Mining Press Roundup: Eldorado Gold Hits Major Milestone with First Copper at McIlvenna Bay

Eldorado Gold produced its first copper concentrate at the McIlvenna Bay project in east-central Saskatchewan on June 7, 2026, marking a significant milestone ahead of commercial production targeted for Q3 2026 . The operating team is now focused on ramp-up toward the nameplate capacity of 4,900 tonnes per day . The achievement represents a major addition to Eldorado's portfolio, acquired through the company's purchase of Foran Mining in April 2026 , and adds significant copper and zinc output to a portfolio previously dominated by gold.

Eldorado Gold: First Copper Concentrate at McIlvenna Bay

The McIlvenna Bay Deposit is a copper-zinc-gold-silver rich deposit intended to be the centre of a new mining camp in a prolific district that has already been producing for 100 years . The property sits just 65 km west of Flin Flon, Manitoba, and is part of the world-class Flin Flon Greenstone Belt .

The milestone drew praise from government officials. Saskatchewan Premier Scott Moe noted that "copper and zinc underpin clean energy, national security, and industrial supply chains – and now, Canada is delivering them, for ourselves and our allies" . Backed by roughly $17 million in planned 2026 exploration around McIlvenna Bay, including work on the nearby Tesla Zone and Bigstone deposit, Eldorado aims to grow resources, extend mine life and bolster long-term cash flow .

The timing is favorable for copper producers. According to market data, copper prices have remained elevated in 2026, with copper falling to 6.29 USD/Lbs on June 9, 2026 , still well above historical averages. Despite a stronger US dollar and high interest rates, copper's 2026 average price forecast remains just above $12,100/t due to concentrate shortages and limited new mine supply , according to S&P Global.

Osisko Metals: High-Grade Copper Hits at Gaspé

Osisko Metals kicked off its 2026 drilling campaign at the Gaspé copper project in eastern Quebec with impressive results. Hole 30-1196 in the Needle Mountain expansion area cut 80 metres grading 1.93% copper, 9.64 grams silver per tonne and 0.013% molybdenum from 196 metres depth . The interval included a 30-metre section averaging 3.49% copper, 18.4 grams silver and 0.018% molybdenum from 224 metres downhole .

Five drills are currently active on the property, with two additional drills commencing work this month . Gaspé Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec .

Scotia Capital mining analyst Eric Winmill noted 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" . The updated mineral resource estimate released in April 2026 includes 1,834 million tonnes averaging 0.27% Cu of Measured and Indicated categories, representing a 119% increase in copper metal content over the previously reported Indicated Resource .

Shares of the company rose 5.8% to $1.64 Tuesday morning in Toronto, valuing the company at about $1.2 billion .

GoGold Resources: $227M Los Ricos South Mine Approved

GoGold Resources received a transformative milestone with Mexico's Federal Environmental Department (SEMARNAT) granting all permits and approvals required to construct the Los Ricos South bulk tonnage underground mine located in Jalisco State, Mexico . The Company's board of directors has approved a construction decision to begin construction of the Project, which is anticipated to take 24 months from commencement until first pour .

The $227 million mine represents a significant addition to GoGold's portfolio . In the most recent quarter, the company's Parral operation 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 approval comes at an opportune time for silver producers. According to market data, silver traded at $67.84/oz on June 9, down slightly but maintaining elevated levels that support project economics for precious metals miners.

Marimaca Copper: Extending High-Grade Bornite Zone in Chile

Marimaca Copper pushed deeper into a high-grade bornite zone at Pampa Medina in northern Chile. Hole SPRD-05 cut 16 metres grading 5.7% copper and 62.6 grams silver per tonne starting at 704 metres downhole, including 4 metres of 11.32% copper and 144 grams silver from 706 metres . Drilling completed on 150m centres continues to demonstrate continuity of ultra-high-grade copper-silver mineralization across the central zone of the Pampa Medina deposit, with SPRD-05 intersecting 96m at 1.19% Cu and 11.7g/t Ag .

Pampa Medina remains open in almost all directions, and the company plans to freeze data for a maiden resource after finishing the current 150-metre-spaced delineation program, part of about 30,000 metres of current planned drilling . Pampa Medina sits about 25 km from Marimaca's planned initial oxide development, where last year's feasibility study outlined a 13-year operation producing 50,000 tonnes of copper cathode a year .

Marimaca's Toronto-listed shares gained more than 12% in early Monday afternoon trading to C$7.92 apiece, with a market capitalization of about C$1 billion .

Eldorado Gold: Deepening Commitment to Amex Exploration

In a separate move, Eldorado Gold intends to make a strategic investment in Amex Exploration through the purchase of 11,000,000 common shares at a price of C$1.60 per common share, for gross proceeds of C$17,600,000 . The investment is part of a larger financing that will bring Eldorado's ownership to approximately 17% of Amex.

Amex Exploration has made significant high-grade gold discoveries at its 100%-owned Perron Gold Project, located approximately 110 km north of Rouyn-Noranda, Quebec, with the Project comprising 117 contiguous claims (45.18 km²) and hosting both bulk-tonnage and high-grade gold mineralization styles . The continued investment demonstrates Eldorado's confidence in Quebec's mining potential and its strategy to build a stronger Canadian platform.

K92 Mining: Arakompa Emerges as Next Major Target

K92 Mining released its sixth set of drilling results from Arakompa in Papua New Guinea, with all drill holes intersecting mineralization, with 40 intersections exceeding 5 g/t AuEq and 20 intersections exceeding 10 g/t AuEq . The AR1 high-grade zone is now defined up to approximately 300 m of vertical extent and up to 400 m of strike length, starting at 100 m depth .

CEO John Lewins stated that "the latest results from Arakompa represent another important step in advancing the discovery towards a maiden resource estimate planned for mid-2026" . The results extend a high-grade vein system and filled-in broad shallow mineralization only 4.5 km from the plant , positioning Arakompa as a potential near-mine ore source that could feed K92's existing infrastructure.

Canaccord Genuity's Peter Bell noted that "Arakompa is not yet in the mine plan, but the target is becoming increasingly relevant given its proximity to infrastructure, growing scale and potential to support incremental resources alongside Kora/Judd" .

What It Means

Today's announcements underscore a clear theme: copper is commanding attention across the mining sector. From Eldorado's milestone at McIlvenna Bay to Osisko's high-grade hits in Quebec and Marimaca's bornite extensions in Chile, companies are advancing copper projects at a time when supply constraints continue to support elevated prices.

The geographic diversity is notable—Saskatchewan, Quebec, Chile, and Papua New Guinea all featured in today's top stories, reflecting the global nature of the search for critical minerals. Quebec in particular is emerging as a copper hub, with both Osisko and Amex (backed by Eldorado) advancing significant projects in the province.

Permitting momentum also stands out. GoGold's approval in Mexico and Eldorado's successful commissioning in Saskatchewan demonstrate that despite regulatory challenges, quality projects in stable jurisdictions are moving forward. With copper prices holding above $6 per pound and institutional forecasts pointing to continued supply deficits, the companies making news today are well-positioned to benefit from the structural tailwinds supporting base metals demand.

This roundup covers press releases published on June 9, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.