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Cushing, Oklahoma crude inventories have fallen to their lowest level since October 2014 according to the latest data.Ei...
06/18/2026

Cushing, Oklahoma crude inventories have fallen to their lowest level since October 2014 according to the latest data.

Eight consecutive weekly draws have pushed stocks just above the roughly 20 million barrel level widely viewed as the hub’s functional “tank bottom.” Cushing is a key U.S. oil storage hub and serves as the physical settlement point for West Texas Intermediate futures.

While total capacity is near 90 million barrels, headline storage figures may overstate usable supply, as a portion of remaining crude can include sludge or material that is difficult to move operationally.

The drawdown is part of a broader decline in U.S. crude inventories. The Department of Energy report showed a national crude drawdown of 8.26 million barrels, compared with a consensus estimate of 3.5 million barrels.

Source: The Deep Dive

Mercado Minerals reported additional drill results from its Copalito Project in Sinaloa, Mexico, as part of the company’...
06/18/2026

Mercado Minerals reported additional drill results from its Copalito Project in Sinaloa, Mexico, as part of the company’s inaugural 3,000-metre diamond drill program.

The headline intercept came from the El Agua vein, where hole COP-26-012 returned 1.20 metres grading 1,120 g/t silver equivalent within a broader 3.50-metre interval grading 686 g/t silver equivalent from 124.75 metres depth.

At the 5 Señores vein, Mercado reported that drilling has expanded the productive strike length to approximately 800 metres and vertical depth to roughly 125 metres. Hole COP-26-014 also returned 24.20 metres grading 154 g/t silver equivalent, including 7.60 metres of 434 g/t silver equivalent.

The company said drilling is continuing at El Pilar, with first tests of Pilar Sur and El Medio also part of the ongoing program.

Source: The Deep Dive

FULL DISCLOSURE: Mercado Minerals is a sponsor of theDeepDive.ca.

enCore Energy has received final approval from the U.S. Bureau of Land Management to begin initial construction work tie...
06/18/2026

enCore Energy has received final approval from the U.S. Bureau of Land Management to begin initial construction work tied to the Dewey-Burdock uranium project in southwest South Dakota.

The decision authorizes enCore subsidiary Powertech to build ancillary infrastructure on approximately 240 acres of BLM-managed public land within the broader 10,580-acre project area. The approved work includes portions of access roads, light-use roads, four groundwater monitoring wells, and overhead powerlines.

The BLM decision is limited in scope. It does not authorize production well fields, processing facilities, wastewater impoundments, or uranium extraction activities on BLM-administered public lands.

Dewey-Burdock is planned as an in-situ recovery uranium project and has measured and indicated resources of about 17.1 million pounds of U₃O₈. The project was added to the federal Fast-41 permitting process in 2025 as part of a broader U.S. effort to advance domestic mineral production.

Source: The Deep Dive

Brixton Metals has started a dedicated sonic drilling program at its Langis Silver Project, focused on historic tailings...
06/18/2026

Brixton Metals has started a dedicated sonic drilling program at its Langis Silver Project, focused on historic tailings from past mining operations that ran from 1956 to 1968.

The program is designed to test the grade and continuity of the tailings material and support an initial mineral resource estimate. Historical processing records suggest the material was milled at roughly 20 to 25 ounces per tonne silver, with approximately 88% recovery, implying residual silver may remain in the legacy tailings.

The company is positioning the work as part of a potential recovery and remediation strategy, with the stated objective of generating near-term cash flow.

The tailings campaign is running alongside Brixton’s broader 60,000 metre 2026 Langis drill program, which includes two bedrock rigs targeting high-grade silver veins and structural extensions across the historic camp.

Source: The Deep Dive

Leaked audited financial statements reportedly show OpenAI generated $13.07 billion in revenue in 2025, more than triple...
06/17/2026

Leaked audited financial statements reportedly show OpenAI generated $13.07 billion in revenue in 2025, more than triple its 2024 total and above its internal target.

The same documents reportedly show $34 billion in total costs and expenses, producing an operating loss of $20.92 billion. Research and development accounted for the largest share, reaching $19.18 billion, while sales and marketing rose to $5.73 billion.

A significant portion of OpenAI’s spending reportedly went through Microsoft, which received $17.2 billion from OpenAI for cloud computing, R&D support, and related services. Microsoft reportedly paid OpenAI $303 million in return for AI services.

The figures surfaced as OpenAI moves toward a potential public listing, giving investors an early look at the scale of its growth, spending, and infrastructure costs.

Source: The Deep Dive

Franco-Nevada is challenging a court ruling from Burkina Faso that reportedly seeks to nullify the company’s gold stream...
06/17/2026

Franco-Nevada is challenging a court ruling from Burkina Faso that reportedly seeks to nullify the company’s gold stream agreement tied to the Karma gold mine.

Franco-Nevada said it became aware of a news release from Riverstone Karma SA announcing the local court decision. The company’s position is that the stream agreement is governed by Ontario law, that the judgment is not valid, and that it intends to have the decision vacated.

The Karma stream has been part of Franco-Nevada’s portfolio since 2014. The agreement originally involved up to $120 million in financing, with Franco-Nevada funding 75% and Sandstorm Gold funding the remainder.

Franco-Nevada received 15,000 ounces of gold annually from March 2016 through February 2021 under the stream, followed by an entitlement to 4.875% of refined gold output over the mine’s life.
The dispute remains ongoing.

Source: The Deep Dive

Goliath Resources has launched its 2026 drill campaign at the Surebet discovery, part of the company’s wholly owned Gold...
06/17/2026

Goliath Resources has launched its 2026 drill campaign at the Surebet discovery, part of the company’s wholly owned Golddigger project in British Columbia’s Golden Triangle.

The fully funded program is targeting approximately 50,000 metres of drilling, with two rigs already active and five more expected to join the campaign. The work is focused on expanding the known Surebet footprint, including the Bonanza and Golden Gate zones, while also testing additional open lodes and veins.

A key part of the program will focus on a magnetic anomaly in the southwestern portion of the property, which the company believes may indicate the Motherlode magmatic intrusion responsible for the gold system.

Between 2021 and 2025, every drill hole at the 1.8-square-kilometre Surebet discovery intersected gold, with visible gold reported in 92% of holes across over 156,000 metres of drilling.

Source: The Deep Dive

FULL DISCLOSURE: Goliath Resources is a sponsor of theDeepDive.ca.

Guanajuato Silver has made a second accelerated repayment on its gold loan with Ocean Partners UK Ltd., repaying 1,448.7...
06/17/2026

Guanajuato Silver has made a second accelerated repayment on its gold loan with Ocean Partners UK Ltd., repaying 1,448.7 ounces of gold at US$3,830 per ounce.

The payment clears all 11 monthly installments that had been scheduled to resume in 2027, leaving one remaining bullet payment of 2,365.8 ounces due at maturity in April 2028.

The move follows a May repayment of 1,580.4 ounces, which covered a full year of installments using cash on hand. Together, the two early repayments mean Guanajuato Silver has returned roughly two-thirds of the loan’s original balance.

The Ocean Partners facility is currently the company’s only debt obligation, with a mark-to-market value of approximately US$10.2 million. Management said the repayment used lower spot gold prices and an early payment discount to reduce the outstanding obligation.

Source: The Deep Dive

Generation Mining has received internal lender credit approval for a US$310 million senior secured project finance facil...
06/17/2026

Generation Mining has received internal lender credit approval for a US$310 million senior secured project finance facility for its Marathon copper-palladium project in Ontario.

The lenders behind the facility include Export Development Canada, ING Capital, and Société Générale. The financing is intended to support construction and development of the fully permitted polymetallic deposit.

The facility adds to Generation Mining’s broader funding package, which includes an undrawn C$200 million metals streaming agreement with Wheaton Precious Metals and approximately C$145 million in equipment leasing facilities. Together, these arrangements represent about C$769 million in committed funding toward the project.

The company’s 2025 feasibility study estimated initial capital costs at C$992 million, with remaining financing discussions continuing across subordinate debt, surety, and equity sources. If the balance of funding is completed, construction is expected to begin in the second half of 2026.

Source: The Deep Dive

SpaceX is acquiring Anysphere, the company behind AI coding assistant Cursor, in a $60 billion all-stock deal.The transa...
06/16/2026

SpaceX is acquiring Anysphere, the company behind AI coding assistant Cursor, in a $60 billion all-stock deal.

The transaction is expected to close by the end of the third quarter of 2026 and would make Cursor a wholly owned subsidiary of SpaceX. The move follows SpaceX’s recent public listing and signals a deeper push into artificial intelligence, particularly developer tools and AI-assisted software creation.

Cursor, launched in 2022, helped popularize AI-driven coding workflows and has gained adoption among professional developers and enterprise users. The acquisition would give SpaceX and xAI access to a major AI coding product with established distribution, while Cursor could benefit from larger-scale compute infrastructure for model training.

The deal highlights how AI coding tools are becoming a strategic area for major technology platforms, as companies compete to own both the models and the workflows used by software teams.

Source: The Deep Dive

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