Pour the double-double, because the war premium is doing the driving today.

Oil ripped for a fourth straight session as the U.S. hit Iran again and the Strait of Hormuz stayed choked, while gold and silver got sold into the very same inflation scare that lifted crude.

Underneath the macro, the drills kept turning: Timmins served up a fat gold hit, and a blind porphyry in Arizona started to show its outline.

🥇 Gold (spot): $3,998/oz 🔻

🥈 Silver (spot): $56.30/oz 🔻

🔶 Copper: $6.34/lb 🔺

☢️ Uranium (U₃O₈ spot): $85.25/lb 🔻

🛢️ WTI Crude: $80.00/bbl 🔺

🔥 Natural Gas (Henry Hub): $2.86/MMBtu 🔻

📈 TSX-V Composite: 889 🔻

💵 U.S. Dollar (DXY): 100.9 🔺

What happened: Galleon Gold (TSXV: GGO) reported hole WC-26-237 from the down-plunge extension of Zone #9 at its 100%-owned West Cache project in Timmins, Ontario. It cut 16.07 g/t gold over 9.25 metres, sitting inside 12.69 g/t over 12.35 metres and a broader 4.07 g/t over 40.9 metres. The hit lands about 295 metres down-plunge from the planned bulk-sample stopes and 440 vertical metres below surface.

Why it happened: This is the good kind of drilling. Not a moonshot wildcat, but grade holding up as you push a known shoot deeper. West Cache already has a fully financed 86,500-tonne bulk sample in motion, with the access road, hydro line, and box cut finished. Every metre of continuity at depth is a metre the future mine plan can lean on.

What it means for your position: Depth extensions rarely get the headlines a discovery hole does, but they are what turns a project into a mine. Grade at 440 metres, next to infrastructure that is already being built, is the least glamorous and most bankable thing a junior can show. Keep the skeptic's hat on the share count as the bulk sample gets paid for, but the rock is doing its job.

👉 See the assays

The trend: Prismo Metals ($PRIZ.CSE ( ▲ 10.0% )) is doing modern target-vectoring the unglamorous way: stitching together 2026 drilling, surface mapping, rock-chip geochemistry, and geophysics to argue there is a concealed porphyry copper system hiding below the historic Silver King mine in Arizona, up the road from the Rio Tinto and BHP Resolution deposit.

The tell is a mapped pyrite halo already 2.0 km by 1.5 km across, with only about half the property walked so far, plus grab samples running as high as 1.73% copper, 1,362 g/t silver, 4.1% lead, and 1.3 g/t gold.

The skeptic's footnote: those are highs from rock chips, not drill intercepts, and a pyrite halo is a permissive signal, not an orebody. But this is how blind porphyries get found now. Layer the data, vector to the center, then spend on steel. Cheap science before expensive drilling.

👉 Read the full story

Idaho's Bunker Hill Mining ($BNKR.TSX ( ▲ 2.73% )) put out its best silver intercept of the campaign from the Cate-8 target: 8.1 feet of 18.82 oz/ton silver, roughly 645 g/t, in hole BHE26-16, with individual samples spiking to 27.1 oz/ton silver, 35.7% lead, and 15.7% zinc. The drilling doubled the size of the Cate-8 target model, now pegged at 337,000 tons grading 6.17 oz/ton silver-equivalent, or about 2.08 million ounces of contained silver-equivalent.

So what: with silver still parked near multi-decade highs, a producing-district silver name adding a fresh high-grade target is exactly the leverage holders want. The catch: a target model is not a resource. The initial Cate-8 estimate is promised by year-end, and that is when the tonnes get real.

👉 Dig in

What happened: WTI pushed to about $80 and Brent to roughly $85 on Thursday, a fourth consecutive gain, after fresh U.S. strikes on Iran and a reimposed naval blockade kept the Strait of Hormuz premium bid. Iran is now openly threatening to choke off more regional energy exports.

Why it matters: Told through the patch, the cleanest read is Cenovus Energy ($CVE.TSX ( ▼ 0.58% )), the heavy-oil bellwether running more than 720,000 barrels a day of oil-sands and conventional production after swallowing MEG. With WTI near $80, the WCS discount holding around $12, and Trans Mountain full, Canadian heavy-oil netbacks are fat right now.

What it means for your position: A war premium is a gift you did not earn and cannot count on. Goldman flagged Brent could push past $110 if Gulf flows stay stalled, or slide into the $60s if this de-escalates and barrels come back. Enjoy the cash flow, but do not underwrite your thesis on a blockade.

👉 Read the full story

South of the border, Delfin Midstream issued a limited notice to proceed to Siemens Energy for the long-lead gear, four gas turbines and the refrigerant compressors, on its second floating LNG vessel offshore Louisiana.

EIG's MidOcean Energy can take up to half of the project, and Delfin is aiming for a final investment decision by year-end.

So what for the Canadian patch: every U.S. Gulf floating-LNG cargo that reaches a final decision is a cargo competing for the same Asian buyers Canada's West Coast wants. It is the mirror image of yesterday's LNG Canada Phase 2 news: the Gulf builds fast and floating, Canada builds big and onshore. Delfin is private and this one is American, so there is no TSX ticker to tag here, but the read-through for Canadian gas and its feedgas producers is real.

👉 Read the full story

Obsidian Energy ($OBE.TSX ( ▲ 2.97% )) is adding $75 million to its existing 8.125% senior notes due 2030, taking the stack to $250 million. The add-on priced at 102.75 for an effective yield around 7.19%, with proceeds earmarked to pay down the bank line.

The skeptic's footnote: this is housekeeping, not growth. Swapping floating-rate bank debt for fixed notes at seven-plus percent buys certainty, but it is not cheap money, and it does not add a barrel of production. In a fat-netback oil tape, terming out debt is prudent. Just do not mistake it for a catalyst.

👉 Read the full story

An ounce of gold near $4,000 still buys about 50 barrels of $80 oil.

Even after crude's four-day war rally and gold's slide, that ratio sits well above its long-run average closer to 15 or 20 barrels.

Translation: gold is still historically expensive relative to oil, war premium and all.

That is the tape. The drills do not care who is blockading what.

Keep your grades high, your dilution low.