9th January 2026 North America Newsletter
9th January 2025 North America Newsletter
Featured News
Borealis to raise C$20M
Borealis Mining (TSXV:BOGO) entered a bought deal private placement of 13.3M shares @ C$1.50 for proceeds of $20M. Proceeds will advance Au projects in Nevada.
Stillwater raised C$17M
Stillwater Critical Minerals (TSXV:PGE) closed a bought deal private placement, including the full exercise of the over-allotment option, for proceeds of C$17M @ 46c. Each unit consists of one share and half a warrant exercisable @ 64c for three years. Proceeds will fund the exploration and advancement of the Stillwater West Ni-PGE-Cu-Co+Au project in Montana.
Mergers & Acquisitions
McEwen (NYSE/TSX:MUX) and Canadian Gold (TSXV:CGC)
Completed a business combination under which each CGC shareholder received 0.0225 MUX shares for each CGC share held. All CGC shares held by Rob McEwen will be exchanged for MUX subscription receipts rather than MUX shares. The receipts will convert into MUX shares upon receipt of shareholder approval at a meeting of MUX shareholders.
Financing
Freegold raised C$50M
Freegold Ventures (TSX:FVL) closed an upsized brokered private placement of 38.5M shares @ C$1.30 for proceeds of $50M. Proceeds will be used to complete a PFS for the Golden Summit Au project in Alaska. Eric Sprott invested $10M.
Galleon raised C$46M with Pan American Silver
Galleon Gold (TSXV:GGO) entered a credit facility of C$46M with Pan American Silver (NYSE:PAAS). The two-year facility bears interest @ a floating 12-month prime rate plus 7% and is secured by first-ranking security over GGOs assets, including the West Cache Au project in Ontario. Funds will be used to advance underground development and infrastructure required to complete the bulk sample program at West Cache. An initial draw of $11M will fund the repurchase of an existing 3% NSR on the Project. PAAS received a $1.2M arrangement fee in stock, of 1.1M shares @ $1.07. PAAS now owns 15.11% of GGO.
Silver47 to raise C$20M
Silver47 Exploration (TSXV:AGA)entered a bought deal of 19M units @ C$1.05 for proceeds of $20M. Each unit is comprised of one share and half a warrant exercisable @ $1.40 for three years. Proceeds will accelerate and expand drilling on AGAs Ag projects in Alaska, Nevada and New Mexico.
Minera Alamos 10:1 rollback
Minera Alamos (TSXV:MAI) will undertake a 10:1 share rollback. It has 1.1B shares and will reduce these to 108M. The consolidation is expected to be effective on 5 January.
Gold Headlines
Ascot Resources (TSXV:AOT.H)
Closed the first tranche of a best efforts brokered private placement of 133.6M units @ 60c for proceeds of C$80.1M, with participation from large shareholders including Ccori Apu. Each unit is comprised of one share and half a warrant exercisable @ 85c for a year. Proceeds will be used to further develop the Premier Au mine and Red Mountain project in BC. The remainder of the offering is anticipated to close in January 2026. AOT said the proceeds of a rights offering completed December 15 were used to settle existing lien claims in relation to Premier. AOT entered into a second amended and restated convertible facility agreement with Nebari that extended the maturity date of the loan to three years from December 2025. The exercise price of the warrants was reset to 75c. AOT and Nebari also entered a third amended and restated cost overrun agreement that extended the maturity date of the loan to five years and restructured its payment. The exercise price of the warrants previously issued was reset to 75c. AOT entered into a third amended and restated purchase and sale agreement with Sprott Private Resource Streaming and Royalty to extend the buy-back option period to December 2028. Jim Currie will step down as president & CEO and be replaced by Robert McLeod. A corporate rebrand and proposed name change is expected soon.
Mayfair Gold (TSXV:MFG)
Announced a PFS for the Fenn-Gib project in the Timmins district of Ontario to produce 64,000oz/y for 14.3 years at an all-in sustaining cost of US$1,171/oz. The project will yield an after tax NPV5 of C$$652M, IRR of 24% with a 2.7-year payback at a base case Au price of US$3,100/oz following an initial development capital cost of C$450M. These improve to $1.37B, 38% and 1.7 years at US$4,450/oz Au. “The 2026 PFS demonstrates the strong economics and free cash flow potential associated with developing the Fenn-Gib Gold project as a targeted, high-grade operation that can be advanced through the Ontario permitting process. This strategy allows MFG to advance Fenn-Gib without requiring excessive up-front capital with substantially lower execution risk,” said CEO Nick Campbell.
Americas Gold and Silver (NYSE-A:USAS)
Announced advancements toward production at the recently acquired Crescent Ag mine in Idaho with infrastructure upgrades, equipment repairs and additions, and site upgrades to position the mine for a mid-2026 restart of Ag, Cu & Sb production. The installation of low-cost grid electrical power to the Hooper tunnel will replace reliance on diesel generators and reduce power costs. “In less than a month since closing the Crescent acquisition, our team has achieved remarkable progress towards restarting production. We’re poised to unlock multiple synergies with our neighbouring Galena Complex from procurement savings and equipment sharing to G&A efficiencies and spare processing capacity,” said chair & CEO Paul Andre Huet.
Copper Headlines
Arizona Sonoran Copper (TSX:ASCU)
Agreed with Rio Tinto’s (LSE:RIO) Nuton subsidiary to an early termination of the option to JV the Cactus project in Arizona ASCU will advance Cactus on a standalone basis where a FS is targeted for 2H26.
NorthWest Copper (TSXV:NWST)
Reported drill results from hole 287 at its Kwanika project in BC that returned higher-grade in both the Pit and Central Zones, with a highlight of 25.9m @ 0.91% Cu & 1.29g/t Au for a 2.09% CuEq starting near surface. An updated PEA is to be delivered in mid-2026. “The program exceeded expectations by demonstrating the continuity of higher-grade zones over significant widths in both the Central Zone and the Pit Zone, materially improving our understanding of the mineralization. Results from the Pit Zone are expected to support higher-grade open pit mineral resources,” said CEO Paul Olmsted.
Critical Minerals Headlines
Denison Mines (NYSE-A:DNN)
Said pending final regulatory approvals, it is ready to make a FID and commence construction of the Phoenix ISR Ur mine in the Athabasca Basin, Saskatchewan. The two-part Canadian Nuclear Safety Commission (CNSC) public hearing for approval of an Environmental Assessment concluded in December 2025 with DNN awaiting a CNSC decision. First production is on track for mid-2028. Post-FID initial capital costs for Phoenix are estimated at C$600M, a 20% increase relative to the 2023 FS. DNN has over $700M in cash, physical uranium and investments. “With the recent conclusion of the CNSC public hearing, and receipt of an initial approval to commence construction activities from Saskatchewan, we are poised to start 2026 with a series of positive catalysts,” said president & CEO David Cates.
Brunswick Exploration (TSXV:BRW)
Announced a maiden, open pit inferred resource of 52.2Mt @ 1.08% Li2O and 131ppm Ta2O5 for its Mirage project in the James Bay region of Quebec, which places Mirage among the largest undeveloped hard rock Li resources in the Americas. BRW said it has an additional exploration target of 40-50Mt for continued near-term growth. Metallurgical test work demonstrates the potential for a dense media separation only processing flowsheet to produce a high-quality concentrate. “Mirage is already one of the largest undeveloped hard rock Li resources across the Americas and, with the exploration target, is poised to continue organic and near-term growth over the coming quarters and years. The majority of the resource is near surface, which we believe will be very beneficial in future economic studies,” said President & CEO Killian Charles.
First Phosphate (CSE:PHOS)
Received an initial payment under an amendment to its existing, long-term P concentrate offtake agreement with an existing partner who agreed to provide a lump-sum pre-payment equivalent to US$530k to assist it in advancing the Bégin-Lamarche project in Quebec to FS and an eventual production decision. PHOS completed a PEA on Bégin-Lamarche in December 2024. The company is completing a 30,000m drill program, which is expected to be completed by April 2026, to finalize the geological model. If PHOS decides not to advance to a FS, the pre-payment is refundable.
Gold Drilling
West Point Gold (TSXV:WPG)
Announced results from four holes from the high-grade zone at Northeast Tyro from a 15,000m ) drill program at its Gold Chain project in Arizona. Highlights included 27.4m @ 9.56g/t in hole 87 that expanded the highest-grade part of the zone up-dip. Drilling continues to explore the deeper portions of the high-grade zone between the Tyro NE and Main zones. “Drilling at NE Tyro continues to return better than expected grades with good continuity at relatively shallow depths. The high-grade zone at NE Tyro appears to continue at depth and to the NE, suggesting the zone remains open to further expansion,” said president & CEO Derek Macpherson.
Arizona Gold & Silver (TSXV:AZS)
Received assays from hole 158 on the Philadelphia project in Arizona that extends the zone of high-grade Au mineralization in the Perry discovery 110m N. Highlights included 60.37m @ 4.36g/t AU & and 6.38g/t Ag. “Vein textures continue to indicate we are still only at the top of the boiling zone of this impressive system. It is my objective to continue to push out the Perry strike length to demonstrate the scale of the mineralised structure,” said VP exploration Greg Hahn.
Aztec Minerals (TSXV:AZT)
Received assays from seven RC drill holes at the Tombstone property in Arizona. Hole 17 intersected 57.8m @ 39.12g/t Ag & 5.16g/t Au from 9.1m depth. 40 RC holes have been drilled with 20 holes pending release.
Nova Minerals (NASDAQ:NVA)
Announced drilling results from the RPM North deposit within its Estelle Au and critical minerals project in the Tintina Belt in Alaska. Drilling extended the halo around the high-grade core zone at RPM North with further broad intercepts and a new eastern discovery. Highlights included 180m @ 0.7g/t from 4m in hole 80 including 27m @ 2.5g/t and 7m @ 8.1g/t Au. “This eastern extension has the potential to significantly increase the resource at RPM and will be a focus of the 2026 RPM resource drilling program,” said CEO Christopher Gerteisen.
Sitka Gold (TSXV:SIG)
Announced additional results from diamond drilling at the Rhosgobel discovery at its RC Gold project in Yukon that expanded the known mineralized zone along a strike length of 975m. Highlights included 156.9m @ 1g/t, including 94m @ 1.41g/t in hole 27. W mineralization also continues to be observed. “With reduced intrusion-related gold style mineralization observed in all drill holes completed to date over the initial 1.1km strike length tested, Rhosgobel is quickly shaping up as one of the most significant new gold discoveries made in 2025,” said CEO Cor Coe.
Spanish Mountain Gold (TSXV:SPA)
Provided assays from five exploration drill holes within the Orca Fault target at the Spanish Mountain project in the Cariboo Corridor of BC. It has completed 8,220m of drilling of the 9,000-10,000m planned. Highlights included 102.36m @ 0.92g/t within 171.36m @ 0.64g/t in hole 1315.
Radisson Mining Resources (TSXV:RDS)
Announced assays from six holes at its O’Brien project in the Abitibi region of Québec as part of an ongoing 140,000m step-out program to test the overall scope of gold mineralization. Highlights included 1m @ 90.6g/t within 3m @ 30.59g/t Au in hole 337W13. “Of particular note are the two new wedges completed beneath the former mine’s final stope where we are seeing multiple high-grade intercepts of quartz-sulphide veins within broader alteration envelopes,” said president & CEO Matt Manson.
Scottie Resources (TSXV:SCOT)
Reported assays from drilling of the Blueberry Contact Zone within the Scottie Au mine project in BC designed to expand the existing resource while increasing geological confidence in the known zones, supporting the planned conversion of resources from the inferred to indicated category. Highlights included 14m @ 6.41g/t in hole 415. “Blueberry remains the cornerstone to our recent PEA and DSO mine plan, delivering early high-grade ounces from an open pit and then transitioning into a robust underground operation. At today’s gold prices the open pit scenario alone has the potential to fund both mine construction and the development of the underground,” said CEO Brad Rouke.
Banyan Gold (TSXV:BYN)
Intersected high-grade domains and visible Au in the Powerline deposit and high-grade skarn mineralization in the Airstrip deposit at its AurMac project in Yukon. Highlights included 31.2m @ 1.9g/t within 66.6m @ 1.1g/t in hole 773. “These results affirm the success of 2025 drilling to strategically target extensions of high-grade mineralized domains at Powerline and the down-dip extensions of the high-grade skarn-style mineralization Airstrip. Results continue to demonstrate that the 400m gap between the two deposits is mineralized,” said president & CEO Tara Christie.
Provenance Gold (CSE:PAU)
Announced assays from the final seven RC drill holes in the Tyee and Striker areas which form part of Eldorado West Project in Oregon. The five new holes from Tyee continue to define broad, continuous, Au mineralization across multiple structural and geological domains, further strengthening the interpretation that Eldorado West is part of a large-scale, multi-kilometer gold system. Highlights included 68.58m @ 0.67g/t in hole 30. “We are still in the early stages of defining what we believe will become a very significant Au district. We are permitting major step-out drill pads at Eldorado West for the 2026 drilling season as well as our maiden drill program at Eldorado East,” said chair Rauno Perttu.
Revival Gold (TSXV:RVG)
Provided drilling results from 19 drill holes at Mercur project in Utah, with highlights of 25.9m @ 1.8g/t from 6.1m downhole in hole 144. RVG said discussions have been initiated with Utah regulators on the mitigation of historical mining-related archaeological sites, and a contractor has been selected to evaluate and redevelop the historical water supply wells at Mercur. RVG also announced the appointment of Timothy Barnett as Mercur GM. He was a project manager with Rio Tinto Kennecott and previously managed construction contracts at Continental Gold’s Buritica Au project in Colombia, commissioning manager at Oceana Gold’s Haile mine in South Carolina and project manager at Alamos Gold’s Mulatos mine in Mexico.
Copper Drilling
Perseverance Metals (TSXV:PMI)
Provided assays from six diamond drill holes targeting Ni-Cu-Co-PGE magmatic sulphide mineralization within the Baseline Zone discovery, part of the 6km long by 2km wide Venus East Mineralized Trend in the eastern portion of the district scale Lac Gayot project in Québec. Highlights included 2.1m @ 4.03% Ni, 0.69% Cu, 0.12% Co & 1.79g/t Pd in hole 4. “Multiple, sequential intersections of high-grade Ni sulphide strengthen our conviction in the overall fertility of the trend. This, coupled with the validation of our geophysical targeting methodology will allow us to expand on the known zones of mineralization and more effectively vector into additional zones,” said CEO Michael Tucker.
Critical Minerals Drilling
SAGA Metals (TSXV:SAGA)
Announced assays for the first two of eight holes from Phase 1 resource drilling over the Trapper Zone at the Radar Ti-V-Fe project in Labrador. Highlights included 269.36m @ 36.21% Fe₂O₃, 6.57% TiO₂, 0.244% V₂O₅ from surface in hole 8, the best holes to date on the project. “The first results from the 2025 phase of the resource drill program at Trapper North have returned meaningful quantitative validation for the large intercepts of semi-massive and massive oxide that the team observed during the logging,” said CGO Michael Garagan.
Paul Harris
Paul has more than twenty years’ experience in the mining sector in investor relations, communications, research and news reporting roles. Paul has 16 years’ experience in the Colombia gold sector including investor relations roles with Continental Gold, Gran Colombia Gold and Mineros.
Paul founded the successful Colombia Gold Symposium in 2016 and has written for industry leading publication Mining Journal since 2015. Previously, Paul spent five years in Chile reporting and researching the copper sector for CRU and Metal Bulletin. Paul received a BA in Business Administration from the University of the West of England, UK; and a MA in International Relations from the University of Chile, Santiago Chile. He is fluent in English and Spanish.
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