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S&P/TSX Composite Index Down Nearly 80 Points at Midday

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The S&P/TSX Composite index was down nearly 80 points in choppy trade at midday, with the mining sector the worst performer.

The mining sector is down 3.5%, as precious metals prices also trade lower.

The best performers are industrials (+2%) and telecoms (+1.8%).

In economic news, Canadian housing starts this year are expected to fall below last year's levels, as elevated uncertainty, higher development costs, weaker demand and rising unsold inventories continue to weigh on new construction activity, Canada Mortgage and Housing Corporation (CMHC) said Thursday.

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Fury Gold Mines Temporarily Suspends Drilling at Eau Claire Due to Nearby Wildfire; No Reported Injuries

Fury Gold Mines (FURY.TO) after trade Wednesday said it evacuated all personnel from its Eau Claire camp in Quebec's James Bay region as a precaution due to a nearby forest fire.The evacuation was carried out in coordination with local authorities, and all employees and contractors were safely removed with no reported injuries, the company added."Exploration and drilling activities at Eau Claire have been temporarily suspended while the situation is assessed," the company said, adding that it is working with local and provincial fire authorities and will provide updates on when operations can resume and any impact on its exploration program.The company also said it does not currently expect the precautionary suspension to have a material impact on its previously announced Phase 2 drilling program at Eau Claire.

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Mako Mining Reports Q2 Gold Sales of 14,610 Ounces, Revenue of About $63 Million

Mako Mining (MKO.V, MAKO) sold 14,610 ounces of gold in the second quarter, generating about $63.0 million in revenue, the company said after market close on Wednesday.The company sold 10,612 ounces of gold from its San Albino mine at an average realized price of $4,156 per ounce and 3,998 ounces from its Moss mine at $4,321 per ounce.At the San Albino mine, Mako mined 48,890 tonnes of ore containing 12,390 ounces of gold at an average grade of 7.88 grams per tonne and 11,289 ounces of silver at 7.18 grams per tonne during the second quarter. While at Moss, Miko mined 1.36-million tonnes of ore in the second quarter.Mako said cash, securities and trade receivables totaled $112 million as of June 30, 2026, an increase of $15 million from the previous quarter.The company's shares closed down C$0.23 to C$10.18 on TSX Venture Exchange.

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TRX Gold Posts Higher Adjusted Earnings and Revenue for Its Fiscal Third Quarter

TRX Gold (TRX.TO) after trade Wednesday reported fiscal third-quarter adjusted earnings of $10.1 million, up from $2 million a year ago.Three analysts polled by FactSet expected $0.03 per share.Revenue for the quarter ended May 31 was $32.9 million, up from $12.5 million a year earlier.Three analysts expected revenue of $34.9 million.The company said it remains on track to meet its full-year production outlook of 25,000 to 30,000 ounces at an average cash cost per ounce of gold sold of between $1,400 and $1,600 per ounce.The company's shares closed down C$0.08, or 7.2%, to C$1.03 on the Toronto Stock Exchange.

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