Sturnella Signals
Capital markets · Cybersecurity · Critical resources · Governance
This week in Sturnella Signals
Gold Free Fall: War Wins.
Gold collapsed through $4,150 as May CPI confirmed 4.2% inflation and a December Fed rate hike is now potentially fully priced in, while Trump's warning to Iran killed ceasefire hopes and removed one of the few near-term bullish catalysts. China quietly posted its largest monthly gold purchase since January 2025. Now extending the record 19-month buying streak to 2,331 tonnes, this is a reminder that sovereign institutions are accumulating into this selloff while retail traders exit, historically one of the strongest contrarian signals in a bull market correction.
Gold$4,115.51−3.42%
Silver$64.762−0.85%
Uranium$85.700.00%
Copper$6.2263/lb−1.21%
Deal Flow
IPO · M&A · Uplistings · Divestitures
Sunshine Silver Mining & Refining — NYSE IPO Launch
IPONYSE: SSMR · $330M raise target · $13.50–$16.50/share · Pricing week of June 1
Sunshine Silver Mining and Refining launched its NYSE IPO on May 26, offering 20 million shares at $13.50–$16.50, targeting a valuation of up to $2.32 billion and gross proceeds of up to $330 million. The Kellogg, Idaho-based company holds the historic Sunshine Mine — currently on care and maintenance — with a restart of mining, milling, and refining operations targeted for 2028. Bookrunners include Morgan Stanley, Scotia Capital, BMO, Canaccord, Citi, and RBC.
Sturnella lens: A $2.3 billion Idaho silver-antimony mine coming to NYSE reflects the same defense supply chain thesis playing out across multiple balance sheets simultaneously. Sunshine's care-and-maintenance status means investors are entirely buying the restart narrative and the team's execution credibility. The S-1 cyber risk disclosure deserves careful reading given the OT restart complexity of a century-old underground silver mine.
Applied Aerospace & Defense — NYSE IPO Priced
IPONYSE: AADX · $650M at $20/share · 32.5M shares · Trading June 3, 2026
Applied Aerospace & Defense priced its NYSE IPO at $20 per share on June 2, raising $650 million on 32.5 million shares with a greenshoe for an additional 4.875 million. The Huntsville, Alabama-based company is an advanced manufacturer of mission-critical hardware for space and defense — covering launch systems, defense aviation, C5ISR, and precision strike systems. Bookrunners include Morgan Stanley, Jefferies, BofA, RBC, and Guggenheim. Trading commenced June 3.
Sturnella lens: A $650M defense manufacturing IPO pricing at the same moment the Pentagon is awarding multi-decade production contracts is not coincidental timing; it's a capital formation event designed to ride the procurement cycle. Applied's vertically integrated manufacturing model across space, aviation, and precision strike puts it squarely in the supply chain that DoW contracts are building out through 2035. The S-1 cyber risk disclosure for a company manufacturing classified defense hardware deserves close reading.
Honeywell Aerospace — NASDAQ Spin-off June 29
Spin-offNASDAQ: HONA · Distribution June 29, 2026 · Record date June 15 · $17B+ revenue
Honeywell confirmed the spin-off of Honeywell Aerospace Inc. on June 29 — the final step in its portfolio transformation into three independent public companies alongside Honeywell and Solstice Advanced Materials. Existing HON shareholders receive one HONA share for every two HON shares held as of June 15. With over $17 billion in 2025 revenue and a global installed base spanning virtually every commercial and defense aircraft platform, HONA will be one of the largest pure-play aerospace suppliers on public markets. CEO Jim Currier will lead the Phoenix-based company.
Sturnella lens: Creating a $17B+ pure-play aerospace-defense supplier is not just a financial engineering event it is possibly a governance reset. HONA inherits a complex supply chain, classified program exposure, and a global installed base that will require its own IR infrastructure, disclosure posture, and cybersecurity governance framework from day one. The spin-off creates an immediate institutional audience that has never held a pure HONA position before. The first earnings call and the first Item 106 disclosure will both be closely watched.
Myriad Uranium + Wedgemount — Arizona Breccia Pipe Option
Joint VentureCSE: M · OTCQB: MYRUF · CSE: WDGY · Announced June 9, 2026
Myriad Uranium acquired 15 state mineral leases and 8 split-estate claims covering 5,600 acres in Arizona's historic uranium strip, hosting 23 breccia pipe uranium targets with potential associated REEs — including the Wate Pipe, which carries a historical resource of 1.12 million lbs eU₃O₈ at 0.79% grade adjacent to Energy Fuels' Pinyon Plain Mine. Myriad simultaneously granted Wedgemount Resources a 3-year option to earn up to 75% by funding CAD$4 million in exploration, paying USD$75,000, and issuing shares giving Myriad 9.9% of Wedgemount. Myriad retains a back-in right to 50% via a CAD$5 million earn-back.
Sturnella lens: Breccia pipe uranium in the Arizona Strip is just adjacent to Energy Fuels' highest-grade producing mine and it is exactly the US domestic uranium profile the Section 232 decision is designed to incentivize. Twenty-three targets across 5,600 acres, optioned to a new partner who funds exploration while the seller retains upside: this is possibly an example of a capital-efficient portfolio management at the junior level. The REE association adds a second national security narrative on top of an already compelling uranium story.
Silver X Mining — Acquires Ccasahuasi Gold Project from Barrick
AcquisitionTSXV: AGX · OTCQB: AGXPF · Announced June 4, 2026
Silver X Mining acquired 100% of the Ccasahuasi gold project in Peru's Nueva Recuperada district by purchasing the Lily 19 mining concession from Barrick Mining for $30,000 in staged cash payments plus a net smelter return royalty with partial buyback. The project holds an inferred resource of 42,303 oz gold at 0.936 g/t, defined by only 903 meters of drilling, and sits one kilometer from Silver X's producing Tangana mine. A conceptual 5,320-meter drill program has been outlined but not yet approved.
Sturnella lens: A $30,000 cash acquisition of a 42,000 oz gold resource adjacent to a producing mine is the kind of capital-efficient district consolidation that builds value quietly. When Barrick exits a concession at that price, it tells you something about their portfolio prioritization and when a junior picks it up next to existing mill infrastructure, the incremental economics can be compelling. The IR narrative here is district-scale optionality at near-zero acquisition cost.
Agnico Eagle — C$5M Royalty Purchase from Prism Resources
Royalty AcquisitionNYSE/TSX: AEM · TSXV: PRISM · Announced June 4, 2026 · Close expected Q3 2026
Agnico Eagle agreed to purchase Prism Resources' 7.5% net profit interest royalty over certain Agnico-owned properties in Ontario's Porcupine Mining District for C$5 million cash. The transaction is subject to Prism shareholder approval and TSXV acceptance. Agnico already holds 5.75 million Prism shares (~11.07%) and may acquire additional shares depending on market conditions.
Sturnella lens: Agnico buying back a royalty on its own properties is housekeeping with strategic intent. Essentially, cleaning the title on Porcupine assets removes a future encumbrance as production scales. Combined with the Wallbridge investment two weeks ago and the $14 billion Ontario commitment, this is the third Agnico move in a month signaling systematic portfolio consolidation across Ontario and Quebec. The pattern is worth watching more than any single transaction.
Western Copper and Gold — Mitsubishi Materials Partnership Update
Strategic PartnershipTSX/NYSE Am: WRN · Announced June 4, 2026
Western Copper and Gold disclosed that it is in productive dialogue with Mitsubishi Materials Corporation to extend the investor rights agreement between both parties on the Casino copper-gold project in Yukon. No definitive agreement has been reached. CEO Sandeep Singh described Mitsubishi as a "committed, highly valued partner." The Casino Project is positioned as Canada's premier copper-gold development.
Sturnella lens: A Japanese strategic maintaining its partnership on a Yukon copper-gold project at this stage in the commodity cycle is a validation signal that transcends the press release language. Mitsubishi's continued commitment reflects the same allied supply chain thesis driving defense procurement = trusted jurisdiction, critical metal, Tier 1 partner. The IR challenge is managing the gap between "productive dialogue" and a signed extension without losing narrative momentum.
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 |
|---|---|---|---|
| SYK | Stryker Corporation | 8-K/A 1.05 | Active — Material |
| Sturnella note: Stryker filed an 8-K/A confirming a material cybersecurity incident under Item 1.05. The March 11 attack — attributed to Iran-linked hacktivist persona Handala — wiped approximately 200,000 devices across 79 countries, including employee personal phones enrolled through BYOD. CISA launched a formal investigation. Palo Alto Networks Unit 42 confirmed containment with no unauthorized activity observed since March 11. Investigation remains ongoing. This is the first publicly attributed Iranian cyber retaliation against a major US defense supply chain company in the current conflict cycle — a direct intersection of the geopolitical and cybersecurity themes Sturnella tracks. Stryker is a $25B medical device manufacturer whose products serve defense and civilian healthcare globally. | |||
| WST | West Pharmaceutical Services | 8-K/A Filed | Resolved — Watch |
| Sturnella note: West Pharma filed an 8-K/A updating the May 7 material disclosure. Operations are now fully restored across all sites globally. No unauthorized activity observed since May 5. The company believes the incident will not materially impact Q2 or full-year 2026 guidance. Remediation led by Palo Alto Networks Unit 42. Data exfiltration scope remains under investigation. | |||
No new Item 1.05 filings in the mining, defense, or energy sectors this week. The Stryker incident — attributed to an Iranian state-aligned actor — underscores why the filing silence from mining and defense companies is itself a governance signal worth monitoring.
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AI Governance
You Can Use AI Without Exposing Your Company
A practical guide to deploying AI tools inside your organization without creating the disclosure, data, or regulatory exposure that most companies don't see coming until it's too late. Written for mining, defense, and resource-sector executives navigating AI adoption in a high-scrutiny environment.
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Jul30
Mine Tour — Eureka, Nevada
Eureka, NV · Upcoming event
MiningField Visit
Sturnella on the ground in Eureka, Nevada for an operational mine tour. More details to follow as the date approaches.