Junior Mining Intelligence · Friday snapshot
GoldVenture Weekly
Week ending September 25, 2026 · 397 companies tracked, 350 priced
Gold's -2.02% weekly decline to $4,289.4/oz dominated the tape, dragging the broader junior universe to a median return of -1.47% for the week ending 2026-09-25, with only 34.3% of the 350-company universe advancing versus 42.0% the prior week (prior-week median: 0.0%). Uranium equities were the strongest cohort, posting a median return of +5.72% with 66.7% of constituents up, while silver was the weakest at a median of -1.93% against a -3.01% spot move; financing announcements were the dominant catalyst class, accounting for the largest single-stock movers and the bulk of the week's $393.8M raised across 9 transactions.
What changed: breadth 34.3% up vs 42% last week; median -1.5% vs 0.0%; 8 deals for $306.8M vs 12 for $249.1M; 68 material releases vs 93.
Top developments
GWM (Galway Metals Inc.) surged +73.02% after announcing a $14.0M brokered private placement led by Michael Gentile, dated 2026-09-23. Release ↗
BYN (Banyan Gold Corp.) fell -6.6% following announcement of a $50.0M life-of-mine offering and concurrent $8.0M private placement dated 2026-09-21, consistent with typical dilution-driven selling pressure. Release ↗
NICN (NiCan Ltd) gained +88.24% — no material release in window — move appears technical.
SLVR.V (Silver Tiger Metals Inc.) declined -20.51% after announcing an $87.0M bought deal financing alongside a capital cost update for its El Tigre project, dated 2026-09-21. Release ↗
MMA.V (Midnight Sun Mining Corp.) dropped -9.68% following its 2026-09-21 announcement of a strategic earn-in on the Mulundu Licence to expand its Dumbwa copper footprint. Release ↗
Sector cohorts new
| Cohort | n | Median move | Median | % up | Metal wk | Best · worst |
|---|---|---|---|---|---|---|
| Gold last wk 0.0% | 213 | -1.5% | 31.9% | -2.02% | GWM +73.0% · STNG -28.6% | |
| Copper last wk -1.0% | 42 | -0.9% | 35.7% | +0.89% | TMET +15.4% · DMCU -22.6% | |
| Silver last wk 0.0% | 23 | -1.9% | 34.8% | -3.01% | TK +12.1% · AFF -50.0% | |
| Lithium last wk -2.5% | 12 | +0.6% | 50% | -1.08% | NVLH +7.1% · LIBR -12.5% | |
| Nickel last wk -0.7% | 7 | -1.3% | 28.6% | no quote | NICN +88.2% · TN -18.2% | |
| Uranium last wk -9.2% | 6 | +5.7% | 66.7% | -0.28% | ABA.V +17.6% · COSA -15.2% |
By exchange: CSE 38.3% up, median -1.6% (n=47) · TSX 37.8% up, median -1.6% (n=45) · TSXV 32.9% up, median -1.3% (n=258)
Metals
Capital markets
By type
By commodity, share of dollars new
Solid: this week. Grey: prior four weeks.
Deal terms new
Price against the stock's current price and shares issued against shares outstanding, from the financing record.
| Company | Type | Amount ▾ | Price | vs market | Dilution | Warrants | Closes | Status |
|---|---|---|---|---|---|---|---|---|
| Generation Mining Limited GENM PGM | Private Placement | $200.0M | $0.64 mkt $0.58 | +10.3% | 96.8% | none | Sep 21 | closed |
| Banyan Gold Corp. BYN Gold | Private Placement | $50.0M | $2.00 mkt $1.98 | +1.0% | 5.6% | none | Oct 8 | announced |
| South Pacific Metals SPMC Gold | Private Placement | $20.0M | $0.83 mkt $0.82 | +1.2% | 34.9% | $1.40 to Sep 25 | Sep 23 | closed |
| Galway Metals Inc. GWM Gold | Private Placement | $14.0M | $0.72 mkt $1.09 | -33.9% | 14.8% | $0.80 to Sep 27 | Oct 9 | announced |
| Japan Gold JG Gold | Private Placement | $10.5M | $0.12 mkt $0.10 | +14.3% | 2.9% | $0.14 to Sep 23 | Sep 23 | closed |
| Aztec Minerals Corp. AZT Gold | Bought Deal | $6.4M | $0.32 mkt $0.37 | -13.5% | 10.6% | $0.42 to Sep 23 | Sep 22 | closed |
| Rackla Metals Inc. RAK Gold | Private Placement | $3.6M | $0.36 mkt $0.34 | +9.0% | 6.0% | $0.36 to Sep 24 | Sep 24 | closed |
| Abasca Resources ABA.V Uranium | Private Placement | $2.3M | $0.25 mkt $0.10 | +150.0% | 6.3% | none | Oct 20 | announced |
Insider activity new
Net buyers
Directors, officers and 10% holders paying market price with their own cash (SEDI filings). Grants, exercises and plan purchases are excluded. Canadian dollars.
| FPX NickelFPX | 1 buy · 1 insider | +C$83K |
| New Break Resources Ltd.NBRK | 3 buys · 2 insiders | +C$69K |
| One Bullion LimitedOBUL | 3 buys · 1 insider | +C$57K |
5 more net buyers this week on the insider board.
Cluster buying: New Break Resources Ltd. (4 insiders, C$95K); Puma Exploration Inc. (3 insiders, C$61K); Selkirk Copper (2 insiders, C$54K) and 1 more.
Net sellers
Open-market sales; option exercises followed by a sale count only for the sale.
| Amerigo Resources Ltd.ARG | 8 sells · 1 insider | −C$259K |
| 1911 Gold CorporationAUMB | 2 sells · 1 insider | −C$249K |
| Silver Storm MiningSVRS | 1 sell · 1 insider | −C$50K |
1 more net seller this week on the insider board.
Insiders in placements: Generation Mining Limited C$89.2M (45% of the round); Blue Lagoon Resources Inc. C$137K (1% of the round).
Source: SEDI filings as published by TMX Money. Full board at /insiders.
Financial filings new
Filed this week
Statements and MD&A first seen in the window. Cash and working capital are read from the balance sheet of processed statements; a material-uncertainty flag means the auditor or the notes cast doubt on going concern.
| Company | Filing | Period | Cash | Working capital | |
|---|---|---|---|---|---|
| 1911 Gold CorporationAUMB | Interim statements + Interim MD&A | Q2 2026 to Jun 30 | $4.1M CAD | ($13.1M) | going-concern doubt |
| ATEX ResourcesATX | Interim statements | Q2 2026 to Jun 30 | $141.0M CAD | $137.8M | |
| Almaden MineralsAMM | Interim statements + Interim MD&A | Q2 2026 to Jun 30 | $5.9M CAD | $5.7M | |
| Almadex Minerals Ltd.DEX | Interim statements | Q2 2026 to Jun 30 | $7.3M CAD | $19.2M | |
| Altius MineralsALS | Interim statements + Interim MD&A | Q2 2027 to Jun 30 | $143.5M CAD | $150.6M | |
| Amarc Resources Ltd.AHR | Interim statements | Q1 2027 to Jun 30 | $4.5M CAD | $656K | going-concern doubt |
| Amerigo Resources Ltd.ARG | Interim statements + Interim MD&A not yet processed | Q2 2026 to Jun 30 | $50.3M USD | $9.8M | |
| Apollo SilverAPGO | Interim statements + Interim MD&A | Q2 2026 to May 31 | $56.4M CAD | $56.4M | |
| Argentina Lithium & Energy Corp.LIT | Interim statements + Interim MD&A not yet processed | Q2 2026 to Jun 30 | $746K CAD | ($1.5M) | going-concern doubt |
| Avino Silver & Gold Mines Ltd.ASM | Interim statements + Interim MD&A | Q2 2026 to Jun 30 | $144.8M USD | $140.8M | |
| Blue Lagoon Resources Inc.BLLG | Annual statements + Annual MD&A | FY 2026 to Jun 30 | $1.2M CAD | ($1.0M) | going-concern doubt |
| Blue Sky Uranium Corp.BSK | Interim statements + Interim MD&A | Q2 2026 to Jun 30 | $984K CAD | $94K | going-concern doubt |
| CanAlaskaCVV | Interim statements (incl. MD&A) | Q1 2027 to Jul 31 | $4.3M CAD | $27.2M | |
| Canada NickelCNC | Interim statements + Interim MD&A | Q3 2026 to Jul 31 | $8.1M CAD | ($47.4M) | going-concern doubt |
| Cerrado GoldCERT | Interim statements | Q2 2026 to Jun 30 | $25.3M USD | ($39.1M) | going-concern doubt |
| CopperExCUEX | Interim statements + Interim MD&A | Q2 2026 to Jun 30 | $29K CAD | ($755K) | going-concern doubt |
| Coppernico Metals Inc.COPR | Interim statements + Interim MD&A not yet processed | Q2 2026 to Jun 30 | $5.1M CAD | $4.1M | |
| Cosa Resources Corp.COSA | Interim statements + Interim MD&A not yet processed | Q2 2026 to Jun 30 | $18.0M CAD | $14.2M | going-concern doubt |
| Dryden GoldDRY | Interim statements + Interim MD&A not yet processed | Q2 2026 to Jun 30 | $14.6M CAD | $14.2M | going-concern doubt |
| Eagle Plains Resources Ltd.EPL | Interim statements | Q2 2026 to Jun 30 | $7.6M CAD | $10.8M | going-concern doubt |
| Emerita ResourcesEMO | Interim statements | Q3 2026 to Jun 30 | $9.1M CAD | $10.9M | |
| Eminent Gold CorporationEMNT | Interim statements + Interim MD&A not yet processed | Q2 2026 to Jun 30 | $1.2M CAD | $1.4M | |
| Enduro Metals CorporationENDR | Interim statements + Interim MD&A not yet processed | Q3 2026 to Jun 30 | $8.5M CAD | $6.5M | going-concern doubt |
| Equinox GoldEQX | Interim statements + Interim MD&A not yet processed | Q2 2026 to Jun 30 | $317.8M USD | $255.3M | |
| Freegold Ventures LimitedFVL | Interim statements + Interim MD&A | Q2 2026 to Jun 30 | $42.4M USD | $40.0M | |
| Heliostar MetalsHSTR | Interim statements + Interim MD&A not yet processed | Q2 2027 to Jun 30 | $43.0M USD | $45.9M | |
| K2 GoldKTO | Interim statements + Interim MD&A not yet processed | Q2 2026 to Jun 30 | $31.1M CAD | $31.5M | |
| Kuya Silver CorpKUYA | Interim statements + Interim MD&A | Q2 2026 to Jun 30 | $25.5M USD | $25.2M | |
| Lavras Gold Corp.LGC | Interim statements | Q2 2026 to Jun 30 | $6.6M CAD | $5.8M | going-concern doubt |
| Magma Silver Corp.MGMA | Interim statements | Q2 2026 to Jun 30 | $2.8M USD | $2.8M | going-concern doubt |
| Nevada King Gold Corp.NKG | Interim statements + Interim MD&A | Q1 2027 to Jun 30 | $15.7M CAD | — | going-concern doubt |
| New Found Gold CorpNFG | Interim statements + Interim MD&A not yet processed | Q2 2026 to Jun 30 | $193.8M CAD | $187.2M | going-concern doubt |
| Newcore GoldNCAU | Interim statements + Interim MD&A not yet processed | Q2 2026 to Jun 30 | $15.5M | $13.9M | |
| Nuvau Minerals Corp.NMC | Interim statements + Interim MD&A | Q2 2026 to Jun 30 | $8.5M CAD | $10.1M | going-concern doubt |
| Omai Gold Mines Corp.OMG | Interim statements + Interim MD&A | Q2 2026 to Jun 30 | $5.4M USD | $33.1M | |
| Scorpio GoldSGN | Interim statements | Q2 2026 to Jun 30 | $2.6M USD | $1.4M | going-concern doubt |
| Silverco MiningSICO | Interim statements + Interim MD&A | Q2 2026 to Jun 30 | $53.6M CAD | ($800K) | going-concern doubt |
19 of the processed filings carry material-uncertainty language about going concern.
Filings due
NI 51-102 deadlines within 30 days: 120 days after year-end for annual statements, 60 after quarter-end for interims.
14 companies are past a filing deadline with nothing found on their site yet.
29 companies filed financial statements this week, with auditors flagging material uncertainty about going concern at 7 firms, including AUMB (1911 Gold Corporation, CAD $4,138,000 cash), BLLG (Blue Lagoon Resources Inc., CAD $1,213,382 cash), BSK (Blue Sky Uranium Corp., CAD $14 cash), CNC (Canada Nickel, CAD $8,066,449 cash, working capital of -CAD $47,418,350), and CUEX (CopperEx, CAD $28,647 cash).
Drill and discovery board new
Drill results
Drilling has been temporarily paused at the 100%-owned Esperanza copper-gold-molybdenum project in southern Peru while matters relating to the project's authorization are addressed. The maiden drill program had commenced on September 20, 2026. DLP says it is working with Peruvian legal and technical advisors and the relevant authorities to obtain the necessary confirmations, has no reason to believe the matters cannot be resolved, and intends to recommence drilling as soon as practicable.
A non-brokered private placement closed for aggregate gross proceeds of $750,000, Harfang Exploration Inc. (TSXV: HAR) said from Montreal on July 24, 2026. The release describes the offering as non-brokered.
Step-out drillhole CDH013 at the Cobrasco copper-molybdenum project in Chocó, Colombia returned 322m at 0.51% Cu, 70ppm Mo and 1.6g/t Ag from 74m, including 200m at 0.65% Cu and 84ppm Mo from 82m and 44m at 0.81% Cu and 110ppm Mo from 204m. Collared 350m northwest of Pad 3, the hole extends the drill-defined mineralized footprint to approximately 1,300m x 550-700m. CDH012 returned 12m at 0.41% Cu from 350m. Assays are pending for three further holes, with a fourth in progress.
The 2026 drill program at the Surebet discovery on the 100%-owned Golddigger Property in B.C.'s Golden Triangle has concluded, with 48,443 meters drilled in 97 holes over 94 days using 7 rigs, and all holes intersecting quartz-sulphide mineralization. The Surebet footprint increased 12% to 2.01 km2 from 1.8 km2, with the Bonanza Zone expanded from 1.27 km2 to 1.51 km2, the Golden Gate Zone from 0.85 km2 to 1.17 km2, and a new Big Bulk Zone identified. Assays remain pending for 83 holes.
Expansion drilling on the Lupe Vein at the Columba silver project in Chihuahua, Mexico returned 232 gpt silver, 0.3% lead and 0.6% zinc over 24.00 meters from 407 meters in CDH-26-258, and 250 gpt silver, 1.4% lead and 0.8% zinc over 11 meters in CDH-26-257, plus 759 gpt silver over 6.02 meters in CDH-26-256. More than 30,000 meters of the staged 60,000-meter program is complete, with Lupe outlined over about 520 meters of strike and 450 meters vertically and open. Drilling has moved to the Julieta, Santo Niño and Toro veins.
Infill drilling at the Bench Target on the Tower Mountain Property, 40 kilometres west of Thunder Bay, Ontario, returned 496.0 metres averaging 0.271 g/t Au from surface to end-of-hole in TM26-214, including 111.0 metres averaging 0.514 g/t Au. TM26-212 intersected 592.5 metres averaging 0.144 g/t Au, with mineralization from 376.5 metres to end-of-hole at 600 metres, ending in 84.0 metres averaging 0.442 g/t Au; TM26-211 returned 396.0 metres averaging 0.110 g/t Au. Weighted average drilled grades across six holes are 10% above the 2026 MRE model, with a resource update targeted by year-end.
Underground definition drilling at the 100%-owned Madsen Mine in Ontario's Red Lake district returned 5.3m at 176.04 g/t Au, including 1m at 925.52 g/t Au, from hole MM26D-14-4929-025 in the Austin 904 complex, and 4.5m at 128.32 g/t Au, including 1m at 566.81 g/t Au, at South Austin. Austin 955 holes included 6.85m at 35.72 g/t Au and 12.8m at 7.93 g/t Au. Drilling targeted near-term mining inventory, with the complexes potentially added to the mine plan in 2027.
Trenching at the Skull epithermal zone on the Moose Lake antimony project in New Brunswick's Bathurst Mining Camp returned antimony assays above the 1% detection limit in trenches SKT26-01 and SKT26-08, plus up to 1.965 g/t gold and 73.50 g/t silver from trenches SKT26-03 and SKT26-04. The breccia zone has been traced over 242 meters with 8 trenches, with 14 grab samples reported and antimony assays pending on 3 samples. The excavator has moved 3,800 meters southeast to the Moose Lake zone.
Diamond drilling began at the 100%-owned Esperanza copper-gold-molybdenum project in southern Peru, with the first hole collared on September 20, 2026, the first drilling ever on the 22,500-hectare property. The maiden program comprises roughly 3,000 metres in seven holes: four shallow holes to a maximum 150 metres each testing a 300 m x 700 m near-surface copper oxide zone, followed by three 800-metre holes targeting the porphyry core beneath a 5.0 km x 2.5 km magnetic anomaly. Assays will be reported as received.
Drill hole SBM26-09 at the Rainbow Block Project in Butte, Montana intersected 0.82 meters (2.7 feet) of copper-bearing massive sulfide on the Black Rock Copper Vein from 662.15 to 662.97 meters downhole, grading 8.20% CuEq (6.22% Cu, 207.1 g/t Ag, 0.27% Zn). True width is estimated at 50% to 60% of downhole length. The intercept lies about 30 meters below a historical Anaconda unmined copper-silver block. Assays for the Rainbow, Boston and Jersey Blue veins are pending, and follow-up hole SBM26-10 has been started from surface.
Drill hole HW-26-015 at the HWY 37 Project in British Columbia's Golden Triangle returned 8.8 m grading 20.33 g/t Au, 937.6 g/t Ag, 2.98% Cu, 11.08% Zn and 0.99% Pb (38.50 g/t AuEq) from 462.0 m, within 27 m of 13.61 g/t AuEq from 461.0 m to 488.0 m, in a polymetallic vein containing visible gold on the margin of the Hank porphyry target. This is the season's first assay, with the remainder of the hole pending. As of September 17, 2026, 17 holes totalling about 9,500 m have been drilled or are in progress in the Hank-Mary District. Kingfisher also added 30 km² adjacent to Forrest Kerr, bringing total tenure to 1,165 km².
Drill hole FOX26-003 at the Fox Zone on Geiger Energy's Aberdeen Project in Nunavut's Thelon Basin intersected five zones of uranium mineralization over an 89.8 metre interval from 41.0 to 130.8 metres, with downhole radioactivity up to 15,022 cps; assays are pending. FOX26-002 returned extensive clay, sooty pyrite and hematite alteration and was stopped at 404 metres. All three holes at the 1.3-kilometre Fox target, on the Andrew Lake Fault near Orano's Kiggavik deposits, hit mineralization or alteration.
Resource updates and study results
A NI 43-101 technical report for the Loki Flake Graphite Deposit PEA at the Key Lake South Project, Saskatchewan, has been filed on SEDAR+, prepared by Tetra Tech with an effective date of August 19, 2026. The PEA outlines a 2,750 tonne-per-day open-pit operation over a 19-year mine life averaging 66,500 tonnes of 95% graphite concentrate annually, with an after-tax NPV(8%) of US$130M and 16.7% IRR at US$1,450/tonne graphite. Abasca is also raising up to $2.25 million through 9,000,000 flow-through shares at $0.25.
The Ana Paula feasibility study in Guerrero, Mexico is 34% complete and on track for completion in Q2 2027, targeting a mid-2027 construction decision and first gold before the end of 2028. Since the November 6, 2025 PEA, 74 holes totalling 25,072 metres have been added to a pending updated resource estimate; planned throughput is now 2,000 tpd versus 1,800 tpd, with comminution sized for up to 2,500 tpd. An MIA-R environmental permit submission is due September or October 2026, and Hannam & Partners is arranging project debt; cash was $43.0 million at June 30, 2026 with no debt.
Technical reports filed this week
No NI 43-101 or PEA document filed this week. 51 reports are identified and processing; see the week ahead.
Week ahead new
Financings closing
Open rounds with a closing date on or after the week ending.
8 open rounds are past their closing date or have none; they are hidden here and need a status update.
Technical reports due
NI 43-101 s.4.2 gives issuers 45 days from announcing results to file. From the report-hunt pipeline.
Warrant radar new
4 tranches expiring within 90 days of Sep 25, out of 238 outstanding on record. Strike against the current price; proceeds assume full exercise.
| Company | Expires | Strike | Price | In / out of money | Max proceeds | From |
|---|---|---|---|---|---|---|
| Canstar ResourcesROX | Oct 30 | $0.10 | $0.055 | -45.0% | $1.9M | Private Placement of Oct 30 · Warrant radar ↗ |
| Solstice Gold CorporationSGC | Oct 31 | $0.10 | $0.120 | +20.0% | $611K | Private Placement of Oct 31 · Warrant radar ↗ |
| Orestone Mining Corp.ORS | Dec 16 | $0.16 | $0.075 | -53.1% | $4.5M | Private Placement of Dec 17 · Warrant radar ↗ |
| Puma Exploration Inc.PUMA.V | Dec 24 | $0.03 | $0.160 | +540.0% | $313K | Private Placement of Dec 24 · Warrant radar ↗ |
Corporate
Trident Resources has closed its option agreement, dated July 13, 2026, with arm's length Apogee Minerals Ltd., under which Apogee may earn a 100% interest in Trident's Knife Lake Copper Project in Saskatchewan by paying $400,000 cash, issuing 7,400,000 shares plus shares with a deemed value of $700,000, and incurring $1,000,000 in exploration expenditures over two years. The property remains subject to 2.5% and 1.5% NSR royalties. Trident also signed a 30-day US$150,000 media services contract with Freedom Financial Research, LLC.