AGP Executive Report

BHP Earnings: BHP reported a 9% rise in underlying profit to US$13.2bn for 2025/26, with copper driving 54% of group earnings as iron ore shipments hit records. Community Pressure in Mexico: Endeavour Silver suspended operations at its Terronera mine after an Ejido “illegal blockade” over road maintenance and water access, with a reduced crew staying on for safety. Uranium Project Milestone (Canada): NexGen Energy held the groundbreaking for its $2.2bn Rook I uranium mine in Saskatchewan, positioning it as a major future supply source. Ghana Gold Rankings: Ghana climbed to sixth globally in 2025 gold output at 185 tonnes, overtaking the US as Nevada production issues weighed on US totals. OTC Listing Push (Gold): Blue Jay Gold won OTCQB approval for US trading under JAYGF, aiming to broaden its investor audience alongside its Steller drill program. Illegal Mining Crackdown (Philippines): Authorities seized heavy equipment worth P28m in Cagayan de Oro tied to alleged illegal gold mining, pending technical verification. Seabed Mining Process (US): BOEM advanced the Mariana Trench offshore mineral leasing notice, drawing criticism over limited consultation and irreversible ecosystem risks. Rare Earths Scrutiny (US): The Bitterroot National Forest opened public comment on the Sheep Creek rare earth exploration project near the West Fork headwaters. Leadership Change (Gold): K92 Mining announced CEO succession, with John Lewins stepping to non-executive chair and David Medilek taking the CEO role from Oct. 1. Mining Trust Theme (South Africa): A commentary argues mines often confuse engagement with social licence, warning that trust is the real currency for long-term investment. Copper Market Watch: Multiple reports point to copper’s strength and supply constraints as key drivers for miners and project valuations.

Uranium Exploration Permits: Terra Clean Energy received Utah work program permits to start exploration at its Marysvale uranium project, including five drill pads and seven trenches ahead of a fall diamond core program. Lithium Market Rebalancing: Pilbara Minerals steadied as commentary shifts from hard-rock oversupply toward improving spodumene discipline, while BMI revised lithium price forecasts upward amid resilient storage demand and battery-chemistry uncertainty. Gold Equity Pullback: Westgold slid as gold eased from recent strength, with mid-tier margins still shaped by labour and contractor cost inflation. Copper Support: Sandfire firmed as copper reclaimed momentum, underpinned by electrification demand and structural demand from grid rebuilds and data centres. Lithium Company Updates: IGO stayed in focus with contrasting mine strength versus Kwinana refinery ramp-up, while Liontown lifted the sector on Kathleen Valley progress and early expansion work; Mineral Resources also firmed on a Wodgina volume guidance lift and partial divestment progress. Gold Growth Milestones: Equinox Gold secured a positive BLM record of decision for its South Railroad Nevada project, enabling early works and pushing first gold toward 2028. Silver & Project Progress: DPM Metals hit commercial production at its Vareš silver-gold mine in Bosnia, and Lahontan expanded Santa Fe resources by 22% in its updated estimate. Critical Minerals & Rare Earths: American Rare Earths signed a non-binding MoU with Novex to advance a US mine-to-magnet rare earth metal pathway, while Locksley paused further US antimony and rare earth exploration after a sharp antimony price drop. Illegal Mining Crackdown: Philippine authorities seized P28m of heavy equipment in a pre-dawn raid tied to alleged illegal gold mining, with equipment held for documentation and disposition. Corporate/Market Moves: Stakeholder Gold qualified for OTCQX Best Market trading, and Bunker Hill Mining reported its first production stope blast and four years without a lost-time incident.

Tailings Disaster: A Samancor Dikwena tailings dam wall collapsed near Brits, spilling mining sludge toward Northam’s Eland Mine and triggering power interruptions—raising contamination fears. Abandoned Mine Repurposing: Nigeria’s Federal Government says it will partner with investors to convert 4,000+ abandoned Plateau State mine pits into energy, tourism and fishery projects after seven illegal miners died in a Kassa tin pit collapse. Critical Minerals Intelligence: STRATUM launched a strategic asset intelligence platform to verify and structure African critical-minerals asset data for investors. Gold Project Focus: Antares Metals is pushing its Quinns gold prospects toward maiden drilling after fieldwork highlighted high-grade mineralisation at Finlay, Fennell and Favourite. Lithium-Boron Funding Watch: Ioneer’s Rhyolite Ridge remains fully permitted, but the next step hinges on securing an equity partner and moving toward a final investment decision. Bitcoin Mining & AI: HIVE reported a 74% revenue jump in fiscal Q1 2027, with growth driven by bitcoin mining and AI compute, while a Swedish tax dispute drove a large net loss.

Greenland Energy dispute: A Texas-linked firm shipped drilling equipment to Greenland’s east coast without Nuuk’s authorization, prompting a “strong warning” and a possible licensing showdown over wetlands-protected sites. Ghana gold-trade scrutiny: Archbishop Nicholas Duncan-Williams says some Ghana gold buyers have transaction records for illegal purchases that don’t show up in official national records, raising alarms about enforcement and politicized crackdowns. AI vs Bitcoin pivot: Riot Platforms signed a $9B, 20-year compute deal with Anthropic using 191 MW from its Rockdale, Texas site, underscoring a shift away from Bitcoin mining. Mining automation milestone: Komatsu commissioned its 1,000th ultra-class autonomous haul truck for Barrick’s Nevada Gold Mines, moving autonomy from pilots to fleet-scale deployment. Critical minerals policy in India: India passed the MMDR Amendment Bill 2026, expanding central control over mineral-bearing lands and tightening limits on state taxes/levies tied to mining rights. Lithium supply risk: CATL’s prolonged shutdown of its Jianxiawo lithium mine in China’s Jiangxi is tightening supply and could push lithium carbonate toward deficit if delays spread. M&A watch: Evolution Mining’s $213M Carnaby Resources acquisition heads to a shareholder vote as it targets more copper-gold production near Ernest Henry. Nickel-cobalt funding fight: A Glencore-led consortium proposes new Sherritt equity at C$0.12/share to gain at least 55% control amid liquidity pressure. Geopolitical strike impact: Russian missiles hit ArcelorMittal Kryvyi Rih, killing two and injuring 13, with blast-furnace and power facilities damaged and output partially halted. Illegal gold crackdown in Peru: Peru’s military launched Operation Mercury 2, burning equipment and camps after raids on illegal gold mining sites in the Amazon.

Illegal Gold Crackdown (Panama/Colombia): Panama’s border service says it’s moving to dismantle a “complex illicit system” of gold mining in Darién tied to Clan del Golfo, after raids captured 30 people at an illegal camp on the Mangle River. Conservation vs Mining (New Zealand): Thousands rally against the Conservation Amendment Bill, warning it would open the door to more mining on public conservation land, including claims of fast-track drilling plans. Coal Policy & Health (India/US): Singareni Collieries secures new coal blocks and adds gold/copper exploration in Karnataka, while the UMWA urges tougher enforcement after research shows black lung rates near a 50-year high. Uranium Buildout (Canada): Denison reports Phoenix uranium mine construction is ramping up, with freeze-wall installation starting and nearly $92m raised from uranium sales. Deep-sea Mining Governance (Cook Islands/ISA): Te Ipukarea Society takes concerns over US-led seabed exploration to the International Seabed Authority, arguing the process should go through the UN body. Market Tech for Miners (OreLens): Junior Mining Media Group says its mining-trader scanner and dilution tracker has surged 700% in sign-ups in 10 days. Rare Earth Supply Push (Australia/US): Sunrise Energy wins a US$400m loan for scandium mining in NSW, aiming to boost US access to a metal critical for defence and AI fuel cells. Crypto Mining Rules (Russia): Moscow-region crypto mining is banned through 2032, citing grid stress and sanctions risk.

Ghana Mining Policy Shake-Up: Lands Minister Emmanuel Armah Kofi Buah says the state is pushing for a strategic investor to rehabilitate VALCO, arguing the smelter is “bleeding” while ownership alone can’t fix performance. Regulatory Crackdown: He also defended action against Adamus Resources, citing permit and compliance concerns. Lease Reform: Government plans to cut large-scale mining lease terms from 30 to 20 years to stop resources being tied up without development. Equipment Controls: Ghana is holding 4,000+ excavators at ports under tighter clearance, documentation and tracking rules to curb diversion into illegal mining. Illegal Mining Pressure: The minister says Ghana’s galamsey fight is now focused on prosecution, not just arrests, after 258 suspects were detained. Community & Safety: Tanzania’s Geita Gold Mining (GGML) pledged Sh1.2bn over three years for treatment of 300 children with heart conditions, while South Africa faces sinkhole-linked safety fears in Carletonville amid mining concerns. Project Updates: NexGen Energy broke ground on Saskatchewan’s Rook I uranium mine; North Shore Uranium completed Phase 1 drilling at Rio Puerco; and drill programs advanced at Alaska’s New Amalga and Montana’s Madison copper-gold projects. Coal Tragedy: Colombia reported six deaths after an explosion at the El Porvenir 1 coal mine, despite a prior suspension order. Deep-Sea Watch: A UK-led deep-sea survey mission launched to map the Clarion-Clipperton Zone for polymetallic nodules, pairing exploration with environmental baseline work.

Coal Safety: Six miners were killed in Colombia after an explosion at the El Porvenir 1 coal mine in Cucunuba; authorities ordered a suspension and will investigate why extraction continued despite a stop. Uranium Development: NexGen Energy marked the start of construction for its $2.2B Rook I uranium project in Saskatchewan, targeting ~30M pounds of annual production. Gold & M&A: Yukon says Sitka Gold’s $6M final deferred payment will speed its Clear Creek gold-claims purchase from Victoria Gold’s receiver, cutting government funding needs; court approval is set for Aug. 18. Rare Earths: Nordique Critical Metals filed a preliminary economic assessment for its Kwyjibo rare earth project as TSXV review continues. Critical Minerals Finance: Balkan Capital Assets says it’s expanding mining and natural-resources investment activity with $1.3B available for project-backed financing. Mining Tech & Markets: HIVE Digital Technologies missed Q1 expectations and reported a wider loss despite higher revenue, underscoring volatility in crypto mining economics. Energy Policy & Mining: Greenland officials say a Texas-linked firm shipped drilling equipment without authorization, raising governance questions around mineral development.

Ghana Anti-Galamsey Crackdown: Ghana’s Lands Ministry says it has destroyed about 8,900 hectares of forest reserves, arrested 258 suspects, seized 200 excavators, and is holding more than 4,000 excavators at ports under a new import control regime, while also moving to cut large-scale lease terms from 30 to 20 years and tighten concession rules. Ghana Gold Reserve Deal (GANRAP): Government and large-scale miners have agreed that 30% of gold output will be sold to the Bank of Ghana and Ghana Gold Board for local refining to build strategic reserves. Namibia Mining Pipeline & Safety: Namibia’s mining firms and agencies launched a C28 Road Safety Campaign with a voluntary charter to cut accidents along the Swakopmund–Windhoek corridor. Critical Minerals Push (India): Andhra Pradesh signed an MoU with TEXMiN and IIT (ISM) Dhanbad to strengthen research and innovation for critical minerals and rare earths, tied to a Rare Earth Corridor plan. Rare Earth Expansion (China): China Northern Rare Earth Group plans a 50% expansion at Bayan Obo with a $74m investment to boost processing capacity. Company Moves: Fortuna Mining agreed to buy Senegal’s Bambadji gold exploration project for $200m; InVert will acquire RapidGraphite to secure battery-grade graphite tech; Aurelia Metals won final approval to lift Peak processing throughput to 1.2Mtpa. Coal Safety: UMWA demanded immediate enforcement of black lung protections after new research shows rising disease rates in central Appalachia.

Uranium Expansion: NexGen Energy has started construction on a new underground uranium mine in northern Saskatchewan’s Athabasca Basin, targeting $2.2B in spending over four years and production ramp-up toward the world’s growing nuclear demand. Rare Earths Push: China Northern Rare Earth Group plans a 50% expansion at the Bayan Obo rare earth mine in Inner Mongolia with a $74M investment to boost processing capacity and secure critical-mineral supply. Gold & Silver Updates: Dynacor reported Q2 progress including first ore feed to its Galam plant and strong throughput, while Skeena Gold & Silver outlined continued Eskay Creek construction toward 2027 initial production. Company Results: Aya Gold & Silver posted a sharp Q2 jump in revenue and operating cash flow on higher silver output and prices; Dynacor and REalloys also released Q2 financials, with REalloys highlighting heavy rare-earth facility upgrades and funding. Policy & Community Pressure: Arizona and tribal nations signed a deal aimed at offsetting coal-economy job losses, while B.C.’s Ashnola watershed faces renewed calls to pause new mining claims from the Lower Similkameen Indian Band. Security Risk: A newly disclosed GeoServer zero-day is being actively exploited and remains unpatched, raising urgent IT risk for organizations running the platform. Critical Minerals Demand: A new report warns AI data centers are straining copper and other critical mineral supply chains as refining capacity and ore grades lag. Ghana Gold Market: Ghana’s government and large-scale miners agreed to implement GANRAP’s 30% gold purchase for local processing and refining to support reserve accumulation.

Greenland Energy dispute: Greenland officials say a Texas-based firm tied to Donald Trump shipped drilling equipment to Greenland without authorization, prompting a “strong warning” and a debate over whether to license a potentially wetlands-protected site. Rare earth push: China Northern Rare Earth Group plans a 50% expansion at Bayan Obo, adding $74m to boost ore processing for the world’s biggest rare earth mine. Gold as a portfolio anchor: State Street argues modest gold allocations (about 2%-5%) can improve Australian portfolio returns and reduce drawdowns, citing central bank demand and inflation/geopolitical hedging. Chile copper hit by storms: Antofagasta shares slid after it cut 2026 copper output guidance to 625,000-655,000 tonnes, blaming weather-driven shutdowns at Los Pelambres and repair needs. Mining finance & development updates: NexGold reported Q2 progress on its Goldboro and Goliath projects; Xali Gold advanced Peru Pico Machay permitting ahead of a planned ~3,000m drill program. Project execution: Vale Base Metals will move ahead with a Salobo CPF flotation project, targeting start-up in H1 2028 and +6m tonnes/year processing capacity. Safety & compliance: Workplace Safety North launched new Surface Miner Common Core e-learning courses for Ontario. West Africa policy pressure: Ghana’s small-scale gold sector is under scrutiny as exports rise but royalties lag, while debates continue over how to turn gold wealth into lasting national capital. Appalachian health: New data shows underground coal miners in central Appalachia facing black lung rates at the highest levels since the 1970s.

Coal Auction Watch (Philippines): The DOE says another delay to the Semirara coal bidding may be manageable, noting most power plants don’t rely on the mine and coal can be sourced locally or imported while the government targets a better deal. Company Results (Gold): Liberty Gold reported progress on its Black Pine project alongside Q2 financials, while Orezone Gold posted record Q2 production and cash generation after its Casa Berardi acquisition. Company Results (Multi-Metal): Apex Mining’s H1 net income jumped 68% on higher gold and silver prices, despite lower grades and volumes. Rare Earth Supply (China): China Northern Rare Earth is expanding Bayan Obo by 50% with a $74m investment to boost processing capacity and strengthen critical mineral supply. Policy & Governance (US): Democrats asked the GAO to investigate safeguards around Trump-linked financing and waivers for private mining deals. Safety (US Coal): A West Virginia mine was evacuated after elevated carbon monoxide readings tied to suspected fire/smoke; no injuries reported. Africa Industrial Shift: Reporting highlights how African states are pushing more domestic processing, changing China’s role from exporting ore to building nearby processing plants. Mining Community (DR Congo): A CGTN segment spotlights women working in Mongbwalu’s gold mines as Ebola containment gets harder with high mobility.

Central Banking & Climate Finance: The ECB plans to dock loan values by up to 5% for firms deemed exposed to climate “transition risks” from end-2027, even as climate funds saw $84bn outflows in 2025 and the IPCC dropped its most extreme warming path. Rare Earths Supply: China is expanding the Bayan Obo rare earth mine in Inner Mongolia by 50% with a $74m investment to boost processing capacity and secure critical-mineral supply. Coal Policy Shift: The Philippines’ DOE is pushing back the auction for its Semirara Island Antique coal block to at least November, aiming to reserve 80%-90% of output for local power and raise the government royalty share. Silver & Precious Metals: Silver is trading around $66.40/oz, up $1.44 on the day, with a strong 12-month gain. Copper Exploration: Infinity Metals expanded its Swansea Copper Project tenure in Arizona by 47%, adding 16 lode and 4 placer claims and moving toward baseline studies for drilling approvals. Mining Safety/Operations: Vale and ABB are partnering to roll out more AI and automation across Vale’s mine sites after launching the Conceição II iron-ore model plant. Illegal Mining Crackdown: South Africa’s Mpumalanga police arrested 24 suspects in an illicit-mining operation, seizing equipment and alleged gold-bearing material. Project Updates: Lotus Resources restarted acid production and uranium processing at Malawi’s Kayelekera mine after repairs and restored acid supply. Critical Metals Deal: Blue Moon Metals acquired 33 US tungsten and antimony projects near its Springer Complex in Nevada.

Rare Earth Expansion: China Northern Rare Earth Group plans a $74m 50% expansion at the Bayan Obo rare earth mine in Inner Mongolia to boost ore processing capacity, as Beijing tightens control of critical mineral supply. Gold & Silver Earnings: Lepanto Consolidated Mining says first-half 2026 net income more than doubled to P1.59bn, helped by higher realized gold and silver prices despite lower output. Tungsten Value-Add: Finland’s Endomines reports Kuittila drilling and ore-sorting tests that lift tungsten and molybdenum grades, aligning with a sharp APT price jump. Critical Minerals Workforce Push: The Trump administration backs about $180m for U.S. mining education and workforce programs, including funding for South Dakota Mines. Uranium Insider-Trading Probe: U.S. Democrats open an investigation into Energy Fuels over trades ahead of Bears Ears monument cuts that could affect uranium mining. Illegal Mining Crackdown & Deaths: South Africa faces renewed scrutiny after a disused mine collapse killed 14 suspected illegal miners, while a new bill would criminalize illicit mining. Project Finance Moves: NOVAGOLD and Donlin Gold appoint Endeavour Financial and Macquarie Capital as advisors for Donlin Gold project financing. Seabed Mining Revenue Fight: CNMI delegate Kimberlyn King-Hinds pushes for a 50-50 split of potential seabed mining revenues, while saying she’s conflicted due to limited science.

Rare Earth Supply Push (China): China Northern Rare Earth Group is expanding the Bayan Obo mine in Inner Mongolia by 50% with a reported $74m investment to boost ore processing and modernize extraction. Gold & Silver Markets (Philippines): Lepanto Consolidated Mining says first-half 2026 net income more than doubled to ₱1.59bn as realized gold and silver prices surged, even as output fell. Exploration Updates (Australia): Beacon Minerals confirmed high-grade gold at the Iguana deposit (Lady Ida Project) ahead of an updated resource estimate, while Arrow Minerals reviewed historical Yarraloola drill core and flagged VMS-style potential. Project Growth (Brazil): St George Mining lifted the Araxá rare-earth resource estimate by 57% to 111.2m tonnes, strengthening development study inputs. Safety & Crime (South Africa): Police report 14 illegal miners dead and eight seriously injured after a rockfall at a disused Rustenburg-area mine. Corporate Moves (Global Mining): Barrick appointed Sebastiaan Bock as CEO for its “Rest of World” operations, aiming to grow gold and copper outside North America. Critical Minerals Policy (India): India’s commerce minister outlined supply-chain resilience efforts for critical sectors, including lithium, cobalt, nickel, rare earths and copper. Tech for Mining (South Africa): Deloitte Africa and Refuel partnered to help mining and other heavy industries digitize diesel rebate claims for faster, compliant payouts. Rare Earths Development (Australia): Australian Rare Earths began pilot processing at its Koppamurra project to generate data for a bankable feasibility study.

Critical Minerals Push (US): Trump announced more than $2B in mining and metals investments, plus $180M for mining education, as the administration targets copper, rare earths, graphite and other defense-linked inputs. Rare Earths (US): USA Rare Earth reported Q2 progress toward a non-China magnet and metal supply chain, including hydromet commissioning and a planned acquisition. Battery Materials (Canada): Five First Nations signed a letter of agreement for potential equity and stewardship talks tied to the Kearney graphite project restart in Ontario. Gold Deal (Senegal): Fortuna agreed to buy the Bambadji advanced gold exploration project from Barrick and IAMGOLD, consolidating a major strike corridor near Diamba Sud. Lithium Update (China): CATL’s Yichun authorities said a lithium mine restart remains stuck in maintenance and awaits environmental steps. Mine Safety & Justice (US): Four Illinois coal mine managers were indicted over alleged failure to evacuate during an underground fire and alleged obstruction of MSHA. Community Opposition (Philippines): Carmen, Surigao del Sur rejected mining exploration over watershed and agriculture risks. Uranium Scrutiny (US): Anti-uranium advocates disrupted a public hearing for a proposed uranium mine near the Navajo Nation, citing Church Rock’s legacy. Environmental Recovery (US): Pennsylvania watershed groups highlighted passive treatment projects tackling acid mine drainage by removing iron oxide and restoring waterways.

Nevada Gold Mines Truce: Barrick and Newmont have reached an agreement resolving their Nevada Gold Mines dispute, with excluded properties contributed into the JV and Newmont set to pay Barrick $1.95B, clearing the way for Barrick’s North American gold assets IPO plans. Company Updates: Barrick also declared a Q2 dividend of $0.175/share after missing profit estimates tied to costs and Mali tax penalties, while K92 Mining reported record Q2 performance with strong gold, copper and silver output and progress on its Stage 3 expansion. Exploration Moves: Discovery Mining extended Borden’s Main Zone and East Lower Zone with multiple high-grade gold intercepts, and Sentinel Metals kicked off maiden diamond drilling at its Columbia gold-silver project in Montana. Uranium Data Upgrade: Terra Clean Energy acquired and digitized historic drill and mine records for Utah’s Marysvale uranium mines, building a 3D geological model to guide future work. Critical Minerals Finance: TechMet will form a US subsidiary to attract capital for lithium, vanadium and battery recycling holdings, and Korea Zinc gained traction as Washington pushes China-free critical mineral supply chains. Safety and Social Risk: Two illegal gold miners died after a pit collapse in Zambia, underscoring ongoing hazards in informal mining. Policy/Industry Context: A Ghana-focused piece argues local content should build capability rather than rely on abrupt lease or ownership shifts.