Sturnella Signals
Capital markets · Cybersecurity · Critical resources · Governance
This week in Sturnella Signals
The disclosure gap between cyber risk and capital markets readiness is widening — and M&A season is accelerating it.
With gold near $4,736 and uranium near a structural floor, the resource sector's M&A pace is outrunning its IR and cybersecurity infrastructure. This edition tracks the deals that matter, the EDGAR filings worth reading, and the earnings calls where Sturnella sees opportunity.
Gold$4,735+0.34%
Silver$77.67+1.39%
Uranium$86.85−0.06%
Copper$6.13/lb+2.13%
Deal Flow
M&A · Uplistings · Divestitures
Barrick Mining — North American Assets IPO
Spinout / IPOTSX: ABX · NYSE: B · NewCo IPO targeting late 2026 · 10–15% minority stake
Barrick's board approved preparations for an IPO of its North American gold assets (Nevada Gold Mines, Fourmile, others) targeting late 2026. The subsidiary will trade as a separate entity — a new name, new ticker, new IR program from scratch. Q1 results May 11 are the next major update on the IPO timeline.
Sturnella lens: A NewCo IPO means building an IR program from the ground up. NewCo leadership has not yet been named publicly. The window to become a founding IR advisor is open — but narrow.
Cyber Signal
EDGAR 8-K · SEC Cyber Disclosure · Watch List
SEC Rule effective December 15, 2023 requires US-listed companies to disclose material cybersecurity incidents via 8-K Item 1.05 within four business days. The following reflects Sturnella's current EDGAR monitoring of watch list companies.
| Ticker | Company | Filing | Status | Sturnella Note |
|---|---|---|---|---|
| BA | Boeing | 8-K 1.05 | Prior incident | Lockbit ransomware 2023. Review subsequent 10-K cyber risk disclosures. Elevated ongoing threat profile — defense prime. |
| UUUU | Energy Fuels | 10-K / 8-K | Under review | Critical minerals + uranium = elevated threat target. No known incident. Verify current 10-K risk section before May 20 earnings call. |
| AGI | Alamos Gold | 40-F | Under review | 40-F filer. Review annual report cyber risk section ahead of May 7 earnings call. Island Gold expansion adds new OT exposure. |
| EQX | Equinox Gold | 40-F | Under review | Multi-jurisdiction ops (Brazil, Mexico, Canada). Greenstone commissioning = new OT/IT attack surface. Review before May 7. |
Upcoming
Earnings Calls — Next 30 Days
ABX / BBarrick MiningMay 8 (AGM) · May 11 (Q1)● Confirmed
6:00 AM ET results / 11:00 AM ET webcast. NewCo IPO update expected.
AGIAlamos GoldMay 7, 2026● Est. — verify IR page
Island Gold Phase 3 ramp + AISC trend. Confirm webcast link.
EQXEquinox GoldMay 7, 2026● Est. — verify IR page
Greenstone ramp costs + debt reduction narrative.
WPMWheaton Precious MetalsMay 8, 2026● Est. — verify IR page
Streaming deal pipeline + ESG narrative for new funds.
ARISAris MiningMay 12, 2026● Est. — verify IR page
First quarter on NYSE. Segovia ramp + Marmato CIP update.
DNN / DMLDenison MinesMay 14, 2026● Est. — verify IR page
Wheeler River EA progress. ISR narrative for generalist investors.
Sturnella Insights
Capital Markets · Cybersecurity · Governance
Governance Precision
Why the SEC's 4-Day Cyber Disclosure Rule Is a Capital Markets Problem, Not Just a Legal One
When the SEC mandated 8-K Item 1.05 disclosures in December 2023, most commentary focused on compliance timelines. The more consequential implication — that a cyber incident is now a material event with the same IR urgency as a production miss or executive departure — received far less attention. For resource companies preparing to uplist or navigate M&A, the IR response protocol for a cyber event needs to be built before the event occurs.
Coming soon on sturnellahq.com →Where We'll Be
Events & Speaking Engagements
May14
ISACA Phoenix AGM — Speaking Engagement
Phoenix, AZ · Upcoming event
CybersecurityCareer Strategy
Pivot With Purpose: Cybersecurity Careers in a Macro-Driven World. Session exploring how geopolitics, capital flows, and national security priorities are reshaping cybersecurity demand — and why the capital markets intersection matters for practitioners.
Jun5
Elko Mining Expo 2026
Elko, NV · June 5, 2026
MiningGold
More to follow, stay tuned.