Report

Mining Monthly: November Edition

What you need to know:
• Gold held strong in the low-$4,000/oz range (rising at the end of the month), silver extended its rally with an 18.5% increase, while copper capped off the month above $5.25/lb.
• Mining equities rebounded sharply in November, with the GDX (+15.5%), GDXJ (+16.6%), SILJ (+16.7%), and COPX (+4.1%) massively outperforming broader indices (S&P 500 +0.4%, TSX +3.8%).
• Policy momentum improved as the U.S. added copper and silver to its critical minerals list, G20 leaders opposed export restrictions, and Canada signalled support for equity positions in mining projects.

The mining sector maintained solid momentum in November as geopolitical uncertainty and supportive policy decisions continued to favour metals and mining. Gold held between $3,900/oz and $4,300/oz in November and ultimately closed at ~$4,220/oz, supporting a healthy consolidation period in the low $4,000/oz range. Silver continued its upward momentum in November, closing the month above $55/oz, capping off another strong month of gains. Copper finished the month in and around $5.25/lb, supported once again by ongoing supply tightness and improving global demand expectations, although gains were partially moderated by a stronger U.S. dollar.

The resolution of the 43-day U.S. government shutdown on November 13th helped restore short-term economic clarity by avoiding further disruptions, though it created temporary data gaps in key federal reports. Expectations for a coming Federal Reserve rate cut bolstered metals, with gold’s strong YTD run sustained by continued central bank accumulation and a macro backdrop that continues to see investors steer toward defensive positioning.
Underlyings
ALLEGIANT GOLD

Amerigo Resources Ltd.

Amerigo Resources is engaged in the production of copper and molybdenum concentrates with operations in Chile. Through its subsidiary, Minera Valle Central S.A., Co. has a contract with Chile's state-owned copper producer National Copper Corporation to process the tailings from El Teniente underground copper mine.

ANDEAN PRECIOUS METALS CORP

CAPITAN SILVER CORP

Copper Fox Metals Inc.

Copper Fox Metals is engaged in the exploration for and development of mining properties in Western Canada.

DYNACOR GROUP INC.

Endurance Gold

Endurance Gold is engaged in the exploration and development of mineral properties in North America and has not yet determined whether its properties contain ore reserves that are economically recoverable. The recoverability of the amounts expended on mineral interests by Co. is dependent upon the existence of economically recoverable reserves, the ability of Co. to obtain necessary financing to complete exploration and development of its mineral properties and upon future profitable production or proceeds from disposition of its mineral interests.

Exploits Discovery Corp.

Forge Resources Corp.

Giga Metals

GIGA Metals is an exploration stage mineral resources company engaged in the acquisition and exploration of mineral properties, primarily in northern British Columbia. Co. has not yet identified any mineral resource on any of its properties that is of a commercially exploitable quantity.

MAGNA TERRA MINERALS INC

Mineros

Mineros is primarily engaged in the mining of gold, as well as in related activities pertaining to the mining industry in general, including the mining of precious metals, metallic or non-metallic mineral substances or hydrocarbons.

MOON RIVER MOLY LTD

NAMIB MINERALS

OMAI GOLD MINES CORP

REGULUS RESOURCE

Regulus Resources is an exploration company engaged in the acquisition, exploration and development of mineral resources.

RIO2 LIMITED

Rio2 is in the process of exploring its interests in resource properties and has not yet determined whether these properties contain reserves that are economically recoverable. The recoverability of amounts shown for resource properties and related deferred costs is dependent upon the existence of economically recoverable reserves, confirmation of Co.'s interest in the underlying claims, the ability of Co. to obtain necessary financing to complete the development, and upon future profitable production or proceeds from the disposition thereof.

Sailfish Royalty Corp.

Santacruz Silver Mining

Santacruz Silver Mining is engaged in the operation, acquisition, exploration and development of mineral properties in Mexico, with a primary focus on silver, but also including gold, zinc and lead. Co. is focused on meeting and maintaining its primary production objective of producing approximately 1.5 million silver equivalent ounces on a yearly basis at its producing property, the Rosario Mine. In addition, Co. is exploring three other mineral properties, being the San Felipe Project (an advanced stage project), the Gavilanes Project (an exploration project), and the El Gachi Property (an early stage exploration project).

Spanish Mountain Gold Ltd

Spanish Mountain Gold is an exploration stage company engaged in the acquisition, exploration and development of mineral properties.

Wabi Exploration Inc

Wabi Exploration is engaged in the exploration of minerals.

Provider
Atrium Research Corporation
Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists. 

Analysts
Ben Pirie

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