Red Cloud Securities

Copper price climbs on AI rebound, China demand strength ow.ly/k3Ca5101Hlg

.@Energy_Fuels announced it has received conditional credit approval for up to A$180M in debt from Export Finance Australia (EFA) and the National Reconstruction Fund Corporation for Phase 1 of the Donald JV in Victoria, Australia. The approvals form part of a proposed A$200M senior facility, with the remaining A$20M expected from commercial lenders, and FID is now targeted for YE26. We believe this is a material step up from EFA's A$80M non-binding letter of support and, with June's US$725M conditional OSC loan, leaves government lenders financing both ends of the mine-to-magnet chain. Keep reading: ow.ly/Bmpm5101HkM $EFR

.@CoTecCorp noted completion of a PFS by HyProMag USA on three new rare earth magnet plants in South Carolina, Nevada and a second Texas site, separate from the first plant at Northlake in the Dallas-Fort Worth area. Together, the four plants would quadruple planned U.S. magnet output to ~4,200tpa by 2034. The PFS also updated Northlake's economics, cutting its post-tax NPV7% by 9% on a 6-month delay, 10% higher capex, and updated operating costs. Read more: ow.ly/UXR45101Hh4 $CTH

.@Cu_Giant reported assay results from three holes at its flagship Mocoa Cu-Mo porphyry project in Colombia. The highlights include Hole MD-074 which returned 1.60% CuEq over 135m from 474m, the highest-grade interval of more than 100m drilled at Mocoa and nearly 3x the Indicated resource grade of 0.54% CuEq. The 135m interval is in the conceptual pit shell, and the hole ended in mineralization at 903m. In our view, this is the best hole yet at Mocoa and it reinforces the grade story heading into the PEA. Details: ow.ly/wYR25101H6X $CGNT

.@Anfield_Energy announced that Utah's Division of Waste Management and Radiation Control has delivered the Draft Renewed Radioactive Materials License and the Draft Groundwater Discharge Permit for $AEC's Shootaring Canyon mill. Both documents were issued on October 21, roughly 30 months after the Apr/24 application, and the draft caps production at 1,500 short tons of yellowcake per year, the capacity the May/26 PEA requires. This is the most meaningful de-risking step for AEC since the May/26 PEA. Learn more: ow.ly/rujq5101H5r

Lula’s Brazil win puts rare earths in Trump’s crosshairs ow.ly/U0Io5101mpO

.@PinnacleAGAU received a SEMARNAT permit for surface drilling at its flagship El Potrero Au-Ag project in Durango, Mexico, and now guides the production decision to H1/27 (was Q4/26). The permit covers 110 drill sites, is valid for two years, and supports a first-pass 48-hole program across four targets, most never drilled. We believe, the drill permit is a real de-risking step, and the MIA route covers much of the restart's environmental groundwork. Keep reading: ow.ly/FBey5101moG $PINN

.@CanadaNickel signed a framework agreement with Swiss Steel Group to supply low-carbon semi-finished steel produced in Canada on a long-term basis. Swiss Steel would get exclusive access to ~1Mt per year from 2030, to be processed into specialty steel. This is $CNC's second European steel tie-up in four months, after the MOU with RWE Supply & Trading to market the low-carbon steel from its NetZero Metals subsidiary. CNC expects to finalize definitive agreements by Q1/27. Read more: ow.ly/1ZXn5101mkV

.@blueskyuranium1 announced that its Amarillo Grande U-V project is featured in the 2026 NEA/IAEA Red Book. The Red Book names Ivana as one of four prospective uranium production centres in Argentina, with the highest nominal capacity of the group. This is third-party validation rather than new information and unlikely to move the stock on its own, but it puts Ivana at the front of the line as Argentina works to restart domestic supply, which should help with permitting, government engagement and offtake. Details: ow.ly/q5Pv5101mi2 $BSK

On October 22, we took site visit to @NexGenEnergy_'s Rook I. Four months into licensed construction, the site is busy with earthworks, shaft pads, aggregate production and camp infrastructure, and freeze pipes are going in at the exhaust and production shafts. Management says the project is on schedule and on budget, and what we saw supports that. Early buying and incentive-based contracts demonstrate risk management. Meanwhile, PCE is emerging as a second HG deposit just 3.5km away. Learn more: ow.ly/KRGC5101mgv $NXE

Helium named a critical material by US amid worries over global supply msn.com/en-nz/money/general/…

Lithium’s US$100B question: Who will build 134 new mines? northernminer.com/news/lithi…

Ottawa finally matches C$1B Ring of Fire funds northernminer.com/news/ottaw…

Copper price rebounds as inventories, stock markets stabilize mining.com/web/copper-price-…

Gold's next evolution kitco.com/news/article/2026-…

Wall Street doubts gold’s near-term strength, Main Street maintains bullish minority as central banks take center stage kitco.com/news/article/2026-…

Lorne Doerkson to become next B.C. premier amid projected majority win for Conservatives cbc.ca/news/canada/british-c…

.@OrpheusUranium released first drill results from the Erudina Prospect on its Frome Project and closed the Oobagooma acquisition in Western Australia, defining a 2.2km by 250m redox corridor open at both ends in the same Eyre Formation that hosts the nearby 33.1Mlb Goulds Dam deposit. We view this as an encouraging first test of the stratigraphic redox model behind the thesis. Keep reading: redcloudresearch.com/orpheus… $ORP

.@FutureFuelsInc has closed a C$6.6M private placement and is now funded to drill the Mountain Lake deposit on its 100%-owned Hornby project in Nunavut, targeting high-grade structures within and beneath an existing historical resource of 8.2Mlbs at 0.23% U3O8. We view the oriented core program as an attractive test of both resource growth and new discovery potential. Full details here: redcloudresearch.com/future-… $FTUR

.@fmstcleanenergy has formed 80/20 exploration joint ventures with Denison Mines on its GR and Blackwing uranium properties, selling a 31% interest for $650k while Denison funds 80% of future costs and runs geophysics building on its 5,000 line-km MobileMT survey. We view Denison's willingness to commit fresh capital as a vote of confidence in this ground's blue-sky potential. Read more: redcloudresearch.com/foremos… $FAT