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Mining and Resources

Eldorado Gold Connects Skouries to the Greek Grid, 20 Days After First Concentrate

Eldorado Gold reported on 28 September 2026 that its Skouries copper and gold mine in northern Greece is permanently connected to the Greek national power grid. The release carries no throughput, grade or recovery figure, and it does not change the company's stated schedule of commercial production in the fourth quarter of 2026. About US$1.315 billion is Eldorado's own estimate of total Skouries capital to that point, of which US$1.270 billion had been spent by 30 June 2026.

By Priya Sandhu7 min readELD.TO

Mining and Resources

Under QIMC's Helium Zones: A Magnetic Body 10 Kilometres Long

Québec Innovative Materials Corp. reported on 28 September 2026 that its 526-sample soil-gas helium survey at New Salem-Apple River in Nova Scotia, regional gravity data and aeromagnetic data all describe a single fault-bounded structure, with a magnetic body about 10 kilometres by 2 kilometres beneath two of the helium zones. The work is a reinterpretation of data the company already held. It reports no flow rate, no gas purity and no resource, and the shares closed down 3.6 per cent at C$0.54.

By Élise Galarneau7 min readQIMC.CN

Mining and Resources

Lundin Gold Extended a Gold Trend to Eight Kilometres, and None of It Is a Resource Yet

Lundin Gold Inc. (TSX: LUG; Nasdaq Stockholm: LUG; FSE: F1YN) reported 204.26 g/t gold over 3.05 metres at Bonza Sur on September 24, 2026, and said a new discovery at Quebrada Dorada extends the epithermal gold trend beyond eight kilometres. Of the metal in the headline intercept, 99.7 per cent comes from 0.60 metres assaying 1,035.60 g/t. Five other intercepts are more evenly distributed and are the stronger evidence. The release carries no mineral resource or reserve estimate for either target, and states the intercepts are core lengths, not true widths.

By Priya Sandhu6 min readLUG.TO

Mining and Resources

Capstone Copper Sold Cozamin Four Days Before a Royalty Claimant Disclosed a Prosecutor's Demand

Royalties Inc. reported on September 25, 2026 that the Zacatecas state prosecutor's office served Capstone Copper's Mexican subsidiary with a demand to produce mine records for a criminal investigation, on a document it dates September 7, 2026. Capstone announced the sale of Cozamin to Luca Mining for up to US$385 million on September 21, 2026, in a release that does not mention the royalty, the litigation or the investigation. Capstone has published nothing on the demand. The claimant's own estimate of its claim is US$50 million.

By Daniel Okoye8 min readCS.TO

Mining and Resources

Largo Priced US$5.7 Million of Stock and Warrants at US$0.56 to Pay Trade Creditors

Largo Inc. (TSX: LGO; Nasdaq: LGO; FSE: LR8) priced a US$5.7 million registered direct offering on September 25, 2026 at US$0.56 per share and warrant, with a five-year warrant struck at US$0.70. The shares closed at C$0.77 in Toronto, down 20.62 per cent on 11.69 times average volume. Stated use of proceeds is working capital, including paying trade creditors. Two insiders took 24.5 per cent of the offering. About US$82 million of Brazilian bank debt sits behind it, roughly 48 per cent of it restructured.

By Priya Sandhu9 min readLGO.TO

macro

Canada's Miners Hold C$241 Billion of Assets Outside Canada

Five of the companies The Maple Markets covered this week dig in Niger, Japan, Morocco, the Congo and Oregon, and all of them raise money in Canada. Natural Resources Canada counts C$240,565 million of Canadian mining assets abroad at the end of 2024 against C$111,982 million at home. Where the money is listed and where the rock is have become two separate questions, and a falling loonie flattered the reported total by 4.6 percentage points.

By Marc Belzile7 min read

macro

Three Canadian Financings in Four Days, and the Exchange Capped the Price of Only One

Between September 22 and September 25, 2026, three Toronto-listed mining companies announced equity sales: a C$14.0 million private placement, a C$50 million public offering of units and a US$5.7 million registered direct offering. The headlines look interchangeable. Only the first is priced against a table in an exchange rulebook, only the first carries a four-month hold period, and only the first is closed to ordinary holders. Here is the machinery behind each, worked from the releases and the rules.

By Priya Sandhu8 min read

macro

Kinross Raised Its Cost Per Ounce Eight Per Cent, and the Arithmetic Points at the Denominator

Kinross Gold cut its 2026 production outlook and raised its all-in sustaining cost outlook in one release on September 23, 2026. The cost figure went from about US$1,730 per ounce to US$1,850 to US$1,900 per ounce. Holding February's implied total cost dollars constant and dividing by the new ounce count gives US$1,870 per ounce, inside the new band. That is what a per-ounce cost measure does when the ounces go missing, and it is the single most useful thing to understand about a gold producer's headline cost number.

By Marc Belzile8 min readXGD.TO

Mining and Resources

One 0.65-Metre Sample Supplies Three Quarters of the Gold in Ashley Gold's 60-Metre Interval

Ashley Gold Corp. (CSE: ASHL) closed at C$0.11 on September 25, 2026, up 69.2 per cent on roughly 48 times its 30-day average volume, after reporting 3.333 g/t gold over 60.00 metres downhole at the Tak Patents in northwestern Ontario. Three quarters of the metal in that average comes from one 0.65-metre sample assaying 229 g/t. The company capped that sample at 40 g/t in its own release and said true thickness is unknown. Ashley Gold has no mineral resource on the property.

By Élise Galarneau7 min readASHL.CN

Mining and Resources

Two of the Three Cost Figures Circulating About Ivanhoe Mines Are Not in Its Filings

Ivanhoe Mines issued no release this week, and the cost figures being traded around its shares come from memory of a conference call. One of the three checks out against the filings. The company reports C1 cash cost and does not report all-in sustaining cost at all, which makes most of the peer comparisons being drawn a comparison of two different measures. The gap between them can be priced from Ivanhoe's own capital guidance.

By Priya Sandhu8 min readIVN.TO

Mining and Resources

A Redemption Notice Priced to End in Shares: Equinox Gold Calls US$172.5 Million of Converts

Equinox Gold has called the whole US$172.5 million of its 4.75 per cent convertible senior notes due October 2028 for redemption on 20 October 2026 at par plus accrued interest. Holders may convert instead until 19 October at an adjusted rate of 165.0732 shares per US$1,000, a conversion price near US$6.06. The company says up to 28,475,124 shares would be issued if every holder converts, about 2.44 per cent of the count.

By Élise Galarneau7 min readEQX.TO

Mining and Resources

A Discovery Geologist Takes Over at F3 Uranium, and the Same Release Sets a 10-for-1 Consolidation

F3 Uranium named Ross McElroy chief executive and director effective 24 September 2026, with Dev Randhawa moving to executive chairman. The same release announced a 10-for-1 share consolidation, still subject to TSX Venture Exchange acceptance and without an effective date. F3's JR Zone carries an initial indicated resource of 11.8 million pounds of U3O8 at 4.39 per cent, and the company's most recent drill holes have been reported on radiometric readings alone.

By Daniel Okoye7 min readFUU.V

Mining and Resources

Kinross Cut 2026 Production Three Per Cent and Raised All-In Cost Guidance Eight

Kinross Gold cut 2026 and 2027 production guidance to about 1.84 to 1.86 million gold equivalent ounces, two to three per cent below the low end of its previous range, and lifted its 2026 return of capital target from 40 to 50 per cent of free cash flow. The cost revision in the same release was proportionally larger. Shares closed at C$34.50 on 24 September, down 11.3 per cent.

By Élise Galarneau7 min readK.TO

Mining and Resources

Global Atomic Priced C$50 Million of Stock at C$0.50, and the Shares Closed Below It

Global Atomic Corporation, the Toronto-listed developer of the Dasa uranium mine in Niger, priced 100 million units at C$0.50 on 23 September 2026 for C$50 million of gross proceeds. The shares fell 16.04 per cent to C$0.445, below the issue price, on 9.79 million shares on the Toronto exchange. The raise follows a 74 per cent increase in the project's direct cost estimate disclosed on 18 September and a conditional loan approval on 16 September that carries five unmet conditions.

By Daniel Okoye10 min readGLO.TO

Mining and Resources

A Drill Can Go Onto Red Flat, and Homeland Nickel Still Has No Current Resource

Homeland Nickel Inc. told the market on 17 September 2026 that the US Forest Service had accepted its plan of operation for a sonic drill programme at Red Flat in southwest Oregon, and that it can produce updated resource estimates for Red Flat and Cleopatra without drilling a single new hole. Both are genuine steps forward. Neither is a grade. The company's own technical report says Red Flat contains no current mineral resource estimate, and the shares have gone from 7 cents to 49 cents in a year on that basis.

By Élise Galarneau9 min readSHL.V

Mining and Resources

US$1,500 Bought the Research Note Circulating on First Phosphate This Week

A New York research firm issued a press release on 23 September 2026 announcing a new flash report on First Phosphate Corp., the Quebec igneous phosphate developer listed on the CSE as PHOS. The report's own disclosure page says First Phosphate paid for it: US$1,500, described in the text as Company Sponsored Research. The underlying month was a good one for the company, with a much larger resource filed in August and a Swiss export-credit letter in September. None of that came from the note.

By Priya Sandhu8 min readPHOS.CN

Mining and Resources

Japan Gold Rose 81 Per Cent on a Deal That Puts C$10.5 Million in Its Treasury

Japan Gold Corp. closed at C$0.145 on 23 September 2026, up 81.25 per cent from C$0.08, after announcing an exploration alliance with Solidcore Resources plc, two placements priced at a 50 per cent premium, the conversion of all its convertible debt and a royalty sale to OR Royalties. The company will be debt-free with roughly C$10.5 million of new equity, 36 per cent more shares, and still no mineral resource estimate anywhere in a portfolio it has been assembling for a decade.

By Daniel Okoye8 min readJG.V

Mining and Resources

Behind Encouraging at Myriad Uranium: 83.9 Per Cent of the Uranium Into 29.3 Per Cent of the Rock

Myriad Uranium Corp. (CSE: M; FSE: C3Q) reported on September 22, 2026 that high-pressure slurry ablation testing by DISA Uranium Corporation concentrated 83.9 per cent of the uranium in a 306 ppm feed into 29.3 per cent of the mass, lifting the concentrate to 929 ppm. A second interval put 90.6 per cent into 37.5 per cent of the mass. The release quantifies feed grade, product grade, mass split and recovery, which is more than the word encouraging usually carries. It is also a laboratory test on about 50 kilograms of core, at a project whose resource estimates are historical.

By Daniel Okoye7 min readM.CN

Mining and Resources

Aya Gold and Silver Drills 593 g/t Silver Equivalent Over 15.2 Metres With 14 Rigs Turning at Boumadine

Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) reported high-grade drill results from Boumadine in Morocco on September 22, 2026, including 593 g/t silver equivalent over 15.2 metres and 392 g/t over 24.3 metres. The company says the holes confirm strong high-grade continuity along the Main Trend. Behind the intercepts sits the larger number: 145,719 metres drilled at Boumadine this year, 38.6 per cent of a 360,000-metre infill programme, with 14 drills turning and an updated feasibility study expected next year. Shares closed at a record C$42.68, up 6.1 per cent.

By Élise Galarneau7 min readAYA.TO

Mining and Resources

Five Times More Helium Anomalies Near a Fault: QIMC's 526-Sample Survey in Nova Scotia

Québec Innovative Materials Corp. (CSE: QIMC) reported on September 22, 2026 that a 526-sample helium soil-gas survey across 28 lines at New Salem-Apple River, Nova Scotia, identified fault-associated helium zones, with a peak of 5.864 parts per million by volume against a district background of 5.40 ppmv. The survey's load-bearing number is not the peak. It is the finding that anomalous stations occur roughly five times more often within 1.5 kilometres of a mapped fault than beyond two kilometres, which is why the 2D seismic programme grew from 42 to about 50 line-kilometres.

By Priya Sandhu8 min readQIMC.CN

Mining and Resources

Barksdale Resources Rose 19.1 Per Cent on a C$14 Million Placement and a Complete Change of Management

Barksdale Resources Corp. (TSXV: BRO) closed at C$0.28 on September 22, 2026, up 19.1 per cent on nineteen times average volume, after announcing a C$14.0 million private placement at C$0.18 per unit, the settlement of its convertible debenture, a new chairman and chief executive, a proposed ten-for-one share consolidation and a proposed name change to Arizona Standard Copper Inc. The placement and the debt settlement together would lift the share count by about 52 per cent before any warrant is exercised.

By Daniel Okoye7 min readBRO.V

Mining and Resources

Peer-Reviewed Geology, No Reserves: What First Phosphate's Ore Geology Reviews Paper Settles

First Phosphate Corp. (CSE: PHOS) announced on 21 September 2026 that a study of its Bégin-Lamarche deposit has been published in Ore Geology Reviews, and the shares closed at C$2.38, up 6.3 per cent. The paper is the strongest independent evidence the company has produced: the phosphate is magmatic, continuous across three zones, and unusually low in the trace elements that spoil sedimentary rock. It is also seven months old, and two of the four conclusions in the release are not findings of the paper.

By Priya Sandhu10 min readPHOS.CN

Mining and Resources

A 141.5-Metre Gold Intercept, 1.29 Million Indicated Ounces and No Economic Study at Sitka Gold

Sitka Gold Corp. (TSXV: SIG) reported 141.5 metres at 1.93 g/t gold at Blackjack on 21 September 2026 and closed at C$1.07, up 7.0 per cent on 2.3 times average volume. Taken in order, the filings behind it describe a Yukon project with 1.29 million Indicated and 3.83 million Inferred ounces, a five per cent royalty granted last month, C$30.6 million of flow-through money that must be spent by 31 December 2026, and no economic study of any kind.

By Daniel Okoye9 min readSIG.V

Mining and Resources

Myriad Uranium Slid 10.0 Per Cent While Only One Fund Filing Supported the Flow Story

Myriad Uranium Corp. (CSE: M) closed down 10.0 per cent at C$0.4275 on 21 September 2026 with no filing behind the move and nothing released since 10 September. One part of the buying story is documented: a uranium ETF publishes a holding of 5,153,552 shares. The other claims are unverified. Underneath them sits real drilling at Copper Mountain, Wyoming, a historical estimate from 1979, and no current mineral resource estimate.

By Daniel Okoye9 min readM.CN

Mining and Resources

Aya Gold and Silver’s C$4 Million Tizi Deal Adds Low-Cost District Upside

Aya Gold & Silver Inc. (TSX: AYA) agreed on 1 September 2026 to buy a 139 square kilometre copper-silver portfolio near its Zgounder mine in Morocco for C$4.0 million in shares. It closed 21 September 2026 at C$40.35, up 0.2 per cent, after a month that also brought a stronger Boumadine study and high-grade Zgounder drilling. The new ground has no mineral resource and its historical sampling remains unverified, but the modest, share-paid consideration gives Aya district-scale exploration upside without a large cash commitment.

By Élise Galarneau8 min readAYA.TO

Mining and Resources

CanAlaska Fell 12 Per Cent With Nothing Filed Since 8 September, and Half Its Value Is Cash

CanAlaska Uranium Ltd. (TSXV: CVV; FSE: DH7) fell about 12.3 per cent on 18 September 2026 on roughly 5.8 times its average volume, with no company release since 8 September. Three larger Athabasca Basin names fell the same day. The company holds about C$32.9 million against a market value of about C$66.9 million, and has published no mineral resource estimate for its main project.

By Priya Sandhu7 min readCVV.V

Mining and Resources

Hemlo Mining Joined the GDXJ on Friday, and the Fund Held About US$1.6 Million of It

Hemlo Mining Corp. (TSX: HMMC) was added to the VanEck Junior Gold Miners ETF at the close on 18 September 2026. The fund's own holdings file put the position at US$1,562,814, or 0.02 per cent of net assets. That is about one tenth of one per cent of a company worth C$2.14 billion, and the shares fell about 3 per cent on the day the change took effect.

By Élise Galarneau7 min readHMMC.TO

Mining and Resources

A Swiss Letter of Support Puts US$212.5 Million Beside First Phosphate's Quebec Mine

First Phosphate Corp. (CSE: PHOS) said on 16 September 2026 that Swiss Export Risk Insurance had issued a Letter of Support covering roughly US$212.5 million for its Bégin-Lamarche phosphate project in Quebec. The sum is 85 per cent of an assumed US$250 million Swiss supply contract that has not been signed, and it sits against an initial capital cost the company's own 2024 economic study put at C$675 million.

By Daniel Okoye8 min readPHOS.CN

macro

A Swiss Agency's US$212.5 Million for a Quebec Mine Is Eighty-Five Per Cent of a Swiss Order

On September 16, 2026 two Canadian-listed companies announced support from foreign government institutions: a Swiss Export Risk Insurance letter of support of about US$212.5 million for First Phosphate's Quebec project, and a US$414.2 million approval from the US International Development Finance Corporation for Global Atomic's mine in Niger. The two institutions do different jobs. One exists to sell Swiss machinery, the other to invest in emerging markets, and the OECD rulebook behind the first explains why its number is the size it is.

By Hannah Kuan9 min read

Economy

A Canadian Company Can Watch Its Shares Fall All Week and Owe the Market Nothing at All

Canadian issuers must announce a material change immediately and file the report within 10 days. They are not required to publish every material fact, and they are not required to explain a share price. That single distinction explains most of the weeks when a Canadian small cap moves and SEDAR+ stays empty. Here is what the rules actually oblige, what the exchanges do when the price moves first, which filings arrive from someone other than the company, and the calendar that governs a quiet month.

By Élise Galarneau7 min read

Economy

Four Canadian-Listed Companies Announced Government Money This Week, and None of It Was Cash

Between September 15 and September 18, 2026, Conifex Timber, Global Atomic, First Phosphate and Bitterroot Resources each announced that a government had put money behind them: up to C$30 million, US$414.2 million, US$212.5 million and up to US$5.22 million. Four announcements, four instruments, and not one of them is a transfer of cash. Here is what a loan agreement, a conditional approval, an export-credit letter of support and a cost-share award each oblige, and what has to be true before the money arrives.

By Marc Belzile9 min read

markets

Conifex Has a Federal Loan of Up to C$30 Million and a Market Value of C$5.1 Million

Conifex Timber Inc. (TSX: CFF) said on 18 September 2026 that it had received a Large Enterprise Tariff Loan of up to C$30 million from the Government of Canada, on a seven-year term secured by substantially all of its property. The shares closed at C$0.125, up 38.9 per cent. At 30 June 2026 the company held C$1.3 million of unrestricted cash against C$101.8 million of debt and a going-concern warning.

By Marc Belzile7 min readCFF.TO

Mining and Resources

A Forest Service Clock Started for Homeland Nickel, but Drill Approval Has Not Arrived

Homeland Nickel Inc. (TSXV: SHL) said on September 17, 2026 that the United States Forest Service had accepted its plan of operation for a sonic drill programme at Red Flat, Oregon, and that environmental and cultural review was well underway, including completed fieldwork. The company hopes to drill in October. The same release was reissued the same day because its paid-promotion disclosure described a video interview with another company's chief executive.

By Daniel Okoye7 min readSHL.V

Mining and Resources

Aya Gold and Silver Has Drilled 3,501 g/t Silver at Zgounder and Sold Nothing From It Yet

Aya Gold & Silver Inc. (TSX: AYA) reported high-grade silver intercepts near the Zgounder pit and at depth on September 16, 2026, eight days after doubling the paper value of its Boumadine project and fifteen days after agreeing to buy a copper-silver land package. The shares closed at C$40.24 on 17 September. The company holds US$182.8 million of cash, and about 80 per cent of the metal in the Boumadine study is in the most speculative resource category there is.

By Élise Galarneau7 min readAYA.TO

Mining and Resources

First Lithium Minerals Opens a Third Financing in Four Months at a Price Above Its Own Close

First Lithium Minerals Corp. (CSE: FLM, FSE: X28) began a new listed issuer financing exemption offering on September 16, 2026, its third since May. Fully subscribed it would raise about C$5.0 million and issue 44.6 million shares against 112.2 million already outstanding. The company's own July offering document put working capital at roughly C$100,000 and carried a going-concern note. The Frankfurt line exists and did no business on 17 September.

By Priya Sandhu7 min readFLM.CN

Mining and Resources

QIMC Takes 823 New Soil-Gas Stations Into Ontario, the Fifth Step in a Method Built in Public

Québec Innovative Materials Corp. (CSE: QIMC) launched an expanded 2026 natural hydrogen programme on the Ontario side of the Témiscamingue Graben on September 17, 2026: 823 new soil-gas stations at 100-metre spacing over about 80 line-kilometres, taking the Ontario database to roughly 1,733 stations, alongside more than 1,100 gravimetric stations and 78 line-kilometres of 2D seismic. The shares closed at C$0.59. The company's own disclosure says none of this measures flow.

By Priya Sandhu6 min readQIMC.CN

Mining and Resources

Global Atomic Has a US$414.2 Million Approval From Washington and Five Conditions Before It Draws

Global Atomic Corporation (TSX: GLO) was halted on 16 September 2026 and announced that the board of the U.S. International Development Finance Corporation had approved a debt facility of up to US$414.2 million for the Dasa uranium project in Niger. The shares closed at C$0.71, up 44.9 per cent on more than seven times average volume. The facility exceeds the US$327.9 million still budgeted for construction, and five conditions stand between approval and a drawdown.

By Daniel Okoye7 min readGLO.TO

Canadian Markets

Planet Ventures Fell to Five Cents Two Days Before a Consolidation That Changes Nothing

Planet Ventures Inc. (CSE: PXI) fell 16.7 per cent on 16 September 2026, to C$0.05, on roughly 37 times average volume and with no announcement that day. Behind the move sit a rights offering that issued 152,244,604 shares at a penny on 1 September, a five-for-one consolidation effective 18 September, and a year of disclosed investments smaller than the disclosed investor-awareness budget.

By Marc Belzile8 min readPXI.CN

Mining and Resources

A Kilometre From Its Nearest Hole, FireFox Gold Drilled 21 Metres of 4.13 g/t in Lapland

FireFox Gold Corp. (TSXV: FFOX) reported on 16 September 2026 that hole 26MJ032 cut 21.0 metres averaging 4.13 g/t gold more than 650 metres from any previous drilling at Mustajarvi in Finnish Lapland. The shares closed at C$0.63, up 26.0 per cent on thirteen times average volume. Two earlier holes this month carried higher grades and moved nothing. What changed was the distance, and a paid listing that ran the same day.

By Priya Sandhu8 min readFFOX.V

Mining and Resources

Pacific Imperial Mines Rose Two Thirds to Two and a Half Cents, Three Times Its Own Financing Price

Pacific Imperial Mines Inc. (TSXV: PPM) closed at C$0.025 on 16 September 2026, up 66.7 per cent on about five times average volume, with no announcement that day. The company had disclosed a ten-for-one consolidation and a placement of up to C$4 million at C$0.075 a unit on 9 September, and settled C$149,306.59 of debt with two directors on 11 September. The published financing price is a third of where the shares traded.

By Élise Galarneau7 min readPPM.V

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