January 22, 2026 Metals & Mining Post-Market:
Sector Summary – Metals & Mining Post Market
- Synopsis:
- Daily update: Following yesterday’s higher close, equities finished higher again with the S&P +0.5% and the Dow +0.6%. Gold finished +1.8% at $4,920.20/oz, while WTI ended (1.9%) at $59.44/bbl.
- Gold and silver reached new record highs today amid continued safe-haven demand. Note that gold crossed the $4,900/ounce level for the first time ever, while silver prices traded above the $96/ounce level for the first time ever.
- Bloomberg reported that Goldman Sachs raised its 2026 year-end gold price forecast to $5,400/ounce from $4,900/ounce previously, citing growing private-sector diversification into gold, along with continued strong demand from central banks and ETFs.
- UBS raised its forecast for palladium by $300/ounce to $1,800/ounce citing solid investment demand in recent months.
- UBS anticipates robust demand for gold through 2026 and has a price target of $5,000/ounce for the first three quarters of 2026 and then easing to $4,800/ounce by the year-end. The bank expects silver to trade at $100-105/ounce in the short term and then ease to $85/ounce during the year.
- UBS believes limited growth in copper and aluminum supply is likely to persist in 2026. The bank anticipates copper price at $14,000/mt citing short-term and long-term demand trends.
- TD Cowen expects copper deficits to persist through 2026 and 2027 with copper prices seen at $5.50/lb this year and $5.40/lb in 2027. TD Cowen also raised its long-term copper and uranium prices to $5.00/lb (from $4.50/lb) and $90/lb (from $85/lb) respectively.
- In terms of equity research, TD Cowen upgraded SSR Mining to buy from hold with an increased target of C$43 from C$33. Clarkson Securities upgraded Capstone Copper to buy from neutral with an increased target of C$18 from C$13. Clarkson Securities downgraded Sociedad Quimica y Minera de Chile (SQM) to neutral from buy with an increased target of $90 from $55. TD Cowen downgraded Teck Resources to hold from buy with an increased target of C$76 from C$70.
- The precious metals complex was broadly higher with both the GDX and the GDXJ gaining by +3.8% and +5.5% respectively.
- Notable Gainers: CRML +20.9%, USAS +18.9%, SA +12.8%
- Notable Decliners: LUN.CN (10.9%), FM.CN (6.0%), NEXA (5.3%)
- Metals Snapshot:
- Gold +1.8% to $4,920.20/oz, Monthly +10.2%, YTD +13.5%
- Silver +3.9% to $96.22/oz, Monthly +40.4%, YTD +36.4%
- Copper +0.5% to $5.80/lb, Monthly +5.3%, YTD +2.1%
- Nickel +0.7% to $17,860/mt, Monthly +20.0%, YTD +8.3%
- Zinc (0.0%) to $3,152.50/mt, Monthly +3.9%, YTD +2.9%
- Aluminum (0.7%) to $3,114/mt, Monthly +7.4%, YTD +4.9%
- GDX +3.8% to $105.19, Monthly +16.6%, YTD +22.6%
- GDXJ +5.5% to $142.18, Monthly +18.4%, YTD +24.9%
- DXY (0.4%) to $98.33, Monthly +0.0%, YTD +0.0%
- VIX (7.5%) to $15.64, Monthly +20.0%, YTD +13.0%
- Notable Gainers
- +20.9% CRML (Critical Metals): announced that it has entered into a Memorandum of Understanding (MoU) with Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers Company (TQB) to establish one or more joint ventures which will develop, own and operate a processing plant and refining facility located in the Kingdom of Saudi Arabia for rare earth resources extracted from the Tanbreez Green Rare Earth mine.
- +12.7% ASM.CN (Avino Silver & Gold Mines): reported its Q4/2025 and FY/2025 production results. The company announced that a total of 2.6M silver equivalent ounces were produced during the year (-2% y/y), which was within the production guidance range. Elsewhere, Q4/2025 silver equivalent production was 671,583 ounces (-9% y/y), with over 50% of silver equivalent production coming from silver.
- +11.3% PMET.CN (PMET Resources): announced lithium and tantalum assay results for all remaining holes from its extensive 2025 drill campaign at the company’s wholly-owned Shaakichiuwaanaan property, located in the Eeyou Istchee James Bay region of Quebec. Highlights include 2.58% Li2O over 55.0m, 2.97% Li2O over 8.8m, and 2.87% Li2O over 11.5m.
- +9.6% GOT.CN (Goliath Resources Ltd.): announced that it has entered into an agreement to amend its existing property option agreement with The J2 Syndicate and J2 Syndicate Holdings to fast track its ownership in the Golddigger property located in the Golden Triangle, British Columbia.
- +9.0% QTWO.CN (Q2 Metals): reported analytical results from the 2025 drill program completed in December at the company’s Cisco Lithium project, located within the greater Nemaska traditional territory of the Eeyou Istchee James Bay region of Quebec, Canada. Highlights include 1.24% Li2O over 179.2m and 1.41% Li2O over 49.8m.
- +7.9% TUD.CN (Tudor Gold): reported an updated mineral resource estimate (MRE) with higher-grade sensitivities for the Goldstorm deposit at its flagship Treaty Creek project, located in the Golden Triangle, British Columbia. The 2026 MRE is reported at a NSR cut-off value of $50/tonne including the Indicated resources estimated at 912.3Mt at 0.15% Cu for 3,048M lbs of copper, 0.85 g/t Au for 24.9M ounces of gold, and 5.07 g/t Ag for 148.7M ounces of silver. Elsewhere, the Inferred resources are estimated at 86.1Mt at 0.17% Cu for 327.7M lbs of copper, 1.43 g/t Au for 4.0M ounces of gold, and 5.22 g/t Ag for 18.6M ounces of silver.
- +4.8% LGD.CN (Liberty Gold): reported additional reverse circulation (RC) and core drill results from the 2025 drilling program at the Black Pine Oxide gold project, located in southeastern Idaho, USA. Highlights include 0.86 g/t Au over 123.4m and 0.67 g/t Au over 61.0m.
- +4.7% OM.CN (Osisko Metals): announced new drill results from the Gaspe copper project, located in the Gaspe Peninsula of Eastern Quebec. Highlights include 0.31% Cu over 738.0m, 0.26% Cu over 760.5m, and 0.21% Cu over 726.0m.
- +4.3% MT (ArcelorMittal): ArcelorMittal South Africa, ArcelorMittal Group, and the Industrial Development Corporation SOC Limited are engaged in advanced discussions to find a sustainable solution based on a non-binding term sheet regarding a potential transaction. It was also highlighted that these discussions remain subject to definitive agreements and multiple approvals and there is no certainty that any transaction will be concluded.
- +3.2% SIG.CN (Sitka Gold): announced the final results from the 2025 diamond drilling completed at the Rhosgobel discovery at its wholly owned RC gold project, located in Yukon. Highlights include 1.49 g/t Au over 150.3m, 1.33 g/t Au over 99.1m, and 0.138% WO3 over 85.4m. The company is encouraged by these results which demonstrate the potential for tungsten to be a significant by-product at Rhosgobel.
- +0.8% FRES.LN (Fresnillo): announced the completion of the previously announced acquisition of Probe Gold PRB.CN, pursuant to a plan of arrangement whereby Fresnillo has acquired all of the issued and outstanding common shares of Probe Gold for C$3.65 in cash per share.
- +0.2% HBM (HudBay Minerals): announced the signing of an amended and restated option agreement with Japan Organization for Metals and Energy Security (JOGMEC) and Marubeni Corporation, pursuant to which Hudbay has granted JOGMEC an option to acquire a 10% interest in three projects located within trucking distance of Hudbay’s processing facilities in Flin Flon, Manitoba. JOGMEC will be required to fund at least C$6M in exploration expenditures over a period of approximately three years.
- Notable Decliners
- -10.9% LUN.CN (Lundin Mining): announced production results for FY/2025 which were highlighted by copper production of 331,232 tonnes, gold production of 141,859 ounces, and nickel production of 9,907 tonnes. During Q4/2025, Caserones achieved its highest quarterly consolidated copper production (39,612 tonnes) since the company has owned the mine. Regarding the FY/2026 outlook, the company expects consolidated copper production between 310,000-335,000 tonnes and gold production between 134,000-149,000 ounces.
- -5.3% NEXA (Nexa Resources): announced that production at the Atacocha San Gerardo open pit mine is temporarily suspended. It was highlighted that the Joraoniyoc community has illegally blocked the road access to the mine due to protest activities. The company is pursuing an active dialogue with the community and authorities for a peaceful resolution of this situation.
- -2.9% FCX (Freeport-McMoRan): reported its results for the Q4/2025 period. highlights included adjusted net income attributable to common stock totaled $688M on operating income of $811M. On the operating side, consolidated production totaled 640M lbs of copper, 65K ounces of gold and 25M lbs of molybdenum. For FY/2026, consolidated sales volumes are expected to approximate 3.4B lbs of copper, 0.8M ounces of gold and 90M lbs of molybdenum. Note that estimates for the year 2026 assume a phased restart and ramp-up of the Grasberg Block Cave underground mine at PTFI beginning in Q2/2026.
- -2.0% FDY.CN (Faraday Copper): announced the results of the first eight drill holes from its Phase IV drill program at the Copper Creek project, located in Arizona. The Phase IV drilling continues with a total of 40,000m currently planned and is focused on near-surface mineralization as well as geotechnical and hydrogeological objectives. Highlights include 0.44% Cu over 17.58m, 0.57% Cu over 16.46m, and 0.42% Cu over 45.25m.
- On Deck:
- Friday 23rd
Economic: UK Retail Sales y/y (02:00), Germany Flash Manufacturing PMI (03:30), Germany Flash Services PMI (03:30), Eurozone Flash Manufacturing PMI (04:00), Eurozone Flash Services PMI (04:00), UK Flash Manufacturing PMI (04:30), UK Flash Services PMI (04:30), US PMI Manufacturing Preliminary (09:45), US PMI Services Preliminary (09:45), US Leading Indicators (10:00), US Michigan Consumer Sentiment (Final) (10:00)
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- Monday 26th
Economic: US Core Durable Orders (08:30), US Durable Orders ex transport (08:30), US Durable Orders (08:30)
