THE DISPATCH

The Friday Dispatch

Hey Everyone,

It is nearly 30° and cloudless here in Toronto and I am at a desk. On the Friday of a long weekend. There's no version of this where I'm the smart one.

So no essay. Here are the notes, roughly as they exist in my notebook. Save it for Sunday, when the forecast says 85% rain and you'll be looking for something to read indoors anyway.

• Oil ran the whole emotional range in five days. Monday the US paused its strike campaign and Brent shed $8.42 to settle at $88.36. Wednesday Iran hit a US base in Jordan, CENTCOM answered across dozens of IRGC sites, crude jumped 6.6%. This morning Iran says it hit two tankers transiting Hormuz under US naval escort. Brent $90.36, strait back to 30-35% of pre-war traffic. (CNBC) WTI is up about a fifth on the month. Peace lasted 48 hours and the market bought it anyway. BOE Report + 3

• Fed held at 3.5 to 3.75, on a 9-3 vote. Hammack, Kashkari and Logan all dissented for a hike, the most dissents pointing the same direction since 2016. (Federal Reserve) Warsh: "I asked for a good family fight, and I got one." Careful what you ask for, Kevin. CNNCNBC

• Cenovus. About $5.0B adjusted funds flow, $3.8B free funds flow, upstream 970.4 MBOE/d. July was the first month the company has ever cleared 1 million BOE/d. Stock up 4.48%. (Cenovus) A war premium is a terrible thing to build a quarter on and a wonderful thing to report. CenovusInvesting.com

• Agnico. Record quarterly free cash flow and a record $625 million back to shareholders in one quarter, plus the Finland consolidation closed. (PR Newswire) Gold near $4,000 and they're still minting it. PR Newswire

• Cameco, this morning. 3.9 million pounds, hurt by spring road conditions on the northern Saskatchewan supply routes, annual outlook unchanged, long-term uranium price strengthening. (Cameco) World-class orebody, defeated again by gravel. Cameco

• Copper is doing this without a decision. COMEX settled $6.376/lb on July 29, up 43.6% year to date, despite Washington blowing the June 30 tariff deadline. The COMEX-LME premium sits at 19.2 cents/lb, roughly 8.4 times its twenty-year average. (FXEmpire) The Section 232 report went in on time recommending 15% from 2027 and 30% from 2028. There's no timeline for a decision. The market has priced a policy that does not exist. FX EmpireTacto

• Canada Nickel's Crawford cleared federally, today. Ontario still wants construction started by year end and the mine open Q4 2028. (Northern Miner) 1P1P produced an actual decision. Somebody frame it. The Northern Miner

• AME wrote to Champagne. Expand CEE eligibility to project-advancement work, or build a new credit. More than 65 signatories including PDAC, MAC and Newmont. (Canadian Mining Journal) The gap was never finding the deposit. Canadian Mining Journal

• Also, quietly useful: NRCan wants feedback on its new Mine Permit Navigator. (CMJ) If you've ever complained about permitting, this is the part where they ask. Canadian Mining Journal

• Next week: Suncor reports August 4. (BOE Report) Tuesday. Because of course it's Tuesday. BOE Report

// Drill Results

• [TSX.V GGO] Galleon Gold Intersects 6.8 G T Au Over 19.45 M At West Cache Confirming The High Grade Core Of Zone 9

• [TSX.V DLTA] Delta Resources Advances Systematic Evaluation Of High Priority Targets At The I Zone Delta 1 Gold Project Thunder Bay Ontario

• [TSX.V PEAK] Sun Peak Metals Advances Multi Project Exploration Program In Saudi Arabia Drill Programs Complete On First Two Projects Assays Pending

• [TSX.V TRR] Terra Rossa Gold Ltd Announces Phase 1 Drilling Campaign And Announcement Of Agm Results

• [TSX SAM] Starcore Stakes New Claims At The San Martin Property Mexico

• [TSX.V DRY] Dryden Gold Discovers Two New Gold Bearing Structures Further Expanding The Mineralized Footprint At Gold Rock

• [TSX.V CQR] Conquest Resources Identifies Multiple Gold In Till Geochemical Anomalies At The Valimaki Gold Project Finland

• [TSX.V BUFF] Buffalo Potash Completes Initial Drill Hole And Spuds Second Well At Initial Production Module

• [TSX.V FOXT] Fox Tungsten Intersects Multiple New Mineralized Zones At Fox North

• [TSX.V EAU] Engineer Gold Mines Exploration Program Underway

// Resource & Studies

• [TSX.V DLTA] Delta Resources Uplists To The Otcqb Venture Market

• [TSX ELE] Elemental Royalty Notes Increase In Reserves At Karlawinda

• [TSX PAAS] Pan American Announces Revised Pea For The La Colorada Skarn Project Positions La Colorada As A Future Top Tier Silver Mine

• [TSX NEXT] Nextsource Materials Announces Updated Feasibility Study Results For Molo Mine Expansion To 150k Tpa Of Superflake Graphite Concentrate

• [TSX.V WINS] Winshear Portsoy Project Successful Metallurgical Testwork Produces Marketable Copper And Hightly Attractive Nickel Concentrates

• [TSX NUAG] New Pacific Metals Reports Results Of Updated Carangas Preliminary Economic Assessment Post Tax 2 65 Billion Npv 5 And 35 9 Irr 339 0 Million Oz Of Silver Equivalent Produced

• [TSX.V NTH] Otcqb Us Symbol Change To Npmmf Announced

• [TSX.V NEXM] Nexmetals Increases Selkirk Mineral Resource By 70 Establishing 1 1 Billion Pounds Of Copper Equivalent In The Indicated Category And 200 Million Pounds In Inferred Category

• [TSX.V NEXG] Nexgold Continues To Advance Key Development Activities At The Goldboro Gold Project In Nova Scotia 13

• [TSX.V NEXG] Nexgold Continues To Advance Key Development Activities At The Goldboro Gold Project In Nova Scotia 14

// M&A & Deals

• [TSX.V COSA] Cosa Resources Closes Acquisition Of Polaris Uranium Corp

• [TSX.V COSA] Cosa Resources Acquires Polaris Uranium Corp

• [TSX.V COSA] Cosa Resources Exercises Option To Acquire A 100 Interest In The Heron Copper Project

• [TSX.V HMR] Homerun Resources Inc Advances Solar Glass Project Financing With Letter Of Intent From Leading European Project Finance Bank For Up To E170 Million

• [TSX.V EPL] Eagle Plains And American Eagle Gold Corp Execute Option Agreement Hearne Hill South Jinx And

• [TSX.V RKR] Rokmaster Options Undrilled Porphyry Copper Target In Northern Chile

• [TSX.V LIO] Lion One Acquires New Lm90 Drill To Target Zone 500 And West Zone From Underground

• [TSX.V GGL] Ggl Resources Corp Options Copper Gold Projects In Sw Yukon And Consolidates Common Shares

• [TSX.V HAR] Harfang And Eramet Sign Loi To Advance The Serpent Project In Quebec

• [TSX.V TUF] Honey Badger Silver To Acquire Important High Grade Permitted1 Canadian Silver Project Launches 10 Million Financing

// Financing

• [TSX.V ABA] Abasca Resources Closes Non Brokered Private Placement Of 3 0 Million And Applauds The Targeted Mineral Exploration Incentive Of The Government Of Saskatchewan

• [TSX.V EPL] Eagle Plains Announces Approval Warrant Expiry Extension

• [TSX ARIS] Aris Mining Files Wksi Base Shelf Prospectus 15370

• [TSX.V COSA] Cosa Resources Completes Geophysical Surveys At Heron Copper Project

• [TSX.V COSA] Cosa Resources Closes Non Brokered Private Placement

• [TSX.V COSA] Cosa Resources Announces Increase In Private Placement

• [TSX.V COSA] Cosa Resources Announces Private Placemen

• [TSX.V COSA] Cosa Resources Completes Initial Public Offering And Lists On The Canadian Securities Exchange

• [TSX.V KFR] Kingfisher Announces Closing Of Strategic Investment From Barrick

• [TSX.V GEN] Generation Closes Non Brokered Flow Through Private Placement

// Production & Operations

• [TSX.V GGM] Granada Gold Mine Enters Into Two Debt Conversion Agreements In An Aggregate Amount Of 4 Million

• [TSX.V GRD] Grounded Lithium Announces June Oil Sales And Secures Loans To Fund Oil Gas Facility Improvements

• [TSX.V CDA] Optiseis Solutions Ltd Successfully Completes Innovative Ultra Low Impact Seismic Survey Along The Mclaren Lake Fault Zone Of Canucs Esp East Sudbury Project In Greater Sudbury Ontario

• [TSX FURY] Fury Resumes Activities At Eau Claire

• [TSX IVN] Kamoa Kakula Mining Complex

• [TSX.V SCZ] Santacruz Silver Achieves Strong Q2 2026 Production Results Producing 1573100 Ounces Of Silver And 23240 Tonnes Of Zinc

• [TSX.V PTU] Demand Growth Is Outpacing Mine Development

• [TSX DML] Denison Announces Completion Of Site Preparation A 122849

• [TSX.V RCK] Rock Tech Lithium Strengthens Made In Ontario Lithium Supply Chain With Binding Spodumene Offtake Agreement Securing Up To Us80 Million Prepayment Facility For Georgia Lake Project

• [TSX.V MKA] Hypromag Usa To Establish Early Magnet Finishing Capability As Part Of Phased Texas Hub Development

// Permitting & ESG

• [TSX.V LVG] Lake Victoria Gold Commences Phase 3 Land Programme To Advance Imwelo Toward Construction

• [TSX RUA] Rua Golds Auld Creek Project Qualifies For New Zealands 6 Month Fast Track Approvals Process

• [TSX CNL] Collective Mining Publishes Its 2025 Sustainability Report

• [TSX.V SCZ] Santacruz Silver Announces Publication Of 2025 Sustainability Report For Mexican Operations

• [TSX.V LVG] Lake Victoria Gold Commences Phase 1 Earthworks At Fully Permitted Imwelo Gold Project

• [TSX PAAS] Pan American Silver Releases 2025 Sustainability Report

• [TSX CCM] Canagold Vice President Permitting

• [TSX CCM] Taku River Tlingit Collaboration

• [TSX CCM] New Polaris Environmental Application

• [TSX CCM] New Polaris Gold Antimony Project

// Corporate

• [TSX.V GEL] Graphano Energy Appoints Andrew Gainsbury As Cfo And Director Announces Passing Of Director Jay Richardson And Provides Update On Proposed Earn In Transaction

• [TSX EQX] Equinox Gold And Orla Mining Complete Business Combination Creating North Americas New Senior Gold Producer

• [TSX CS] Capstone Copper Reports Second Quarter 2026 Results

• [TSX CS] Capstone Copper Reports Second Quarter 2026 Results

• [TSX.V MOON] Blue Moon Announces Voting Results From Annual General And Special Meeting

• [TSX SAM] Robert Eadie C E O And President To Present At The Otc Markets Conference February 17 At 10am

• [TSX.V LEGY] Legacy Gold Announces Change Of Auditor

• [TSX CNL] Collective Mining To List Its Shares On The Nasdaq

• [TSX.V AEF] Ae Fuels Stakes Sadler Mine Consolidating Fluorite Ridges Two Largest Historic Fluorspar Producers

• [TSX.V SML] Southstone Provides Financial And Corporate Update

// General

• [TSX SBI] Navigating Brazils Mining Boom Inside The Shift To A Brazil Premium

• [TSX ARIS] Aris Mining Reports Q2 2026 Results 15365

• [TSX.V FMS] Focus Graphite Obtient Un Concentre Atteignant Jusqua 987 De Carbone Par Traitement Mecanique Et Lance Sa Plateforme De Qualification En Aval

• [TSX.V RCK] Rock Tech Lithium Festigt Lithium Lieferkette In Ontario Mit Verbindlicher Spodumen Abnahmevereinbarung Und Sichert Vorauszahlungsfinanzierung Von Bis Zu 80 Mio Us Dollar Fuer Das Georgia Lake Projek

• [TSX.V LEM] Leading Edge Materials Welcomes Swedish Mineral Strategy And Potential Measures To Accelerate Strategic Projects

• [TSX.V NCX] Amvest Michael Gentile Mining Investor Forum London Uk

• [TSX.V NCX] Mining Forum Americas Colorado Springs Co

• [TSX.V NCX] Precious Metals Summit Beaver Creek Co 2

• [TSX.V HAR] Harfang Annonce La Cloture Dun Placement Prive Sans Courtier

• [TSX PMET] Pmet Signe Une Lettre Dintention Non Contraignante Avec La Nation Crie De Chisasibi Afin De Soutenir Le Processus De Concertation Et Devaluation

// NOTES FROM THE NORTH

New site goes live next week. Hit reply if you want to see the slick ways to have your operation featured.

The Civic Holiday isn't technically a statutory holiday in Ontario. Nobody has ever cared less about a technicality.

No one at their desk today is happy about it, unless they can see the door and no one will notice them slipping through it.

Happy long weekend everyone.

-Lee