Metals and Mining Watch

1/ Metals and Mining Watch: two posts a day on US and Canadian miners. Every fact traces back to the company's own release or exchange data. A few recent ones 🧵

Teck Resources (@TeckResources) Q3: adj. EBITDA C$2.3B, up 97% y/y. Copper output 115,700 t (+11%) at net cash unit cost US$1.77/lb vs US$2.09 a year ago; copper averaged a record US$6.40/lb. Anglo American (@AngloAmerican) merger on track for original 12-18 month close. $TECK

Eldorado Gold (@Eldorado_Gold) Q3: 106,351 oz gold at AISC $2,050/oz. Free cash flow was -$191.1M on Skouries and McIlvenna Bay spending ($98.3M excluding them). 2026 guidance cut to 425-475 koz from 495-600 koz; Skouries commercial production expected late Q4. #gold

Talisker Resources (@Talisker_Ltd) hole UB-2026-060 cut 79.23 g/t Au over 2.10 m, including 301.88 g/t over 0.55 m, on the 276 Vein at its producing Mustang Mine, Bralorne Gold Project, BC. Part of 17 new resource-conversion holes. #gold

First Quantum Minerals (@FQMinerals) Q3: copper output 108,959 t at C1 cash cost $2.59/lb; EBITDA $844M vs $400M in Q2. 2026 copper guidance narrowed to 405,000-435,000 t (was 405,000-475,000) on lower grades at Sentinel and Kansanshi. #copper

Alamos Gold (@AlamosGoldInc) Q3: 119,000 oz gold, incl. a record 68,700 oz from its Island Gold District (Ontario). AISC $1,956/oz, free cash flow $75.6M. Q4 output seen at 140,000-160,000 oz at lower costs; Island Gold shaft commissioning slips ~a quarter to mid-2027. #gold

Westhaven Gold (@westhaven_inc) hole SNR26-149 cut 23.00 m of 6.69 g/t gold and 42 g/t silver from 193 m at the South Zone, Shovelnose project, southern BC (true width est. 70-80%). The 117-hole infill program is complete; a PFS is targeted for H2 2027. #gold

Q3 gold majors: Agnico Eagle (@agnicoeagle) produced 814,012 oz at AISC $1,648/oz, FCF $852M; FY26 output seen near low end of 3.3–3.5 Moz. Kinross (@kinrossgold) made 424,693 Au eq. oz at AISC $1,947 and raised its 2026 capital return to 50% of FCF. #gold

Scottie Resources (@ScottieCorp) hole SR26-526 hit 23.1 g/t gold over 7.00 m at Blueberry, near Stewart, BC, incl. 72.9 g/t over 2.10 m. Hole SR26-532 cut 20.6 g/t over 5.60 m at Fifi 2, open at depth. New resource estimate and feasibility study due early H1 2027. #gold

N. American copper, top holes, last 90 days (Cu% x m, one per company): 1. Talon (@TalonMetals), Tamarack MN: 46.43 m of 16.54% Cu 2. NorthWest (@northwestcopper), Kwanika BC: 110 m of 0.64% 3. Getty (@GettyCopper), Getty South BC: 160.2 m of 0.32% #copper

N. American silver, top hole, last 90 days (g/t x m). Only one verified so far: 1. Silver North (@SilverNorthRes), Haldane YT: 12.16 m of 727 g/t Ag, incl. 4.41 m of 1,669 g/t #silver

N. American gold, top holes, last 90 days (g/t x m): 1. Cambria (@cambgold), Silver Coin BC: 8.2 m of 98.56 g/t Au 2. IAMGOLD (@IAMGOLD_Corp), Monster Lake QC: 7.3 m of 49.6 g/t 3. K2 Gold (@K2GoldCorp), Mojave CA: 83.82 m of 3.40 g/t #gold

Blossom Gold (@BlossomGoldInc) hole RC26-012 hit 128.0 m of 1.19 g/t gold (true thickness) from 181.5 m at Rosebud in Pershing County, Nevada, incl. 37.1 m of 2.82 g/t, still in mineralization when stopped. Updated resource estimate expected Q1 2027. #gold

IAMGOLD (@IAMGOLD_Corp) hole ML-26-318 cut 7.3 m of 49.6 g/t gold (6.62 m true width) from 32 m in the Megane Zone at Monster Lake, central Quebec. Drilling has extended Megane to 600 m depth. Next exploration update H1 2027, then a PEA for the Nelligan complex. #gold

Copper, steel, cash. Freeport guides Q4 copper sales to 875M lbs, up from 749M in Q3. Nucor says Q3 steel mill earnings rose on higher selling prices and volumes. @AnthropicAI's S-1: H1 2026 revenue $16.3B vs $1.2B a year earlier, plus $3.9B operating cash flow. #copper #steel

Freeport Q3: 832M lbs copper produced, 749M lbs sold. Q4 sales guidance is 875M lbs copper and 300K oz gold. The year gets made in the fourth quarter. @FreeportMcMoRan #copper #gold

Freeport Q3 2026: adj. EPS $0.88 on $7.55B revenue. Copper sales 749M lbs at a realized $6.54/lb; unit net cash cost $2.07/lb. Gold sales 105K oz vs 234K oz produced, on timing of Indonesia gold sales. 2026 copper sales expected ~3.0B lbs. $FCX

Grasberg recovery: Q3 mill throughput averaged ~140K t/d, about 67% of the rate before the Sept 2025 incident. FCX still expects 80% of capacity by mid-2027 and near-full capacity by end-2027. The PTFI smelter in East Java restarted in late August and is ramping up as planned. $FCX

$FCX gold: Q3 production was ~230K oz, but sales are expected at only ~100K oz. About 60K oz of refined gold from PT Freeport Indonesia (PTFI) was deferred to Q4 on sales timing. Smaller gold credits mean Q3 unit net cash costs are seen ~5% above the July estimate of $2.00/lb.