Red Cloud Securities

A Shortage of Ore is Causing a Pricing Revolution in Copper
bloomberg.com/news/articles/…

.@Nuvauminerals holds a past-producing camp with a permitted mill and gold upside. $NMC owns 100% of the Matagami camp in northern Quebec, where twelve mines produced ~60Mt of sulphide ore from 1963-2022. It holds a 10.6Mt at 2.35% CuEq (M&I+I) resource, a 2023 PEA on the Caber Complex, and an option on the permitted 3,000 tpd mill. At a ~C$36M EV versus ~C$341M for developer peers, we view this as a defined resource with mill and gold upside worth a closer look. Details: redcloudresearch.com/nuvau-minerals…

.@Mineros_sa reported strong Q3/26 results, with adj. EBITDA of US$140.0M, up 55% year-over-year and 30% quarter-over-quarter, on sales of 64,499 oz AuEq at an average realized gold price of US$4,301/oz. Earnings reached US$89.5M, or US$0.30/share, up from US$0.15/share in Q2/26. We view this as a strong quarter operationally, with earnings clean of the treasury-related items that weighed on results in prior quarters. Read more: redcloudresearch.com/mineros-s-a-bv… $MSA

.@GRSilverMining released step-out assays at San Marcial, part of its Plomosas project in Mexico, including 311 g/t Ag over 35.45m at SE Extension and 1,164 g/t Ag, 0.6% Cu, 0.37% W over 2.15m at Parallel Breccia. The mineralized system now extends up to 300m down-plunge beyond the inferred resource. We view this as a positive read, with $GRSL trading at a discount to peers on EV/oz AgEq that should narrow with the updated MRE and PEA. Learn more here: redcloudresearch.com/gr-silver-mini…

Gold falls below US$4,000/oz as dollar surges, Fed hike bets rise
kitco.com/news/article/2…