Markets whipsaw as Washington rethinks refined-copper tariffs, mining dominates the TSX30, and new assays arrive from Moss, Red Lake and Hemlo.
THUNDER BAY — MINING — September 10, 2026 — The mining story on Thursday is being driven by two very different forces: political decisions that can move commodity prices in minutes, and drilling programs that can take years to prove up.
Internationally, copper prices fell sharply after reports that the White House has not decided whether to impose broader tariffs on refined copper. Uranium, meanwhile, is holding near US$90 per pound as utilities and data-centre developers look harder at nuclear power.
In Canada, the latest TSX30 ranking shows how strongly investors have rewarded gold, silver, copper and critical-mineral companies during the last three years. Across Northwestern Ontario, new company-reported assays from the Moss Gold Project, the Red Lake district and Hemlo are giving geologists and investors fresh numbers to assess.
The Mining News at a Glance
- Copper tariff uncertainty: U.S. officials are weighing the benefits of supporting domestic mining and refining against the risk of higher costs for manufacturers and consumers.
- Uranium near US$90: Nuclear-fuel demand is being supported by energy security concerns and the growing power needs of artificial-intelligence data centres.
- Mining dominates Canadian market leaders: Seventeen of the 30 companies on the 2026 TSX30 are mining or mineral-development companies, based on NetNewsLedger’s count of the exchange’s published list.
- Northwestern Ontario drilling: Gold X2 reported a 173-metre interval grading 0.89 grams per tonne gold at Moss; West Red Lake Gold reported two narrow, high-grade intervals at Starratt-Olsen; and Hemlo Mining reported a very high-grade South-Rim intercept beside the C-Zone.
- Deal risk is rising: The proposed Anglo American–Teck combination is still awaiting Chinese approval, showing how critical-mineral politics can delay even a shareholder-approved megadeal.
Commodity Price Snapshot
The following figures are an indicative market snapshot retrieved on September 10. They are quoted in U.S. dollars except where noted and can change throughout the trading day. The daily movement is more important than the last decimal point.
| Commodity | Indicative price | Daily move | Why mining readers should care |
|---|---|---|---|
| Gold | US$4,356.39 per ounce | -0.95% | High gold prices support margins, exploration budgets and financing, but interest rates and the U.S. dollar can produce sharp daily moves. |
| Silver | US$64.64 per ounce | -3.91% | Silver carries both precious-metal and industrial-demand exposure, making it more volatile than gold. |
| Copper | US$6.49 per pound | -4.64% | The price fell as traders reassessed the likelihood and timing of broader U.S. refined-copper tariffs. |
| Uranium | US$90.00 per pound | +0.39% | The benchmark remains close to a six-month high as nuclear demand strengthens and supply risks persist. |
| Iron ore | 730.50 yuan per tonne | -1.02% | Chinese steel demand and domestic supply remain central to the outlook for bulk commodities. |
| Brent crude oil | US$105.26 per barrel | +4.00% | Oil is not a mined metal, but higher diesel, freight and power costs can quickly raise mine operating and construction costs. |
Source: Trading Economics commodity data, retrieved September 10, 2026. These are reference prices, not trading recommendations.
International: Copper Tariff Report Sends the Market Lower
The day’s biggest mining-market development came from Washington. The Trump White House had not made a final decision on broader tariffs covering refined copper.
The policy question is difficult because the United States imports roughly half of the copper it uses and operates only two copper smelters. Tariffs could improve the economics of U.S. mines, smelters and refineries. They could also increase the cost of wiring, transformers, vehicles, electronics and construction products before new American supply is ready.
A Commerce Department assessment had examined a possible 15 per cent tariff beginning January 1, 2027, rising to 30 per cent in 2028. No final decision had been announced as of Thursday. Copper futures fell more than four per cent after the report, reversing part of a rally that had been fuelled by tariff expectations, stockpiling and tight supply.
Why this matters in Canada: Canada is both a copper producer and a major supplier of manufactured inputs to the United States. A tariff that raises the U.S. price could improve the value of some domestic projects, but it could also distort normal trade flows and raise costs for Canadian manufacturers that buy copper-priced components. Policy uncertainty may also make project modelling more difficult because companies cannot be sure whether a regional price premium will last.
International: Uranium Reaches the US$90 Level
Uranium was quoted at US$90 per pound on September 9, up 17.8 per cent from a year earlier, according to Trading Economics. The benchmark remained near its highest level in more than six months.
The demand story has expanded beyond reactor restarts and national energy-security plans. Large technology companies are searching for dependable electricity for data centres, and nuclear power is increasingly part of that discussion. At the same time, delays affecting sulphuric-acid supply to Kazakhstan’s uranium industry have added another layer of supply concern.
For Canada, that supports attention on Saskatchewan’s Athabasca Basin and the country’s existing uranium-processing expertise. It does not mean every uranium prospect becomes economic. Grade, metallurgy, permitting, infrastructure, financing and long-term utility contracts still decide which projects advance.
International: Washington Backs Critical-Mineral Processing in Kenya
The United States has pledged support for the development of critical-mineral processing in Kenya, with particular attention on the rare-earth and niobium potential at Mrima Hill. Six companies or consortia were competing for the project, although no final development agreement had been signed.
The larger issue is where the value is created. Kenya is seeking local processing rather than simply exporting raw material, while the United States is looking for supply chains that are less dependent on China. That same mine-to-processing question is central to Canadian critical-minerals policy: a deposit may be strategic, but the jobs, technology and bargaining power grow when refining and manufacturing are also built closer to the resource.
International M&A: Copper Deals Are Becoming Political Tests
The proposed combination of Anglo American and Canada’s Teck Resources remains the defining mining transaction to watch. The approximately US$54-billion deal would create a major copper producer headquartered in Vancouver, but China is the last major jurisdiction yet to approve it.
The Chinese review clock has reportedly been suspended. The companies expect closing sometime between September 2026 and March 2027. The delay shows that copper assets are no longer judged only on price and operating fit. Governments are also weighing supply security, competition and geopolitical leverage.
The same pressure is visible in nickel. European Union regulators are preparing possible objections to MMG’s proposed acquisition of Anglo American’s Brazilian nickel operations. Meanwhile, Rio Tinto has agreed to acquire the Aurukun bauxite project in Queensland from Glencore and Mitsubishi Development; the terms were not disclosed and the transaction remains subject to approvals.
The message is clear: companies may want to consolidate the best copper, nickel and bauxite assets, but governments increasingly view those same assets as strategic infrastructure.
National: Mining Companies Crowd the 2026 TSX30
The Toronto Stock Exchange’s 2026 TSX30 provides a strong measure of how much investor interest has returned to Canadian mining.
The exchange said the 30 companies generated an average dividend-adjusted share-price appreciation of 785 per cent over three years and created approximately C$225.7 billion in new market value. By NetNewsLedger’s count, 17 of the 30 companies are miners or mineral-development companies.
Montage Gold ranked second with a reported 2,502 per cent three-year gain. Avino Silver & Gold Mines placed fifth at 958 per cent, while Discovery Mining placed sixth at 934 per cent. Other mining names included AbraSilver, G Mining Ventures, Faraday Copper, IAMGOLD, Lundin Gold, Kinross, Hudbay, Skeena and Americas Gold and Silver.
This does not mean every mining stock will keep rising. It does show that investors have rewarded companies that acquired operating assets, advanced projects or gained leverage to higher metal prices. The risk is that a strong commodity cycle can make weak projects look temporarily stronger than they are.
Canadian Drilling: Gold and Copper Results Build the Pipeline
Beyond the market rankings, Canadian-listed explorers released a heavy slate of assay and program updates on Thursday.
First Mining Gold reported 5.26 g/t gold over 19.55 metres as drilling expanded the Miroir discovery at the Duparquet Project in Quebec. Osisko Metals reported 256 metres averaging 0.85 per cent copper at Gaspé. In Manitoba, 1911 Gold reported 10.73 g/t gold over 8.90 metres from its L10 Zone. Amex Gold Mining announced a new discovery called the Rosé Zone at Perron, approximately 165 metres below its financed exploration ramp.
At the Mike Lake Project in Yukon, Prospector Metals reported multiple high-grade gold-silver-copper intervals from the TESS Zone. The supplied headline included grades of 14.7 g/t gold, 47.7 g/t silver and 1.81 per cent copper, but the full interval width was not included in the headline. NetNewsLedger has therefore not used that figure in the comparative table below.
Northwestern Ontario: Three Drill Stories Stand Out
Gold X2 Reports Broad Mineralization Below the Moss Pit Shell
Gold X2 Mining reported new assays from the QES Deeps campaign at its 100-per-cent-owned Moss Gold Project in Northwestern Ontario.
Hole MQD-26-474 returned 173.0 metres grading 0.89 g/t gold from 685 metres. The interval included 8.0 metres at 4.86 g/t gold and 52.0 metres at 1.05 g/t gold. A second hole, MQD-26-465, returned 157.75 metres at 0.90 g/t gold, including 11.95 metres at 2.65 g/t gold.
The company also reported broader envelopes of 227.2 metres and 271.6 metres grading 0.73 g/t gold. Those broad intervals included approximately 20 metres of internal waste. Gold X2 says the core shear zone is about 170 to 180 metres true width.
The holes were drilled about 75 to 100 metres below the current “reasonable prospects for eventual economic extraction” pit shell. Twelve of the planned 21 QES holes had been completed when the company issued the update. The aim is to test whether the modelled open pit could extend deeper and whether more inferred material can be added or upgraded.
The regional connection extends beyond the deposit. The company says samples were prepared and analyzed for gold by ALS Geochemistry in Thunder Bay, with multi-element analysis completed in Vancouver. Read the Gold X2 technical release.
West Red Lake Gold Tests a Possible Madsen Hub-and-Spoke Feed Source
West Red Lake Gold released assays from the first five holes of a 12-hole, 4,100-metre surface program at the past-producing Starratt-Olsen Mine, about 1.1 kilometres southwest of the Madsen Mine and mill.
Hole WRL26-054 returned 1.5 metres grading 16.16 g/t gold, including 0.85 metres at 24.60 g/t. Hole WRL26-055 returned 4.5 metres at 5.16 g/t gold, including 1.5 metres at 10.94 g/t.
The company says the results support its plan to evaluate several deposits around Madsen as possible future mill-feed sources. That remains an exploration and planning concept, not an approved production decision. The newly reported intervals are downhole lengths. West Red Lake estimates true thickness will be at least 70 per cent of the reported downhole length, based on core angles.
Starratt-Olsen produced about 164,000 ounces of gold between 1948 and 1956 at an average grade of 6.17 g/t, according to the company’s release, which cites Ontario geological records. Samples from the current program were analyzed at AGAT Laboratories in Thunder Bay. Read the West Red Lake Gold release.
Hemlo Mining Reports High-Grade South-Rim Assay
Hemlo Mining Corp. reported an interval of 89.9 g/t gold over 3.0 metres at the South-Rim, adjacent to the C-Zone at the Hemlo operation near Marathon.
The number is eye-catching, but it requires context. A single high-grade interval does not establish tonnage, continuity, mineability or economics. The supporting drill table, true-width estimate and quality-control details should be reviewed before the result is compared with other deposits.
The result is nevertheless important for the region because it comes from an operating mining camp with established infrastructure and a long production history. Hemlo changed ownership after Barrick agreed in 2025 to sell the mine to Carcetti Capital for up to US$1.09 billion, after which the buyer was renamed Hemlo Mining Corp. The transaction included US$875 million in cash, shares and contingent payments tied to future production and gold prices.
Selected Drill Results Reported September 10
| Company and project | Location | Headline result | Editorial context |
|---|---|---|---|
| Gold X2 — Moss, QES Deeps | Northwestern Ontario | 173.0 m at 0.89 g/t Au, including 8.0 m at 4.86 g/t Au | Company-reported result from below the current pit shell. The core shear zone is estimated by the company at 170–180 m true width. |
| West Red Lake Gold — Starratt-Olsen | Red Lake, Ontario | 1.5 m at 16.16 g/t Au; 4.5 m at 5.16 g/t Au | Downhole lengths. Company estimates true thickness at no less than 70% of reported length. |
| Hemlo Mining — South-Rim | Near Marathon, Ontario | 3.0 m at 89.9 g/t Au | Company-reported headline result. Full supporting table and true-width context should be reviewed. |
| First Mining Gold — Duparquet, Miroir | Quebec | 19.55 m at 5.26 g/t Au | Company says drilling expands the discovery. Resource impact still requires modelling. |
| Osisko Metals — Gaspé | Quebec | 256 m averaging 0.85% Cu | A broad copper interval; metallurgy, geometry and resource classification remain critical. |
| 1911 Gold — L10 Zone | Manitoba | 8.90 m at 10.73 g/t Au | Company-reported high-grade intercept. Continuity must be established with additional drilling. |
Au = gold; g/t = grams per tonne; Cu = copper; m = metres. Results are taken from company disclosures and the mining bulletin supplied to NetNewsLedger. They are not independent resource estimates. Readers should review the issuers’ complete technical releases and SEDAR+ filings.
Junior M&A and Financing: Capital Is Available, but Selective
The supplied mining bulletin also showed active property consolidation below the megadeal level. Mackay Gold & Silver announced a proposed acquisition of the historic Big Bonanza property, which it says would consolidate the six-kilometre Comstock Lode position. Orogen Royalties announced the acquisition of the Serpent Gold Project in Nevada. Vision Lithium optioned its Red Brook property to Osisko Metals, while Errington Metals signed a definitive agreement to acquire additional Sudbury Basin properties.
Financing activity was also broad. Amarc Resources closed a fully subscribed C$20-million private placement. Westward Gold announced a C$5-million non-brokered placement, and South Pacific Metals launched a marketed offering of up to C$15 million. Heritage Mining announced that an oversubscribed final tranche of its private placement was led by its chief executive and institutional investors.
These financings are useful signals, but the amount raised is only the first question. Investors should also look at the price per share, warrant terms, dilution, use of proceeds and how many metres of drilling the new cash can actually fund.
What the Regional Results Could Mean for Northwestern Ontario
For Thunder Bay and Northwestern Ontario, exploration spending supports more than drill crews. It can create work for aviation providers, winter-road contractors, environmental consultants, geophysical firms, camps, equipment suppliers, laboratories and transportation companies.
The Gold X2 and West Red Lake disclosures specifically point to sample preparation or analysis work in Thunder Bay. That is a reminder that part of the mining value chain is already local, even before a new mine is built.
However, assay results are not job guarantees. The path from discovery to production still requires a mineral resource, engineering studies, environmental assessment, permits, financing, infrastructure and meaningful consultation and accommodation with affected Indigenous communities. Each step can change a project’s size, cost, schedule or design.
High gold prices improve the backdrop, but Thursday’s copper selloff shows why projects cannot be assessed using one day’s commodity price. Northern projects must work across a range of metal prices and input costs, including oil above US$100 per barrel.
What Mining Readers Should Watch Next
- A final U.S. copper-tariff decision: The rate, covered products and start date could reshape North American premiums and trade flows.
- Follow-up assays: Gold X2 has more results pending from QES Deeps, while West Red Lake Gold has seven Starratt-Olsen holes beyond the first five reported.
- True widths and continuity: The best next result is not always a higher grade. It is often a hole that connects mineralization and improves confidence in geometry.
- Anglo–Teck approval: Any concessions required by China could set a precedent for future critical-mineral transactions.
- Financing terms: Strong metal prices are opening the market, but dilution and warrant coverage remain important for junior issuers.
- Energy costs: Oil above US$100 can raise mine operating costs and the capital cost of remote construction.
A Note on Reading Drill Results
A drill intersection combines grade and length, but neither number tells the whole story. Reported length may be measured down the drill hole rather than across the true thickness of the mineralized body. A broad, lower-grade interval may suit a bulk-mining plan, while a narrow, high-grade interval may require selective underground mining. Recovery rates, rock conditions, depth, access and waste dilution can matter as much as grade.
Mineral resources are not mineral reserves and do not demonstrate economic viability. Exploration results should be considered together with full technical disclosure, quality-control procedures and independent engineering work.
Source note: This roundup was prepared from the mining bulletin supplied to NetNewsLedger, company technical releases, the Toronto Stock Exchange, Reuters reporting and current commodity reference data. Company statements are attributed as such. Market prices move continuously.
