What the Earnings Said: The company posted record annual revenues of $277.4 million and an EPS of $1.10. Operating with an incredible 96.7% cash margin, Osisko ended the year completely debt-free with $142.1 million in cash. They issued strong 2026 guidance of 80,000 to 90,000 gold equivalent ounces (GEOs) and are aggressively expanding their royalty portfolio.

$FSM | Fortuna Mining

• Recent News & Earnings: Fortuna released its Q4 2025 earnings on February 18, 2026.

• What the Earnings Said: Benefiting heavily from soaring gold prices, net income from continuing operations skyrocketed 497% year-over-year to $68.1 million. The company generated a record $330 million in free cash flow for the year and ended 2025 with $704 million in liquidity, positioning them perfectly to fund their expansion projects in West Africa.

$FNV | Franco-Nevada

• Recent News & Earnings: Franco-Nevada is slated to release its official year-end 2025 results in March, but management has been busy deploying capital in early 2026.

• What the Earnings Said: The company recently announced a massive $250 million royalty financing with i-80 Gold and a $100 million financing with Orezone. Furthermore, they declared their 19th consecutive annual dividend increase, reinforcing their status as a reliable cash-compounder in the precious metals space.

$HL | Hecla Mining

• Recent News & Earnings: Hecla reported its Q4 2025 results on February 13, 2026.

• What the Earnings Said: Hecla posted an EPS of $0.20, beating the $0.16 estimate. The company generated record 2025 revenue of $1.4 billion and produced a massive 17 million ounces of silver. Management noted that they are selling the Casa Berardi mine to sharpen their focus strictly on silver, and they are positioned to achieve a debt-free balance sheet within 2026.

$CDE | Coeur Mining

• Recent News & Earnings: Coeur reported Q4 2025 earnings on February 18, 2026, sparking a 5% rally in the stock.

• What the Earnings Said: Coeur posted an EPS of $0.35, beating the $0.30 forecast. Full-year EBITDA increased a staggering 200% to over $1 billion. The major capital expansion at the Rochester mine is finally paying off, driving a 57% year-over-year increase in full-year silver production and transitioning the company into a cash-flow machine.

The Bottom Line

We are currently navigating a historic macro environment for precious metals. With gold shattering the $5,000 mark earlier this year and silver industrial demand continuing to squeeze supply, the mining sector has officially transitioned from a period of capital preservation into a full-blown cash-flow generation cycle. However, as the recent extreme market volatility has proven, capitalizing on these mining and royalty stocks requires more than just a bullish macro thesis—it requires precision, timing, and an edge over the broader market.

Don’t trade this historic mining bull run blind. Text the word FREE to 844-722-9743 right now to get our exclusive VIP mining Stock Alerts delivered straight to your device so you never miss a catalyst. And to ensure your technical analysis is as sharp as your fundamental research, head over to the iOS App Store and download the ChartSwipe app today to effortlessly swipe through the best chart setups in the market.

Disclaimer

Information Purposes Only: The information provided in this article, including any mention of specific securities, is for educational and informational purposes only and does not constitute financial, investment, or trading advice. I am a stock market journalist and reporter, not a licensed financial advisor, broker, or registered investment advisor.

Risk of Loss: Trading in the stock market—particularly in the highly volatile mining, precious metals, and royalty sector—carries a high degree of risk. You could lose some or all of your initial capital. Past performance, earnings beats, and record cash flows are not indicative of future results. Always conduct your own exhaustive due diligence, assess your personal risk tolerance, and consult with a certified financial professional before making any investment decisions. The stocks mentioned ($SII, $SCCO, $PAAS, $ORLA, $OR, $FSM, $FNV, $HL, and $CDE) are for observational and reporting purposes only and should not be construed as a recommendation to buy, sell, or hold.

Sponsored Content & Affiliation: Please note that the promotion of the VIP mining Stock Alerts (844-722-9743) and the ChartSwipe app are sponsored endorsements. We may receive compensation for these referrals or downloads.

Trade at Your Own Risk: By reading this article, you acknowledge and agree that you are solely responsible for your own trading decisions and that the author and publisher assume no liability for any losses or damages incurred as a result of relying on this information.

Hey guys and gals, welcome to our exclusive VIP report tonight.

We do not use chat GPT to write our article. This is 100% human from our trading desk.

We usually put out our VIP reports from our trading desk to our exclusive community only but, tonight we want to share with everyone.

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First, I want to congratulate everyone on a outstanding 2025, especially our VIP and EXCLUSIVE community as we nailed:

• Hecla Mining ( NYSE: ) at $4 before it ran to $21 for a nearly 600% ROI potential.

• Nova Minerals ( NASDAQ: ) which members of our desk were actually involved with a this company a bit...from $3 to $16 potential.

If you are new to us, make sure you text FREE to 844-722-9743 and visit

MiningStocksToday.com

As you guys know, our trading desk has over 10+ years of Wall Street experience working hand and hand with public companies and communicating with the top CEO’s of some of the top mining stocks every week.

Tonight, we are going over a few stocks in the mining space that deserve your attention.

Remember, go to MiningStockstoday.com to get situated so you don’t miss out when we once again, open our doors to the public for free.

Short Squeeze Potential...

MP Materials (NYSE: MP)

Whenever we trade stocks we want there to be a few things to give us the biggest bang for our buck.

1. High short percentage

2. Catalyst

3. Strong Chart

4. Strong industry

5. Strong market

Right now, has everything we want from A to Z.

SHORT %

With over 16% of the float short, MP has the opportunity to present a short squeeze which would allow for potential acceleration for profits given it goes in the favor of bulls.

Source: https://www.marketwatch.com/investing/stock/mp

CATALYST

MP just landed two major catalysts most traders haven’t priced in yet. First, the U.S. government stepped in... providing financing and locking in long-term demand for MP’s rare-earth magnets. That’s critical because it turns MP from a volatile rare-earth miner into a guaranteed supplier tied to defense, EVs, and AI infrastructure. This deal alone cuts downside risk and gives the stock a real valuation floor.

Second, MP announced a Saudi Arabia partnership to build rare-earth processing capacity overseas, with Saudi capital funding most of the buildout. MP contributes the technology and know-how. If executed, this expands MP beyond the U.S. and adds long-term growth optionality without heavy dilution.

CHART

chart is outstanding in my opinion. It checks all the boxes from A to Z.

1. Strong parabolic move from $15 to $100.

2. Healthy corrective period from 4100 to $50

3. Multiple months of sideways chop

4. Now breaking out of trend line and side ways chop.

Comments: We like the chart backed with a strong short % and a strong catalyst! It sets the probabilities in our favor for the maximum probabilities for success.

STRONG INDUSTRY

As you VIP members know...we are in a textbook George Soros boom and bust process. AS we are still in the late stages of the enthusiasm stage, we can check this box of the industry being super strong backed by government policies and ai data center advancing causing the need for metals more than ever.

STRONG MARKET

Last we are in a strong bull market with an active rate cutting environment in process followed by high demand from the consumer for both precious metals and everyday spending.

Traders Take and Bottom Line

Guys and gals... we do not care about being right. We just want to make money. No ego here.

When you get a stock like that checks multiple boxes, you PAY ATTENTION. In trading and investing the game is to stack as many probabilities in your favor as possible and do it over and over again.

We feel is a solid stock to entertain at this given time!

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