BRICS+ central banks now hold about 6,000 tonnes of gold, or 17.4% of global reserves, up from 11.2% in 2019, with Russia (2,336 tonnes), China (2,298 tonnes) and India (880 tonnes) the largest holders. Annual official-sector gold buying has averaged roughly 1,000 tonnes over the past four years, doubling after 2022 sanctions on Russia, and BRICS+ countries accounted for more than half of purchases between 2020 and 2024. The report flags Saudi Arabia as a potential “wild card”, noting that a shift to a 5% gold allocation could alone match projected total central bank demand for 2026.

Copper’s early-2026 rally above $14,500/t has fully reversed, with prices now around $12,000/t and down 2.5% year-to-date after the Iran war and Strait of Hormuz disruptions pushed energy costs higher and clouded global growth. Goldman Sachs, led by analyst Aurelia Waltham, has cut its 2026 base-case copper target to $12,650/t from $12,850/t, versus an estimated “fair value” of about $11,100/t, and warns of a “severely adverse” downside scenario if the strait stays blocked. For project modellers and mine planners, the bank’s note signals weaker near-term demand assumptions and greater price risk around expansion and hedging decisions.

Revival Gold’s 2025 drilling at the past-producing Mercur gold project in Utah returned one of its strongest South Mercur intercepts to date, with hole RMC25-031 cutting 74 m at 2.8 g/t Au from 91 m downhole, including 13 m at 8 g/t from 13 m depth, and RMC25-032 intersecting 84 m at 1.1 g/t from 14 m. The company, which now owns 100% of Mercur after buying Barrick’s remaining stake, is advancing a heap leach operation based on a PEA outlining US$208 million capex for a 10-year, 95,000 oz/y mine. A 16,000 m follow-up drilling and engineering programme will feed into a pre-feasibility study targeted for Q1 2027, ahead of a potential construction decision in 2028 and first production in 2029.