Hecla Mining (NYSE:HL) Stock, Quote.Headers.trade-ideas

Hecla Mining

Hecla Mining Co produces and explores silver, gold, zinc and other metals. The operating business segments are Greens Creek, Lucky Friday, Keno Hill, Casa Berardi, and Nevada Operations. It generates maximum revenue from the Greens Creek segment. Geographically, It operates in Canada , United States and Mexico and it derives a majority of its revenue from United States.

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Jumia is not making a lot of money, Jim Cramer says. The company will release results for the second quarter on Tuesday, Aug. 6.

Jim Cramer: This Tech Stock Is &#39;Absolutely Terrific,&#39; But Jumia? It&#39;s Not Making A Lot Of Money

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First Majestic Silver Corp. (NYSE: AG) announced that its total production reached 5.3 million silver equivalent (&#34;AgEq&#34;) ounces in the second quarter of 2024. The figure consists of 2.1 million silver ounces and 39,339 gold ounces.

First Majestic Q2 Silver Production Rises Sequentially

Earnings

Endeavour Silver Corporation (NYSE: EXK) produced 2.2 million silver equivalent ounces in the second quarter of 2024, a 5% decline from the year-ago quarter, primarily due to reduced silver production at both of its mines, which offset higher gold output.

Endeavour Silver&#39;s Q2 Silver Production Declines 12% Y/Y

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On CNBC's &#8220;<a href="https://www.benzinga.com/topic/mad-money">Mad Money Lightning Round</a>,&#8221; Jim Cramer said Jumia Technologies AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JMIA#NYSE">JMIA</a>) is not making a <a href="https://www.benzinga.com/quote/JMIA/earnings">lot of money.</a>
The company will release results for the second quarter before the opening bell on Tuesday, Aug. 6.
Benchmark analyst Fawne Jiang initiated coverage of Jumia&#8217;s stock on July 9 with a Buy rating and a $14 price target. The African e-commerce company is poised to benefit from multi-year and potentially multi-decade e-commerce growth in the region.
See Also: <a href="https://www.benzinga.com/etfs/specialty-etfs/23/03/31299793/exclusive-jim-cramer-recommended-svb-financial-in-february-an-example-of-his-reverse-midas-to">Jim Cramer Recommended This Bank A Month Before It Collapsed, An Example Of &#8216;His Reverse Midas Touch&#8217;</a>
When asked about Adeia Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADEA#NASDAQ">ADEA</a>), he said, &#8220;I would actually put Trade, TTD, which was down very badly today off of Alphabet, and I think that's the one you want to buy.&#8221;
Adeia will announce its financial results for the second quarter on Tuesday, Aug. 6, after the closing bell. Analysts expect the company to report quarterly earnings at 23 cents per share on revenue of $84.25 million.
The &#8220;Mad Money&#8221; host said he likes Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>). &#8220;I think it's absolutely terrific. It's going to get hammered along with the rest of the rotation,&#8221; he added.
On July 17, Cantor Fitzgerald analyst C J Muse maintained Broadcom with an Overweight rating, while adjusting target to $200 from $2,000 (10-1 stock split).
&#8220;I've always been a believer in the gold stocks,&#8221; Cramer said when asked about Hecla Mining Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>). &#8220;It's not always worked out, but right now it is. Yours is good.&#8221;
Hecla Mining will release its second quarter operational and financial results after the closing bell on Aug. 6. Analysts expect the company to report quarterly earnings at 4 cents per share on revenue of $219.2 million.
Cramer recommended buying AeroVironment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVAV#NASDAQ">AVAV</a>). &#8220;All I know is that drones work,&#8221; he noted.
On July 23, René Carbone Bardorf joined AeroVironment (AV) as Vice President of Marketing and Communications.
Price Action:
<ul>
<li>Adeia shares fell 3.6% to settle at $11.38 on Wednesday.</li>
<li>Hecla Mining shares fell 1% to settle at $5.88.</li>
<li>Jumia dipped 11.3% to close at $12.24 during Wednesday's session.</li>
<li>AeroVironment shares slipped 0.7% to settle at $170.31.</li>
<li>Broadcom shares fell 7.6% to settle at $151.34 on Wednesday.</li>
</ul>
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Jim Cramer: This Tech Stock Is 'Absolutely Terrific,' But Jumia? It's Not Making A Lot Of Money

First Majestic Silver Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ag#NYSE">AG</a>) announced that its total production reached 5.3 million silver equivalent (&quot;AgEq&quot;) ounces in the second quarter of 2024. The figure consists of 2.1 million silver ounces and 39,339 gold ounces.
On a sequential basis, silver production grew 7%, whereas gold production increased 9%. Overall silver equivalent ounces jumped 2% from the prior quarter. The rise was mainly driven by higher silver production at La Encantada and increased AgEq production at Santa Elena. However, this was partially offset by lower production at the San Dimas mine.
The Santa Elena gold mine generated 2.6 million AgEq ounces. This includes 3.77 million silver ounces and 27,176 gold ounces, marking increases of 6% and 25%, respectively, over the first quarter of 2024. The La Encantada mine produced 5.85 million silver ounces, a 28% increase from the previous quarter.
San Dimas generated 2.1 million AgEq ounces in the quarter. This includes 1.14 million silver ounces and 12,043 gold ounces, 2% and 11% quarter-over-quarter declines, respectively. The dip was led by a decrease in fresh ore processed, which is largely the outcome of First Magestic&#39;s continuing labor relation negotiations with unionized workers.
<h3>2024 Guidance</h3>
To reflect the pick-up in metal prices and upbeat production results in the second quarter, the company updated its 2024 outlook. The updated silver and gold price estimates for the second half of 2024 are $28.00 and $2,300 per ounce, respectively. It expects silver production of 8.9-9.5 million ounces compared with the prior mentioned 8.6-9.6 million ounces.
AG expects 2024 gold production between 150,000 and 158,000 ounces compared with the prior stated 150,000-167,000.
<h3>Price Performance</h3>
AG shares have lost 9.4% in the past year against the industry&#39;s growth of 38.5%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/c0/71936.jpg?v=2101363664" />
Image Source: Zacks Investment Research
<h3>Zacks Rank</h3>
First Majestic currently flaunts a Zacks Rank #1 (Strong Buy).
<h3>Some Peer Performances in Q2</h3>
Fortuna Mining Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fsm#NYSE">FSM</a>) reported gold equivalent production of 116,570 ounces in the second quarter of 2024. This reflects a 4% increase from the first quarter of 2024. Gold production was 92,716 ounces and silver production was 990,574 ounces, marking a 44% year-over-year increase and a 22% decrease, respectively.
FSM produced 13 million pounds of Zinc, down 7% from the second quarter of 2023. Lead production increased 3% year over year to 10.5 million pounds.
Endeavour Silver Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/exk#NYSE">EXK</a>) reported silver equivalent production of 2,156,453 ounces in the second quarter of 2024, down 5% year over year. EKX produced 1,312,572 ounces of silver in the quarter, down 12% from the second quarter of 2023. Gold production increased 7% year over year to 10,549 ounces.
Hecla Mining (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hl#NYSE">HL</a>) reported producing 4.5 million ounces of silver in the second quarter of 2024. This marked a 16% year-over-year improvement, reflecting a solid performance at Keno Hill. HL&#39;s gold production was up 6% at 37,324 ounces from the year-ago quarter, as improved results at Casa Berardi offset lower output at Greens Creek.
Hecla Mining produced 7.9 million ounces of silver in the first half of 2024. It believes that it is on track to produce 17 million ounces of silver in 2024.
<a href="https://www.zacks.com/stock/news/2305538/first-majestic-ag-q2-silver-production-rises-sequentially?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2305538">To read this article on Zacks.com click here.</a>

Endeavour Silver Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/exk#NYSE">EXK</a>) produced 2.2 million silver equivalent ounces in the second quarter of 2024, a 5% decline from the year-ago quarter, primarily due to reduced silver production at both of its mines, which offset higher gold output. The company also expects to commission the Terronera mine in the fourth quarter of 2024 and commence production in 2025.
<h3>Silver Production Declines on Lower Grades, Gold Up</h3>
Consolidated silver production fell 12% year over year to 1.31 million ounces. This was due to a 12% reduction in silver output at the Guanacev&iacute; mine and a 17% decrease at Bola&ntilde;itos, both due to lower grades.&nbsp;
Endeavour Silver, however, witnessed a 7% year-over-year improvement in gold production at 10,549 ounces. The growth was driven by higher gold grades mined at both Guanacev&iacute; and Bola&ntilde;itos, as well as higher gold content in third-party feed processed at Guanacev&iacute;. Gold output at the Guanacev&iacute; mine rose 9% year over year to 4,243 ounces, while the Bola&ntilde;itos mine output grew 6% to 6,306 ounces.&nbsp;
Guanacev&iacute;&#39;s silver production was 1.196 million ounces (down 12% year over year), which met the company&#39;s expectations. Gold production at 4,243 ounces (up 9%) was higher than expected due to increased gold grades mined and higher content in the third-party feed.
Local third-party feed contributed 15% to Guanacev&iacute;&#39;s quarterly throughput. At current prices, management expects local third-party feed to be higher than 10% of throughput going forward. The Guanacev&iacute; operations are realizing the benefits of the significant plant improvements and modifications made in 2023.
At Bolanitos, gold production increased 6% to 6,306 ounces, while silver production plunged 17% due to lower grades. Silver production was slightly below expectations due to decreased silver grades and lower silver recovery, while throughput remained steady. Milled grades are expected to show similar variations in the second half of the year.
<h3>2024 Production Guidance Maintained</h3>
So far in 2024, EXK has produced 2.2 million silver equivalent ounces and believes it is on track to attain its production target range of 8.1-8.8 million silver equivalent ounces in 2024.
<h3>Improved Metal Prices to Reflect on Q2 Results</h3>
For the second quarter, Endeavour Silver reported a 6% year-over-year decline in silver sales at 1.22 million ounces, while gold sales were flat at 9,887 ounces. At the quarter&#39;s end, the company held 262,160 ounces of silver and 939 ounces of gold in bullion inventory. EXK also held 5,860 ounces of silver and 322 ounces of gold in the concentrate inventory.
The lower sales figures will likely be offset by the elevated gold and silver prices observed through the second quarter and will reflect on Endeavour Silver&#39;s upcoming second-quarter 2024 results. We expect other industry players such as Hecla Mining (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hl#NYSE">HL</a>) and Fortuna Silver Mines Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fsm#NYSE">FSM</a>), among others, to also benefit from this trend.
<h3>Peer Performances</h3>
Fortuna Silver Mines recently announced that it produced 116,570 gold equivalent ounces in the second quarter, which marked a 25% increase from the year-ago quarter. This includes a gold production of 92,716 ounces and a silver production of 990,574 ounces. While gold output marked a 44% year-over-year increase, silver was down 22%.
FSM maintains its gold equivalent production guidance for 2024 to be between 457,000 ounces and 497,000 ounces. Gold production guidance is pegged at 343,000-385,000 ounces while silver production is pegged at 4-4.7 million ounces.
Hecla Mining reported 4.5 million ounces of silver production in the second quarter. This marked a 16% improvement year over year, reflecting solid performance at Keno Hill. HL&#39;s gold production was up 6% at 37,324 ounces from the year-ago quarter as improved results at Casa Berardi offset lower output at Greens Creek.&nbsp;
Hecla Mining has produced 7.9 million ounces of silver in the first half of 2024 and believes it is on track to produce 17 million ounces of silver in 2024.
<h3>EXK&#39;s Price Performance</h3>
Shares of EXK have gained 43.8% over the past year compared with the industry&#39;s 43.3% growth.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/bb/71082.jpg?v=814095057" />
Image Source: Zacks Investment Research
<h3>Zacks Rank &amp; a Stock to Consider</h3>
Endeavour Silver currently carries a Zacks Rank #3 (Hold).
A better-ranked stock from the basic materials space is Ero Copper Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ero#NYSE">ERO</a>), which sports a Zacks Rank #1 (Strong Buy) at present.
The Zacks Consensus Estimate for Ero Copper&#39;s 2024 earnings is pegged at $1.66 per share. The consensus estimate for earnings has moved 20.3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 53.9%. ERO shares have gained 9.7% in a year.
<a href="https://www.zacks.com/stock/news/2300265/endeavour-silver-s-exk-q2-silver-production-declines-12-y-y?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2300265">To read this article on Zacks.com click here.</a>

Endeavour Silver's Q2 Silver Production Declines 12% Y/Y

HC Wainwright &amp; Co. analyst Heiko Ihle reiterates Hecla Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>) with a Buy and maintains $10.25 price target.

Price Target

Reiteration

HC Wainwright & Co. Reiterates Buy on Hecla Mining, Maintains $10.25 Price Target

Montana Court Dismisses Environmental Groups' And Tribes' Case Against MDEQ Seeking To Deny Permits To Hecla's Subsidiaries Due To Baker's Past Involvement With Pegasus Gold

Hecla Mining Announces Dismissal Of "Bad Actor" Lawsuit Impacting Libby Exploration Project Following Retirement Of Former CEO Phillips Baker Jr.

Hecla Mining (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hl#NYSE">HL</a>) reported a silver production of 4.5 million ounces in the second quarter of 2024. The silver production grew 6% sequentially, reflecting the consistent, strong performance at Greens Creek, a full quarter of production at Lucky Friday with record throughput, and higher throughput at Keno Hill. Gold production rose 2% to 37,324 ounces from the first quarter of 2024.
Lead production was 13,586 tons, up 12% on a sequential basis. Zinc output came in at 16,191 tons in the quarter under review, fairly flat from the first quarter of 2024.
<h3>Mine Performances</h3>
The Lucky Friday mine produced 1.3 million ounces of silver in the second quarter, up 23% quarter over quarter. This is a full quarter of production compared with the first quarter.
In the second quarter of 2024, Keno Hill produced 900,440 ounces of silver, which was up 39% sequentially. The improvement was attributable to higher throughput (up 47%).
The Greens Creek mine produced 2.2 million ounces of silver in the second quarter of 2024, a 9% sequential increase attributed to slightly lower throughput and a 6% decrease in grades. Gold production at Greens Creek was 14,137 ounces, down 3% sequentially. The mine achieved a throughput of 2,481 tons per day in the quarter.
The Casa Berardi mine produced 23,187 ounces of gold in the second quarter of 2024, up 5% from the first quarter of 2024. The mine operated at an average of 4,033 tons per day in the quarter.
<h3>Guidance</h3>
According to the company, it is on track to produce 17 million ounces of silver in 2024. It produced 14.3 million ounces of silver in 2023.
<h3>Price Performance</h3>
Shares of Hecla Mining have gained 3.7% in a year compared with the industry&#39;s 57.3% growth.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/00/71076.jpg?v=4682740" />
Image Source: Zacks Investment Research
<h3>Zacks Rank</h3>
Hecla Mining currently flaunts a Zacks Rank #1 (Strong Buy).
<h3>Q2 Production Performances of Other Mining-Silver Stocks</h3>
Fortuna Mining Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fsm#NYSE">FSM</a>) reported gold equivalent production of 116,570 ounces in the second quarter of 2024. This reflects a 4% increase from the first quarter of 2024. Gold production was 92,716 ounces and silver production was 990,574 ounces, marking a 44% year-over-year increase and a 22% decrease, respectively.
FSM produced 13 million pounds of Zinc, down 7% from the second quarter of 2023. Lead production increased 3% year over year to 10.5 million pounds.
Endeavour Silver Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/exk#NYSE">EXK</a>) reported silver equivalent production of 2,156,453 ounces in the second quarter of 2024, down 5% year over year. EKX produced 1,312,572 ounces of silver in the quarter, down 12% from the second quarter of 2023. Gold production increased 7% year over year to 10,549 ounces.
<h3>Another Mining-Silver Stock to Consider</h3>
Another top-ranked Mining-Silver stock is Buenaventura Mining (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bvn#NYSE">BVN</a>). It flaunts a Zacks Rank #1 at present.
The Zacks Consensus Estimate for Buenaventura&#39;s 2024 earnings is pegged at $1.41 per share. The consensus estimate for 2024 earnings has moved 41% north in the past 60 days. BVN shares have gained 5.4% in a year.
<a href="https://www.zacks.com/stock/news/2300178/hecla-mining-s-hl-q2-silver-output-rises-6-sequentially?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2300178">To read this article on Zacks.com click here.</a>

Hecla Mining's Q2 Silver Output Rises 6% Sequentially

WIIM

Helca Mining shares are trading higher after the company announced a 10% increase in silver production. Also, the stock may be gaining due to a rise in silver following softer-than-expected June CPI figures.

HIGHLIGHTS
Year to Date (&quot;YTD&quot;) 2024 compared to YTD 2023
<ul>
<li>10%&nbsp;increase in silver production</li>
<li>Keno Hill produced 1.5 million ounces of silver, with milled throughput of 341 tons per day (&quot;tpd&quot;) YTD and 406 tpd in the&nbsp;second quarter</li>
<li>Record quarterly throughput at Lucky Friday of 1,181 tpd</li>
<li>4%&nbsp;increase in Casa Berardi&#39;s gold production</li>
</ul>

Reported Earlier, Hecla Mining Reports 10% Increase In Silver Production For Year-To-Date 2024

GOLD

PAAS

SBSW

Shares of precious metals stocks are trading higher as gold and silver rise following US jobs data.

Shares of precious metals stocks are trading higher as gold and silver rise amid a drop in the dollar following key US economic data.

Source: <a href="https://www.streetwisereports.com/article/2024/06/26/copper-gold-co-s-both-rated-strong-buys-ahead-of-merger.html?utm_medium=feed">Clive Maund 06/26/2024</a>
This year, Blackwolf Copper &amp; Gold Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bwcgf#OTC">BWCGF</a>) and Treasury Metals Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tsrmf#OTC">TSRMF</a>) signed a merger deal to combine the two companies to advance the Goliath Gold Complex project (GGC project) in Ontario toward production with a strengthened leadership, balance sheet, and capital markets team with the merger expected to complete on July 3. 
The combined company&#39;s Niblack copper-gold development project in Alaska and other exploration properties also represent promising upside projects for future growth. The benefits of this merger can be summarized as the synergies produced by the companies combining their assets, expertise, and experience, as well as the resulting economies of scale as they combine forces.
The combined company weill aspire to mid-tier producer status and move in this direction through strategic acquisitions under the guidance of key investor Frank Giustra. The expected cash position of $16 million after the merger will allow the company to execute on its development and exploration plans thus realizing value and increase mineable resources at the Goliath Gold Complex in Ontario, final permits for which are in process.
After the merger, TML shareholders will own approximately 68% of the new company, which will be called NexGold, while BWCG shareholders will own approximately 32%. BWCG shareholders will swap in their shares at a ratio of 0.607% TML shares for each BWCG share held, while options and warrants will convert at the same ratio, i.e., 1-for-1.
In furtherance of the transaction, Treasury Metals is doing a financing, which has been raised to $6.4 million at a unit price of 23 cents, which is very near to what the shares are now priced at, and Frank Giustra will be taking $2 million of them which is viewed as a positive indication as is the upscaling of this financing from a minimun of $4 million to $6.4 million. TML shares are therefore regarded as attractive here being as they are near to the issue price of the financing. Following the merger, there will be a 1-for-4 consolidation or reverse split of the stock.
The following map gives an overview of the combined company&#39;s assets, and in terms of revenue-generating power, the Goliath Gold Camp is clearly the most important as it is well along the road to becoming a significant gold producer, in addition to which it holds significant potential for further exploration and expansion of the resource.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682554_1.jpg" style="height:562px; width:1000px" />
The Goliath Gold Camp is in a prolific gold bearing zone in Ontario and is surrounded by an impressive array of mines and prospects with big players involved like Kinross Gold Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kgc#NYSE">KGC</a>) and New Gold Inc. (AMEX:NGD).
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682616_2.jpg" style="height:562px; width:1000px" />
The following slide gives an overview of the Goliath Gold Complex and also shows a bulleted list of the 2023 pre-feasibility study highlights.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682651_3.jpg" style="height:563px; width:1000px" />
This one provides a summary of the PFS highlights.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682710_4.jpg" style="height:563px; width:1000px" />
Turning now to the combined company&#39;s other properties over in the west, in Alaska and British Columbia, the following slide makes glaringly obvious the potential of the Hyder property in The Golden Triangle since it is very close to significant properties owned by other important mining companies such as Dolly Varden Silver Corp. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/dollf#OTC">DOLLF</a>), Hecla Mining Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hl#NYSE">HL</a>), Newcrest Mining Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ncmgf#OTC">NCMGF</a>), and Scottie Resources Corp. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/sctsf#OTC">SCTSF</a>), to name just some of them.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682733_5.jpg" style="height:563px; width:1000px" />
After noting the position of the company&#39;s Niblack property on the slide above, just across the border to the west in SE Alaska, the following important and interesting slide presents a profile view of it and gives a range of details of the project, including stats on its indicated and inferred resources.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682758_6.jpg" style="height:563px; width:1000px" />
The following slide shows the post-merger ownership of the stock and here we see that the significant stakeholders together own about 39.5% of it, meaning that 60.5% is in the float.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682819_7.jpg" style="height:562px; width:1000px" />
The last slide summarizes the benefits to the combined company resulting from the synergies produced by combining forces.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682837_8.jpg" style="height:563px; width:1000px" />
Now, with the merger fast approaching, we will review the stock charts for both companies.
A general point to make at the outset is that with a merger pending and imminent, both the stocks we are looking at will soon cease to exist and be replaced by a new stock for the merged entity NexGold &mdash; does that mean that the current charts have no predictive value?
No, it doesn&#39;t, because the state of the companies and, therefore, of their charts going into the merger will determine how things work out for the merged company and also its stock.
Looking at the long-term charts for both Blackwolf Copper and Gold and Treasury Metals it is easy to see why merging and combining forces is an attractive option for both companies at this time because the capitalisation of both of them has been greatly reduced by the severe bear markets that have plagued them over the past several years, which has limited their options and presumably threatened liquidity problems.
Starting with the long-term 11-year chart for Blackwolf, we see that it got as high as CA$2.80, albeit briefly, early in 2017, so that now, with it priced at just 12 cents, it has lost well over 95% of its value, and top put it mildly, this has cramped its style. However, as is a lot more clear on its shorter-term charts, Blackwolf is showing definite signs of basing at a low level in recent months.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682902_9.jpg" style="height:857px; width:679px" />
It&#39;s a similar story with Treasury Metals, although in Treasury&#39;s case it has lost a mere 90% of its value relative to its early 2017 peak and it is showing clear signs that it has been basing in recent months on its long-term 11-year chart.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682931_11.jpg" style="height:857px; width:671px" />
These two long-term charts make abundantly clear why merging is an attractive option for both companies &mdash; combining forces makes possible valuable synergies and economies of scale that will enable them, as the newly merged entity, to advance their projects as one company, especially as the outlook for the metals sector is set to vastly improve before much longer, because when the debt markets meltdown, a development that is drawing ever closer, enormous amounts of capital will flood into tangible assets with base and precious metals set to soar.
So, regardless of any near-term pause or correction, the outlook for companies such as the newly merged NexGold could scarcely be better.
Turning now to the shorter-term 1-year charts, we see that both companies&#39; stocks have been marking out base patterns in recent months with Blackwolf starting a basing process early this year and Treasury Metals starting its basing process back last October.
In Blackwolf&#39;s case, we see that the base pattern that formed in January is a hybrid Cup &amp; Handle base / Head-and-Shoulders bottom &mdash; it is both at the same time, and both are bullish. It has been rather weak in recent days with selling on rather high volume and its Accumulation line dropping, which, when comparing it to the parallel performance of Treasury Metals, suggests that Treasury Metals&#39; shareholders will come out of the merger somewhat better than Blackwolf shareholders, although both should benefit. This quite high downside volume in recent days means that we cannot rule out that it won&#39;t drop further ahead of the merger.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462682958_12.jpg" style="height:857px; width:673px" />
In the case of Treasury Metals, there seems to be a more definite base pattern with a Cup and Handle base having formed from last Fall that includes an embedded Double Bottom whose first low occurred last November, with the second low being in February / March which was the low point marking the end of the long bear market.
This is a bullish-looking chart with the &quot;Handle&quot; part of the pattern allowing time for the price to consolidate and unwind its earlier overbought condition following its clear and decisive break above its 200-day moving average early in April and it has also allowed time for the 50-day moving average to make a bullish cross above the 200-day and catch up to the price, all of this setting the stock up for a breakout above the resistance shown at the upper boundary of the pattern which will mark the start of a major new bull market.
<img alt="" class="No_img_class" src="https://www.theaureport.com/images/auto_up/202462683022_13.jpg" style="height:857px; width:689px" />
So to sum up &mdash; the outlook for both stocks looks favorable on their respective charts, especially Treasury Metals, and this means that the outlook for the merged company NexGold is even better, since it is set to benefit from synergies resulting from the merger and also from economies of scale and in due course it will benefit greatly from the major sector bull market that is building.
Both Blackwolf Copper &amp; Gold and Treasury Metals are rated Strong Buys ahead of the merger, with a slight preference for Treasury Metals for the reasons discussed.
Blackwolf Copper &amp; Gold Ltd. closed for trading at CA$0.12, US$0.0826 on June 25, 2024
Treasury Metals Inc. closed for trading at CA$0.205, US$0.153 on June 25, 2024
Important Disclosures:
<ol>
<li>Blackwolf Copper &amp; Gold Ltd. and Dolly Varden Silver Corp. are billboard sponsors of Streetwise Reports and pay SWR a monthly sponsorship fee between US$4,000 and US$5,000. For this article, Blackwolf Copper &amp; Gold Ltd. has paid Street Smart, an affiliate of Streetwise Reports, US$1,500 in addition to the monthly consulting fee.</li>
<li>As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Blackwolf Copper &amp; Gold Ltd., Treasury Metals Inc., and Dolly Varden Silver Corp.</li>
<li>Author Certification and Compensation: [Clive Maund of clivemaund.com] was retained and compensated as an independent contractor by Street Smart to write this article. Mr. Maund is a technical analyst who analyzes historical trading data and he received his UK Technical Analysts&#39; Diploma in 1989. The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.</li>
<li>Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services, or securities of any company.</li>
</ol>
Clivemaund.com Disclosures
The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund&#39;s opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund&#39;s opinions on the market and stocks cannot be construed as a recommendation or solicitation to buy and sell securities.

Events

BWCGF

DOLLF

NCMGF

SCTSF

TSRMF

Copper-Gold Co.s Both Rated Strong Buys Ahead of Merger

Source: <a href="https://www.streetwisereports.com/article/2024/06/17/vancouver-jr-starts-2024-exploration-at-projects-in-yukon-and-colorado.html?utm_medium=feed">Streetwise Reports 06/17/2024</a>
Metallic Minerals Corp. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mmngf#OTC">MMNGF</a>) announced it has started its 2024 exploration programs at both its Keno Silver project in the Yukon Territory and the La Plata copper-silver-gold-platinum group element (PGE) in Colorado.
The company announced an inaugural resource of 18.2 million ounces (Moz) of silver equivalent (Ag Eq) at Keno this year. Preparations are in the final stages for diamond drilling to start there in July, the company said.
At La Plata, Metallic Minerals said field programs have started, including mapping and surface sampling, to advance and prioritize newly identified targets for drill testing within the footprint of the district-scale copper porphyry system.
&quot;We are excited to initiate our exploration activities at both Keno Silver and La Plata for 2024&quot; Metallic Minerals President Scott Petsel said. &quot;Our team is eager to apply the knowledge gained from previous programs to this year&#39;s drilling at targets selected to maximize [the] opportunity for success.&quot;
The drilling initiative at Keno aims to expand existing resources and test the potential to define new resources at the highest priority drill-ready targets, the company said. A focus will be on resource expansion at the Formo target, which is the largest current resource at the project. All four deposits at Keno, including Formo, start at surface and remain open for further expansion.
The 171-square-kilometer (km2) Keno Silver project is directly adjacent to Hecla Mining Co.&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hl#NYSE">HL</a>) high-grade Keno Hill mining operations and mill, which is projected to produce 3 to 4 Moz Ag this year.
At La Plata, which is in southwest Colorado, new targets include Copper Hill, Renegade, and Morningstar, which all show very strong surface geochemical signatures, Metallic Minerals said. Drilling is anticipated to start with an initial focus on extending higher-grade mineralization at the Allard resource area, where five separate drill holes intercepted 500 to 900-meter-thick zones of continuous copper and precious metals mineralization.
Additional drilling is planned to test the highest priority targets outside of the Allard resource area at the project.
<h2>&#39;Excellent Potential&#39;</h2>
Petsel said at the Keno project, there are more than 40 promising target areas across the company&#39;s prospective district holdings. There is &quot;excellent potential to significantly grow our current resources, as well as to make new discoveries&quot; the company has said.
In April, the company announced it had filed a National Instrument 43-101 technical report for the inaugural mineral resource estimate for Keno, which is one of its two key projects.
The estimate, first announced in February, noted a combined underground and in-pit total from four deposits for inferred resource of 2.5 million tonnes (Mt) at 223 grams per tonne (g/t) Ag Eq, equating to 18.16 Moz of contained silver equivalent.
Exploration at the La Plata copper-silver-gold-PGE (Cu-Ag-Au) project was funded with an initial CA$6.3 million investment by mining major Newmont Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>). In addition to capital, Newmont also provided technical support and expertise for the project through a joint committee with Metallic Minerals, including multiple site visits.
In May, Metallic Minerals announced that Newmont exercised its &quot;top-up right&quot; to purchase additional shares of the company. Newmont continues to own 9.5% in Metallic Minerals after it purchased an aggregate of 342,750 common shares at CA$0.33 per share, subject to a four-month plus one day hold period from the date of issuance.
&quot;Over 20 additional porphyry centers with very high-grade surface samples have been identified and prioritized at La Plata that are supported by geophysical indicators&quot; Petsel said. &quot;An updated mineral resource estimate for the La Plata Project is underway that will include the addition of gold, platinum, and palladium, along with copper and silver, based on the positive results from the 2023 drill program.&quot;
<h2>The Catalysts: Metals for the Future</h2>
Both silver and copper are important metals for the switch to green energy.
In addition to being a precious metal, silver is the most conductive element in nature. It&#39;s important to the green economy transition because it&#39;s used to coat electrical contacts in computers, phones, cars, and appliances. It&#39;s also an important element in solar technology.
Silver spot prices rose to a new all-time high of US$32.43 per ounce on May 20 and have continued to hover around US$30 since. The price was US$29.21 on Friday.
According to the Silver Institute&#39;s World Silver Survey, global demand for silver &quot;massively exceeded&quot; supply last year, a deficit that is expected to extend into a fourth consecutive year in 2024.
Mordor Intelligence noted that the white metal is expected to register a compound annual growth rate (CAGR) of more than 5% between 2024 and 2029.
&quot;An increase in the demand for new technological products is expected to help the market expand in the future&quot; Mordor analysts wrote. According to a U.S. Geological Survey report, &quot;27% of the silver produced in the United States was being utilized in electrical and electronic applications.&quot;
Copper climbed above US$10,000 a ton in May on predictions of tighter supplies and rising consumption for use in electric vehicles (EVs) and power grids in the transition to green energy. It was at US$8,980 per ton Friday but was up US$20, according to Money Metals.
The global copper market was worth US$304.1 billion in 2022 and is expected to grow at a CAGR of 5.1% from 2023 to 2032 to US$496.8 billion, Acumen Research and Consulting reported.
&quot;The increasing demand for copper could be met through developments in mining technology, well-organized designs for ore processing, and the discovery of new copper reserves&quot; Acumen&#39;s report noted. &quot;According to the United States Geological Survey (USGS), international copper reserves rose by approximately 720 million tons in 2017, and undiscovered copper reserves are estimated to be approximately 3,500 million tons.&quot;
<h2>Ownership and Share Structure</h2>
About 17% of Metallic Minerals is owned by management and insiders, including CEO Greg Johnson with 4.14 %, Independent Director Gregor Hamilton with 0.91%, and the president, Petsel, with 0.5%.
About 34% is owned by strategic investors, including Newmont&#39;s 9.5% and mining financier Eric Sprott, who owns 14.5%.
About 22% is owned institutionally. The rest, 27%, is retail.
Its market cap is CA$52.7 million, with 170.35 million shares outstanding, 123.38 million free-floating. It trades in a 52-week range of CA$0.44 and CA$0.24.
Important Disclosures:
<ol>
<li>Metallic Minerals Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.</li>
<li>Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>

MMNGF

Vancouver Jr. Starts 2024 Exploration at Projects in Yukon and Colorado

RGLD

Shares of precious metals stocks are trading lower amid a drop in gold and silver following US economic data.

SSRM

Shares of precious metals companies are trading lower amid a drop in the price of gold and silver.

Shares of precious metals stocks are trading higher amid strength in gold and silver.

Top Stories for May 24, 2024:
<div class="wp-block-group is-layout-constrained wp-block-group-is-layout-constrained">
<ul>
<li>Cleveland-Cliffs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>): The Cleveland-based steel producer announced new greenhouse gas (GHG) <a href="https://www.benzinga.com/news/24/05/39004907/cleveland-cliffs-announces-new-greenhouse-gas-emissions-reduction-goals-targets-to-reduce-scope-1-an">emissions reduction targets</a> after achieving its previous goal ahead of schedule. The new targets, relative to 2023 levels, include a 30% reduction in Scope 1 and 2 GHG emissions intensity by 2035; a 20% reduction in Scope 3 emissions intensity by 2035; and near net-zero emissions by 2050. These reductions will be driven by projects in Middletown, Ohio, and Butler, Pennsylvania, in cooperation with the U.S. Department of Energy, alongside other operational and energy efficiency initiatives. Capital expenditure plans remain unchanged.</li>
</ul>
<ul>
<li>U.S. Steel (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>): The Pittsburgh-based company launched its DR-grade pellet production facility at the Minnesota Ore Operations-Keetac Plant. Annual capacity is estimated to be four million tons. The $150 million investment supports U.S. Steel&#8217;s metallics strategy by supplying the tight DR-grade pellet market with low-cost iron ore and enhancing its ability to meet customer needs.</li>
</ul>
</div>
<ol start="2"></ol>
Also Read:<a href="https://www.benzinga.com/topic/mining"> </a><a href="https://www.benzinga.com/m-a/24/05/38992647/bhps-spinoff-south32-eyes-anglo-americans-manganese-assets">BHP&#8217;s Spinoff South32 Eyes Anglo American&#8217;s Manganese Assets</a>
<ul>
<li>Anglo American (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAUKF#OTC">AAUKF</a>): The London-based mining giant recently rejected BHP's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) $43 billion offer. BHP has until May 29 to make a firm bid or wait at least six months under U.K. rules. It intends to address Anglo American&#8217;s concerns to persuade them of the deal&#8217;s benefits. Notably, BHP&#8217;s proposals require Anglo American to demerge its South African assets: Anglo American Platinum and Kumba Iron Ore.</li>
</ul>
<ul>
<li>Hecla Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>): The Coeur d&#8217;Alene, Idaho-based company named Catherine Boggs its interim president and CEO, succeeding retiring Phillips Baker. Boggs will remain Chair of the Board and Charles Stanley is the Lead Independent Director as of May 23, 2024.</li>
</ul>
<ol start="3"></ol>
<ol start="4"></ol>
Now Read:<a href="https://www.benzinga.com/"> </a><a href="https://www.benzinga.com/news/24/05/38989518/apple-supply-chain-includes-blood-minerals-from-congo-lawyers">Apple Supply Chain Includes &#8216;Blood Minerals&#8217; From Congo: Lawyers</a>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get connected with the Benzinga community!

AAUKF

Cleveland-Cliffs Announces New GHG Reduction Targets; U.S. Steel Launches New Facility; BHP To Persuade Anglo Before New Takeover Deadline And More: Friday's Top Mining Stories

Boggs succeeds Phillips S. Baker Jr., who, after nearly 23 years of service, is retiring from the Company and stepping down from its Board.&nbsp;
Boggs will continue to serve as Chair of the Board, and the Board also named Charles B. Stanley to serve as Lead Independent Director effective May 23rd, 2024, and for as long as Ms. Boggs serves as interim President and CEO.

Management

Hecla Mining Names Catherine Boggs, Its Current Chair Of Board, As Interim President And CEO; Phillips Baker Is Retiring From Company

CIBC analyst Cosmos Chiu maintains Hecla Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>) with a Neutral and raises the price target from $6.75 to $7.5.

CIBC Maintains Neutral on Hecla Mining, Raises Price Target to $7.5

Top Stories for May 20, 2024:
1. Nippon Steel is intensifying efforts to secure its $14.1 billion acquisition of United States Steel (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) despite opposition from union leaders and the Biden administration. 
<ol></ol>
Vice Chairman Takahiro Mori will visit Pittsburgh to meet with local staff and officials, while technical teams will assess U.S. Steel mills.&nbsp;
Although Nippon Steel aims to finalize the deal before the election, opposition from the United Steelworkers and President Joe Biden has created uncertainty. 
Union President David McCall opposes the deal due to national defense concerns, which Nippon Steel denies.
2. Hecla Mining (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>) released its 2023 Sustainability Report, detailing its environmental, social and governance (ESG) performance. 
<ol start="2"></ol>
Despite operational disruptions from wildfires and weather events, the company focused on workforce safety, environmental stewardship and community well-being while increasing silver production.&nbsp;
Key highlights include an $855 million economic impact on local communities, over 40,000 hours of safety training and a 16% lower injury rate than the U.S. average
Hecla also reported a 5% increase in women in professional roles, a 36% reduction in GHG emissions from the 2019 baseline and achieving net zero carbon emissions for the third consecutive year with carbon offset credits.
Also Read:<a href="https://www.benzinga.com/topic/mining"> </a><a href="https://www.benzinga.com/economics/macro-economic-events/24/05/38901984/silver-rockets-to-11-year-highs-copper-hits-record-peak-gold-approaches-historic-">Silver Rockets To 11-Year Highs, Copper Hits Record Peak, Gold Approaches Historic Close: Mining Stocks&#8217; Wild Ride</a>
3. BHP&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) $43 billion bid for Anglo American (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAUKF#OTC">AAUKF</a>) faces challenges, with a looming May 22 deadline and no sign of reciprocation from Anglo. 
<ol start="3"></ol>
Anglo is currently restructuring and divesting platinum, diamonds and coal assets, while accelerating its focus on copper.&nbsp;
Anglo's largest shareholders, BlackRock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) and South Africa&#8217;s Public Investment Corporation could complicate the potential takeover.
The takeover by BHP also endangers the $9 billion Woodsmith fertilizer mine in England, raising local job concerns.
4. Jefferies initiated coverage on Steel Dynamics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) with a Hold Rating and announced a price target of $150.
<ol start="4"></ol>
The firm also initiated coverage on Nucor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>) with a Hold Rating and announced a price target of $190.
Now Read:<a href="https://www.benzinga.com/"> </a><a href="https://www.benzinga.com/markets/asia/24/05/38901601/zijin-mining-sets-ambitious-50-growth-target-for-copper-production-by-2028">Zijin Mining Sets Ambitious 50% Growth Target For Copper Production By 2028</a>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get connected with the Benzinga community!
Photo: Shutterstock

STLD

Nippon Steel Acquisition Push; Hecla's 2023 Sustainability Highlights; BHP's Bid For Anglo American Faces Challenges And More: Monday's Top Mining Stories

Friday is shaping up to be one of the strongest days for metal commodities in recent years. Gold climbed over 1.7% toward a record-high close above $2,400 per ounce, silver surged more than 6% to its highest level since February 2013, and copper hit <a href="https://www.benzinga.com/topic/mining">an all-time high.</a>
What Happened: In a week marked by diminishing inflation fears, the case for Federal Reserve rate cuts strengthened. Additionally, news of a broad-based Chinese stimulus to support the struggling real estate sector sent metal commodities skyrocketing. Beijing announced measures such as reducing down payments for homebuyers and a state-financed package to convert unsold<a href="https://www.benzinga.com/markets/asia/24/05/38895805/china-goes-all-in-as-beijing-vows-to-buy-unsold-properties-chinese-stocks-rally-copper-hits-all-time"> properties into social housing.</a>
Copper, extremely sensitive to China&#8217;s economic health as the country is the top purchaser of the red metal, rallied 4% to above $5 a pound. This surge marked a fresh weekly all-time high and its strongest day since November 2022.
Precious metals like silver and gold positively reacted to both interest-rate and Chinese-related developments. Silver spiked above $30, breaking out of a triple-top resistance pattern.
Chart: Copper Hits All-Time High
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1024x495.png" alt="" class="wp-image-344275" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Expert Insights on Metal Commodities</h3>
According to Otavio Costa, macro strategist at Crescat Capital, central banks are &#8220;acquiring gold to enhance the quality of their international reserves and thereby strengthen the credibility of their monetary systems.&#8221; 
He highlighted that unlike many investors and traders, central banks have a long-term perspective, meaning that &#8220;the accumulation of gold by these institutions is just beginning.&#8221;
According to analysts at Goldman Sachs, copper remains a focus amid an ongoing short squeeze that has sent futures to record highs. The investment bank maintains a positive outlook on copper, citing the market&#8217;s structural deficit and forecasting a 20% increase from current levels.
Jeff Currie, former Goldman Sachs commodities strategist and now chief strategy officer of energy pathways at Carlyle Group, stated in a Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-05-17/jeff-currie-says-copper-is-the-best-trade-he-s-seen-in-his-career?sref=TBDibEcD">interview </a>that the red mental still has more room to run, emphasizing copper&#8217;s importance in powering electric vehicles, updated grids and AI data centers.
Chart: Silver Notches Best-Performing Week Since August 2020
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1024x495.png" alt="" class="wp-image-344292" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Mining Stocks Surge</h3>
The rally in metal commodities fueled broad-based gains on mining stocks. 
<ul>
<li>The SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) rose 1.8% reaching April 2022 highs. Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>) and Hecla Mining Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>) were the top gainers among miners, both up by 11%. </li>
</ul>
<ul>
<li>The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) skyrocketed 4.3%, hitting a record high since the fund&#8217;s inception in 2010. Taseko Mines Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGB#NYSE">TGB</a>), Ero Copper Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ERO#NYSE">ERO</a>), and First Quantum Minerals Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FM#NYSE">FM</a>) were the fund&#8217;s top performers, up 7.3%, 6.8% and 6.6%, respectively</li>
</ul>
<ul>
<li>The Global X Silver Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIL#NYSE">SIL</a>) rose 5%, reaching April 2022 highs. Besides Coeur Mining and Hecla Mining Company, Endeavour Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXK#NYSE">EXK</a>) also performed strongly, up 10%. </li>
</ul>
<ul>
<li>The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) surged 3%, also reaching April 2022 highs, with New Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>) topping the performance among gold miners, up nearly 12%.</li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38894659/bank-of-americas-contrarian-guru-unveils-best-portfolio-hedge-against-hard-landing-">Bank Of America&#8217;s Contrarian Guru Unveils Best Portfolio Hedge Against Hard Landing: &#8216;No One Is Long&#8217;</a>
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