S&P upgrades Skeena Resources outlook on mine progress

UBS analyst Daniel Major assigned a Buy rating to Skeena Resources (SKE) with a C$60.00 price target. The average analyst consensus is Moderate Buy with a C$56.00 target. Skeena reported a Q2 GAAP net loss of C$35.22 million, slightly improved from last year's C$36.03 million loss. Insider sentiment is negative, with increased selling activity.

Ottawa will contribute C$500M (US$352M) to Newmont’s proposed Red Chris Block Cave, linking mine funding to British Columbia’s North Coast Transmission Line. The deal also includes C$3.9B for BC Hydro’s first two stages. Red Chris needs up to 145 MW; the expansion could add ~14 years of mine life and ~1,800 construction jobs, according to Newmont.

A PwC Canada report says British Columbia and Yukon could lose ground in critical minerals supply unless they speed mine construction, power buildout and permitting. PwC’s BC Mine 2025 notes metallurgical coal fell to <50% of BC mining revenue in 2024 from >60% in 2023, while copper rose to 25% from 19%. It cites demand driven by industrial policy and energy security, and highlights infrastructure constraints.

Hyundai Motor Group plans to invest $15.5 billion in India from 2026 to 2032, focusing on manufacturing, R&D, and technology. The company views India as a key market for its growth. Hyundai is currently the third-largest carmaker in India, with 247,980 passenger cars sold from April to August 2023.

First Phosphate (NASDAQ:PHOS) is developing a phosphate project in Quebec to support LFP battery supply. The company reported a 378% increase in indicated resources, with a net present value of C$2.1B. It has secured government support and offtake agreements, aiming for production by 2030. The company is debt-free with $25M in cash and expects a two-year runway.

AbbVie (ABBV) presented Phase 3 AFFIRM trial data at the American College of Gastroenterology 2026 Annual Scientific Meeting, showing subcutaneous Skyrizi achieved 35.8% endoscopic remission in Crohn's patients at Week 24, compared to 9.1% for placebo. The drug is under regulatory review. ABBV closed at $274.36, down 2.40%.