AGP Executive Report

Rail Revival Push (Canada): Cape Breton business leaders are pressing to revive a dormant freight rail line, arguing broken tracks and truck-only logistics are hurting costs and slowing industrial recovery. Native Title & Heritage Reform (Australia): Western Australia released a targeted review of Native Title and Aboriginal cultural heritage processes, including a new heritage standard, clearer guidance, stronger heritage consultant rules, and $3.2m for implementation. Project Economics (Canada): Mont Royal Resources’ updated PEA for the Ashram rare earths and fluorspar project in Québec flags C$1.23bn capex, 30-year output of 17,466 t/y REO, and C$2.03bn after-tax NPV. Copper Mine Extension (Chile): Antofagasta plans $909m to extend the Zaldivar copper mine life to 2051, including a wastewater pumping system to cut reliance on continental water. US Listing Scrutiny (Zambia): Vedanta’s CopperTech Metals IPO faces going-concern concerns tied to Konkola Copper Mines’ losses and weak operating cash flow. Exploration Updates (Global): Horizon Gold reports high-grade RC hits at Gum Creek (WA) to support a feasibility study; Riversgold’s Saint John (Canada) gets reconfirmed elevated multimetal values from farm-in partner sampling; Viking Mines finds near-surface tungsten stockpile grades at Nevada’s Linka. Energy/Geopolitics (Congo): Ebola in eastern DR Congo is expected to persist, with travel restrictions likely to disrupt Congo mining deal flow and delay Uganda’s oil start.

Ghana Mining Reform Push: Ghana’s Lands Minister Emmanuel Armah-Kofi Buah launched a Responsible Cooperative Mining Scheme in Akyem Kotoku, aiming to curb illegal mining, protect forests and water, and roll out mercury-free processing via cooperatives. License Renewal Overhaul: He also signaled an end to “unlimited years” of mining concession renewals, targeting speculative land-holding that delays exploration. Policy Critique: Africa Policy Lens says the cooperative model is lagging, with only one site reportedly under development nationwide. Ghana Gold Output Surge: Ghana’s gold production rose 23.41% in 2025 to 5.94m ounces, driven mainly by small-scale miners. Peru Project Ownership: Silver X took full ownership of the Ccasahuasi gold project after buying Barrick’s 100% stake. Copper Development Watch: Uzbekistan’s copper sector projects got a high-level review, including expansion work tied to a major concentrator plant. Coal Politics in Canada: Alberta country singer Corb Lund says his Water Not Coal petition has enough signatures to force provincial action on eastern slopes coal mining. Uranium Restart Prep: Anfield Energy began dismantling work at its Shootaring Canyon mill ahead of a 2027 uranium restart.

Ghana Mining Policy: Ghana’s Lands and Natural Resources Minister Emmanuel Armah Kofi-Buah says reforms are speeding up licensing and permitting, strengthening environmental protection, and updating the Minerals and Mining Act and National Mining Policy for Parliament. Ghana Investment Push: Gold Fields pledges more than $1bn to extend the Tarkwa mine’s life, while the Ghana Investment Promotion Centre insists the country remains open to foreign mining even as lease-renewal debate heats up. Zambia Local Content: Zambia’s new 2025 local content rules (effective 1 Jan 2026) aim to lift Zambian procurement in mining from 20% to 40%, with pricing preferences for local bidders. South Africa Coal Cleanup Gap: A report says none of 412 closed coal mines (2006-2023) set aside enough rehabilitation funds, leaving taxpayers and communities exposed as the country moves away from coal. Australia Gold Disrupted: Bushfires and rain cut Australia’s Q1 gold output to 75 tonnes, with major sites hit by damage to water, power, and communications. Market Pressure on Miners: Rio Tinto and BHP shares fell as iron ore weakness and cautious sentiment weigh on mining stocks. Chile ESG Milestone: Codelco’s El Teniente secures dual Copper Mark and Molybdenum Mark certifications through 2029, signaling tighter third-party ESG scrutiny. Mining Finance/Deals: Omnia rewards shareholders with a special dividend after strong earnings, while Great Western Mining gets OTCQB trading approval in the US.

Cuba Sanctions Shock: Foreign firms are pulling out of Cuba as US pressure mounts, with Visa/Mastercard suspensions and hotel chain cutbacks tied to GAESA-linked entities. Ghana Mining Governance: Ghana’s Lands and Natural Resources minister says mining concession renewals will face tougher compliance checks on environmental, regulatory and community obligations. Illegal Aggregates Crackdown: India’s mining authorities sealed an expired stone crusher tied to the Rishikesh-Karnaprayag rail project and flagged about Rs 4.5 crore in dues; separate raids in Thane Creek seized barges and suction pumps worth over ₹4 crore for illegal sand mining. Coal Safety & Accountability: China launched investigations into emergency officials after a gas explosion killed 82 miners at Shanxi’s Liushenyu coal mine. Energy Transition & Metals: China reported a hydrogen-coal co-firing breakthrough aimed at cutting coal use and emissions; analysts also warn silver supply is tightening sharply, with Peru disruptions cited. Mining Risk Pricing: Ghana’s Chamber of Mines warns new tax and royalty settings could push effective burdens to 58%, threatening investment. Conflict Impacts: Russian strikes hit Ukraine’s DTEK coal operations twice, injuring a mechanic and damaging life-support infrastructure.

Energy Shock & Macro Fallout: A new analysis warns that Iran-linked oil disruptions could hit oil-poor South and East Asia hardest, worsening current account deficits and raising costs across mining, plastics, semiconductors and construction. Nuclear & Uranium Policy: Another piece argues nuclear support is inflating a “uranium bubble,” with new proposals in New Mexico raising fresh permitting and Indigenous land concerns. Copper Supply Risk: Copper slides on a stronger dollar, but separate market coverage flags a potential structural refined copper deficit in 2026, turning commodity exposure into a key portfolio risk. Silver Under Pressure: Peru’s power crisis is said to threaten about 15% of global silver output, with electricity costs soaring after a gas pipeline rupture. Major Exploration Win: Dundee Precious Metals reported a 713m gold-copper intercept at Brevene South in Bulgaria, near its Chelopech mine. Ghana Gold Shift: Ghana’s small-scale miners reportedly overtook large-scale operators for the first time in over a century, boosting 2025 output while policy debates over royalties heat up. Illegal Mining Crackdowns: Ghana and South Africa both reported arrests and enforcement actions targeting illicit precious-metal processing. ESG & Social License: Gold Fields signed a Cree Impact Benefit Agreement for its Windfall gold project in Quebec, aiming to lock in community buy-in ahead of a final investment decision.

Gold & Silver Valuation Surge: Hycroft’s updated technical report lifts its post-tax NPV5 to $10.0B at June 2026 spot prices, with a 51-year mine life and strong sensitivity to current metal levels. Nickel Market Shift: A new 2026 outlook says Indonesia is moving toward “value over volume,” using quotas and smelter controls to tighten supply and support prices, alongside a growing “green premium.” Coal Contract in India: KNR Constructions’ JV won a ₹3,361.11 crore coal mining contract in Chhattisgarh for about 8 years, covering overburden removal, coal cutting, loading and logistics. Ghana Gold Turning Point: Ghana’s small-scale miners overtook large-scale for the first time in over a century in 2025, producing 3.11M oz and 52.4% of national output, while a proposed sliding-scale royalty regime raises investment concerns. DRC Zinc Milestone: Ivanhoe Mines hit a Kipushi record monthly zinc output of 25,677 tonnes in May after debottlenecking, targeting a major producer ranking by year-end. Mining Safety Watch: Colombia’s illegal coal sector saw seven deaths in a methane-driven blast, underscoring recurring safety failures. Mine Electrification Push: Industry coverage highlights 2026 momentum toward electrified and autonomous haulage to cut OPEX and diesel exposure. Royal Navy Disposal Support: UK plans a direct award for two years of Seafox mine disposal system support, citing exclusive manufacturer licensing. Environmental Restoration in Mining: Adani says it planted 1.6M trees at its Surguja PEKB coal mine and aims for 4M by decade-end. Trade Policy Risk for Fertilizer: Mosaic is watching Canada-U.S. trade talks ahead of CUSMA review, pushing to keep fertilizer tariff-free.

Coal Safety Tragedy: Seven miners died after a methane-triggered explosion at a coal mine in Sutatausa, Colombia, as Colombia’s National Mining Agency launches a formal investigation. Coal Governance Clash: India’s Telangana politics heats up as BRS leader KTR demands a comprehensive probe into alleged disappearance of ~40 lakh tonnes of coal worth about Rs 1,600 crore from Singareni Collieries, citing stock-record discrepancies and alleged diversion. Gold & Silver M&A: Agnico Eagle agreed to buy Skeena Resources in an all-share deal valued around US$1.2B, aiming to secure the high-grade Eskay Creek gold-silver asset amid renewed precious-metals consolidation. Mining Finance/Capex: Hindustan Zinc outlined a major 5-year plan to lift refined capacity to 2 million tonnes and expand silver refining, with large capex and reserve growth targets. Regulatory/Compliance: B.C. Securities Commission fined Multi-Metal Development $15K for a technical report filed with a falsified engineer signature, triggering a trading prohibition. Environment & Industry: Vedanta reported a 15% cut in metals emissions intensity since FY21, highlighting renewables, biomass use, afforestation and resource-efficiency efforts on World Environment Day.

Alaska Energy Push Meets Legal Fight: The Trump administration has moved ahead with an oil-lease auction in the Arctic National Wildlife Refuge, while environmental groups sue to block development and Alaska Native communities split over the economic case. Coal Revival Funding: Trump says he’ll use Cold War-era powers to push more than $700M into coal—extending 13 plants, backing new builds (including Alaska), and funding a California export terminal—prompting fresh debate over costs and pollution. Mining Policy Tensions: British Columbia’s NDP extended a mineral tenure freeze, drawing criticism from opposition lawmakers for scaring off investment. Zimbabwe Artisanal Formalisation: Mashonaland West officials outlined plans to formalise artisanal miners as Zimbabwe targets a US$12bn mining industry ambition. Project & Infrastructure Updates: CN will support BHP’s Jansen potash mine with rail links to West Coast export terminals, while Orla Mining says Camino Rojo operations have resumed after a union-related stoppage. Gold Market Watch: Metals Focus forecasts gold demand softening in 2026 even as supply rises, with prices still projected to jump. Illegal Mining Crackdown: Egypt’s illegal gold mining is flagged as a threat to investment and national reserves.

Coal Policy Push (US): Trump is using Cold War-era Defense Production Act powers to funnel nearly $700m into coal-fired power upgrades, new plants in Alaska and West Virginia, a restart in Maryland, and a coal export terminal in Oakland—aiming to support thousands of jobs, while pollution concerns linger. Rare Earth Supply Chain (US): Phoenix Tailings won a $66m DOE grant to scale rare-earth separation, building on its metallisation operations with MIT and the University of Minnesota. Rare Earth Offtake (US): REalloys signed a LoI to secure up to 30% of Patriot’s rare earth output from above-ground Appalachian feedstock, targeting magnet metals. Deep-Sea Mining Ban (Guam): Guam’s governor signed a law banning deep-sea mining in local waters and restricting port use without full community consultation, with fines up to $50k/day. Gold & Markets: Gold is trading sideways near $4,400/oz as the World Gold Council flags a possible supportive role for future rate hikes. Exploration Updates (Gold): Lightning Minerals is raising $1.85m for Mt Turner drilling in Queensland; NewPeak Metals completed 1,834m at Las Opeñas in Argentina with assays pending. Mining Safety (US): A coal miner was hospitalized after being struck by falling rock at the Ohio County Mine Shoemaker Portal in West Virginia.

US Coal Push: Trump plans to use Cold War-era emergency powers to direct nearly $700m toward coal-fired power upgrades, two new plants, and a West Coast export terminal in Oakland, drawing sharp criticism from environmental groups. Canada Gold Expansion: Pan American Silver’s Lake Shore Gold advances a $203m Timmins expansion at Bell Creek, including a 625-metre shaft extension and new drifts, with commissioning targeted for 2029. Mining Automation: Epiroc won an order from Heidelberg Materials to adapt autonomous driverless haul-truck tech for a quarry in Australia, extending LinkOA beyond mining. Potash Export Logistics: BHP secured dual rail agreements with CN and CPKC to move Jansen Potash Mine output to Vancouver’s Westshore Terminals for global exports. Water Rights Milestone: Superior and Resolution Copper signed a long-awaited $20m water rights agreement covering mitigation and long-term water investments. Illegal Mining Crackdown (Guyana): GGMC shut six illegal operations and arrested 38 in Region Seven, seizing machinery and setting up ongoing surveillance. Platinum Job Cuts (South Africa): Wesizwe Platinum begins consultation to cut nearly 500 jobs at Bakubung Platinum Mine amid weak prices and rising costs. Mozambique Resource Control: Mozambique’s new law sets 15% state ownership in mining ventures and requires local processing, tightening control as battery-material demand grows. Ghana ASM Tax Gap: Ghana’s Chamber of Mines says artisanal and small-scale mining drives about 52% of gold output but pays under 2% of tax revenue.

Job Cuts in South Africa: Wesizwe Platinum has started talks under South Africa’s Section 189 to cut about 497 jobs at the Bakubung mine, after abandoning a 1 mtpa plan and shifting to a single-phase ramp-up to 3.5 mtpa. PGM Restructuring: Bakubung will idle operations for three weeks to support the consultation process. Rare Earth Push (US): USA Rare Earth secured access to up to $1.6bn in CHIPS Act funding to build a “mine-to-magnet” rare earth supply chain, targeting Round Top initial production by 2028. Copper Processing Relief (Zambia): Zambia extended a 10% export duty waiver on copper concentrates to Sept 30, covering 271,742 tonnes, as smelter maintenance limits processing. Nickel Supply Shock (Indonesia): Eramet halted Weda Bay nickel ore production after Indonesia cut its 2026 quota by 70%, leaving the company unable to operate without an extension. Precious Metals Demand: Silver held up near $32.50/oz in early June on strong industrial demand from solar, electronics and EVs, even as macro risks linger. Iron Ore Pressure: Iron ore slid again on China demand worries, with the market tracking steel margin stress. US IPO for Silver: Sunshine Silver Mining & Refining priced a $270m US IPO to restart production at an Idaho mine. Gold & Compliance Watch (India): SEBI action hit Rajesh Exports after allegations of major financial misrepresentation, with LIC’s 10.8% stake drawing extra scrutiny.

Precious Metals & Markets: Copper held just above $14,000/ton in London as Goldman lifted its end-2026 target on tighter supply, citing disruptions at Grasberg and Kamoa-Kakula. Gold & Silver Miner Sentiment: A fresh investor note argues precious-metals miners are printing cash as gold and silver prices surge, with majors trading at lower forward P/E multiples than years ago. Ghana Mining Court: Ghana’s High Court set July 3 for judgment in the Wontumi Akonta illegal mining trial, after the defence closed its case over alleged mining without authorization. Project Moves (Manganese): Giyani Metals posted positive DFS results for its K.Hill battery-grade manganese project in Botswana, supporting reserves and strong economics. Project Moves (Nickel): MITHRA Metals advanced a strategic nickel laterite initiative in southern Ethiopia after confirming nickel laterite systems in drilling. Uranium Financing: Aura Energy is in talks with the US DFC for up to $170m to fund Mauritania’s Tiris uranium project, with a feasibility study due in September. Antimony License: Xtract Resources secured a 10-year mining license for its Amghas antimony project in Morocco and began moving processing infrastructure. Deep-Sea Mining Watch: A new report shows deep-sea mining tests far below the surface, as environmentalists warn of irreversible damage. Local Governance & Water: Superior, Arizona approved a long-term water mitigation deal with Resolution Copper worth more than $20m. Illegal Mining Crackdown: Kelantan authorities seized 45 excavators in an illegal gold mining crackdown. Coal Community: Estevan’s “Coffee Talk” spotlighted coal’s impact on the local community.

Project Drilling Starts in Australia: Alkane Resources has begun diamond drilling at the Nagambie antimony-gold project in Victoria under its earn-in with Nagambie Resources, aiming to grow the existing inferred resource. Gold Targeting Push in WA: WA Gold is shifting to Bullabulling near Coolgardie, lining up priority gold targets ahead of drilling after a review highlighted under-tested structural ground. Nickel DFS Timeline Tweaked: Ardea Resources has delayed the definitive feasibility study for its Goongarrie Hub nickel-cobalt project to add value-engineering, with funding backed by Sumitomo and Mitsubishi. Rare Earths Manufacturing Bet: USA Rare Earth will invest $1.2bn in South Carolina to build magnet and rare earth metals capacity, targeting commissioning in 2028. Regulatory Update in WA Bauxite: Western Australia moved to revoke Alcoa’s current bauxite exemption order, though operations can continue under a replacement order. Iron Ore Watch: Guinea’s Simandou iron-ore exports jumped in May, while iron ore prices slipped on weaker steel margins and demand. Uranium Development Pathway: Aura Energy is targeting FID for its Tiris uranium project in Mauritania by end-2026 after an MoU with a major nuclear utility. M&A / Takeover Signal: Cygnus Metals jumped on a $232m takeover offer from Central Asia Metals, with a scheme vote expected later. Illegal Mining Crackdown: Guyana shut down six illegal mining operations in the Mazaruni district, arresting 38 and seizing equipment.

Critical Minerals & Rare Earths: USA Rare Earth will build a $1.2B permanent magnet and rare-earth metals plant in South Carolina, targeting 490 jobs and aiming to cut reliance on China amid a planned Brazil mine acquisition. Project Finance & Capital Raises: Edge Copper kicked off an overnight marketed share offering to fund exploration and development at its Zonia Copper Project in Arizona, while Mink Ventures closed the first tranche of a non-brokered private placement. Exploration Updates: Geo completed an airborne survey at its Gorge gold project in Western Australia, and Globex reported new gold occurrences at its Salt Spring project in Arizona; Gold X2 also released fresh infill drilling assays at the Moss Gold Project. Mining Policy & Permitting: India’s laterite classification shift has stalled lease approvals in Andhra Pradesh, and Argentina’s Glacier Law reform cleared a court hurdle so mining rules can apply in Santa Cruz. Energy-Mining Link: The Trump administration is working on a financing framework for Alaska’s Ambler mining road, drawing tribal and environmental pushback. Market & Macro: London mining stocks helped lift the FTSE 100, while industrial production data showed mining output lagging as manufacturing held up.

M&A Watch: Zijin Gold has cleared Canada’s Investment Canada Act for its $4bn takeover of Africa-focused Allied Gold, with ECOWAS and COMESA merger approvals also in hand; the deal now awaits Chinese regulatory sign-offs and the “outside date” has been extended to July 29. Activist Pressure: Elliott Investment Management disclosed an A$1bn+ stake in Australia’s Northern Star and is pushing for a strategic review that could include a sale, citing repeated operational missteps and multiple outlook misses. Iron Ore Output: India’s NMDC reported May iron ore production of 5.31MT (+19.86% y/y) while sales slipped to 4.04MT (-6.91%); shares jumped on the release. Uranium Development: Aura Energy says it is nearing a final investment decision for the Tiris uranium project in Mauritania, targeting an announcement by year-end after a bankable feasibility study due in September. Copper Exploration: Green & Gold Minerals has started reverse circulation drilling at Copper Hills in Queensland, with rock chips returning up to 2,212g/t silver and 13.7% copper. Ghana Mining & Governance: Ghana’s courts admitted new witness material in the Samreboi illegal mining case, while officials also signaled a tougher stance on illegal miners after a collapse rescue. Policy & Community: Odisha’s Koraput protests over alleged bauxite clearance “bulldozing” drew fresh political fire, as villagers allege fraudulent gram sabha approvals. Legal/Trade Dispute: Trafigura won a roughly $92m arbitral award in a Zambia copper mine payment dispute. Market/Commodity Context: China’s state iron-ore buyer has asked steel mills to question Fortescue’s new low-grade product quality as long-term contract talks stall.

Turkey & Rule of Law: Doruk Mining workers’ unpaid wages and protests are colliding with arrests tied to coal expansion plans linked to Limak Holding, spotlighting how corporate power can reach into courts. US Land Protection: Greater Yellowstone Coalition added 161 acres and transferred mineral rights to the U.S. Forest Service, aiming to keep mining off visible Crevice Mountain. Mining Safety & Enforcement: Zambia’s government says it won’t fund rescues for illegal miners, warning “if a mine collapses… you are on your own,” after a Matala Gold Mine rescue. DR Congo Health vs Supply Chains: DR Congo’s Ebola outbreak is raising concerns for artisanal mining-linked gold/tin/tantalum/tungsten flows amid weak governance and conflict. Rare Earths Supply Moves: Solvay and Viridis signed a rare earth sourcing LOI for shipments from Brazil to France starting 2028, while REEcycle’s deal targets a China-independent recycling supply chain. Project Finance & Expansion: Greatland secured funding and a final green light for Havieron, while IAMGOLD eyes a major Côté Gold expansion near Gogama. Automation & Tech: Sandvik’s underground test mine in Finland continues advancing autonomous drilling, and Rio Tinto’s scheduling platform won an AI productivity award. Cost Pressure: AISC trends 2026 point to margin compression from energy and reagent stress, even as gold margins hold up. Market Pulse: Silver sits around $74.90/oz as prices remain far above last year.