Gold weaker, copper slightly firmer

Dear Readers,

In October, gold and copper moved in opposite directions: According to the World Bank, the average price of gold fell by about 5 percent compared to September, to $4,105 per troy ounce. The monthly average price of copper rose by about 0.2 percent to $14,508 per metric ton. These are monthly averages, not daily prices.

Gold received a boost in demand from central banks and other official institutions: The World Gold Council estimates their net purchases in the third quarter of 2026 at 321 metric tons of gold. Strategic diversification remains a motive for buying. However, this does not imply that these purchases are price-independent, nor does it guarantee sustained support for the gold price.

For copper, the energy transition and digitalization are supporting demand in the longer term. The International Copper Study Group expects refined copper consumption to increase by 1.5 percent in 2026.

Blue Moon Metals Agrees to Sale in Norway

Blue Moon Metals – https://www.commodity-tv.com/ondemand/companies/profil/blue-moon-metals-inc/ – announced on November 3 that it had agreed to sell all of its shares in Blue Moon Norway AS, together with Nussir and NSG, to ACG Metals. The consideration consists of ACG shares valued at $220 million, subject to adjustments. The closing, expected on November 30, is still subject to conditions, including regulatory approvals.

Regarding the Springer tungsten project in Nevada, the contract for plant refurbishment was announced on October 26. The company’s goal remains to resume operations by the end of 2027.

U.S. GoldMining Evaluates Whistler Drilling Results

U.S. GoldMining – https://www.commodity-tv.com/ondemand/companies/profil/us-goldmining-inc/ – is the sole owner of Whistler in Alaska. The preliminary economic assessment (PEA) dated March 2 projects 3.6 million ounces of gold equivalent over 14.6 years with an initial investment of approximately $1.28 billion. Price assumptions: gold at $3,200 per ounce, copper at $4.50 per pound, silver at $37.50 per ounce.

On September 22, the company reported the completion of 7,493 meters of drilling. According to an update on November 2, lab results are pending. The permitting process for the planned West Susitna access road is still ongoing.

Conclusion: Blue Moon Metals and U.S. GoldMining on the Verge of Milestones

Demand for gold and copper provides the market backdrop. For Blue Moon Metals, the focus is now on closing the transaction; for U.S. GoldMining, it is on evaluating the drill results. Financing, permits, and implementation remain critical.

Latest company information and press releases:

https://www.resource-capital.ch/de/unternehmen/blue-moon-metals-inc/

https://www.resource-capital.ch/de/unternehmen/us-goldmining-inc/

Further information is available in our Battery Metals Report:

https://www.resource-capital.ch/de/reports/ansicht/batteriemetall-report-2026-03/

And our Precious Metals Report:

https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/

Best of luck and warm regards from Switzerland,
Yours,
Marc Ollinger
Swiss Resource Capital AG

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Sources: World Bank, Pink Sheet, Nov. 3, 2026 · WGC, Central Banks Q3, Nov. 3, 2026 · ICSG, Market Forecast, Oct. 14, 2026 · Blue Moon, Springer Decision, Apr. 27, 2026 · Blue Moon, Springer Overhaul, October 26, 2026 · Blue Moon, Norway Sale, November 3, 2026 · Düsseldorf Stock Exchange, Blue Moon, accessed November 9, 2026 · U.S. GoldMining, PEA, March 2, 2026 (SEC filing) · U.S. GoldMining, Drilling Completion, September 22, 2026 · U.S. GoldMining, Infrastructure, November 2, 2026 · Deutsche Börse, U.S. GoldMining, Retrieved November 9, 2026; Cover image: AI-generated symbolic illustration

Transparency and Conflicts of Interest

Creator and Publisher: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Author: Ingrid Heinritzi. Issuers: Blue Moon Metals Inc. (TSXV: MOON; NASDAQ: BMM; WKN: A413T9; ISIN: CA09570Q5095) and U.S. GoldMining Inc. (NASDAQ: USGO; WKN: A3D7H8; ISIN: US90291W1080). SRC receives compensation from both companies under paid investor relations consulting agreements. These paid relationships constitute a financial interest in positive coverage.

The author and SRC do not hold any positions in the issuers discussed. Issuers with a stake of at least 5 percent in SRC: no. Market-making, lead/co-lead manager, and investment banking relationships: no. Other relevant interests: none. Prior review by the issuers: The issuers did not receive the article in advance for review and/or approval. Applicability of Section 18(2) MStV / responsible person: Marc Ollinger, CEO of SRC.

Methodology and Risks

Date of publication and source cutoff date: November 9, 2026, 2:12 p.m. CET. Public sources have been cross-checked; company information has not been independently verified. No independent review of drilling data, resource estimates, feasibility studies, or company valuations was conducted. Monthly average prices and estimated demand do not constitute current tradable prices or price forecasts. Cover image: AI-generated symbolic illustration; it does not depict any actual assets or projects of the issuers.

QPs from the original sources: Blue Moon – Reza Ehsani, P.Eng., SVP Projects, not independent (Springer announcements dated April 27 and October 26, 2026). The transaction announcement dated November 3, 2026, does not name a QP. U.S. GoldMining – Tim Smith, P.Geo., CEO, not independent (drilling and infrastructure announcements); the PEA announcement names the following as independent QPs: Kevin Murray, P.Eng., Scott Elfen, P.E., James Millard, P.Geo. (Ausenco), Marc Schulte, P.Eng., and Sue Bird, P.Eng. (MMTS).

Whistler: The PEA is a preliminary economic assessment, not a feasibility study, and does not constitute proof of assured production. Resources are not reserves; their economic viability has not been demonstrated. The following applies to the modeled production: AuEq (ounces) = Gold (ounces) + [Copper (pounds) × $4.50/pound + Silver (ounces) × $37.50/ounce] ÷ $3,200/ounce. Drill meters indicate the scope of the program, not the thickness of a deposit.

At Springer, the restart without a current feasibility study based on reserves increases the economic and technical risk. Metal prices, interest rates, exchange rates, capital requirements, dilution, permits, infrastructure, metallurgy, transaction terms, and construction costs can significantly alter the results. Timelines are corporate targets. Investments in the mentioned stocks may result in a total loss.

Disclosures and Liability

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Intended target markets are Germany, Austria, and Switzerland. No claim is made that distribution is actually limited to these countries. AI was used for research, editing, and the cover image. Prior to publication, a substantial human final review and editorial approval by SRC are required. Editorial responsibility remains with the publisher. © 2026 SRC swiss resource capital AG. Redistribution requires consent or is permitted by law.