Vicuña Awards 63.6-km Northern Corridor Contract as Josemaria-Filo Development Advances

Algo Grande Copper announced first assay results from its Phase II drilling programme at the Adelita Project in Sonora, Mexico, confirming high-grade copper-silver-gold skarn mineralisation at the Cerro Grande discovery. Hole AG-CG-PH2-002 intersected 30.23 metres grading 1.5% copper equivalent from 146.70 metres, comprising 0.83% copper, 47.3 g/t silver and 0.40 g/t gold. The interval included 3.55 metres grading 9.4% CuEq, containing 5.26% copper, 311.8 g/t silver and 2.22 g/t gold, as well as a 1.20-metre interval grading 15.8% CuEq, including 9.84% copper. The company said the mineralisation was intersected approximately 100 metres above the high-grade zone encountered during its Phase I drilling programme, indicating that the Cerro Grande system extends closer to surface than previously recognised. The hole was completed at a final depth of 661.8 metres. Assays remain pending below 179 metres, where a further 40.40 metres of visually mineralised core was logged between 179 and 301 metres. Additional Phase II holes along the Cerro Grande magnetic corridor also contain visually logged copper mineralisation, although assay results for those intervals remain outstanding. The Phase II programme is designed to expand the Cerro Grande skarn discovery along a 2.5-km magnetic corridor, with approximately 7,200 metres across 15 holes planned. The latest results extend high-grade copper-silver-gold mineralisation into a shallower part of the Cerro Grande system and provide further evidence of continuity along the skarn horizon. However, significant portions of the ongoing Phase II drilling remain supported only by visual observations, making forthcoming assays important in determining whether the mineralised footprint can be materially expanded. CuEq values are based on assumed recoveries, while true widths have not yet been established.

According to foreign media reports, copper recorded its first weekly decline since June as uncertainty over potential US tariffs on refined copper triggered a sharp reversal from record highs. Three-month copper on the London Metal Exchange traded at around US$14,238/mt on Friday, leaving prices approximately 1.2% lower for the week and ending a 10-week winning streak. Copper had reached a record US$14,875/mt before falling 3.6% on Thursday, after Reuters reported that the White House had not yet made a decision on whether to impose tariffs on refined copper imports. The pullback reflected a reduction in bullish positioning following the recent rally. However, underlying physical-market conditions remained relatively tight. Available LME copper inventories stood at 117,600 tonnes, while copper stocks monitored by the Shanghai Futures Exchange fell 13% week on week to 54,780 tonnes, their lowest level since January 2024. Near-term tightness on the LME also eased. The cash-to-three-month spread shifted into contango on Thursday, with cash copper trading at a US$4.50/mt discount to the three-month contract, indicating reduced concern over immediate metal availability. Uncertainty surrounding US trade policy remains an important driver of copper flows. Reuters reported that the White House has not yet made a decision on refined copper tariffs, as officials weigh concerns over higher manufacturing costs against the potential benefits of encouraging domestic mining. Expectations of possible tariffs had previously encouraged greater copper flows into the US, contributing to regional inventory imbalances. Copper's retreat from record highs suggests that tariff expectations had become an important component of recent bullish positioning. While uncertainty over US trade policy could continue to generate short-term volatility, falling Chinese inventories and geographically concentrated stocks indicate that underlying physical supply conditions remain relatively tight. The shift of the LME spread into contango, however, suggests that immediate availability concerns have eased compared with earlier in the rally.

The operating rate of secondary copper rod was 11.83% in August 2026, higher than the expected 10.26%, up 1.57 percentage points MoM but down 16.5 percentage points YoY. In August 2026, the average price difference between copper cathode rod and secondary copper rod stayed high at 1,450-1,874 yuan/mt throughout the month. The average discount of secondary copper rod in Jiangxi against copper futures fluctuated between 722 yuan/mt and 1,418 yuan/mt,...