AGP Executive Report

Mining Approvals & Permits: Riversgold secured Mining Lease M25/389 for its Northern Zone Gold Project in WA, granting 21-year tenure to July 1, 2047 and moving the project closer to development. Project Finance & Policy: Canada confirmed $500m in support for Imperial Metals’ Red Chris block cave transition, backing jobs and extending mine life by about 14 years. Coal Pipeline to Construction: Corvus coal’s $1.24bn Corvus project cleared an environmental impact statement terms-of-reference step, outlining underground mining, conveyor and rail load-out plans. Critical Minerals & Processing: Nigeria’s Shettima commissioned a 6,000 t/day lithium processing plant in Nasarawa, pushing value-add over raw exports. Rare Earths From Coal: The US DOE selected the University of North Dakota for a $75m pilot to recover rare earths and critical materials from coal at Falkirk Mine. Market & Risk Watch: Wallbridge suspended Québec exploration due to wildfire risk near its Detour-Fenelon gold trend. Health & Liability: South Africa’s Tshiamiso Trust paid R2.7bn to mineworkers affected by silicosis and TB, with claims still open to 2029. Regional Mining Politics: Karnataka’s DK Shivakumar signaled a “mining protocol” meeting in Bengaluru, tightening oversight in a politically sensitive sector. Energy Backdrop: Japan cut gas generation and leaned more on coal as Hormuz-linked LNG disruptions tightened supplies.

Mining Safety & Incidents: A miner died in an underground machinery accident at Warrior Met Coal in Tuscaloosa County, with MSHA and Alabama forensic officials investigating. Operational Disruptions: Agnico Eagle temporarily suspended Barnat open-pit mining at Canadian Malartic after rock mass movement, expecting reduced gold output in 2026–2028. Illegal Mining Crackdown: Philippines authorities arrested 17 people in Camarines Norte for mining without DENR/MGB permits, seizing heavy equipment, gold ore, mercury, and explosives. Policy & Infrastructure: Canada’s Carney and B.C.’s Eby pledged to keep the northern oil tanker ban while advancing LNG and critical-minerals projects, including federal funding tied to power and copper expansion. Copper & Capital Markets: Ero Copper set its Q2 results date (Aug 5) and Kinross scheduled its Q2 release (July 29). Zambia Investor Sentiment: Citi says appetite is returning after Zambia’s sovereign default, with copper-linked growth driving interest. Rare Earths: Lindian said it fired its first blast at Kangankunde as rare-earth mining begins. Crypto Mining Shift: SBI Crypto will shut its Bitcoin mining pool by July 31, ending a service tied to ~2% of network hashrate. Community & Environment: A church-backed Indigenous group in Kalinga opposed further large-scale mining expansion over water and livelihood concerns.

Northern Star leadership reset: Gold miner Northern Star appointed Glencore executive Suresh Vadnagra as managing director and CEO, as activist Elliott presses for board renewal, better disclosure and a strategic review. Coal worker protections: Australia passed reforms to strengthen coal long-service leave, aiming to bring more workers into the scheme and protect 100% entitlements. Rare earths momentum: Lindian Resources fired its first production blast at Malawi’s Kangankunde rare earths project, starting active mining toward Q4 2026 first production. Copper-gold drilling update: FireFly Metals reported new high-grade core results at Green Bay, supporting an upscaled restart case. Critical minerals supply chain: IperionX completed its $3m Camden critical minerals acquisition, using at-surface stockpiles to de-risk development. Illegal mining crackdown: Philippines police arrested 17 people in Camarines Norte for mining without permits, seizing equipment, ore and mercury. Policy pressure on mining laws: Liberia’s mines ministry called for urgent amendments to curb illicit mining and smuggling, citing governance and security risks. Rare earth offtake: Iluka agreed long-term supply of rare earth concentrate from VHM’s Goschen project, feeding Iluka’s Eneabba refinery. Tin resource boost: Stellar Resources expanded Heemskirk tin resources by 64%, lifting contained tin and advancing its PFS. Battery materials investment: Pure Battery Technologies plans a $350m Indonesia pCAM facility to complete the EV battery value chain.

Water & Power Scrutiny: Texas is re-asking data centers for electricity and water use numbers after a weak first survey response, as drought and grid reliability concerns grow. Critical Minerals & Trade: Germany and Argentina signed a critical raw materials cooperation deal, while Germany’s Hormuz mine-clearing mission remains under debate over preconditions. Silver & Metals Markets: Silver rose about 3.45% to ~$60.32/oz on July 1, signaling renewed momentum in precious metals. U.S. Permitting & Legal Fight: Five Norton Sound tribes are pressing a federal court challenge to a proposed IPOP gold mine in Alaska’s Bonanza Channel, arguing key environmental and subsistence concerns were ignored. Silver Valley Restart: Bunker Hill’s reopened Silver Valley mine in Idaho produced first concentrate after 45 years, targeting commercial ramp-up by end-2026. Namibia Cobalt Deal: Chinalco agreed to buy Celsius Resources’ 95% stake in the Opuwo cobalt-copper project for $15m. Mining Policy Pressure: India’s industry leaders urged faster mining approvals and more recycling to speed critical minerals supply. Community Benefit Demands: North Leeward residents want legal guarantees and full transparency as officials pitch volcanic material extraction as a “gold mine” for jobs and infrastructure.

Restart Milestone (Silver-Lead-Zinc): Broken Hill Mines has hauled first ore from the restarted Edwards Open Pit at the Pinnacles Mine to its Rasp Processing Plant, adding a third ore-feed source to lift throughput and grade. Drilling Update (Gold): Lode Resources returned fresh Uralla Gold Project intercepts from reverse circulation drilling, reinforcing an intrusive-related gold system model. Major Drill Campaign (Antimony-Tungsten-Gold-Silver): Resolution Minerals completed 16 diamond core holes at Golden Gate South in Idaho, advancing a 2026 program targeting gold and tungsten extensions. Leadership Move (Copper): BOA Resources appointed Graeme Purcell as managing director as it pushes ahead with copper exploration after the Thaduna and Green Dragon acquisitions. Uranium ISR Authorization (USA): Ur-Energy received final Wyoming approval to move Shirley Basin into full-scale ISR, enabling resin shipments to Lost Creek. Offtake Funding (Bauxite): VBX secured an indicative term sheet for a A$10m prepayment and offtake facility to support its Wuudagu bauxite DFS. Project Approval (Canada Gold): First Mining won federal environmental approval for its Springpole gold project in Ontario, moving it toward construction readiness. Critical Minerals Policy (India): Andhra Pradesh’s CM flagged rare earth and gold potential and ordered tighter monitoring, including CCTV and satellite checks for sand mining. Corporate Deal (Aluminium): Alcoa agreed to buy South32’s bauxite, alumina and aluminium assets in a $4.1bn upfront deal, reshaping both portfolios. Hydrogen Hub Decision (Australia): Orica reached a final investment decision for the Hunter Valley Hydrogen Hub, targeting renewable hydrogen for low-carbon ammonia production.

Illegal Mining Crackdown Sparks LGU Backlash (Philippines): Barobo, Surigao del Sur officials criticized a DENR-led raid in two barangays for lack of coordination, saying local police were only notified after enforcement began; arrests followed and equipment worth at least P7.1 million was seized. Copper Decarbonization Push (Canada): pH7 Technologies won up to C$5M from Natural Resources Canada to test on-site copper cathode production from low-grade sulfide ore using a closed-loop process that also generates green hydrogen. Gold Project Update (Québec): Globex reported TomaGold assay results from extension drilling at the Berrigan Mine royalty property, including a 204.25m mineralized envelope in the Berrigan Deep Zone. Rare Earths From Coal Waste (US): A $150M rare earth minerals venture in West Virginia will recover elements from coal tailings and slurry at permitted mine disposal sites, with expansion planned beyond the initial region. Critical Minerals & Governance (DR Congo): Congo granted mining permits in Manono for lithium-focused development, with KoBold Metals set to start surveys, while civil society groups warn about transparency and community safeguards. Investor/Corporate Moves (Gold): Alamos Gold set its Q2 2026 results release and conference call for late July. Deep-Sea Mining Radiation Warning: A new report from the Deep Sea Mining Campaign flags unregulated radioactivity risks from proposed deep-sea mining operations, calling the hazard largely unaddressed.

Copper & Processing Progress: Cyprium Metals says its Nifty Copper Complex restart is about halfway through planned work, with heap-leach build progress and key equipment arriving, keeping first cathode on track for the September quarter 2026. Gold Concentrate Breakthrough: Nova Minerals’ Korbel flotation tests on low-grade ore in Alaska produced high-grade concentrate up to 26.7 g/t Au with recoveries consistently above 95%, pointing to cheaper, simpler processing options for its Estelle project. Project Milestones: Bunker Hill Mining has produced first concentrate from its Idaho mine after years of redevelopment, with commercial ramp-up targeted for end-2026. Lithium Expansion Moves Ahead: Elevra Lithium broke ground on the North American Lithium expansion in Québec, aiming for a 15%–20% output lift in Stage 1 by mid-2027. Rare Earths BFS: Brazilian Critical Minerals’ Ema rare earths project BFS flags strong economics, including $1.47bn NPV( after tax) and 105% IRR in the base case. Policy & Trade: The EU unveiled tighter duty-free steel import quotas to protect capacity amid global overcapacity. Human Rights & Risk: A report says North Korea’s illicit coal exports are surging as sanctions monitoring weakens, tied to forced labor and rights abuses. Community & Safety: Myanmar’s jade sector saw a slag-heap collapse kill five and leave about 15 missing after monsoon rains destabilised waste heaps. Corporate Finance: Contango Silver and Gold agreed to settle $18.7m in Lucky Shot milestone payments for $5m cash plus shares, securing full control as it advances toward feasibility. Energy Demand Outlook: Shell expects global LNG demand to rise about 65% by 2050, though Hormuz disruptions are still weighing on near-term trade.

Rare Earth Board Move: Pensana-backed Cascade has added Dr. Bader al-Hajri to its board, backing a US$165m push tied to the Longonjo rare earth project. Crushing Expansion: Metso will supply an extra EUR 20m cone-crusher package to Grupo Mexico’s La Caridad copper concentrator in Sonora, lifting throughput. Gold Feasibility Boost: Fortuna says its Diamba Sud gold project in Senegal is bankable, with after-tax NPV5% of $1bn, 60% IRR and a 1-year payback at $3,500/oz. Mining Life Extension: Wesdome’s Eagle River mine in Ontario gets an eight-year reserve life extension to 2033, supported by new drilling. Copper Drill Hit: Orion Minerals reports deeper continuity at Okiep’s Flat Mine East, including 4.64% Cu over 3.96m (and 14.19% Cu over 0.95m). Power & Grid for Mining Tech: Hammond Power Solutions completes its CAD $365m acquisition of AEG Power Solutions, expanding into integrated electrical solutions. Data Centers vs Crypto: Alabama and Montana local governments move to study or pause crypto/data-center growth, while Michigan land acquisition signals continued AI/HPC buildout. Energy Markets Watch: Oil prices rebound on renewed Strait of Hormuz risk, feeding broader commodity sentiment. Human Rights Scrutiny: A new tracker finds allegations of abuse at transition-mineral mines rose sharply, with South America worst-hit.

Ghana Mining Crackdown: Kofreze Construction & Engineering Company says illegal “galamsey” is overrunning its legally held concessions, calling out a regulatory vacuum and urging coordinated action from security and mining regulators. Women in Mining Lawsuits: Fortescue faces an anti-retaliation class action tied to sexual harassment and assault claims in Australia’s fly-in, fly-out sector, echoing similar cases against Rio Tinto and BHP and raising scrutiny of employers’ duties. Rare Earths in Greenland: Amaroq starts 2026 drilling at the Ilua rare-earth pegmatite in Greenland, targeting conventional rare earths with low uranium and thorium. Greenland Funding Boost: Greenland Resources wins a $7m non-repayable Canadian contribution to study molybdenum processing and rare-earth by-product recovery. Greenland Licence Block: Greenland rejects Energy Transition Minerals’ bid to renew exploration at Kuannersuit/Kvanefjeld, citing uranium-act limits. Project Moves in Gold/Silver: Investigator Silver advances its Paris Silver Project after a DFS; Astral Resources expands Theia gold zones at depth; Independence Gold finds a new gold-silver vein system at Balrog. Metals Markets & Policy: Copper rises as US-Iran talks resume; China accelerates sulphur futures plans to hedge price swings affecting mining inputs. Mining Finance & Deals: DGR Global takes a 10% stake in Ecuador-focused Sunstone Metals; Murray & Roberts’ mining services businesses are secured via a Differential Capital transaction. Operations & Compliance: Mongolia launches a nationwide mining inspection, flagging hundreds of violations and fines; Namibia’s mining weakness remains a key growth risk. Infrastructure & Industrial Supply: Fortescue ships 200m tonnes of iron ore in a year; International Graphite awards a construction contract for its Collie micronising facility.

Liberia-to-Sri Lanka Rebrand: Capital Metals PLC, previously tied to Liberia land-grabs and intimidation, is now pushing mineral sands in Thirukkovil, Sri Lanka, as locals warn of repeat damage and say approvals and environmental clearance are still missing. Queensland Energy Pivot: Evolution Mining’s Mt Rawdon pumped-hydro plan is being dropped as Queensland won’t prioritize it, redirecting focus to the larger Borumba project. Indigenous Consultation Clash: Alberta’s proposed oil-sands pipeline submission promises “duty to consult” but won’t name which First Nations were consulted, despite leaked route documents. Critical Minerals & Politics: A New York Times probe says Trump Jr. and Eric Trump have financial links to a Kazakhstan tungsten mine tied to US federal support, raising fresh conflict-of-interest questions. Battery Supply Push: InVert Graphite eyes downstream processing via RapidPulse tech after early testwork, while InVert’s Morogoro project targets a Western graphite-processing gap. Zimbabwe Power for Mining: Kamativi Mining Company is investing US$25m in a 36MW solar farm to cut costs and emissions. AI Data Centres Meet Mining Tech: Firmus Technologies, backed by Nvidia, plans a 360MW “AI Factory” in Indonesia with major chip and offtake commitments. Zambia Copper Outlook: President Hichilema says copper output could hit ~1m tonnes this year, driving billions in export value. Coal Water Risks: Pennsylvania regulators are weighing a draft permit that could discharge treated minewater into streams feeding trout habitat, with public comment open until June 30.

M&A Watch: Forrestania Resources has won Ramelius’s Edna May gold mine auction in West Australia, agreeing to pay about $200m cash plus $100m in shares. Copper Supply Strategy: Anglo American and Codelco have finalized an “invisible mine” plan to unlock 2.7m tonnes of copper over two decades by synchronizing adjacent operations in Chile. Zimbabwe Power for Mining: Invictus Energy is preparing Zimbabwe’s first gas-to-power pilot, targeting electricity for a gold mine within 12–18 months to ease coal-and-rainfall power shortages. Gold & Policy Volatility: Gold rebounded on reports of Iran-U.S. peace progress, while the U.S. also moved to overturn a northern Minnesota mining moratorium tied to the Twin Metals project. Project Moves in Mexico: Sierra Madre Gold & Silver closed its Del Toro silver mine acquisition from First Majestic, adding a fully permitted Zacatecas asset and funding an exploration push. Critical Minerals Security: The U.S. tungsten supply gap is driving renewed Nevada exploration at the White Star Tungsten Project. Safety & Governance: A Glencore-linked tragedy in Congo involving illegal miners reignited calls for stricter oversight in copper-nickel development.

Strait of Hormuz Security: UKMTO raised the Strait of Hormuz threat level to “substantial” after a tanker reported being hit by an unidentified projectile; damage was to the bridge, no crew harm or pollution reported, and mine-clearance and congestion warnings were issued. Tanzania Mining Policy: Tanzania moved to cancel inactive mining licenses and crack down on “brokerage” holdings, saying licenses aren’t “storage assets” and inactive areas will be revoked for serious developers. Ghana Gold Takeover by the State: Ghana’s 30% gold acquisition mandate for large-scale miners kicks in from July 1, tightening state control over bullion flows. Zimbabwe Coal for Power: Zimbabwe Power Company says coal reserves can support electricity for 200+ years, arguing renewables can’t fully replace baseload needs. Zimbabwe Mining Governance: Zimbabwe’s Mines Ministry unveiled a new corporate identity tied to a five-pillar reform push for a modern, transparent mining sector. Canada Gold Resource Boost: Hemlo Mining increased Hemlo Gold Mine measured and indicated resources by 34% to 4.84 Moz, adding about 1.2 Moz. Oman Chrome Value-Add: Gulf Metal Materials expanded chrome processing capacity at its Samail plant to upgrade low-grade ore and raise output. Tanzania Conference Push: Preparations for TMIC 2026 in Dar es Salaam highlight value-added minerals as the theme, aiming to draw global investors.

Ghana Gold Takeover: Ghana will buy 30% of large-scale gold output from July 1 via the Gold Board, requiring local doré sales at a 0.55% discount to support refinery LBMA accreditation. Cobalt Refining Push: Electra Battery Materials is building North America’s first battery-grade cobalt refinery near Cobalt, Ontario, targeting 6,500 tonnes annually by end-2027. Indonesia Decarbonization: MIND ID says it aims to cut emissions 15.5% by 2030 while downstreaming boosts energy demand. Mining Finance in South Africa: Tharisa secured a N$750m Nedbank revolving facility (expandable to N$1.25bn) to fund underground development. Iron Range Jobs: Mesabi Metallics starts a major hiring push for Minnesota’s new iron ore mine and pellet plant ahead of Q3 commercial operations. Safety Tech Spotlight: Anglo American’s Aquila mine earned safety innovation nominations for its mini face bolter and Armadillo excavation system. Regulatory/Conflict Minerals: US sanctions target a Rwandan refinery and firms over alleged DRC-linked gold smuggling. Community Pressure: Eastern Equatoria’s governor ordered a temporary suspension of mining at Nakere after unrest and complaints over environmental harm and benefits. Market Signals: Gold and silver both rose in June 26 trading, while mining producer prices in Jamaica increased in May.

Critical Minerals Policy: Angola’s extractive industry leaders pushed for a single platform linking oil, gas and mining, aiming to boost local content, logistics and financing while diversifying into rare minerals. Offshore Mining Fight: The U.S. is weighing leasing a mineral-rich, Delaware-sized Virginia seabed deposit for mining, drawing expected environmental pushback over impacts to marine life and rare-earth supply. U.S. Mine Cleanup Law: A House committee advanced the Legacy Mine Cleanup Act to better track and coordinate cleanup of abandoned mines, including uranium sites near the Navajo Nation, with a focus on reuse of waste. Community & ESG Frameworks: Nigeria’s Mining Cadastre Office unveiled a “Social Contract for Mining” to make host-community trust and ESG central to project legitimacy. Project Updates (Americas): Idaho’s Bunker Hill Mining said its new processing facility is commissioning toward first concentrate by month-end; Hemlo Gold reported a 34% jump in gold resources; Revival Gold flagged deeper, sulphide-rich potential at its Joss area. Local Governance & Permits: Streator, Illinois hosts a presentation on the 1909 Cherry Mine disaster; Greenstone, Ontario faces opposition to expanding a gold work camp. Market Pulse: Gold rose 2.05% and silver 3.00% on June 26, while Tanzania faces export and reserve concerns as gold prices retreat. Finance & Corporate Moves: REalloys closed a $100m private placement to fund operations; Severalmaz suspended diamond mining for about three months as ALROSA manages rough sales. Sanctions: The U.S. sanctioned Rwanda-linked gold refining tied to DRC smuggling networks, targeting alleged rebel financing routes. Bitcoin Mining Tech: DMND and GoMining reported a milestone Stratum V2 block built by the miner, signaling a shift toward more decentralized block-building.

Ghana Gold Offtake Deal: Ghana will buy 30% of large-scale miners’ gold output from July 1 to boost foreign currency reserves and local refining. DRC Conflict-Minerals Crackdown: The US sanctioned a Rwanda-based gold refinery and linked firms and people over alleged smuggling of DRC minerals to fund M23 rebels, escalating pressure on the regional supply chain. Nifty Restart Leadership: Cyprium Metals appointed CTO Christofer Catania to support the phased restart of Western Australia’s Nifty Copper Complex, moving from refurbishment toward commissioning and operational readiness. Los Filos Land Access: Equinox Gold secured 20-year land access agreements with all three communities around Mexico’s Los Filos mine, clearing the way for heap-leach restart work and studies for expansion. US Army Critical Minerals Processing: REalloys and Ioneer received conditional awards for long-term land leases at a Utah depot to build domestic heavy rare earth and boron-related processing capacity. Project Moves to Production: Bunker Hill Mining says its new 1,800 t/d Idaho processing facility is on track to deliver its first concentrate batch by month-end. Corporate/Legal Pressure: Nyrstar disclosed shareholders filed for interim measures in Antwerp amid forgery and accounts allegations, while Fortescue faces a sexual harassment class action and renewed scrutiny of mine-site culture. Exploration Progress: Lightning Minerals completed 492 soil samples at Queensland’s Mount Turner to refine drilling targets ahead of mid-July phase-two work; Krakatoa started 2026 surface diamond drilling at Georgia’s Zopkhito antimony-gold project toward a maiden JORC resource. Infrastructure for Value-Add: Morocco converted ONHYM into a joint-stock company to support major strategic energy projects, including the Africa-Atlantic Gas Pipeline.

Ghana Gold Deal: Ghana’s Gold Board will buy 30% of large-scale gold output from July 1, aiming to boost reserves, local refining and cut unprocessed exports. US Sanctions: The US blacklisted Rwanda-linked mining firms and a gold refinery tied to smuggling conflict minerals to fund the M23 rebel group. Tungsten Supply Push: TGN is driving toward production at its Watershed and Mt Mulgine projects in Australia as China’s export curbs keep tungsten supply tight. Tungsten Offtake & Equity: Elmet exercised an option to buy more shares in EQ Resources, deepening a tungsten concentrate offtake and strengthening the tungsten supply chain. AI Power Meets Mining: Duke research says Bitcoin mining could support up to 76 GW of new electricity demand while stabilizing grids for AI data centers. Crypto-to-HPC Shift: Dataprana secured 92MW of Houston-area sites for AI/HPC colocation, signaling miners’ pivot to power-hungry workloads. Mining Governance & Permits: Zimbabwe warned it will repossess dormant coal concessions, while Otago’s Santana fast-track gold application was paused for more data. Community & Infrastructure: A new haul road opened at Lake Shore Gold’s Timmins operations to cut downtown truck traffic and emissions.