J2. Fossil Fuel Industry

Canadian miner McEwen (TSX, NYSE: MUX) agreed to buy smaller rival Canadian Gold (TSXV: CGC) to add the mothballed Tartan mine in Manitoba and exploration properties in Ontario and Quebec.

The preliminary deal would see Canadian Gold shareholders receive 0.0225 of a McEwen common share, for an offer price of C$0.35 per Canadian Gold share, according to a statement issued Monday. This represents a 26% premium to the 30-day volume weighted average price of the Canadian Gold shares as of Friday’s market close, McEwen said.

Based on about 209.1 million shares outstanding, the deal values Toronto-based Canadian Gold at about C$73 million ($53 million). No specific timeline for the acquisition’s completion was disclosed.

The proposed deal comes as McEwen – which recently changed its name from McEwen Mining to mark a shift toward a broader resource play – ramps up gold and copper production and pursues new assets. The company, which has three producing gold and silver mines in Nevada, Ontario and Argentina, also holds a 46% stake in Argentina’s Los Azules, one of the world’s ten biggest undeveloped copper deposits.

Shares of Canadian Gold rose 3.3% to C$0.315 in Toronto Monday afternoon – below McEwen’s offer price. That gave the company a market capitalization of about C$66 million. McEwen fell 5.3% to C$14.74 for a market value of about C$784 million.

Canadian Gold’s main asset is the Tartan mine, a past-producing, high-grade property near the city of Flin Flon that benefits from existing infrastructure and high exploration potential. The company also owns greenfield exploration properties in the Hammond Reef and Malartic South projects, which sit next to some of Canada’s largest gold mines and development projects in Ontario and Quebec.

Production at Tartan could restart within 24 to 36 months, McEwen said. Tartan already has access to a skilled mining workforce and doesn’t require the construction of a mining camp. Its “substantial” exploration potential got a boost from Canadian Gold’s recent decision to option the adjoining Tartan West property, McEwen added.

Tartan is “a high-grade gold deposit with strong exploration potential in Canada,” chairman Rob McEwen said in the statement. “The existing infrastructure, including the mine ramp, roads, and power, provides an opportunity to restart operations within a relatively short timeframe.”

Rob McEwen already owns 33% of Canadian Gold’s outstanding shares, while McEwen Inc. holds about 5.6%, according to the Canadian Gold website. Canadian Gold executives hold a 7.9% stake.

The proposed transaction must be approved by two thirds of the votes cast by Canadian Gold shareholders, as well as a simple majority of the votes cast by minority Canadian Gold shareholders. Canadian Gold shares held by McEwen Inc. and Rob McEwen won’t be included in the minority shareholder vote.

A special meeting of Canadian Gold shareholders is expected to take place by Dec. 31.

Tartan produced 47,000 oz. gold between 1987 and 1989. Two recent deals allowed Canadian Gold to expand the property’s strike length from 8 km to 29.5 km along a key regional shear zone.

The mine’s proposed development offers many similarities to McEwen’s Fox complex in northern Ontario, according to the companies. These include ramp access, mining method and the design of the proposed process plant.

The letter of intent announced Monday paves the way for McEwen and Canadian Gold to sign a definitive arrangement agreement setting out the final terms and conditions of the proposed deal. Additional details will be disclosed once a definitive deal has been reached.

Existing Canadian Gold shareholders would own about 8.2% of the combined company if the transaction goes ahead.

Copper prices fell to the lowest in a week on Monday after opening the market higher, as investors continue to monitor the final details on imminent US tariffs.

The most active copper futures on the COMEX fell by nearly 3% to $5.613/lb., a sharp pullback following a record-setting rise last week that saw prices approach the $6/lb. level.

In London, the benchmark three-month copper contract was down more than 1% at $9769.50/t, having risen by 0.6% earlier to $$9,824.50/t.

The decline comes just days before the official implementation of a 50% US tariff on the industrial metal, the details of which remain unclear ahead of the planned start on August 1.

The Trump’s administration so far has yet to confirm the important aspects of the duties, including which products will be covered, whether supplies from all nations will be hit equally, or how metal already on its way to US shores will be treated.

In anticipation of the tariff deadline, global traders have been shipping massive amounts of copper to the US, triggering a last-minute scramble and a spike in prices earlier this month. While copper prices in the US are now much higher than those in London, they still do not fully reflect the 50% universal tariff rate.

Further important developments lie ahead this week, as the Federal Reserve is expect to keep rates unchanged at the conclusion of its policy meeting on Wednesday, but its commentary will be scrutinized for clues on what comes next.

(With files from Bloomberg)

Gold prices retreated to a near three-week low on Monday as the freshly struck US-EU trade accord lifted risk sentiment and diminished the appeal of safe havens.

Spot gold fell 0.7% to $3,313.57 per ounce as of 11:30 a.m. ET, having touched as low as $3,302.50 earlier in the session. US gold futures were down 0.8% to $3,307.60 per ounce in New York.

The pullback follows a pivotal trade deal reached between the US and EU that fueled market optimism ahead a jam-packed week of earnings from Big Tech, economic data and a Federal Reserve meeting.

That pact came on the heels of last week’s US-Japan agreement, while American and Chinese officials will resume talks in Stockholm on Monday with the aim of extending their trade truce by another 90 days.

The US dollar index rose to a one-week high with the latest developments, making bullion more expensive for overseas buyers.

“I think the more trade announcements we get, the more the dollar increases. These tariff deals are dollar friendly, lowering the allure of gold and driving the sell-off amid a risk-on sentiment,” Marex analyst Edward Meir said in a note.

However, US trade representative Jamieson Greer warned on Monday that no major breakthrough was expected with China, noting discussions would focus on monitoring and implementing existing commitments.

“You’re not seeing a huge move on the downside in gold because the deals could still prove to be either difficult to implement or unrealistic,” Meir said.

Meanwhile, the US Federal Reserve is expected to keep its benchmark rate in the 4.25%–4.50% range when its two-day meeting concludes on Wednesday.

(With files from Reuters)

An initial economic study for Vital Metals’ (ASX: VML) Tardiff project in the Northwest Territories outlines output that would make it one of the largest rare earth concentrate producers outside China.

Tardiff, part of Vital’s larger Nechalacho project about 110 km northeast of Yellowknife, would produce 56,000 tonnes of concentrate annually, grading 26.4% total rare earth oxides (TREO) and 3.3% niobium pentoxide, the company said Monday.

Vital shares gained 5% to A$0.11 apiece on Monday in Sydney, for a market capitalization of A$12.38 million.

The proposed open pit mine with an initial capital cost of $291 million would have a post-tax net present value of $445 million, an internal rate of return of nearly 26% and an 11-year life.

“[The study] is a first step towards Vital playing a key role in building a critical minerals supply chain in Canada,” Vital’s managing director Lisa Riley said in a release. “Recommended next steps will aim to capture further economic upside by optimizing rare earth element and niobium recoveries, lifting concentrate grades and delivering higher payability for the economic commodities.”

Tardiff’s output would yield about 14,800 tonnes of contained TREO annually, representing approximately 3% to 4% of global rare earth oxide production based on 2024 estimates. By comparison, MP Materials’ (NYSE: MP) Mountain Pass mine in the United States produced about 43,000 tonnes of concentrate containing an estimated 4,000 to 5,000 tonnes of TREO, or roughly 11% of the global total.

If developed, Tardiff would rank among the largest rare earth concentrate producers outside China, with the added value of niobium by-product potential.

Nechalacho was briefly Canada’s first-ever producing rare earths mine on a demonstration-scale basis during 2021-2023. But mining was halted due to cost overruns, market difficulties and the bankruptcy of Vital’s processing subsidiary in Saskatoon, Saskatchewan.

The global production of rare earths, essential components in permanent magnets and other green energy technologies, is mostly controlled by China, and Mountain Pass is the only commercially producing rare earths mine in North America.

The study’s release comes about seven months after an update lifted measured and indicated resources at Tardiff’s Upper Zone by 56% to 48.6 million tonnes, according to Australia’s Joint Ore Reserves Committee mining code. That resource grades at 0.26% neodymium oxide, 0.07% praseodymium oxide and 0.25% niobium pentoxide, or 1.32% total rare earth oxide (TREO), for 640,000 tonnes of contained TREO.

Inferred resources total 144.1 million tonnes grading 0.26% neodymium, 0.07% praseodymium and 0.32% niobium, or 1.31% TREO, for 1.88 million tonnes of TREO.

Mining would extract only 15% of Tardiff’s total resource, the study says. The open pit design could produce 14,000 tonnes per day at a low strip ratio of 0.3:1.

A key component of the project is the formation of a Canadian Rare Earth Supply Chain Consortium, in which Vital plays a founding role, to enhance collaboration between industry and government to accelerate the scale-up of commercial production. Last month, Appia Rare Earths & Uranium (CSE: API), Commerce Resources (TSXV: CCE), Defense Metals (TSXV: DEFN) and Vital announced the launch of the strategic research consortium.

The scoping study also envisions a logistics plan for the transportation of concentrate by barge across Great Slave Lake to Hay River, and then by rail to a processing facility further south.

A similar supply chain was functioning when Vital was mining at Nechalacho during 2021-2023. Rare earths were shipped to Vitals’ separation plant in Saskatoon.

Avalon Advanced Materials (TSX: AVL) holds the rights to mineralization below 150 metres at Nechalacho.

China-focused Majestic Gold (TSXV: MJS) has suspended operations at its Denggezhuang (DGZ) underground mine in Shandong province, following a hanging wall incident that killed one of its employees.

In a press release on Monday, the gold miner said the worker was struck by loose rock while performing risk removal operations at DGZ, one of three underground mines operated by its subsidiary based in Yantai City.

Despite immediate rescue efforts, the worker succumbed to injuries, it added.

Following the incident, authorities in Shandong province ordered the suspension of production and asked the company to rectify the situation while temporarily withholding its relevant licenses for the DGZ mine. They also ordered an immediate investigation into the accident to determine the cause and nature of the accident, the responsibility of on-site management, and the direct economic losses of the accident.

The investigation team will jointly review the remediation measures undertaken by Yantai Mujin, Majestic Gold’s subsidiary in charge of mine operations, before authorizing the resumption of operations at DGZ.

In its statement, Majestic said it “will continue to work closely with Yantai Mujin to fully cooperate with the ongoing investigation” and “is committed to implementing all necessary safety measures, addressing potential hazards, and ensuring that all on-site safety management and supervision are in place.”

The company operates several mines in Shandong province, with its main asset being the Songjiagou open-pit mine located 50 km south of downtown Yantai. Last year, it produced 31,949 ounces across all its operations.

Shares of Majestic Gold fell 2% to C$0.15 apiece following the mine suspension, giving the British Columbia-based gold miner a market capitalization of C$152.9 million ($111.4 million).

Equinox Gold (TSX, NYSE-AM: EQX) said new drilling at its El Limon mine in Nicaragua yielded the highest-grade gold mineralization discovered to date on the property.

Highlight hole EL-TMR-25-036, which is located along the so-called VTEM corridor, cut 10.8 metres grading 36.77 grams per tonne gold from 93 metres depth, Equinox said Monday in a statement. Another hole, EL-BAB-25-121, intersected 15.3 metres grading 8.55 grams gold per tonne from 126.6 metres downhole.

The results are the first to be released from a planned 100,000-metre program of discovery and resource expansion diamond drilling at El Limon, which Equinox acquired from B2Gold (TSX: BTO; NYSE-AM: BTG) in 2019. El Limon, which has produced more than four million oz. gold so far, “continues to demonstrate strong exploration upside,” according to the company.

“These results highlight the potential to extend the mineralized corridor both to the north and west of existing deposits,” National Bank Financial mining analyst Mohamed Sidibé said in a note. They also “reinforce the strategic value of the Nicaraguan assets within the broader Equinox portfolio, particularly as the company continues to integrate the Calibre assets,” he added.

Vancouver-based Equinox last month completed the C$2.56 billion ($1.87 billion) acquisition of Calibre Mining, which vaulted the company to No. 2 among Canadian gold producers after Agnico-Eagle Mines (NYSE, TSX: AEM). Equinox subsequently promoted chief operating officer Darren Hall to the post of CEO to replace founding shareholder Greg Smith, who stepped down.

Other highlights from results released Monday included hole LIM-24-5088, which cut 7.4 metres at 13.93 grams gold from 117.7 metres depth, and hole EL-TMR-25-031, which intersected 5.6 metres grading 22.18 grams gold from 234.9 metres downhole.

Equinox’s exploration strategy in Nicaragua puts the emphasis on resource expansion and discovery drilling across existing resource zones and at high-priority targets such as the VTEM gold corridor and the mothballed Talavera underground mine. Talavera, which produced about 800,000 oz. gold when in operation, hosts about 630,000 oz. of inferred gold resource from 3.8 million tonnes of material grading 5.09 grams gold per tonne.

Its Nicaraguan assets operate as a “hub and spoke” platform in which ore from multiple open-pit and underground deposits is processed at either the El Limon or La Libertad mills. Equinox has more than 1 million tonnes of surplus processing capacity available at its Nicaraguan processing facilities.

“Over the last five years, we have successfully permitted and brought four new satellite mines into production in the country, typically progressing from discovery to first production within 18 to 24 months,” Hall said in Monday’s statement.

“Given the upside potential for new satellite mines, our permitting track record, and surplus milling capacity within the hub and spoke operating platform, we believe these exploration results continue to significantly enhance the long-term value of these assets in Equinox Gold’s portfolio.”

Equinox shares fell 1.6% to C$8.60 each Monday morning in Toronto as the broader stock market declined. That gave the company a market capitalization of about C$6.5 billion ($4.7 billion).

Adriatic Metals (ASX, LON: ADT) reported strong gains in silver and gold production in the second quarter of 2025, even as it lowered full-year guidance ahead of its planned acquisition by Dundee Precious Metals (TSX: DPM).

The company, which operates the Vareš silver-zinc-lead project in Bosnia and Herzegovina, said silver equivalent output rose 23% to 1.7 million ounces in the three months to June 30, up from 1.4 million ounces in the first quarter. The total included 720,449 ounces of silver and 4,840 ounces of gold, both up from 595,993 and 3,998 ounces, respectively.

Adriatic also reported increased zinc and lead production, and confirmed that commercial production at Vareš officially began on July 1, just after the quarter ended.

The company completed construction of the Veovača tailings storage facility in March, , with first tailings deposited in April. A dedicated road linking the plant to the facility became operational in June.

Despite the second-quarter output increases, Adriatic cut its full-year silver equivalent production forecast to between 9.5 million and 10.5 million ounces, down from a previous range of 12 million to 13 million ounces, though still higher year-on-year.

The company’s cash balance stood at $59 million on June 30, down from $76 million at the end of March.

Adriatic Metals accepted last month a $1.25 billion takeover offer from Dundee Precious Metals, a Canadian gold miner with operations in Bulgaria, Serbia and Ecuador.

“Following the board’s recommendation to accept the proposed acquisition of Adriatic by Dundee Precious Metals, we remain committed to maintaining positive operational momentum throughout this transactional period,” Adriatic Metals chief executive officer Laura Tyler said in the statement.

The merged company will keep its global headquarters in Toronto, while Adriatic’s UK office will shut down.

Canada’s Torex Gold Resources (TSX: TXG) is making another bold move in Mexico, announcing a C$449 million ($327M) all-share deal to acquire Prime Mining (TSX: PRYM), owner of the Los Reyes gold-silver project.

Under the agreement, Prime shareholders will receive 0.060 Torex shares for each Prime share, translating to roughly 10.5 million new Torex shares, or 10.7% of the company. 

Torex said the acquisition enhances its medium and long-term growth potential by adding a high-quality advanced exploration/development-stage asset in Mexico.

The move follows Torex’s acquisition in June of junior Reyna Silver, which granted the Toronto-based miner access to early-stage exploration projects in northern Mexico and Nevada, US.

The Los Reyes project, located in Sinaloa, is a key addition to Torex’s development pipeline. It hosts a combined open-pit and underground mineral resource of 1.5 million ounces of gold and 54 million ounces of silver in the Indicated category, along with 538,000 ounces of gold and 21.6 million ounces of silver in the Inferred category.

With this acquisition, Torex boosts its Measured and Indicated gold resources by 32% to 6.2 million ounces, and its Inferred resources by 44% to 1.8 million ounces. The deal also diversifies Torex’s portfolio with significantly increased silver exposure.

“The acquisition of Prime Mining, and the previously announced all-cash acquisition of Reyna Silver, support our strategy to systematically build a diversified, Americas-focused precious metals producer,” Torex chief executive officer Jody Kuzenko said in the statement.

Torex also operates the Morelos mine complex 180 kilometres southwest of Mexico City. The site includes the Media Luna and ELG underground deposits, the ELG open pit, a fully integrated processing plant, and supporting infrastructure. 

Morelos produces more than 450,000 ounces of gold annually, making Torex the largest gold producer in Mexico. The company also plans to bring a third underground deposit, EPO, into production by late 2026.

In the midst of a global energy transition, the market for magnetic rare earth elements (REEs) is likely to face a threefold demand increase by 2035, which could further exacerbate global supply challenges, according to a report by McKinsey & Company.

REE magnets are currently the strongest permanent magnets available on the market to power e-motors and wind turbines. The magnets typically require four rare earth elements as inputs: neodymium (Nd), praseodymium (Pr), dysprosium (Dy) and terbium (Tb), with the first two being the primary constituents and the latter two being additives to enhance performance in more demanding applications.

McKinsey estimates that magnetic REEs now make up the largest share of the overall rare earth market by value at 80%, despite accounting for 30% of the total production volume.

Due to their significance to clean energy technologies, global demand for magnetic REEs is expected to triple from 59,000 tons in 2022 to 176,000 tons in 2035. This growth, it adds, will be driven by strong growth in electric vehicle adoption, which is outpacing the substitution of REEs with copper coil magnet, as well as the high rate of renewable capacity expansions in wind.

Meanwhile, supply is expected to fall short by as much as 30%, especially in the absence of production forecasts for China, which has a near monopoly on the global mine production and refining, McKinsey says.

The firm also warns that even in a scenario in which Chinese volumes fill the supply gap until 2035, geopolitical considerations could put additional strain on an industry that has already been plagued by challenges around scaling in other regions.

While demand for magnetic REEs is broadly distributed across geographies due to their critical role in high-tech applications, their primary supply is highly concentrated, with China dominating over 60% of mining and 80% of refining, McKinsey notes.

Light REEs are expected to remain heavily dependent on China until 2035, it adds, while more than 60% of heavy REEs—vital for wind turbines, EVs, and robotics—will likely continue to be mined in Asia-Pacific and refined in China.

Despite global efforts to develop local REE value chains, including regulatory initiatives that could theoretically reduce China’s share in mining to under 50%, supply diversification is still expected to progress slowly over the next five to 10 years, the firm says. It also warns that China’s recent export restrictions on certain REEs remain an ongoing geopolitical risk.

As a result, secondary sources like recycling may become increasingly important, given the long timelines, environmental hurdles, and high costs of developing new mining and processing capacity.

Today, more than 80% of REE scrap originates from applications in consumer electronics, appliances or internal combustion engine vehicles, all of which use relatively small magnets for motors, actuators, and sensors, among other things.

However, increased use of magnetic REEs for EVs and wind turbines could cause scrap pools to continuously shift by 2050, McKinsey says. BEV drivetrains, industrial motors and wind turbines could generate scrap on a similar magnitude, providing a new pool of larger magnets containing higher shares of valuable heavy REEs.

McKinsey estimates that the REE value chain could generate about 40,000 tons of pre-consumer scrap, originating from magnet design and manufacturing steps, as well as 41,000 tons in post-consumer scrap from various end uses reaching end of life.

With the majority of downstream magnet manufacturing occurring in China, most pre-consumer scrap will be generated, processed, and recovered in the region as well. By contrast, scrap from post-consumer sources will likely be geographically diverse, though recovery challenges may remain.

According to McKinsey, post-consumer REE recycling would require dedicated separation of the magnet for further processing, which is a practice currently not adopted within existing recycling value chains focused on high-value or high-volume materials, such as gold and copper or aluminum and steel.

Streamex, a New York-based cryptocurrency trading platform, joined mining hall of famer Frank Giustra’s company to secure $1.1 billion (C$1.5 billion) this month to put gold assets on blockchain.

They plan to launch a gold-backed treasury strategy, Streamex founder Henry Mcphie told The Northern Miner at a recent industry conference in Boca Raton, Fla. The idea is to turn assets into tokens that can be traded like cryptocurrency. Streamex expects its first asset issuance by year‑end and wants to eclipse existing gold tokens within three years.

“We’re going to denominate our balance sheet in gold,” McPhie says in a new video.

Tokenized gold will track spot prices one‑to‑one while avoiding the friction of futures and traditional custodial models, he said. Streamex combines blockchain transparency with physical backing, he said.

In the same interview, Giustra, chairman of financier Fiore Group, said tokenization opens commodity markets to a new audience. Giustra predicts tokenized gold could play a stabilizing role if buyers demand physical delivery rather than paper leverage.

With the U.S. government facing a $2.4-trillion increase in its budget deficit over the next decade, a revolt in U.S. Treasury auctions could push yields higher and trigger a liquidity crisis, he warned.

“There will be a day of reckoning and it’s coming faster than any U.S. government can imagine,” he said.

Watch below the full chat with The Northern Miner’s Western Editor, Henry Lazenby (we apologize for the inconsistent audio in this interview).

The Department of Defense announced this week a $6.2 million award to Guardian Metal Resources (LON: GMET) to advance its Pilot Mountain tungsten project in Nevada.

The funds will enable London-listed Guardian Metal’s wholly-owned US-based subsidiary Golden Metal Resources to deliver a pre-feasibility study for Pilot Mountain, located southeast of Hawthorne. Guardian is the only company with US based tungsten assets to receive an award, and is also advancing another tungsten project in Nevada: Tempiute.

The tungsten market had an estimated value of around $5 billion in 2023. It is the material of choice for a key defense application — penetrators — which are high-density, armour-piercing projectiles. It’s also required in US Department of Defence (DoD) contracts.

European tungsten prices surged to their highest in 12 years in May, driven by China’s tightening grip on critical mineral exports, including tungsten.

Tungsten production in the US ceased in 2015, when it was no longer commercially viable due to low prices and competition from China.

China dominates global tungsten production, accounting for over 80% of last year’s total output of 81,000 tons, according to the USGS.

Another company exploring tungsten deposits in the US is American Tungsten, which started construction and building work in May for the mine plan at its Ima project in Idaho. Between 1945 and 1957, the property produced approximately 199,449 metric ton units of tungsten trioxide (WO3).

While Guardian Metals CEO Oliver Friesen is fairly new to the tungsten space, he is an exploration veteran in the state of Nevada, and worked as a geologist for Barrick on numerous drill campaigns.

“Pilot Mountain came across my desk and it just so happened to have the largest tungsten deposit in the entire USA in Nevada,” Friesen told MINING.com in an interview in June. “I realized that there was something really exciting brewing in the tungsten space.”

“[It was] contrarian to acquire a tungsten deposit when no one wanted it in the US,” Friesen said. “And now obviously it’s become incredibly valuable and we’ve positioned ourselves very strategically in the US to lead the reshoring efforts here in the country.”

“Our plans are to continue to de-risk our two main assets in Nevada and get them into production. What we have is really important for US national security and we can supply a very meaningful amount of tungsten to the US market.”

The company is working towards expanding its mineral resource estimate (MRE) which was established in 2017 and 2018 that outlined 12.53Mt at 0.27% WO3 with significant copper-silver-zinc credits.

Drilling to support the updated resource for the PFS is all now complete, Friesen said, adding high grade gallium has also been intersected at both the Pilot Mountain and Tempiute projects.

In June, the company released assay results and announced newly staked exploration targets at Tempiute.

In July, Guardian acquired additional mining claims in the Walker Lane mineral belt, about 15 km northwest of Pilot Mountain, to form what is to be known as the Pilot North tungsten project.

“On the permitting side, we’re seeing tailwinds from the new administration and the DOI,” Friesen said. “Given our position in US tungsten, we’re getting chased to get [applications] submitted. The government is serious about fast tracking defense metal projects. US investors want American mines … here’s a very viable solution for domestic mined tungsten.”

NexGen Energy (TSX, NYSE: NXE) (ASX: NXG) is now the 100% owner of its portfolio of exploration assets in the southwestern Athabasca Basin after consolidating a minority interest held by Rio Tinto (ASX: RIO) on certain projects.

The Athabasca Basin is a region in the Canadian Shield of northern Saskatchewan and Alberta and currently supplies about 20% of the world’s uranium.

On Thursday, the Vancouver-headquartered uranium miner announced it has acquired Rio’s 10% production carried interest over 39 mineral claims in the region, including those hosting the PCE discovery, by exercising its right of first refusal on these assets.

Financial details of the transaction were not disclosed by the company.

As set out in the parties’ initial arrangement, Rio is entitled to a 10% undivided interest in future production from the mineral claims, carried through to the commencement of commercial production. This was put in place before NexGen acquired the land package in 2012.

The centrepiece of the claims package is PCE — or Patterson Corridor East — an uranium occurrence situated 3.5 km east of the world-class Arrow deposit that the NexGen team discovered in 2014.

Part of the larger, 100%-owned Rook I property, the Arrow deposit is host to one of the largest uranium resources in the world, containing 256.7 million lb. of U3O8 (uranium oxide) in the measured and indicated categories and another 80.7 million lb. in inferred.

Anchored by this resource, NexGen considers Rook I to be the largest development-stage uranium project in all of Canada. A feasibility study in 2021 estimated an after-tax net present value (at 8% discount) of C$3.47 billion with a 52.4% internal rate of return. The proposed mine, which is now in the engineering phase, could produce nearly 29 million lb. of U3O8 per year over the first half of its approximate 10.7-year life.

The PCE discovery, according to the company, could mirror that of Arrow due to their similarities in geology. Initial drilling results at PCE have indicated an expansive footprint with remarkable continuity of mineralization, it said.

In a press release, NexGen CEO Leigh Curyer said that the two deposits could help meet the “ever-growing need for a safe, secure supply of uranium,” citing that the market is currently in a deficit and the massive spending required to build AI data centres, which would be powered by nuclear energy.

“Given the world class extent, high grade and superior technical setting of mineralization discovered to date at our two projects, consolidating our portfolio at PCE and surrounding area to match our 100% ownership in our world-class Arrow deposit, is entirely in line with our strategic objective of becoming the future leader in uranium production worldwide,” Curyer said.

Shares of NexGen Energy surged more than 5% on Thursday in New York, closing at a near six-month high of $7.43 with a market capitalization of $4.4 billion. By Friday, the stock had pulled back to around $7.10.

The US government has launched a new effort to extract valuable critical minerals, including rare earths, lithium, cobalt, and uranium, from mine waste and abandoned sites, aiming to reduce dependence on foreign suppliers and strengthen domestic production.

Interior Secretary Doug Burgum has ordered a series of regulatory changes to streamline federal oversight and fast-track projects recovering minerals from coal refuse, tailings, and shuttered uranium mines. 

The directive includes updated guidance to make these recovery projects eligible for federal funding and requires faster review timelines for new proposals. It also directs the US Geological Survey to map and inventory mine waste on federal lands to identify sites rich in critical minerals. 

Research by the USGS and state geological agencies has already revealed promising sources, including tellurium in tailings at Utah’s Bingham Canyon copper mine and zinc and germanium in waste from the long-abandoned Tar Creek mines in Oklahoma.

Rare earth elements have also been found in clay associated with coal seams in the Appalachian and Illinois basins.

“This initiative reflects our unwavering commitment to achieving mineral independence and ensuring that America leads the way in advanced technologies that power our future,” Burgum said in a release. His department controls large swathes of federal land some of it home to abandoned mines and the initiative could turn environmental liabilities into economic assets.

Acting Assistant Secretary of Lands and Minerals Adam Suess added that streamlining recovery efforts will help “unleash the full potential of America’s mineral resources to bolster national security and economic growth.”

The move builds on Trump’s broader strategy to revitalize the US mineral sector, which has lagged behind global leaders like China in both production and processing. In March, Trump invoked the Defense Production Act to ramp up domestic processing of several key minerals.

Three workers who were trapped at Newmont’s  (NYSE, ASX: NEM)(TSX: NGT) Red Chris mine in northwest British Columbia, Canada, have been safely rescued after more than 60 hours underground.

Newmont said that Kevin Coumbs, Darien Maduke and Jesse Chubaty — contractors for B.C.-based Hy-Tech Drilling — were in “good health and spirits” after being brought to the surface late Thursday night. The rescue followed two significant rockfalls that occurred early Tuesday morning, blocking their exit and later cutting off communication.

“This was a carefully planned and meticulously executed rescue plan,” the company said in a statement.

Newmont said that, before losing contact on Wednesday, the men had confirmed they were in one of the mine’s refuge chambers with steady access to food, water, and air. They were rescued at approximately 10:40 PM local time Thursday (1:40 AM ET Friday), following the complex operation.

Newmont halted all operations at Red Chris during the rescue efforts. The team used drones and a remote-controlled scoop, brought from the company’s Brucejack mine, also in B.C., to clear the massive debris—estimated at 20 to 30 metres long and up to eight metres high.

Newmont credited the successful outcome to “tireless collaboration, technical expertise, and above all, safety and care.”

B.C.’s Mining and Critical Minerals Minister Jagrup Brar said in a post on X he  could not describe “the relief we all feel knowing that these three workers are going to be able to go home to their families.”

Red Chris, located about 80 km south of Dease Lake and 1,050 kilometres (652 miles) north of Vancouver, is a joint venture operated by Newmont (70%) and Imperial Metals (30%). The gold-copper mine has been in production since 2015.

A full investigation into the incident is underway.

Freegold Ventures’ (TSX: FVL) shares soared to a five-year high on Thursday after a resource update for the company’s Golden Summit project in Alaska lifted the contained indicated metal by 42% to 17.2 million ounces.

The update gives the project in central Alaska 431.94 million indicated tonnes grading 1.24 grams gold per tonne, a 15% increase in grade over the previous estimate from September 2024, Freegold said on Thursday. Inferred resources now total 357.61 million tonnes at 1.04 grams gold, while contained gold increases by 16% to 11.9 million ounces.

Golden Summit is about 30 km northeast of Fairbanks and 6 km north of Kinross Gold’s (TSX: K; NYSE: KGC) Fort Knox mine.

“[The update] highlights the potential of Golden Summit and emphasizes the need for perseverance in some projects,” Freegold President and CEO Kristina Walcott said in an email to The Northern Miner. “The past five years have been transformative for the company, and we expect 2025 to be another exciting year, with 30,000 metres of drilling planned.”

The resource for Golden Summit has grown enormously since Freegold’s initial report in 2011, which outlined 7.79 million indicated tonnes grading 0.69 gram gold for 174,000 oz.; and 27 million inferred tonnes at 0.60 gram gold for 526,000 ounces.

Freegold shares shot up to C$1.44 apiece on Thursday at mid-day, for a market capitalization of C$765.42 million.

Thursday’s update incorporates results from more than 25,000 metres of drilling done last year, as well as recoveries from Freegold’s metallurgical program.

This year’s drill program is focused on upgrading inferred resources to indicated in support of a pre-feasibility study scheduled to start later in the year. The program is to comprise infill and expansion drilling and grade enhancement.

Drilling should also enhance the resource and define a smaller, higher-grade starter pit, with the aim of reducing operating and initial capital costs.

A 2016 preliminary economic assessment for Golden Summit gives it a post-tax net present value (at 5% discount) of $188 million, an internal rate of return of 19.6% and a payback period of 3.3 years. Initial capital costs are pegged at $88 million. The mine could produce 2.36 million oz. over a 24-year life, with average annual production of 96,000 ounces.

Resolute Mining (ASX, LSE: RSG) published on Thursday an initial resource estimate for the Bantaco project near its Mako open-pit gold mine in Senegal, where mining is due to end soon and stockpile processing is expected to begin this month.

Bantaco is one of two potential satellite deposits that the Africa-focused miner is looking to develop to extend Mako’s mine life, the other being Tomboronkoto. Both are within trucking distance of the Mako mill.

Resolute says the Bantaco project would specifically create additional optionality and flexibility due to its “favourable development conditions” and could be the first deposit to enter production.

The initial resource estimate is based on results of shallow drilling to date on the Bantaco South and West prospects. Together, they have an inferred gold resource of 266,000 oz., with potential to grow after further drilling at the Bantaco Main zone, which is set to commence later this year.

“This milestone demonstrates the excellent progress our exploration team is actively making to successfully extend the life of mine at our Mako gold operation,” Resolute CEO Chris Eger said in a news release.

With the latest update, the Tomboronkoto and Bantaco deposits now have a combined resource estimate of over 600,000 oz., with possibilities for expansion based on ongoing exploration. Together, these projects likely have the potential to provide another 5-10 years of mining in Senegal, Resolute said.

“The Bantaco project is key to the extension of Mako and has the possibility to be developed ahead of the Tomboronkoto project, allowing us to build on our strong mining heritage in the region and established stakeholder relationships, which facilitate a clear development timeline,” Eger added.

Eger assumed the CEO role on a full-time basis earlier this year following the resignation of Terry Holohan, who was detained in Mali last November amid a tax dispute with the African nation’s junta-led government.

Authorities in China’s Jiangxi province have identified permitting issues at eight lithium mines in Yichun, one of the country’s key production hubs, as Beijing tightens oversight of its critical minerals sector.

The Yichun Natural Resources Bureau recently issued notices to the mine operators requiring them to provide resource reserve verification reports after finding discrepancies between their licensed mining rights and the actual minerals being extracted, according a report by Benchmark Mineral Intelligence.

It follows similar measures taken last week in the western province of Qinghai, where local authorities in Haixi Prefecture ordered the shutdown of a mine run by Zangge Mining until proper lithium extraction permits are obtained. According to ministry findings, many of the resource extraction activities across the province’s salt lakes are not licensed for lithium, but other minerals such as potash.

The moves come amid a broader regulatory push to curb illegal mining practices and bring greater discipline to the lithium supply chain, which has been expanding so rapidly in recent years that it even outpaced demand from the electric vehicle (EV) industry.

Yichun, dubbed the “lithium capital” of China, holds a significant share of the country’s lithium output, primarily sourced from a rock known as lepidolite.

Compared to the brine lakes on China’s western plateaus and the spodumene rock in southwestern Sichuan province, Yichun’s lepidolite-rich mountains are more accessible to battery makers. To date, the city has attracted investments from hundreds of key players in the EV sector, such as CATL and Gotion High Tech.

Analysts say that while enforcement actions in Yichun could temporarily disrupt production, it may also help remove irregular players and stabilize the sector over the long term. According to Founder Securities, a China-based financial services company, these measures will “help the industry clean up excess supply.”

Lithium prices in China have been soaring since some of the production in its key areas was halted last week. On Thursday, the main contract of lithium carbonate futures hit the daily upper limit, closing with a gain of over 7%, marking the highest level since March 2025. Shares of lithium miners also jumped.

Orla Mining (TSX: OLA; NYSE: ORLA) has stopped pit‑mining activities at its Camino Rojo oxide mine in central Mexico after heavy rains triggered a wall failure. The stock plunged.

The incident took place early Thursday along the temporary north wall of the open pit, which included ore material expected to be mined as part of the ultimate open pit, Orla said in a statement. There were no injuries or equipment damage due the material movement, which was detected early by site monitoring systems.

Vancouver-based Orla is assessing the impact of the incident on full-year production targets. Camino Rojo had been expected to churn out 110,000–120,000 oz. of gold this year after producing 55,100 oz. in the first six months of 2025, including 25,100 oz. in the second quarter.

The full-year production forecast could be revised depending on the duration of the mining shutdown, Desjardins Securities mining analyst Allison Carson said. Scotia Capital said stockpiles would support output, but reduced its full-year estimate by 5%.

“The mining suspension and reduction in pit access means the company must rely more heavily on stockpile processing throughout the third quarter to support gold production,” Scotia Capital mining analyst Ovais Habib said in a note.

“Although the tonnage of material involved in the event was not reported at this time, we expect that the existing stockpiles are adequate to support operations until mining can resume, but reduced grade and additional cost/capital for rehabilitation could negatively impact 2025 production and all-in sustaining costs.”

Orla shares tumbled 14% to C$13.83 apiece in Thursday morning trading in Toronto, giving the company a market value of about C$4.5 billion. The stock has traded between C$4.60 and C$17.45 in the past year.

Habib cut his forecast to 270,500 oz. due to lower stacked grades at Camino Rojo for the rest of the year. Orla’s 2025 guidance calls for total output to reach 280,000-300,000 ounces.

Camino Rojo represents 34% of Scotia Capital’s 2025 production estimate for Orla and 38% of the company’s net asset value estimate.

Authorities in Mexico have been notified to ensure safe operations, which the company said remains its top priority. A “comprehensive analysis” is being carried out to ensure the stability of mining operations, Orla said.

Pit access has been restricted to the necessary technical and operating personnel during the temporary mining halt, Orla also said. This will support the appropriate geotechnical assessments required for remediation and the safe resumption of activities.

While there’s been no impact on the environment, Orla said it will need to re-establish rain diversion channels to prevent further material subsidence in the pit.

Exploration work at Camino Rojo is likely to be undisrupted as most of the drilling on the underground sulphides is conducted from surface, outside the pit, Habib also said.

Camino Rojo is one of Orla’s two producing assets, along with the Musselwhite underground mine in Ontario. The company is also advancing the development‑stage South Railroad project in Nevada.

Orla’s initial resource for Camino Rojo, released last month, outlined 3.9 million contained gold oz. grading 2.45 grams gold per tonne.

The underground deposit hosts 50.1 million measured and indicated tonnes at 10.6 grams silver and 0.25% zinc for 17.05 million oz. silver and 278 million lb. zinc, Orla said June 5. The resource is based on more than 400,000 metres of drilling under the producing oxide open pit at Camino Rojo, which is located in Zacatecas state about 620 km northwest of Mexico City.

Newmont (NYSE, ASX: NEM; TSX: NGT) is working to restore communications with three workers trapped underground at its Red Chris mine in northwest British Columbia after contact with them was cut off Wednesday following two collapses.

The company has also deployed a remote-controlled scoop to remove debris and restore access beyond the accident site, a Newmont spokesperson said on Thursday morning.

Three business partner employees remain trapped inside the copper-gold mine, and before communication was cut off on Wednesday, they had confirmed they safely entered a refuge bay. It contains food, water and ventilation sufficient to support an extended stay. Newmont suspended operations at Red Chris following the collapses on Tuesday.

Shares in Newmont, the world’s largest gold miner by production and market capitalization, fell 1.6% on Thursday morning in Toronto to C$82.08 apiece, valuing the company at C$90.36 billion ($66.2bn).

The debris blocking access to the underground area is about 20 to 30 metres long and 7 to 8 metres high, the company estimates. The refuge chamber isn’t in the same area as where the collapse occurred and is believed to be stable and well-ventilated.

The MineARC refuge chambers are designed to support 16 people, with other chambers nearby and accessible if needed, Newmont said.

Working with industry partners, Newmont said it has deployed specialized drones to assess the geotechnical conditions underground.

Red Chris, in production since 2015, is a joint venture owned and operated 70% by Newmont and 30% by Imperial Metals (TSX: III). The mine is about 80 km south of Dease Lake and 1,050 km (652 miles) north of Vancouver.

Teck Resources’ (TSX: TECK.A, TECK.B)(NYSE: TECK) board has approved a C$2.1–C$2.4 billion ($1.6 -$1.8 bn) project to extend the life of its Highland Valley Copper Mine (HVC) in British Columbia, securing operations at Canada’s largest copper mine into the mid-2040s.

Construction on the mine life extension (MLE) is set to begin in August. The Vancouver-based miner expects the expansion to support average annual production of 137,000 tonnes of copper through the remainder of the mine’s life.

“This extension is foundational to our strategy to double copper production by the end of the decade,” President and CEO Jonathan Price said in a statement.

“Given the strong demand for copper as an energy transition metal, the HVC MLE will generate a robust internal return rate (IRR) and secure access to this critical mineral for the next two decades,” Price said.  

The board’s green light follows the province’s approval of the project’s environmental assessment certificate last month.

The project includes a major pushback of the Valley pit to access higher-grade ore, along with infrastructure upgrades: an expanded mine fleet, grinding circuit enhancements, increased tailings capacity, and improved power and water systems.

Teck says the project will create roughly 2,900 construction jobs and support 1,500 ongoing roles once operational. Price also emphasized the project’s role in strengthening Canada’s critical minerals sector and stimulating economic activity in the region.

The fresh capital estimate reflects current construction risks, inflation, potential impact of tariffs, and early procurement of mobile equipment. It includes built-in contingencies and opportunities for cost optimization as work progresses, Teck said.

The HVC expansion forms part of Teck’s broader $3.9 billion investment plan to boost copper output to 800,000 tonnes annually by 2030.

The company made the announcement alongside its second-quarter results, which showed a sharp improvement from the same period last year. Profit before tax surged to C$125 million from just C$20 million, while net profit jumped to C$206 million, or $0.42 per share, compared to C$21 million, or $0.04 per share, in Q2 2024. Revenue rose to C$2.02 billion from C$1.80 billion a year earlier.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at C$722 million, beating BMO Capital Markets’ forecast of C$661 million. Copper output totalled 109,000 tonnes, exceeding BMO’s estimate but falling short of the broader analyst consensus.

Despite the strong quarterly performance, Teck lowered its 2025 copper production guidance to between 470,000 and 525,000 tonnes, down from a previous range of 490,000 to 565,000 tonnes. The revision stems mainly from lower-than-expected output at its Quebrada Blanca mine in Chile. BMO had forecast 479,000 tonnes, with the consensus at 502,000 tonnes.

The Vancouver-based miner ended the quarter with a net debt of C$211 million. It noted that elevated capital spending at Quebrada Blanca and Highland Valley weighed on cash flow.