US10Y yields drop, creating a potential tailwind for gold

GOLD

4,486.80

$/oz

▼ -53.00 (-1.17%)

SILVER

74.95

$/oz

▼ -1.46 (-1.92%)

PLATINUM

1,931.90

$/oz

▼ -23.20 (-1.19%)

PALLADIUM

1,416.00

$/oz

▲ +32.60 (+2.36%)

COPPER

6.33

$/lb

▲ +0.08 (+1.23%)

GOLD MINERS INDEX

732.50

pts

▲ +17.59 (+2.46%)

SPDR GOLD ETF

408.49

$/sh

▼ -3.01 (-0.73%)

SILVER ETF

67.50

$/sh

▲ +0.60 (+0.90%)

Gold Market Context: Macro Drivers

Key macro instruments that drive gold price movements: dollar, yields, risk appetite

DXY

US Dollar Index

99.23 pts

▲ 0.04 (+0.04%)

headwind for gold

Gold inverse — rising dollar pressures gold

US10Y

10-Yr Treasury

4.48 %

▼ 0.11 (-2.29%)

tailwind for gold

Real yield pressure — higher yields weigh on gold

SPX

S&P 500

7,520.36 pts

▲ 166.75 (+2.27%)

headwind for gold

Risk appetite — equity rallies reduce safe-haven demand

BTC

Bitcoin

75,065.48 USD

▼ 1607.89 (-2.10%)

negative for gold

Alt safe haven — moves with gold in risk-off

WTI

Crude Oil (WTI)

89.38 $/bbl

▼ 6.97 (-7.23%)

negative for gold

Inflation proxy — rising oil can lift gold

EURUSD

EUR / USD

1.16

▲ 0.00 (+0.05%)

positive for gold

Dollar strength gauge — inverse to DXY

▲ Rising DXY or yields typically pressure gold | ▲ Falling yields or geopolitical risk support gold | Live data — fetched at send time

Market Commentary

Are Gold and Silver Sending a Warning About Inflation Instead of War?

Gold has recently been under pressure, reflecting a complex interplay of factors that extend beyond traditional safe-haven narratives. While gold is often viewed as a hedge against inflation, current market dynamics suggest that investors are increasingly concerned about rising prices rather than geopolitical tensions. This shift in focus indicates that inflationary pressures are becoming more pronounced, which could lead to a reevaluation of gold's role in investment portfolios.As inflation expectations rise, we may see a divergence in gold's performance, particularly if real interest rates remain elevated. The dollar's strength also plays a crucial role; a robust dollar typically weighs on gold prices, making it less attractive for foreign investors. Furthermore, central bank policies and their responses to inflation will be pivotal in shaping gold's trajectory.Investors should closely monitor ETF flows, as significant movements in gold-backed ETFs can signal changing sentiment regarding inflation and economic stability. Overall, the current environment suggests that gold's appeal as an inflation hedge is being tested, and its future performance will hinge on how effectively it can navigate these evolving economic conditions.

Gold Down for Third Day

Gold has declined for the third consecutive day, losing 2% over this period. This downward movement is largely influenced by increasing expectations that the Federal Reserve may raise interest rates. Despite the appointment of new Fed chair Kevin Warsh, who was initially brought in to advocate for lower rates, market sentiment is shifting towards a tightening monetary policy. Higher interest rates typically strengthen the dollar, which inversely affects gold prices as it becomes more expensive for holders of other currencies. Additionally, rising rates can diminish gold's appeal as a non-yielding asset, prompting investors to seek returns elsewhere. As we navigate this environment, it is crucial for investors to monitor central bank signals closely, as any definitive moves towards rate hikes could further pressure gold. The interplay between inflation expectations and interest rate policy will remain pivotal in determining gold's trajectory in the near term.

Gold Trading at a Two-Month Low Even as Falling Oil Prices Ease Inflation Concerns

Gold has fallen to a two-month low, reflecting a complex interplay of market dynamics. Despite a dip in the dollar, which typically supports gold prices, the yellow metal has struggled to find upward momentum. Falling oil prices are easing inflation concerns, which diminishes gold's appeal as a hedge against rising costs. Investors are increasingly focused on interest rate expectations, and any signs of stability in inflation could lead to a more hawkish stance from central banks.Central bank demand remains a critical factor, but current trends suggest that buying may not be sufficient to counteract the bearish sentiment in the market. ETF flows have also been tepid, indicating a lack of strong investor interest at these price levels. As we navigate these conditions, it is essential to monitor how geopolitical tensions and macroeconomic indicators evolve, as they could provide the necessary catalysts for a rebound in gold prices. In the current environment, gold appears vulnerable, and investors should remain cautious as they assess the broader economic landscape.

UBS Just Cut Its Gold Target by $400. The Part They Kept Is the Real Story.

UBS has revised its year-end gold forecast down to $5,500, primarily due to rising Treasury yields and a strengthening dollar. This adjustment reflects the broader market dynamics where higher yields typically diminish the appeal of non-yielding assets like gold. As the dollar gains strength, it further pressures gold prices, making it more expensive for holders of other currencies.However, the fact that UBS did not alter certain underlying factors suggests a more complex outlook for gold. Investors should note that while short-term pressures from yields and currency fluctuations are significant, the long-term demand for gold remains resilient. Central bank purchases and ongoing geopolitical tensions continue to support gold as a safe-haven asset.As we navigate these market conditions, the interplay between inflation expectations and monetary policy will be crucial. A sustained increase in inflation could reignite interest in gold, even amidst rising yields. Thus, while the immediate outlook may appear bearish, the fundamental drivers of gold demand could provide support in the longer term.

Why Aren’t Gold and Silver Rallying Like Usual During Geopolitical Conflict?

Gold has not responded to recent geopolitical tensions in the expected manner, defying the traditional narrative that such conflicts automatically drive safe-haven demand. This anomaly suggests that investors are currently prioritizing other factors over the historical correlation between war and gold prices. Rising interest rates and a strengthening dollar are likely suppressing gold's appeal, as higher yields diminish the opportunity cost of holding non-yielding assets like gold. Additionally, inflation concerns, while still present, may not be compelling enough to spur significant buying in the precious metals market at this time.Central bank demand remains a critical factor, but it appears that current geopolitical events have not yet translated into increased purchases of gold reserves. ETF flows have also been subdued, indicating a lack of strong investor sentiment towards gold as a hedge against uncertainty. As we navigate this complex landscape, it is essential for investors to reassess their strategies regarding gold, particularly in light of these shifting dynamics. The interplay of rates, the dollar, and geopolitical factors will continue to shape gold's trajectory in the near term.

Gold Edges Lower Amid Uncertainty Around Progress of Peace Talks In the Middle East

Gold edged lower as uncertainty surrounding peace talks in the Middle East weighed on market sentiment. Despite a decline in the dollar and yields, which typically support gold prices, the lack of clarity in geopolitical developments has created a cautious atmosphere among investors. This suggests that while macroeconomic factors like currency strength and interest rates are favorable for gold, geopolitical risks can overshadow these influences.Investors should note that the interplay between safe-haven demand and geopolitical tensions remains critical. The current environment indicates that gold's appeal as a hedge may be tested if peace talks progress or if tensions escalate further. Central bank demand continues to be a supportive factor, but without a clear resolution in the Middle East, gold may struggle to regain upward momentum. ETF flows will also be pivotal; if investors remain hesitant, we could see further pressure on gold prices. Overall, the market is navigating a complex landscape where geopolitical uncertainty is a significant variable.

Gold Is Down Today. Here’s Why Smart Money Is Still Buying.

Gold is experiencing a decline today, primarily influenced by the ongoing conflict in Iran, rising oil prices, and a hawkish stance from the Federal Reserve. These factors are exerting short-term pressure on gold prices, as investors react to geopolitical tensions and monetary policy signals. However, it is crucial to recognize that central banks, including significant players like Goldman Sachs, continue to show strong demand for gold. This divergence suggests that while the market may be reacting negatively in the short term, the long-term outlook remains supported by institutional buying. Additionally, Asian ETF buyers are also contributing to this demand, indicating a robust interest in gold as a safe-haven asset. Investors should note that despite current price fluctuations, the underlying fundamentals for gold remain intact. The persistent appetite from smart money highlights a belief in gold's value as a hedge against uncertainty and inflation. As we navigate these turbulent times, the resilience of gold demand from key players could provide a floor for prices moving forward.

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Today's Interesting Company News

Seahawk Announces Amendments to Concurrent Financing

Seahawk Ventures Inc. (CSE: SEAG.X) announced continued progress on its proposed reverse take-over transaction to acquire Sunridge Gold Corp. and Sunridge Mining Corp., which will result in Seahawk acquiring four exploration properties in Arizona and New Mexico. The company has amended its previously announced non-brokered financing to raise up to $1,000,000 through the sale of up to 2,857,142 subscription receipts at $0.35 each. Each subscription receipt will convert into one unit, consisting of one common share and one half of one share purchase warrant, with each whole warrant exercisable at $0.50 per share for three years. The transaction is expected to close on or around September 15, 2026, subject to various conditions including regulatory and shareholder approvals. Seahawk will issue 5,000,000 shares to acquire Sunridge Gold Corp. and 25,000,000 shares to acquire Sunridge Mining Corp., both at a deemed value of $0.35 per share. The proceeds from the financing will be used for exploration activities on new U.S. mineral properties, reviewing additional acquisition opportunities, and general working capital.

Canada One Announces Commencement of 2026 Exploration Program

Canada One Mining Corp. (TSXV:CONE) has announced the commencement of its 2026 exploration program at its flagship Copper Dome Project, located in British Columbia, Canada. Field crews are currently mobilized and executing Phase 1 of the 2026 exploration program, focusing on advancing several high-priority porphyry targets identified during the 2025 campaign. Notable results include nine rock samples grading greater than 0.5% Cu at the Friday Creek target, with six over-limit grab samples ranging from 1.132% to 13.35% Cu, and high-grade gold samples at the Reco Prospect. The program will include approximately 1,200 soil samples and detailed geological mapping, with Phase 2 planned for fall 2026 to focus on subsurface targeting and drill definition. The Copper Dome Project benefits from excellent infrastructure and a multi-year drill permit, and is located adjacent to Hudbay Minerals Inc.'s producing Copper Mountain Mine. The company emphasizes disciplined capital allocation and operational flexibility as it advances toward drill-ready target definition. Next steps include Phase 2 geophysical surveying and drill targeting, with ongoing quality assurance and technical review.

Everlert Highlights Technical Report of Bolivian Copper-Gold Project With Updated Independent Technical Review

Everlert, Inc. (OTC: EVLI), now operating as American Gold & Copper, announced an update on its ongoing technical evaluation of its Bolivian copper-gold project platform. The company received and reviewed a May 25, 2026 technical assessment from Capps Geoscience, LLC, which included analysis of the historical NI 43-101 technical report and 63 additional historical drill holes. The expanded technical dataset is said to materially impact project assessment criteria and supports continued advancement of the project. The asset package consists of four contiguous mining concessions in eastern Bolivia covering approximately 42,175 hectares in the Guarayos Province. Historical technical materials indicate more than $27 million in historical exploration and infrastructure investment, over 90 geological reports, and more than 21,000 historical samples and assays. The company is evaluating next-stage technical initiatives, which may include additional geological review, data validation, updated reporting, and drilling program design.

Galleon Gold Hits 16.07 G/t Au Over 9.25 M in Major Down-Dip Extension of Zone #9 at West Cache

Galleon Gold Corp. (TSXV: GGO, OTCQB: GGOXF) announced results from a drill intercept at its 100%-owned West Cache Gold Project in Timmins, Ontario. Drill hole WC-26-237 returned 12.69 g/t Au over 12.35 m, including 16.07 g/t Au over 9.25 m, within a broader intercept of 4.07 g/t Au over 40.9 m. The intercept is located 275 meters down-dip from previous high-grade Zone #9 intercepts and the area of the planned bulk sample. The company is advancing a fully financed 86,500 tonne bulk sample program, with surface construction progressing on schedule. The mineralization style and structural features suggest continuity of the Zone #9 system at depth. Assays from additional drill holes (WC-26-236, WC-26-238, WC-26-240) are pending, which may further inform the geological model. These results are significant for the project's economics and support the company's de-risking strategy focused on resource growth.

Metalero Announces $3.0M Private Placement

Metalero Mining Corp. (TSXV: MLO) announced a proposed non-brokered private placement financing of up to 13,636,364 units at a price of $0.22 per unit for gross proceeds of up to $3 million. Each unit will include one common share and one share purchase warrant, with each warrant exercisable at $0.35 for a period of twenty-four months from issuance. The proceeds will be used to advance exploration and development of Metalero's projects, including newly acquired concessions in Bolivia, and for general working capital. The offering is subject to TSX Venture Exchange approval, and finder's fees may be paid in accordance with TSXV policies. Metalero is a Canadian-based junior exploration company focused on copper, silver, and gold projects in the Americas, with recent acquisitions in Bolivia and a flagship project in northern British Columbia. All securities issued will be subject to a four-month and one day hold period. Next steps include securing TSXV approval and completing the offering as outlined.

Minaurum Drills High-Grade Silver on the Europa Sur Vein Zone at the Alamos Silver Project: 3.20 M of 882 G/t AgEq and 6.20 M of 374 G/t AgEq

Minaurum Silver Inc. (TSXV: MGG, OTCQX: MMRGF) announced continued high-grade drill results from the Europa Sur, Travesia, and San Jose Vein Zones at its Alamos Silver Project in Sonora, Mexico, as part of its ongoing Phase II, 50,000-metre resource expansion program. Highlights include intercepts such as 3.20 m of 882 g/t silver equivalent (AgEq) and 0.95 m of 2,423 g/t AgEq in Hole AL26-196, and 6.20 m of 374 g/t AgEq in the same hole. The Europa vein zone contains 26.5 Moz AgEq of the 55.4 Moz AgEq inferred initial resource. The company reports that gold and copper values in Europa Sur are higher than those in the central Europa vein, suggesting the presence of a feeder zone. Further drilling is planned above and below key intercepts to further define the vein's potential. The company also provided detailed assay highlights for the Quintera, Travesia, and San Jose vein zones, and confirmed that quality control results have fallen in acceptable ranges. Minaurum intends to continue its resource expansion drilling and aims to complete an updated resource estimate in the second half of 2026.

Walker River Announces Completion of Airborne Geophysical Survey at the Lapon Canyon Gold Project

Walker River Resources Corp. (TSXV: WRR) announced the completion of the first geophysical survey at the Lapon Gold Project, located within Nevada's Prolific Walker Lane Gold trend. The property-wide airborne magnetic and radiometric survey covered approximately 496 line-kilometres and included 3D unconstrained magnetic susceptibility inversion modeling. The survey identified several magnetic low and K/U - K/Th radiometric anomalies that correlate with known gold mineralization and drill intercepts, suggesting a potentially larger mineralized hydrothermal system. The results have enhanced the company's understanding of the structural and alteration framework controlling gold mineralization and highlighted additional exploration potential. Drilling in 2025 extended gold mineralization at the Hotspot zone and identified intrusion-hosted gold mineralization. The 2026 drill program, beginning in early June, will focus on in-fill and exploration drilling, with the goal of completing an initial NI 43-101 compliant mineral resource in 2026. Ongoing work includes data compilation, interpretation, and resource modelling to identify future drill targets.

LaFleur Minerals | CSE: LFLR

Gold production restart in Q2 2026 — fully permitted Beacon Mill feeding Swanson in Quebec's Abitibi Belt. PEA: 65% IRR, 1.8-year payback at $2,750/oz gold.

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Magna Terra Expands the Rocky Brook Project, New Brunswick

Magna Terra Minerals Inc. (TSXV: MTT) announced the expansion of its Rocky Brook Project in the Bathurst Mining Camp of northern New Brunswick. The company acquired 7 claims totaling 5,770 hectares via staking, increasing the project's total area to 36,533 hectares. The new claims cover mineralized trends and geochemical anomalies, including areas with high-grade copper-cobalt and gold mineralization. The Rocky Brook Project now comprises 83 mineral claims and is positioned near significant deposits and discoveries, such as Kinross-Puma's Lynx Zone and the Caribou Mine. Magna Terra also holds interests in other projects in Atlantic Canada and Argentina, and has optioned projects to Gold Hunter Resources Inc. and Lunex Metals Corp. The company plans to update shareholders on its spring/summer field programs in the coming weeks.

CopAur Delivers Preliminary Economic Assessment and a 52% Mineral Resource Estimate Growth for the Kinsley Mountain Gold Project

CopAur Minerals Inc. (TSXV: CPAU) announced the results of the Preliminary Economic Assessment (PEA) for its 100% owned Kinsley Mountain Gold Project. The PEA outlines a post-tax NPV (5%) of US$39 million, post-tax IRR of 20%, and a post-tax payback period of 2.5 years at a base case gold price of US$3,200/oz. At higher gold prices, the post-tax NPV (5%) increases to US$104 million (US$4,000/oz) and US$147 million (US$4,500/oz), with corresponding IRRs and shorter payback periods. The project is expected to produce an average of 30,000 ounces of gold per year for the first four years, with production anticipated to commence in the first half of 2028. Pre-production capital expenditure is estimated at US$81.8 million, with total life of mine capital at US$117.4 million. The updated Mineral Resource Estimate shows a 52% increase to 742,000 Indicated ounces at 1.11 g/t gold and 69,000 Inferred ounces at 1.98 g/t gold. CopAur plans to move the project toward permitting and continue evaluating optimization opportunities.

Encouraging Early Signs of Large Gold-Copper System Identified at Kuma

Sankamap Metals Inc. (CSE: SCU) has provided an update on its inaugural drill program at the Kuma Property in the Solomon Islands, reporting encouraging early signs of a potentially significant gold-copper system. The company has identified elevated surface gold values up to 3.0 g/t Au near the first drill hole and water samples with copper concentrations 10 times above pristine levels. Drilling has intersected several alteration zones, including an intensely clay-altered zone with abundant anhydrite veining and pyrite between 250.0 m and 280.5 m depth. The initial drill campaign at Kuma is planned for approximately 2,000 to 3,000 meters, focusing on multiple priority targets. The program is fully funded and may be expanded based on results. Drilling operations are expected to continue through Q2 & Early Q3, with assay results to be released as they become available.

Nevada Canyon Announces Completion of Airborne Geophysical Survey at the Lapon Canyon Gold Project

Nevada Canyon Gold Corp. (OTCQX: NGLD) announced the completion of the first geophysical survey at the Lapon Canyon Gold Project, as reported by Walker River Resources Corp. (TSXV: WRR). The survey covered approximately 496 line-kilometres of airborne magnetic and radiometric surveying, including 3D unconstrained magnetic susceptibility inversion modeling. Results have enhanced the company's understanding of the structural and alteration framework controlling gold mineralization at the project. Nevada Canyon holds a $5M Exploration Earn-in Agreement for 50% of the project and a 3% Net Smelter Royalty. The 2026 drill program, starting in early June, will use these results to determine targets and complete the project's first 43-101 compliant mineral resource estimate expected later this year. The survey identified several magnetic and radiometric anomalies spatially associated with known gold mineralization and positive drill results. The company is on track to deliver the first NI 43-101 compliant resource by the end of this year, while continuing to advance the project.

Morocco Strategic Minerals Corp. Enters Agreement to Sell Sakami Property in Québec

Morocco Strategic Minerals Corporation (TSXV: MCC) has entered into an agreement with Visible Gold Mines Inc. (TSXV: VGD) for Visible Gold to acquire a 100% interest in the Sakami Property. Under the agreement, Visible Gold will issue 4,000,000 common shares to Morocco Strategic Minerals, representing approximately 9.7% of Visible Gold’s issued and outstanding common shares on a pro forma non-diluted basis and approximately 8.3% on a pro forma fully diluted basis. Morocco Strategic Minerals will also receive a 1% NSR royalty on the property, which Visible Gold may repurchase for $1 million. The common shares are subject to a voluntary three-year resale restriction, with staged releases over three years. Eskar Capital Corporation will receive a finder’s fee equal to 4% of the Transaction value. Completion of the transaction is subject to customary closing conditions, including TSX Venture Exchange acceptance. The transaction allows Morocco Strategic Minerals to focus on its Moroccan exploration assets while retaining exposure to Sakami.

Kingman Minerals Phase III Drilling Defines Broad Hydrothermal Alteration and Refines Deeper Targeting Model at Mohave Project

Kingman Minerals Ltd. (TSXV: KGS) (OTCQB: KGSSF) announced the completion of its eight-hole Phase III core drilling program at the Mohave Project in Mohave County, Arizona. The program, conducted in the Rosebud Mine area and Southwick vein corridor, did not demonstrate economic-grade continuity at the tested depths but generated significant new geological, structural, and assay information. Eight holes were drilled from four drill pads, with two holes per pad at different dips. The company is integrating these results with historical data and recent drone magnetic surveys to refine its understanding of the Rosebud hydrothermal system and future drill targeting. Mineralization was present in the southeasternmost step-out holes, supporting the interpretation of continuity within the broader system, though the mineralization encountered is narrow, discontinuous, and not economic at the tested depths. Kingman has received approval from the Bureau of Land Management for an additional 16 drill holes to test related targets.

Great Pacific Gold Provides an Additional Update on Field Work at Wild Dog

Great Pacific Gold Corp. (TSXV: GPAC, OTCQX: GPGCF) announced additional technical details from ongoing geological mapping, trenching, surface sampling, and MobileMT-supported targeting at the Elamaraka and Kargalio vein systems within its flagship Wild Dog Project in Papua New Guinea. The company reported encouraging results, including surface bench sampling at Elamaraka returning 2.21 g/t Au, 10.2 g/t Ag, and 0.05% Cu across a 6m exposed sulphide-bearing quartz vein, and historical trenching at Kargalio returning up to 6 m @ 11.9 g/t Au. Geological mapping has identified multiple structurally controlled quartz-sulphide vein arrays and a 780 m long MobileMT resistivity anomaly at Kargalio. The company is advancing a pipeline of high-priority exploration targets and plans further trenching, mapping, and sampling to refine drill targets. These results expand the known mineralized footprint and support the interpretation of Wild Dog as a large-scale magmatic-hydrothermal system. The current drilling program will extend into 2026 with two rigs mobilised on site. All assay batches have passed QA/QC review and fall within acceptable tolerance limits.

Enduro Metals | TSX-V: ENDR

$8.9M financing just closed on 688 km² in BC's Golden Triangle. Maiden drill program at Andrei target starts 2026.

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Benton Announces $2 Million Non-Brokered Unit Financing With Investment by Eric Sprott

Benton Resources Inc. (TSXV:BEX) announced it will complete a non-brokered private placement financing with investor Eric Sprott, subject to all regulatory approvals. The financing consists of 28,571,429 units at $0.07 per unit for gross proceeds of $2,000,000, with each unit including one common share and one warrant exercisable at $0.10 for 36 months. Eric Sprott, the company's largest shareholder, will acquire all units, making this a related party transaction under MI 61-101, but the company expects exemptions from certain requirements. The private placement is expected to close on or before June 15, 2026, and all securities will be subject to a four-month and a day hold period. Proceeds will be used to advance Benton's hydrogen prospects in Newfoundland, held 50/50 with Metals Creek Resources Corp., and for working capital. Benton is also focused on its high-grade Copper-Gold Great Burnt Project in central Newfoundland, which has significant mineral resources and ongoing exploration potential. The company highlights strong drill results and expansion opportunities across its portfolio.

Galleon Gold Hits 16.07 G/t Au Over 9.25 M in Major Down-Dip Extension of Zone #9 at West Cache

Galleon Gold Corp. (TSXV: GGO, OTCQX: GGOXF) announced results from drill hole WC-26-237 at its 100%-owned West Cache Gold Project in Timmins, Ontario. The intercept returned 12.69 g/t Au over 12.35 m, including 16.07 g/t Au over 9.25 m, within a broader interval of 4.07 g/t Au over 40.9 m. The intercept is located 275 meters down-dip from previous high-grade Zone #9 intercepts and the area of the planned bulk sample. The company is advancing a fully financed 86,500 tonne bulk sample program, with surface construction progressing on schedule. The results reinforce the potential scale and significance of Zone #9 and may enhance the project's economics. Assays from additional drill holes (WC-26-236, WC-26-238, WC-26-240) are pending, and reinterpretation of the Zone #9 longitudinal section is underway.

Olympio to Resume Drilling at Bousquet Gold Project, Earns 51% Interest

Bullion Gold Resources Corp. (TSXV: BGD) announced that Olympio Metals Limited (ASX: OLY) is resuming Phase 3 drilling at the Bousquet Gold Project in Quebec after fulfilling requirements to earn an initial 51% interest under their option agreement. The Phase 3 campaign will test the lateral and down plunge extensions of a bonanza intercept of 19.4 m grading 17.29 g/t Au from 172.5 m in the Main Lode system. Olympio has completed the 51% interest earn-in (Stage 1) ahead of schedule and can earn an additional 29% interest (Stage 2) over the next 5 years through C$500,000 in option payments, C$250,000 in Olympio shares, and C$1,000,000 in exploration expenditures. If Stage 2 is completed, a joint venture will be formed with Olympio holding 80% and Bullion's 20% interest free carried until initial production. The agreement allows Olympio to accelerate these commitments.

ORVANA PROVIDES TAGUAS DRILLING UPDATE: FULL ASSAY RESULTS FROM TADD-278; SECOND HOLE RESULTS PENDING

Orvana Minerals Corp. (TSX: ORV, OTCQX: ORVMF) announced an update on its deep drilling campaign at its 100%-owned Taguas Project in San Juan, Argentina. Petrographic studies on core samples from drill hole TADD-278 indicate a dacitic porphyry host rock with intense sericitic alteration and pyrite-rich mineralization, supporting a porphyry-related system. The FY2026 program comprised 2 drill holes totaling 2,173.7 metres, with TADD-278 reaching 1,331.7 metres and TADD-279, 842 metres. Significant intercepts include a 205-metre interval (715 to 920 metres) with 0.25 g/t gold and 0.12% copper. Laboratory analyses for TADD-279 and further technical studies are ongoing, with results expected over the coming months. The company plans to integrate spectral, geological, geochemical, geochronological, and historical drilling data to refine targets for its October 2026 – April 2027 drilling campaign.

Trident Resources Intersects Additional High-Grade Gold at Contact Lake Grading 17.88 G/t Au Over 11.25m, Including 42.53 G/t Over 4.50m From 86m Depth

Trident Resources Corp. (TSXV:ROCK, OTCQB:TRDTF, TSX-V:ROCK) announced assay results for eight diamond drill holes from its 2026 winter drill program at the Contact Lake Gold Project in northern Saskatchewan. Highlights include Hole CL26042 returning 17.88 g/t gold over 11.25m and Hole CL26035 returning 93.44 g/t gold over 1.00m. The winter drill program comprised 10,127m in 29 holes at Contact Lake and 3,142m in 11 holes at the adjacent Preview Deposit area. The company has over $28 million in the treasury and has been approved to receive a C$150,000 rebate from the Targeted Mineral Exploration Incentive (TMEI) program. The Summer 2026 drill program will commence in June with an anticipated +20,000m of additional drilling. These results reinforce the potential for continued discovery of high-grade gold at Contact Lake, and Trident is fully-funded through 2026 and beyond. Additional assay results are expected in the coming weeks, concurrent with the commencement of the summer drill program.

Molly Gold Project, Brazil - Drilling Update

Jangada Mines plc (AIM:JAN), a Brazil-focused natural resources company, has provided an update on its ongoing exploration programme at the Molly Gold Project in Brazil, reporting high-grade drill results. Drill holes 3A and 3B at Molly 1 confirmed significant gold, silver, and copper mineralisation, extending the mineralised envelope by an additional 100-150m eastward. Maiden Discovery Hole 7A at Molly 2 demonstrated a previously undrilled deposit related to the Molly 1 system, open toward the Vivi target westward. Both Molly 1 and Molly 2 remain open along strike and down dip, supporting a significant resource expansion programme. The company notes that the Molly geology is characterised by high-grade shallow narrow vein structures, comparable to other producing projects in the Tapajós Gold Belt. While the initial targeted deadline for completion of Phase 1 has been delayed due to lab backlog and logistics, new procedures are in place to improve turnaround, and full results from the initial drill campaign will be reported when all are back from testing. Jangada Mines has a defined funded development programme to further quantify the resource potential of Molly, including additional drilling, geophysical and geochemical surveys, and resource estimation work.

Barton Gold Delivers High-Grade Assays From Phase 2 Drilling at Tunkillia’s Area 51

Barton Gold (ASX: BGD, OTCQB: BGDFF) has announced the delivery of high-grade Phase 2 assay results from drilling at the Tunkillia Area 51 project in South Australia. The 30,000-metre reverse circulation campaign produced broad, high-grade gold assays from both the north and south ends of the currently modelled pit, indicating significant potential for resource growth and an extended mine life. Highlights include intercepts such as 52m at 0.95g/t gold from 101m and 40m at 1.64g/t gold from 155m, among others. The Area 51 model is estimated at approximately 163,000oz gold, and Phase 1 drilling in the S1 and S2 pit areas is modelled to produce $1.3 billion operating profit in the first 2.5 years at an assumed gold price of $5,000/oz and silver price of $50/oz. A pre-feasibility study (PFS) is scheduled for completion before year end to support a mining lease application and financing discussions. The company states that Tunkillia is on track for dual gold and silver resource upgrades, conversion to ore reserves, and completion of the PFS and mining lease application. These developments are significant for Barton Gold as they signal potential for higher-value mineralisation and improved project economics.

Silvercorp Reports Adjusted Net Income of $151 Million, $0.69 per Share, and Cash Flow from Operating Activities of $310.6 Million for Fiscal 2026

Silvercorp Metals Inc. (TSX:SVM) reported its financial and operating results for Q4 Fiscal 2026 and Fiscal 2026, ended March 31, 2026. The company produced approximately 1.5 million ounces of silver and 2,492 ounces of gold in Q4, with record quarterly revenue of $147.4 million, a 96% increase over the prior year period, driven by a 183% higher average realized silver price of $78.6 per ounce. Adjusted EBITDA for the quarter was $98.1 million, and adjusted net income was $59.3 million, while the company reported a net loss of $0.7 million due to a $60.4 million non-cash charge. For the full year, Silvercorp produced 6.8 million ounces of silver and 8,723 ounces of gold, with record annual revenue of $438.1 million, up 47%. The company completed the acquisition of a 70% holding in Chaarat ZAAV CJSC with a $92 million cash payment and a further $60 million payment to the Kyrgyz government. Silvercorp ended the period with cash and cash equivalents and short-term investments of $422.3 million and a portfolio of equity investments valued at $274.6 million. The company is working on mining permit expansions and production safety license renewals, and its MSCI ESG rating improved from A to AA.

Arizona Eagle Mining | TSX-V: AZEM

878k oz historic gold at 11.7 g/t on patented Arizona ground — plus 12 undrilled parallel structures at Eagle. Private placement active now.

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