Mining Press Roundup: Eldorado Gold Hits Major Milestone as McIlvenna Bay Produces First Copper

Eldorado Gold's McIlvenna Bay underground mine in Saskatchewan produced its first copper concentrate on June 7, a key milestone as the company pushes toward commercial production . The operation is now ramping up toward its nameplate capacity of 4,900 tonnes per day, with commercial production expected in the third quarter . The achievement marks a significant addition to Eldorado's portfolio and strengthens its Canadian operating platform as the mid-tier producer diversifies beyond gold.

Eldorado Gold: McIlvenna Bay Delivers First Copper Concentrate

With wet commissioning of McIlvenna Bay's processing plant completed, first concentrate was produced Sunday , according to the company's Monday announcement. National Bank Financial mining analyst Don DeMarco noted the milestone "shows Eldorado doing what it said, when it said," while TD Securities mining analyst Steven Green added it "further de-risks Eldorado's growth profile as one of its two development projects moves closer to steady-state operations" .

Located about 65 km west of Flin Flon, Man., and about 480 km north of Regina, McIlvenna Bay is one of the largest undeveloped volcanogenic massive sulphide deposits in Saskatchewan, sitting within the Flin Flon greenstone belt, a prolific mining district that has supported base metals production for more than a century . The project, acquired through Eldorado's purchase of Foran Mining in April 2026, adds significant copper and zinc output to a portfolio previously dominated by gold .

A March 2025 feasibility study for McIlvenna Bay outlined an 18-year mine life expected to yield an average annual output of 41 million pounds of copper, 54 million pounds of zinc, 20,000 ounces of gold, and 444,000 ounces of silver . The project comes online as copper prices remain elevated, with market data showing copper trading around $6.28 per pound on June 10, still up more than 30% year-over-year despite recent volatility.

Osisko Metals: High-Grade Copper at Gaspé Kicks Off 2026 Campaign

Osisko Metals kicked off its 2026 drilling campaign at the Gaspé copper project in eastern Quebec with a clutch of high-grade intercepts that could add mineralization within the projected pit shell, with hole 30-1196 in the Needle Mountain expansion area cutting 80 metres grading 1.93% copper from 196 metres depth, including a 30-metre section averaging 3.49% copper from 224 metres downhole .

Scotia Capital mining analyst Eric Winmill wrote that "many of the intercepts sit within modelled waste rock of the 2026 Whittle pit, meaning successful conversion would add tonnage to the resource without expanding the pit footprint" . Osisko is working to expand the Gaspé copper system's resource with a view to potentially reopening the former Noranda mine in Murdochville, about 825 km northeast of Montreal, which produced copper from 1955 until 1999 under Noranda ownership before Osisko acquired the property from Glencore in 2023 .

In April 2026, Osisko announced an updated Mineral Resource Estimate for the Gaspé Copper Project following 118,000 metres of drilling completed in 2025, with the updated M&I Resource comprising 1,834 million tonnes averaging 0.27% Cu, representing a 119% increase in copper metal content and outlining 10.8 billion pounds of contained copper, as well as significant molybdenum and silver . According to the company, Gaspé hosts the largest undeveloped copper resource in eastern North America .

GoGold Resources: Los Ricos South Gets Green Light for Construction

GoGold Resources has received federal approval in Mexico to begin construction of its $227 million (C$316 million) Los Ricos South underground mine in Jalisco state, with shares of the company soaring on the news . Mexico's environmental department has granted all permits required for the bulk-tonnage underground mine, with construction expected to take 24 months .

The approval represents "a transformative milestone" as it paves the way for GoGold to add a second-producing asset to its Mexico-focused portfolio, with CEO Brad Langille highlighting the company's "commitment to responsible resource development that prioritizes environmental stewardship and community benefit" . In the most recent quarter, Parral produced 394,605 silver-equivalent oz., boosting the company's cash balance by $16 million to $261 million, making GoGold fully funded to build LRS .

The Los Ricos South project comes as silver prices remain elevated, with market data showing silver trading at $64.88 per ounce on June 10, though down 4.4% on the day amid broader metals weakness.

West Red Lake Gold: Rowan Resource Doubles Contained Metal

Global contained ounces at West Red Lake Gold Mines' Rowan project in northwestern Ontario grew more than 120% in a resource update, while an initial resource for the nearby Mt. Jamie site gave it 85,000 oz. of global contained yellow metal, with the Rowan update outlining 754,514 indicated tonnes grading 13.03 grams gold per tonne for 334,825 contained oz., a 70% rise over the previous resource from last year, and inferred resources estimated at 360,323 tonnes grading 15.31 grams gold for 179,013 oz., a 52% rise in contained metal and almost double the earlier grade .

West Red Lake CEO Shane Williams said "Rowan is among one of the highest grade undeveloped gold projects situated in a Tier-1 mining jurisdiction and continues to demonstrate the potential to become an important long-term source of high-margin ounces" . The update for Rowan incorporated 6,300 metres of drilling since last year's resource, with Rowan and Mt. Jamie both offering strong expansion potential, with mineralization open at depth and along strike and several vein zones showing strong continuity beyond the currently modelled domains .

The company plans to integrate the update into a combined Madsen-Rowan prefeasibility study expected in the second half of the year . Madsen, which reached commercial production in January, is forecast to produce 35,000 to 45,000 oz. this year, with most of the amount expected in the second half of the year .

Ero Copper: Furnas Drilling Extends Mineralization in Brazil

Ero Copper announced assay results on an additional 24,000 meters of exploration drilling performed subsequent to the Phase 1 program at the Furnas Copper-Gold Project in the Carajás Mineral Province in Pará State, Brazil, with the Company having completed over 75,000 meters of drilling through the end of May 2026, with assay results currently available for approximately 52,000 meters and ten drill rigs operating at the Project, with the deposit remaining open to depth and along strike .

The drilling results extend mineralization beyond the current resource model's limits at Furnas, reinforcing the potential for further growth at the polymetallic project. In February 2026, Ero Copper released its inaugural Preliminary Economic Assessment for the Furnas Copper-Gold Project in Brazil, outlining a 24-year initial mine life and an average of about 108,000 tonnes of copper equivalent output annually over the first 15 years, with the study indicating robust economics with an after-tax NPV (8%) of roughly $2.0 billion, a 27% after-tax IRR, low life-of-mine C1 cash costs near $0.30 per pound of copper, and initial capital of about $1.3 billion .

Seabridge Gold: Court Sends KSM Back for Further Consultation

The Supreme Court of British Columbia issued its decision on two petitions challenging the determination by the BC Environmental Assessment Office that Seabridge Gold's KSM project located in northwestern British Columbia was substantially started as of July 24, 2024, with the Court finding that the determination was reasonable but that the EAO had not engaged in sufficient consultation with one of the petitioners, the Tsetsaut Skii km Lax Ha .

The Court has ruled that the EAO must provide a specific period of 90 days for TSKLH to provide written submissions on whether the project was substantially started, after which the EAO must reconsider the substantial started determination, while the Court also dismissed a second petition that was filed by SkeenaWild Conservation Trust against the Substantially Started determination .

Seabridge Chair and CEO Rudi Fronk noted that work at KSM would continue during the consultation process and EAO reconsideration, stating "We are satisfied that the Court has confirmed the reasonableness of the EAO determination. We will continue to execute our work plans for KSM and look forward to meeting with the EAO to receive an update on their additional consultation activities in due course" . The KSM project is one of the world's largest undeveloped copper-gold projects.

Northern Star Resources: Board Rejects Elliott Sale Push

Northern Star Resources chair Michael Chaney has written to shareholders acknowledging recent criticism by activist shareholder Elliott Management but rejecting its call to run a sale process for the company, stating "we do not consider that this is the right time to do so" . Chaney said "we are always open to serious approaches from outside parties and you will not be surprised to learn that given our share price underperformance, over the last year Northern Star has been approached by several companies about considering various corporate combinations," adding that "those discussions did not proceed because they were not in shareholders' best interests" .

The Australian Financial Review reported that Elliott Investment Management built a stake in Northern Star Resources that is significant enough to place it amongst the gold miner's largest shareholders, with sources saying the Florida-based fund now owns roughly A$1 billion in Northern Star's equity, representing 4% of the company, placing Elliot amongst the top 5 shareholders, with this stake later confirmed by Elliot . The US fund called out the gold miner's underperformance versus its Australian peers, attributing it to "repeated operational missteps" and "deeply inadequate disclosures" .

What It Means

Today's announcements underscore copper's central role in the mining sector's growth narrative. Three of the day's biggest stories—Eldorado's first concentrate at McIlvenna Bay, Osisko's high-grade intercepts at Gaspé, and Ero's expanding resource at Furnas—all revolve around the red metal. This reflects copper's structural demand drivers, from electrification to AI infrastructure, even as prices face near-term headwinds from geopolitical tensions and interest rate concerns.

According to market data, copper traded at $6.28 per pound on June 10, down modestly but still up more than 30% year-over-year. The COPX copper miners ETF fell 1.8% on the day, tracking broader base metals weakness as Middle East tensions and Federal Reserve rate expectations weighed on sentiment.

The permitting milestone at GoGold's Los Ricos South and the resource expansion at West Red Lake's Rowan project demonstrate that junior and mid-tier miners are securing the capital and regulatory approvals needed to advance projects. GoGold's $261 million cash position fully funds its construction timeline, while West Red Lake's capital-efficient drilling program more than doubled contained ounces at Rowan with just 6,300 meters of drilling—a reminder that disciplined exploration can still deliver outsized returns in high-grade districts.

The legal setback at Seabridge's KSM, meanwhile, highlights the ongoing complexity of advancing major projects in jurisdictions with evolving consultation requirements, even when courts affirm the reasonableness of regulatory determinations. The 90-day consultation period adds another layer of timeline uncertainty to one of the world's largest undeveloped copper-gold projects.

This roundup covers press releases published on June 10, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.