Happy Thursday! Pour the double-double, because gold and silver just staged a comeback nobody saw coming before lunch.
A hot PPI print tried to spook the metals again this morning, Treasury yields rolled over instead of climbing, and the gold to silver ratio settled at a tidy 73 to 1.
Up in BC, Tower Resources backed up a bonanza hole with a second one, and down in Peru, PetroTal is quietly grinding its way back toward 20,000 barrels a day. Pour the coffee, there's a lot to get through.
⚡ TL;DR
Tower Resources (TSXV: TWR) backed up its 20.3 metre, 3.13 g/t gold hole at Rabbit North's Blue Sky Zone with a second hole, and buried a 1.5 metre interval at 16.70 g/t inside a broader 134 metre zone.
CoTec Holdings and Battery Mineral Resources signed a non-binding framework to jointly develop new value at BMR's Punitaqui copper operation in Chile, split 50/50 on anything the partnership unlocks.
PetroTal posted Q3 production of 11,797 bopd, grew its cash balance to $115.6 million, and is guiding toward 20,000 bopd by Q1 2027 as the Bretana 25H well comes online.
📊 Commodity Ape Quick Stats
As of Oct 15, 2026, midday ET · Source: Kitco, OilPrice.com, Trading Economics, Cameco, Investing.com
🥇 Gold (spot): $4,154.16/oz 📈
🥈 Silver (spot): $56.62/oz 📈
🔌 Copper: $6.70/lb 📈
☢️ Uranium (U₃O₈ spot): $89.63/lb 📉
🛢️ WTI Crude: $97.66/bbl 📈
🔥 Natural Gas (Henry Hub): $3.20/MMBtu 📈
🍁 TSX-V Composite: 886.91 📈
💵 U.S. Dollar (DXY): 102.01 📉
Yesterday's hot CPI print tried to keep gold and silver down, and today's hot PPI tried to finish the job, but Treasury yields slipped instead of rising, the dollar eased back, and both metals rebounded together. Uranium is still running on Cameco's September month end print, treat it as a direction, not gospel, and the TSX-V figure is an intraday read worth a quick confirm before this goes out the door.
⛏️ The Motherlode: Tower Resources Hits a Hot Streak Inside a Hot Streak at Rabbit North
What happened. Tower Resources (TSXV: TWR) dropped assays from two more holes at the Blue Sky Zone of its Rabbit North project in BC. The headline hole, RN-25-077, ran 20.3 metres at 3.13 g/t gold, including an 8.0 metre stretch at 7.16 g/t, in the Upper Blue Sky horizon. The same hole's Lower Blue Sky zone then ran a broader 134.0 metres at 0.65 g/t gold, and tucked inside that interval, a single 1.5 metre stretch blew out to 16.70 g/t. A second hole, RN-25-078, backed it up with 50.3 metres at 1.07 g/t in the upper zone and another 114.5 metres at 0.44 g/t below it.
Why it happened. Blue Sky keeps rewarding the step-out program, and two zones stacking mineralization in the same hole, one tighter and higher grade, one wider and lower grade, is exactly the geometry that gets a geologist talking about a bulk tonnage target with a high grade core, instead of settling for one or the other.
What it means for your position. True widths aren't locked down yet, so don't go doing grade times width times your imagination. But stacking two mineralized zones across back to back holes, with a 16.70 g/t needle buried in the middle of a 134 metre haystack, is the kind of result that keeps a step-out program funded through the next assay batch. (Full disclosure: Tower has a separate, pre-existing paid IR agreement with Simone Capital on the books, disclosed in an earlier release. Doesn't make the rock any less real, just know the hype machine is plugged in alongside the drill rig.)
⚙️ Drill Bit Tech & Trends: CoTec and Battery Mineral Resources Shake Hands on Punitaqui's Copper Tailings
CoTec Holdings ($CTH.TSXV ( ▼ 0.81% )) and Battery Mineral Resources (TSXV: BMR) signed a non-binding framework toward a strategic economic joint venture at BMR's Punitaqui copper operation in Chile, the kind of deal built for squeezing more copper out of rock that's already been dug up once.
What's in it: BMR keeps 100% of the existing Punitaqui operation, any new value the partnership unlocks gets split 50/50, and CoTec picks up the tab for third party costs on the initial assessment it signs off on.
The trend: reprocessing tailings and legacy stockpiles with better extraction technology is quietly becoming its own category: why permit a brand new mine when there's copper sitting in a pile you already own.
The skeptic's footnote: this is a framework, not a joint venture yet. No tonnage, no throughput, and no dollar figures were disclosed, and the only binding parts are the exclusivity and confidentiality clauses while the real deal gets negotiated.
So what. If this converts into an actual joint venture, it's a cheap way for BMR to add production without a new permitting fight, and a toehold for CoTec's processing tech outside its usual client list. Watch for the follow up release, not this one, before getting excited.
👉 Dig in
🪨 The Tailings: Stakeholder Gold Lives Up to Its Name in the Yukon
Stakeholder Gold Corp (TSXV: SRC) extended its claim tenure through 2032 to 2040 on all 1,140 mineral claims at its 100% owned Ballarat gold copper project in the Yukon's White Gold District, and picked up a new placer prospecting lease near the Skye gold in soil anomalies while it was at it.
So what. A tenure extension and a placer lease are paperwork, not drill results, but 1,140 claims locked up for most of the next decade says the company isn't going anywhere. And a company literally named Stakeholder securing its stake is a layup headline we weren't going to pass up.
🛢️ The Gusher: PetroTal Grinds Back Toward 20,000 Barrels a Day in Peru
What happened. PetroTal Corp ($PTALF ( ▲ 0.37% )) posted Q3 2026 operating and financial updates showing group production averaging 11,797 bopd for the quarter, 13,076 bopd year to date and about 3% ahead of budget, with unrestricted cash climbing to $115.6 million from $105.3 million. The company's Bretana 25H development well is drilling on schedule, and on October 1 PetroTal signed a new technical evaluation agreement with Peru's state regulator PeruPetro covering Area CXVII.
Why it happened. Bretana, PetroTal's flagship Peruvian asset, has been working back from downtime, and management is guiding toward roughly 20,000 bopd by Q1 2027 as the new well comes online and the field stabilizes.
What it means for your position. A growing cash balance paired with a concrete production target gives this one something most small cap producers don't: a specific number and a specific quarter to hold management accountable to. If Bretana hits that Q1 2027 mark, the production growth should show up before the next set of quarterly numbers does.
🔧 The Pipeline: ROK Resources Pays Shareholders Back While It Drills Through a Tight Services Market
ROK Resources Inc (TSXV: ROK) got board approval for a $0.03 per share return of capital, up for a shareholder vote on December 3 and paid out in December 2026, while also expanding its Southeast Saskatchewan drilling program to 12 gross wells (10.9 net), up from 10, partly funded by $9.6 million in non core asset sales.
So what. Paying shareholders back while funding more drilling from asset sales, rather than new debt or equity, is the kind of discipline small cap producers only get credit for when oil prices wobble. The one line worth flagging: management says further timing depends on rig and oilfield service availability, a small, honest tell that the services side of the patch is tightening up even for junior sized programs.
👉 Dig in
🔥 The Flare Stack: ReGen III's Former COO Files an $865,000 Complaint
ReGen III Corp (TSXV: GIII), the Calgary based used motor oil recycling and oilfield lubricants tech name, says its former Chief Operating Officer, Tom Lawlor, filed a complaint against the company and its US subsidiary in a Colorado court on October 15, alleging breach of contract and related workplace claims, and seeking roughly US$865,000. The company plans to file a motion to dismiss by October 27 and says it doesn't expect the suit to disrupt operations.
So what. Executive exits rarely stay tidy, and a former COO suing for $865,000 the same week a company is trying to look buttoned up for investors is the kind of headline that's more distraction than crisis, assuming the company's read on it holds. Worth a line in your notes, not a reason to touch the position on its own.
📈 Stat of the Day
Seventy three. That's the gold to silver ratio right now ($4,154.16 gold divided by $56.62 silver), after both metals rebounded together this morning.
Office legend has it that anything under 50 means silver's in a proper bull run, and anything over 90 means it's been left for dead.
At 73, we're stuck in the boring middle, which, in a week when gold and silver are finally moving together again, might be the most interesting place to be.
73 ounces of silver, one ounce of gold.
Keep your grades high and your dilution low. See you tomorrow. ⛏️