Tungsten landed on both sides of the board, with Spartan rallying on a resource update while Fox Tungsten and Northcliff gave back about 15%.
Several releases behind these moves are weeks old.
Winners
$ECU +18.2% – Third rig mobilised at Elida (13 October), starting on the untested Zone 4 porphyry while two rigs step out from Zone 1. The target is more than 10,000 m in 2026 and over 30,000 m cumulative into 2027. More metres, not results.
$ESAU +16.3% – About 4,074 m drilled at Montauban, over 80% of the 5,000 m program, now stepping south and deeper beyond the historic workings. Core shows quartz veins and visible sulphides, but assays are pending and visual logging sets no grade.
$W +15.8% – Victorio resource update: 84.54 million short tons Measured and Indicated at 0.10% WO3 and 0.09% Mo, plus 101.84 million short tons Inferred. Contained M&I WO3 of 165.54 million lb is about 26% above the 2012 historic estimate. It feeds the SRK PEA, guided to early Q4.
Losers
$FOXT -15.4% – Fourth rig mobilised to Silverboss on 20 October to test 10 Mile Creek for extensions of the adjacent Boss Mountain moly mine, with three rigs staying on the 20,000 m Fox program. Updated resource and PEA targeted for Q2 2027. Nothing here explains a 15% fall.
$NCF -15.2% – Sisson technical report filed 1 October with no material change to the August study: post-tax NPV8 CAD 6,915 million, 49.8% IRR, CAD 1,528 million initial capital. Nothing new in the filing, so the real hurdle is financing a CAD 1.5 billion build ahead of a late 2027 construction decision.
$AGLD -13.2% – Casposo terminated its toll agreement with Challenger Gold effective 1 October. Challenger owes a USD 1.0 million deferred fee, due by Hualilan commercial production or 2 April 2029 at the latest. Austral expects no material impact. Three-week-old news, so not a clean read.
Broader market development Spot gold traded near USD 3,992/oz, down more than 4% on the week in its worst sell-off since early June, after Thursday’s break below USD 4,065 triggered stop-loss selling. Saxo’s Ole Hansen watches USD 3,970 support and wants a move above USD 4,230 to call the correction done. BCA Research and Britannia Global Markets call it liquidity, not fundamentals, and copper and zinc were higher on Monday morning.
The Fed meets 27–28 October, which sets the tone for junior financing sentiment. We’ve covered these moves and the other major mining developments in today’s edition of The Drill Down. Full edition: https://kamoacap.com/the-drill-down/golds-4-000-support-breaks-but-is-the-selloff-overdone/
