AGP Executive Report

US Critical Minerals Push: Trump announced $3bn in mining and battery-related projects, including a $1.4bn Defense loan for Sila Nanotechnologies, $400m for scandium expansion, and $150m for rare-earth-free magnet production, alongside Export-Import Bank financing for copper, graphite, tantalum and niobium projects. Mining Education Funding: The same roundtable backed over $180m in mining-school grants, with DOE support for workforce programs and DoD funding for Colorado School of Mines, South Dakota School of Mines, and Johns Hopkins. Workforce & Supply Chain Politics: UNR’s Sandoval said the grants aim to close a major gap in US mining graduates versus China as half the workforce nears retirement. Precious Metals Tax Change: Kyrgyzstan raised income tax rates for gold and silver miners and processors to capture windfall profits and boost budget revenue. Corporate/Project Updates: Tocvan reported a near-surface gold-silver hit at Gran Pilar in Mexico; Metalsource launched expansion drilling at Silver Hill in North Carolina; Vault began a drone magnetic survey at War Bond tungsten in Nevada. Market/Operations: Sotkamo Silver swung to profit with record quarterly revenue; CATL’s Yichun lithium mine stayed shut pending permits. Labor Dispute: BHP faces potential Port Hedland strike losses as unions plan stoppages affecting iron ore shipments. Security: Armed robbers struck a mine in Bindura, Zimbabwe, stealing carbon and equipment.

Critical Minerals Push: Trump will host mining CEOs at the State Department, pairing defense stockpile needs with a push for domestic and allied supplies of rare earths, tungsten, germanium and scandium. Workforce & Skills: Malaysia’s GEAR-uP report backs talent placement, vendor-linked training and TVET upgrades, including TNB’s PROTEGE and Sime Darby Industrial Academy pathways for mining and heavy-equipment roles. Project Moves (Gold): Lycopodium won an A$93m EPCM contract for Artemis Gold’s Blackwater Mine Expanded Phase 2, adding 13 Mtpa to lift throughput to 21 Mtpa. Local Politics (Mining): The Bahamas government says it still opposes Bahama Rock’s expansion despite the environmental review process. Rare Earths (China): Baogang plans to expand Bayan Obo capacity by 50% to 15 Mtpa, keeping rare-earth output quota rules unchanged. Lithium (Canada): EMP Metals says Project Aurora’s demonstration plant is built and commissioning is ~50% complete, targeting Q3 startup. Environment & Risk: A tanker grounding off Oman is leaking oil over ~600 sq km, raising fears for reefs, turtles and whales. Safety (Coal): Federal data show black lung among veteran underground miners in central Appalachia hit the highest level since 1978. Finance & Markets: RBC downgraded Endeavour Mining to sector perform, while Asante issued 2026 production and cost guidance for Bibiani and Chirano.

DR Congo Copper Shock: Copper futures hit a record as the country bans exports of copper and cobalt concentrates, pushing supply-tightening fears and raising pressure on downstream processing. US Critical Minerals Push: BHP and Rio Tinto executives are set to join a Trump-led critical minerals roundtable as Washington ramps up sourcing. Gold Power in Asia: OceanaGold Philippines says H1 net income more than tripled on higher gold prices, even as output fell; Nickel Asia also nearly doubled H1 earnings on stronger ore prices and shipments. Dividend & Results: Lundin Gold declared a US$1.08 quarterly dividend and reported strong Q2 results; Imperial Metals posted Q2 copper and gold production plus permit updates. Project Moves: Denarius took 15.6% of Copper Giant with Trafigura securing long-term offtake for Mocoa output; Atico reported Q2 copper and gold production from El Roble. Mine Reclamation: Diavik began filling its open pits with lake water as part of closure work. Policy/Permitting: Minnesota held a public meeting on the proposed Tamarack mine near McGregor, starting a formal environmental review.

DR Congo Policy Shock: The government has banned exports of copper and cobalt concentrates and introduced new taxes on mining by-products, with a three-month transition and possible one-year waivers for “strategic” cases—aimed at forcing more domestic processing. South Africa Mining Modernisation Debate: A new survey says many miners and services firms are still focused on doing things “better” rather than modernising meaningfully, with sustainability often treated as secondary. Critical Minerals Trust & Permits: A TAI report argues deregulation won’t speed projects unless governments improve procedural fairness, environmental stewardship, and community participation to avoid costly disputes. Project Moves in Gold & Copper: Albion Resources won approval for maiden drilling at WA’s Gidgee Gold Project; NTT Docomo Business and Codelco launched a proof-of-concept for remote operations at El Teniente using an All-Photonics Network. Company & Market Signals: Kinross received an S&P upgrade to BBB; Glencore plans an Australia secondary listing by October to tap pension capital; Sunrise Resources jumped on high-grade Nevada zinc/lead/silver results; American Tungsten and Antimony outlined a phased restart of its Del Sol antimony refinery. Safety Watch: Impala Platinum faced renewed scrutiny after a sulphur dioxide leak at Rustenburg killed an employee. Commodities & Macro: Gold hit a seven-week high as Hormuz reopening hopes eased oil risk while rate expectations shifted; South Africa’s first-half export earnings topped R261bn, led by precious metals and coal.

Australia Coal Compliance: Peabody Energy Australia signed an Enforceable Undertaking with the Fair Work Ombudsman after nearly $5m in back-payments and interest to 197 underpaid workers, plus a $50,000 contribution payment and new compliance systems. Gold Exploration Breakthrough: Broken Hill Mines’ Centenary Zone discovery from 1983 is being re-examined after decades of drilling limits from a hard-to-penetrate shear zone, with Broken Hill Mines saying the deposit was previously estimated at ~5m tonnes at ~8–9% zinc equivalent. Investor & Financing Moves (Gold/Silver): Avanti Gold will present at the OTCQB Virtual Investor Conference Aug. 6; Snowline Gold launched a C$150m bought deal; Endeavour Silver secured a $25m revolving credit facility; Allied Gold reported Q2 results and momentum into mine sequencing and Kurmuk start-up. Operational Updates (Copper/Gold): Trekor posted $125m adjusted EBITDA in Q2 on strong Gibraltar copper performance and progress at Florence Copper; Ero Copper reported Q2 cash flow growth and rising gold output. M&A/Production (Gold): Equinox Gold reported Q2 results after closing its Orla Mining merger, positioning it as a new North America senior gold producer. Policy & Sector Signals: New Zealand Minerals Council urged the government not to “kill the golden goose” in royalty changes; Sweden lifted uranium development barriers, elevating mining as national security.

Philippines Local Governance: Altai Philippines Mining Corp says San Fernando, Romblon reversed its July endorsement for a Sibuyan Island project, and says it will pursue legal and administrative remedies, alleging the reversal was unusually fast and may reflect vested interests. Sierra Leone Licensing: Sierra Leone’s Mines Ministry and National Minerals Agency say JM Mining’s large-scale licence never became valid because a conditional offer lapsed after required written acceptance and US$1.1m fees weren’t paid. Australia Processing Expansion: Westgold approved a capital-light Cue hub expansion to lift processing from 1.4Mtpa to 1.7Mtpa by FY28, targeting higher throughput and more ore optionality from nearby mines. Namibia Critical Minerals Policy: President Netumbo Nandi-Ndaitwah used Namibia’s Chamber of Mines expo to push mining-led growth and jobs, framing progress from dialogue to delivery. Gold Permitting: Liberty Gold submitted a Preliminary Cyanidation Design Report for its Idaho Black Pine project, aiming for formal cyanidation permitting in 1Q 2027. Rare Earth Funding: Ionic Rare Earths secured binding commitments to raise $8m to fund a Belfast demo plant and rare-earth recycling commercialization. Zambia Contract: JCHX Mining won a USD115m contract for Chambishi Copper Mine’s West Mine operations in 2026-27. Zimbabwe Community Impact: Mutapa Gold Resources and ZDF doubled Mubvundudzi Secondary School capacity to 400+ learners via a new classroom block. Corporate Results: Glencore reported $4.41bn profit for H1 2026 as trading and mining earnings rose.

Green Metals & Tech: DryFlow Magnetics says its Adelaide-built modular “green iron” unit can process 20 tonnes of ore per hour and is heading to the US after finding an export buyer, aiming to support low-emissions steelmaking. Crypto & Mining Finance: Trump-linked American Bitcoin disclosed a $2.5m settlement over a pandemic-era PPP loan allegation tied to its merged Gryphon Digital Mining. Corporate Moves in Mining: Gunnison Copper is developing a second Arizona mine targeting 175m pounds of copper annually for 21 years, positioning it as a domestic supply boost. Policy & Permitting: Western Australia will keep its uranium mining ban, with no change planned despite global demand and an India export deal. Critical Minerals Security: A US critical-mineral security push faces a new snag as NASA opposes further tungsten development in Nevada tied to satellite tracking operations. Market & Sector Mood: Gold and silver firmed as oil eased and yields softened, while Europe’s Stoxx 600 closed at a record high on earnings and tech strength. Labor & Legal: South Africa’s NUMSA won a High Court ruling halting liquidation of Ekapa Minerals and moving it into business rescue to protect jobs. Governance & Community: In the Philippines, Altai Philippines Mining says a Romblon council withdrew support for its Sibuyan Island project endorsement and it will pursue legal remedies.

Mining Reliability & Maintenance: FUCHS says mines are shifting from “just lubricants” to broader reliability and risk management, with lubrication suppliers now judged on long-term equipment support. Local Governance & Mining Rights: Malawi’s parliament speaker Sameer Suleman ordered a suspension of Kangankunde rare earth operations after concerns over licence scale and missing compliance documents. Lithium & Farming Backlash: South African farmers and activists are objecting to lithium prospecting that could cover about 73,000 hectares, warning of major disruption to jobs and farmland. Coal Policy & Land Use: A new USGS report says the US has about 356 billion tons of coal that could be developed beyond existing mines, but demand and developability remain open questions. Gold & Silver Market Pulse: Fresnillo reported interim revenue up 74.7% y/y on higher gold and silver prices, while Pantoro confirmed high-grade continuity at Racetrack with standout drill results. Project Moves & Permits: Global Lithium got approval for early works at its Manna lithium project, and Xinhai advanced Arcadia’s Swanson tantalum project toward definitive funding. Mining Finance & Local Content: Zimbabwe’s banking sector says it can mobilise US$4–5bn for mining over five years, and Namibia’s mining expo opens with a focus on local empowerment through procurement. ESG & Environment Debate: Deep-sea mining for critical minerals faces renewed scrutiny as countries push for a moratorium, while local opposition grows against large-scale metallic mining on Sibuyan Island. Equipment & Services: Epiroc completed an acquisition of a South African mining aftermarket solutions business, and Veriforce Canada expanded contractor oversight support for Glencore’s Cerrejón in Colombia.

Critical Minerals Push: Mariana Minerals raised $310m in Series B to accelerate US critical minerals production, aiming to build and run mines and refineries using its own MarianaOS platform. US–Alaska Development: Trilogy Metals updated on a strategic ~$35.6m equity investment from the US Department of War to advance the Upper Kobuk Mineral Projects in Alaska. Chile Growth Tied to Mining: Chile’s June economic activity rose 2.4% y/y, with mining up 9.8% as copper output improved, reinforcing how much the recovery leans on metals. Zinc Market Tightness: Trafigura holds a large share of available LME zinc as stocks sit near two days of global consumption, with zinc prices hitting a four-year high and backwardation signaling near-term tightness. Coal Supply in India: India’s coal minister allocated the PKOC-2 dipside block to Singareni, targeting ~6m tonnes a year over 25 years. Gold Demand Shift: South Korea’s central bank resumes physical gold purchases after 13 years, buying export-bound volumes via Korea Exchange infrastructure. Mining Governance & Security: Sudan banned armed forces in mining areas and set up special courts to prosecute gold and weapons smuggling. WA Refinery Hurdles: Australia’s Mid West refinery siting faces power supply constraints as a $4m pre-feasibility study weighs options including Oakajee. Sibuyan Island Mining Opposition: Romblon province moved to declare Sibuyan a large-scale metallic mining-free zone, while San Fernando withdrew support for a nickel project.

M&A & Capital Markets: Smartkem inked a definitive all-stock merger deal with Ferrox Critical Minerals, valuing Ferrox at about $125M and aiming to build a vertically integrated critical minerals-to-electronics pathway. Project Pipeline (Gold): Dalaroo Metals extended the gold-in-soil corridor at its Bondoukou project to ~7 km and is now preparing a 10,000m reverse-circulation drilling push after raising A$2.5M. Project Pipeline (Gold Development): Riversgold advanced its Northern Zone Gold Project with a granted 21-year mining lease (M25/389) and continued mine permitting and studies. Project Update (Gold): Horizon Gold reported broad, high-grade intersections at Gum Creek, including strong Kingfisher results, supporting potential resource growth near its planned processing plant. Project Update (Gold Processing): Kavango Resources moved Hillside in Zimbabwe into live processing with a 50 tpd plant, reporting early commissioning performance and targeting first gold. Offtake (Manganese): Element25’s Butcherbird unit signed a binding long-term manganese concentrate offtake with OM Materials, capped near 1.1Mtpa. Mining Safety (Coal): A methane explosion at Pakistan’s Sorange coalfield killed at least 34 miners, with rescue operations and investigations underway. Policy & Trade: India’s Piyush Goyal urged India and Uzbekistan to double bilateral trade to $3B in three years, highlighting mining and rare earths investment opportunities. Tech & Supply Chain: Fortescue is reportedly exploring up to 2GW AI data centre development in Pilbara, leveraging its renewable power buildout. Crypto Mining Economics: American Bitcoin posted a $57.2M Q2 net loss while mining revenue rose to $67M, with its BTC treasury increasing to 8,002. Market Watch (Semiconductors): Nvidia RTX 50 pricing in South Korea is reportedly rising up to 30% as memory costs and supply shortages bite, with potential knock-on effects for AI and mining compute costs.

Canada Nickel Approval: Ottawa has issued a positive decision statement for Canada Nickel’s Crawford nickel project, clearing the way for what it says could become the Western World’s largest nickel sulphide operation. Sudbury Smelter Demolition: Vale Base Metals is continuing top-down dismantling of the iconic Superstack at the Copper Cliff smelter, cutting it by 64m since demolition began and targeting a 3–4 year job. Nigeria Mining Licences: Nigeria’s solid minerals ministry defended revocation of Basin Mining Limited titles, saying it was for unpaid statutory fees and denying any bias toward Chinese investors. Pakistan Coal Tragedy: A methane-triggered collapse near Quetta has killed at least 32 miners, with rescue teams searching for missing workers and an inquiry ordered. Zambia Local Content Push: Smart Zambia Institute says 78 mining firms are now registered on the Local Content Access System, with compliance tied to statutory procurement rules. Ghana Damang Dispute: Ghana’s parliamentary minority is pressing for a higher state equity stake in the Damang Mine deal, arguing the government didn’t secure enough value. Alaska Cu-Au JV: Northern Star and PolarX are teaming up on Alaska Range copper-gold exploration, with a 10,000m drilling campaign underway. Zimbabwe Diamond Tech: Zimbabwe’s ZCDC says new diamond processing tech will address colour flaws and lift Chiadzwa diamond value. AI Meets Mining Supply Chains: Big Tech’s AI buildout is driving massive data-center spending, with knock-on effects for crypto mining hardware and energy demand.

Mine Safety & Tragedy: Pakistan’s Balochistan coal mine disaster ended with the recovery of all 34 miners after a methane blast, with officials citing dangerous underground conditions and poisonous gases. Labour & Operations: BHP’s Port Hedland iron ore workers in Australia plan a strike Aug 8-9 if no pay deal is reached, risking disruption to the world’s biggest iron ore export hub. Project Updates: FireFly Metals advanced high-grade drilling at its Green Bay copper-gold project in Newfoundland, feeding an updated resource and a scoping study due in August 2026. Gold Demand Watch: The World Gold Council said Q2 gold demand was flat year-on-year, with central banks still adding reserves while ETF and bar/coin investment cooled. Crypto Power Strain: Russia expanded its crypto mining ban to Moscow and parts of Kursk through 2032, citing grid stress; separately, Japan’s SBI Crypto shut a Bitcoin pool. Policy & Governance: Canada approved the Crawford nickel project in Ontario, targeting major long-term supply and jobs. Illegal Mining Impacts: Ghana’s galamsey fight is again framed through human harm, while a report cited massive illegal gold export discrepancies and tax losses.

Pakistan Coal Disaster: Rescue teams in Balochistan recovered the last two bodies from the Sorange methane blast, ending a hazardous operation after 34 miners were killed. Mine Safety Push: Pakistan’s mines labour federation demanded a judicial probe and tougher, enforceable safety reforms after repeated disasters. Iran Energy-Geo Risk: An Iranian hardliner warned of regional infrastructure retaliation if energy sites are hit, with Bitcoin mining tied to the stability of Iran’s power grid. Crypto Mining Crackdowns: Russia extended a crypto mining ban across Moscow and parts of Kursk until 2032, while Japan saw a major Bitcoin pool shut down amid hashrate shifts. Canada Nickel Project: Ottawa approved Canada Nickel’s Crawford mine near Timmins, targeting major nickel output and thousands of jobs. Burkina Faso Budget Boost: Burkina Faso plans to raise its 2026 budget after mining reforms lifted state revenues. Vale Outlook: Vale’s profit fell, but it lifted lower-end 2026 forecasts for nickel and copper production. FAST Metals Red Mud Deal: US startup FAST Metals raised $4.3m and secured its first customer to process red-mud waste into critical materials.

Coal India Output Boost: Coal India says July FY26-27 hit a record 64.19 MT of supplies (+18.38% y/y) and 50.36 MT production (+8.44% y/y), extending strong monsoon performance. Pakistan Coal Disaster: A methane blast at a Quetta-area coal mine killed 34 workers; the 45-hour rescue ended with all bodies recovered and a probe ordered. Illegal Gold Crackdown (Indonesia): Gorontalo police shut a suspected illegal gold site, sealing shafts and processing areas and seizing mining gear. Ghana Mining Scrutiny: Ghana’s minority MPs accuse the Minerals Commission of “shoddy” due diligence on Damang Mine-related lease approvals and push for a bigger state equity stake. Rare Earth Push (Japan/Namibia): Japan’s Jogmec plans up to N$565m for the Lofdal rare earth project, aiming for a feasibility decision within a year. Canada Nickel Milestone: Canada Nickel’s Crawford nickel-cobalt project cleared final federal approval, positioning it as the largest nickel mine in the Western world. Copper Supply Shock (Chile): Severe winter storms forced curtailments at major Chilean copper operations, tightening supply as prices hover near highs. Nigeria Solid Minerals Case: EFCC secured five-year convictions for two Chinese nationals over illegal export of mica, copper-bearing and lithium-bearing minerals. Bitcoin Mining Policy Shift (Russia): Russia expanded crypto mining restrictions into Moscow and parts of Kursk, reducing capacity in a major mining hub. Gold Market Watch: Gold held above $4,000 and posted its first monthly gain in five months as Fed expectations cooled.

Coal Supply Reality Check (US): A new USGS report says about 4 billion tons of coal remain at existing U.S. mines, plus 356 billion tons could be developed on federal land—though the article stresses that “plenty” of coal doesn’t automatically mean it’s buildable or in demand. Nickel Project Approvals (Canada): Ottawa approved Canada Nickel’s Crawford Nickel Project in northern Ontario, projecting up to $5B investment and thousands of jobs, while also flagging impacts that must be managed under conditions. Copper-Nickel Plan Update (Minnesota, US): NewRange Copper Nickel filed changes to the NorthMet project design, aiming to cut water discharge and adjust water, waste storage and transport—setting up a potential additional review. Mining Safety Tragedy (Pakistan): A methane explosion at a coal mine near Quetta killed at least 34 miners, with rescue efforts continuing and officials pointing to recurring safety gaps. Silver Market Tightness: Silver is tracking toward a sixth straight annual supply deficit in 2026 as industrial demand rises while mine output stays constrained. Energy/Trade Pressure (US-China): The U.S. expanded its forced-labor import blacklist by 43 Chinese firms, including metals-linked companies, adding to supply-chain and compliance pressure for industrial inputs. Local Governance & Permitting (Alberta, Canada): Alberta approved permits for a major coal mine expansion despite environmental opposition, underscoring how regulatory decisions can reshape project timelines. Ghana Mining Oversight Fight: Ghana’s parliamentary minority criticized the Minerals Commission and the ratification of six mining leases, alleging procedural and due-diligence failures.

Coal Disaster in Pakistan: A methane gas explosion at a private coal mine in Sorange, near Quetta, killed at least 34 miners, with rescue teams still searching for trapped workers as officials warn survival chances fall fast after oxygen drops. Mine Safety Pressure: The ILO urged Pakistan to strengthen mine safety and ratify ILO Convention 176 after the tragedy, while local authorities promised investigations and compensation for families. Corporate Earnings Watch: Linde posted Q2 2026 results with higher net income and cash flow; AngloGold Ashanti reported rising free cash flow and declared an interim dividend plus a proposed $2bn buyback. Project Progress: St George Mining advanced its Araxá niobium-rare earths work and raised $60m; Orion Minerals said Glencore prepayment drawdown is on track for end-August. Critical Minerals & Geopolitics: Goldman Sachs flagged a new “mine-to-magnet” investment cycle as AI, EVs and energy buildouts boost demand for copper and rare earths. Exploration Update: Ora Banda expanded Little Gem gold footprint, extending Sapphire lodes over 2.6km ahead of a late-2026 resource estimate. Environment & Permits: Greenpeace says nickel licences in Indonesia’s Raja Ampat overlap UNESCO marine biodiversity zones, calling for independent monitoring.