AGP Executive Report

Critical Minerals Exploration: Nova Minerals has completed its US redomicile and kicked off 2026 drilling at Alaska’s Estelle project, starting work at the Stibium antimony-gold prospect and the RPM ridge, alongside a large airborne geophysics survey to sharpen targets. Gold Drilling Updates: Toubani Resources reported high-grade infill and follow-up results from Mali’s Kobada Gold Project ahead of an updated resource estimate and early-2027 mining plans, while G50 Corp’s first Nevada core hole at White Caps returned strong gold and silver intercepts. Silver Price Pressure: Fresnillo led FTSE 100 decliners as silver slid, dragging gold and other precious metals lower on expectations of higher US rates and easing Middle East tensions. Rare Earths Supply Chain: Ucore shipped qualification NdPr oxide samples to magnet makers after producing commercial-grade material via its RapidSX process, and Iluka secured a A$1.65bn non-recourse loan to build Australia’s Eneabba rare earth refinery. Project Economics: AbraSilver’s Diablillos DFS in Argentina backs “world-class” economics with a 9,000 t/day plan, targeting first production before end-2029. Policy & Trade Tensions: Guinea banned raw gold exports to force local processing, while China announced sanctions on 10 US firms tied to defense and rare earths. Market & Safety: Sherritt confirmed a controlled shutdown of its Alberta refinery pending Cuba feed pipeline rebuild, and Mastermyne was fined after a fatal 2022 Moranbah North incident. AI + Copper Demand: A new analysis argues AI data centers are deepening a structural copper supply shock as demand from large AI campuses outpaces mining pipeline growth.

Indigenous Rights Clash: An Anishinabe coalition in Quebec is pushing the government to modernize mining-claim allocation and honor free, prior and informed consent, citing a legal fight over Fresnillo’s Novador project. Mongolia Coal Jobs: Mongolia officially kicked off operations at the Borteeg coal deposit in the Tavantolgoi field, with the state-backed Erdenes Tavantolgoi JSC framing it as transparent, ESG-aligned resource governance. BHP Cost Blowout: BHP says Phase 2 of the Jansen potash mine in Saskatchewan will cost $6.9B US (up 40%) and delay first production to late 2031. Copper Mine Court Fight: Apache Stronghold says four active lawsuits remain over Arizona’s Oak Flat sacred site as construction and a land swap tied to Resolution Copper continue. China–US Sanctions: China retaliated with procurement bans on 46 US defense firms and export controls targeting 10 US entities, including rare-earth players. Africa Gold Crackdown: Egypt detained hundreds near the Sudan border in an illegal gold-mining and smuggling crackdown. Mining Safety Deal: The US metallurgical coal sector and MSHA signed a national alliance agreement focused on miner safety and training. Critical Minerals Tech: A US geochemist urges PNG to speed copper and nickel exploration using fine soil-grain analysis, and also backs US–PNG university exchanges. Guinea Policy Shift: Guinea banned exports of unrefined gold to force domestic processing and jobs. Equipment & Services: Wisk Air Helicopters expanded its fleet with a Bell 407GXi aimed at powerline, mining support, and remote community work.

Copper Trade & Sanctions: The US has halted copper imports from Chinese-owned Zijin Copper’s Serbia operations, citing forced-labour concerns, while China retaliated with export controls targeting 10 US defense and rare-earth-linked firms. Rare Earths & Tech War: Beijing also added MP Materials and USA Rare Earth to its export control list, tightening dual-use shipments amid the broader US-China blacklist cycle. Mining Governance: Liberia’s Senate moved to amend its 2000 mining law to tighten mineral rights, licensing, royalties and concession obligations. Environment & Enforcement: UK regulators ordered Cleveland Potash to pay £215k after a brine diversion killed hundreds of fish in North Yorkshire. Project Moves: Newmont won key approvals for Red Chris’ block cave transition, extending mine life into the mid-2040s; Anglo Asian appointed Worley Europe for Xarxar and Garadag copper feasibility studies in Azerbaijan. Energy for Mining: Fortescue and CMB.TECH signed for up to 12 ammonia-capable vessels to cut shipping emissions, and Britain pledged £66m for critical minerals supply resilience. Regional Watch: Tanzania urged miners to turn licensed projects into jobs, while Bihar flagged new rare-earth finds across seven districts. Safety & Crime: Harmony reported a fatal fall-of-ground incident at Moab Khotsong; Ukraine prosecutors announced charges over illegal mineral extraction causing UAH 1.5bn in damages.

ED Crackdown on Goa Iron Ore: India’s Enforcement Directorate has provisionally attached about Rs 1,023.85 crore in assets tied to alleged illegal iron ore mining linked to the Salgaocar/AVS group, including properties in India and Singapore and equity shares, under the PMLA. Labour & Operations Update: Capstone Copper says three-year collective bargaining agreements were ratified with unions at its Mantos Blancos mine in Chile, supporting continued safe, responsible production. Energy Security Angle for Mining: Coverage highlights how Strait of Hormuz disruption also hit LNG flows (not just oil), keeping pressure on gas supply planning for LNG and energy-intensive industries. Critical Minerals & Tech: National Laboratory of the Rockies is developing an AI “brain” to coordinate critical-minerals mining and processing decisions, aiming to improve supply-chain durability. Tungsten Trade: Trinity Metals reports exports from its Nyakabingo tungsten mine can reach up to 20% of US monthly primary tungsten concentrate demand. Mining Governance & Human Rights: Canada has eliminated its corporate human-rights watchdog office, leaving advocates worried about oversight of Canadian firms operating abroad. Illegal Mining Pushback: India’s SCCL denies coal theft allegations, saying coal handling is digitally tracked end-to-end.

Goa Crackdown: India’s ED has provisionally attached assets worth ₹1,023 crore in India and Singapore in a money-laundering probe tied to alleged illegal iron ore mining linked to the Salgaocar/AVS group, including 99 properties in India, 31 in Singapore and equity shares, with the case citing Supreme Court views that mining in Goa after 22.11.2007 was illegal. Gold Sector M&A Buzz: Rumors are swirling about a potential $30 billion “merger of equals” between Barrick’s African portfolio and Endeavour Mining, aiming to create a dominant Africa-focused gold producer with a likely London listing. Iron Ore Power Fight: Manngwe Mining accuses ArcelorMittal South Africa of abusing monopsony power by rationing purchase orders and pressuring it to surrender equity, while AMSA disputes the claims and points to commercial and supply issues. Potash Cost Shield: BHP’s Jansen potash project update targets low unit costs (US$114–130/tonne) and aims to protect against potash price volatility, with first production targeted for mid-2027. Copper Supply Watch: A new copper outlook flags a possible 2026 structural shortage driven by long underinvestment and rising demand from AI data centers and electrification. Local Enforcement: Philippines police and DENR arrested three people for manual gold exploration in Occidental Mindoro after finding no exploration permits. Infrastructure Boost: RVNL won a ₹2,977 crore NMDC contract for a Vizag buffer stockpile and blending yard to improve mineral logistics. Bougainville Pivot: Bougainville revoked BCL’s Panguna exploration licence and granted a new 25-year large-scale mining lease to a state-backed entity, Bougainville Minerals, shifting control of the historic copper-gold deposit. Crypto Mining Crackdown: Thailand seized 315 Bitcoin mining rigs in raids after alleged electricity meter tampering, highlighting infrastructure and power-supply risks. Community Tensions: Residents near South Africa’s Samancor mine protested blasting resumption over consultation, land use and benefit-sharing demands.

Rare-Earth Shock: The US-Israeli conflict with Iran is driving sharp price jumps in strategic metals and rare earths used in defense and tech, as mineral nationalism and China’s export curbs tighten supply. Coal Enforcement Upgrade: India’s CISF gets statutory enforcement powers for coal mines, aiming to speed up action against coal theft and illegal extraction networks. Gold Supply & Crime: The World Gold Council warns illicit gold flows now exceed $120B a year, fueling organized crime and armed groups, while Ghana and other markets face ongoing smuggling pressure. Panama Mine Scrutiny: An independent audit of First Quantum’s Cobre Panamá finds the project broadly compliant but flags serious future risks on acid rock drainage, tailings stability, and biodiversity management. Guyana Ownership Push: President Irfaan Ali backs a national mining consortium model to boost citizen ownership in large-scale mining ventures. Zimbabwe Platinum Deal Blocked: Zimbabwe rejects a proposed $400m platinum deal amid community conflict-of-interest concerns. Africa Illegal Mining Crackdown: Nigeria’s Navy arrests 13 over illegal black sand mining in Bayelsa. Ok Tedi Continuity: Papua New Guinea’s Ok Tedi says operations stay fully functional despite low Fly River levels, with alternate logistics routes under review. India Steel Outlook: Report points to strong long-term steel demand growth as per-capita consumption remains far below global leaders.

Regulatory Accountability: Canada has shut its overseas human-rights watchdog CORE, created in 2019 to handle complaints involving Canadian mining, oil and gas firms—sparking outrage from activists. Mine Safety & Expansion: Newmont says it’s applying lessons from last year’s Red Chris collapse as B.C. approves underground block-cave expansion, aiming to prevent a repeat of the July 2025 incident. Local Ownership Push (Gold): Guyana President Irfaan Ali unveiled plans for a national mining consortium so citizens can hold stakes in large-scale gold opportunities through a locally owned company. Local Control (Gold): Ghana is weighing transferring control of Gold Fields’ Tarkwa mine to local firms when leases expire, with bids judged on jobs, rehabilitation and community infrastructure. Commodity Shock (Lithium): Zimbabwe’s lithium sector warns the price crash has forced job retrenchments and delayed projects, blaming a plunge from 2022 highs to recent lows. FX Pressure (Mining): Zimbabwe’s Chamber of Mines says foreign-currency shortages are choking expansion and beneficiation, urging direct access to the willing-buyer willing-seller market. Operational Resilience (Copper): Ok Tedi reports full operations despite low Fly River levels, with alternative transport routes being assessed for fuel and supplies. Exploration Momentum (Copper/Silver): Kaoko Metals will drill its Chalkos copper-silver project in Namibia after a site visit, targeting Donkey Hill and Otniel. Exploration Pipeline (Uis): Askari Metals identified seven new pegmatite targets at its Uis project in Erongo ahead of later-year drilling. Illegal Gold & Sanctions: Colombia’s defense minister asked the U.S. to broaden sanctions tied to illegal gold funding the Clan del Golfo cartel. Environmental Enforcement: UK regulators ordered Cleveland Potash to pay £215,000 after mine brine discharge killed about 700 fish in 2022. Crypto Mining Backlash: Residents in Alabama gathered hundreds of signatures against a proposed bitcoin mining center, citing noise and pollution concerns.

Panama Copper Restart Watch: A government-commissioned audit of First Quantum’s shuttered Cobre Panamá mine found it broadly compliant (88%), but flagged gaps on reforestation, habitat restoration and tailings/water risks—raising odds of a negotiated restart as Panama weighs next steps. B.C. Block-Cave Push: British Columbia approved the Red Chris expansion, moving the copper-gold operation from open pit to underground block cave and extending mine life to at least 2038, with thousands of jobs and renewed focus on “fall of ground” safety after last year’s tunnel incident. Regulatory Greenlight for Red Chris: Imperial Metals said key provincial authorizations clear the way for the transition, supporting a final investment decision later this year and boosting copper output by about 15%. Critical Minerals Processing in India: India is set to approve incentives for lithium and nickel processing units, including production-linked support and import duty waivers on capital goods, aiming to reduce dependence on overseas refiners. Lead Cleanup Debate in Montana: The EPA proposed cutting the residential lead cleanup trigger from 1,200 to 456 ppm, expanding the testing/remediation boundary and sparking pushback from residents who want stricter protection. Bitcoin Mining Pressure: JPMorgan says bitcoin mining economics have worsened in 2026 as BTC trades below estimated all-in costs, squeezing miners and driving more coin selling. Illegal Mining Crackdown (South Africa): A multi-agency operation in Pilgrim’s Rest led to 36 arrests tied to illegal gold mining, with equipment and chemicals seized. Strait of Hormuz Caution: Oil shipments resumed after a U.S.-Iran MoU, but shipping remains wary with hundreds of vessels still waiting and reports of a mine near Oman adding uncertainty.

Gold & Base Metals Exploration: Mandrake Resources has contracted Geodrill for a 3,200m reverse-circulation program at its Berinka Pine Creek gold-copper project in Australia’s Northern Territory, targeting the Terry’s prospect plus new geochemical and geophysical anomalies, with drilling pencilled for August 2026 pending an environmental licence. Market Mood: Australia’s ASX is set to open lower as investors weigh a firmer US dollar and renewed rate worries after the Fed’s hawkish tilt, pressuring gold and copper sentiment. US–China Trade Friction in Mining: Serbia’s president says the US is harming Serbia’s economy after blocking copper imports from Zijin Copper over forced-labour allegations, with Zijin denying wrongdoing. Energy Transition Policy Shift: Kazakhstan is moving to simplify subsoil rules to enable coal-seam methane development in the Karaganda region. Crypto Mining Pivot: HIVE Digital shares jumped after a $220m, three-year GPU cloud deal with Bell Canada and Cohere, marking further shift away from pure bitcoin mining. Zimbabwe Mining & Finance: Caledonia Mining says it contributed about $250m to Zimbabwe over nine years; the Mining Industry Pension Fund will keep paying 2026 pension increases in US dollars after posting a surplus; and Zimra has issued nearly $4m in retrospective tax bills to Masimba Holdings and Zimplow. Local Processing Push: Zimbabwean lithium miners are asking for more time to build processing plants ahead of a January 2027 concentrate export ban. Regional Investment Risk: Mozambique’s new mining law requiring a 15% state stake and tighter export rules could deter foreign investment, according to its chamber of mines. Court & Compliance: A Bulawayo court cleared the way for a full civil trial in Zimasco’s US$269k chrome theft dispute. Illegal Mining Pressure: Zimbabwe’s Thuli River is seeing a growing gold rush by illegal panners, raising safety and environmental alarms. Project Funding: West Wits Mining secured ZAR1.115bn to fund its Qala Shallows underground gold mine ramp-up in South Africa. Potash Cost Shock: BHP flagged Jansen Stage 2 potash cost overruns, triggering a major market sell-off. Shipping & Oil: Oil prices ticked up as Strait of Hormuz reopening hopes grow, though mine-clearing and security risks remain.

Strait of Hormuz: The US and Iran signed a 14-point deal to end hostilities and reopen the waterway, with oil easing but shipping still wary as mine-clearing and insurance delays could stretch recovery for months. Zimbabwe Small-Scale Mining: First Lady Auxillia Mnangagwa ordered a crackdown on corruption and disputes in artisanal gold mining, demanding action from the mines ministry after complaints of mishandled claims. Canada Corporate Accountability: Human rights groups say Ottawa’s abolition of the Canadian Ombudsperson for Responsible Enterprise (CORE) is a major step back for investigating forced-labour and environmental harm linked to Canadian firms abroad. UK Market Pulse: FTSE 100 slid after a more hawkish Fed signal, while oil prices fell on Hormuz optimism. Project Moves (Gold): Paramount Gold Nevada advanced the Sleeper Gold Project with a positive initial assessment; Grande Portage Resources kicked off a 2026 drill program at New Amalga in Alaska. Uranium Watch: BLM approved construction of ancillary infrastructure for the Dewey-Burdock uranium project in South Dakota, though mining still needs more permits. Mining Safety: A UK quartz sand mine operator was fined after an electrician was killed by fan blades. Local Governance: Round Lake’s gravel pits ordinance remains under legal review as officials weigh inspection funding and a non-metallic mine inspector role.

Indigenous Rights vs Mining Enforcement: Brazil says it’s clearing illegal miners from the Yanomami Amazon territory, but satellite monitoring shows activity has shifted to smaller, harder-to-reach sites near borders. Gold Project Update: Falco Resources’ updated feasibility study for the Horne 5 gold project lifts after-tax base-case NPV to C$3.35B and flags strong cashflow potential. Bauxite Logistics Push: Cameroon’s Minim Martap bauxite project is moving toward first exports in late September 2026 as rail and port works ramp up. Rare Earths Pilot Step: Victory Metals launches a Perth pilot plant to produce mixed rare earth samples for global offtake talks. Copper Supply Tactics: China’s copper smelters are expanding a price-setting group to strengthen negotiating leverage with miners, while Rio Tinto resumes Oyu Tolgoi concentrate exports after a short Mongolia protest. Battery Tech Milestone: Critical Resources scales solid-state lithium-ion testing from lab coin cells to larger pouch cells. Forced Labour Trade Risk: US customs issues a hold on copper imports from Serbia’s Zijin Copper over forced-labour concerns. Deep-Sea Mining Moratorium Call: Kenya backs a precautionary pause on deep seabed mining pending stronger science and safeguards.

Project Finance: Generation Mining secured a $424m debt facility to build its $992m copper-palladium Marathon mine, targeting a September construction start. Exploration Update: South Pacific Metals reported new gold results at Ontenu NE in PNG, including 12m at 3.1 g/t Au from 185m, as it ramps drilling across its portfolio. Capital Markets: Merdeka Gold lined up strategic investors for a HK secondary listing, with bookbuilding June 17-23 for up to $306.3m. Mine Operations & Waste: OceanaGold Philippines partnered with Holcim’s Geocycle to divert up to 70% of Didipio residual waste from landfill, extending the site’s landfill life to about 10.8 years. Permitting & Regulation: Sweden approved changes to streamline uranium mine permitting by declassifying uranium extraction as a nuclear facility. Safety: Scotland’s Lochaline quartz sand mine faced fatal fan-guarding failings after an electrician was killed underground. Commodities Backdrop: Oil slipped below $80 on US-Iran deal hopes, with Strait of Hormuz reopening still expected to take weeks to months.

Copper & precious metals drilling: AIC Mines returned high-grade copper, gold and silver from 8-hole surface and underground resource definition drilling at the Jolly shoot within its Jericho project in northwest Queensland, confirming continuity up-dip and up-plunge and supporting plans to mine the first area. Rare earths funding: St George Mining secured firm commitments for A$60m via a two-tranche placement to advance its Araxá rare earths and niobium project in Brazil. Graphite supply chain: International Graphite and Alkeemia agreed a JV to build a graphite processing hub in Italy, targeting first production in 2H 2027. Critical minerals policy: Indonesia’s ESDM said RKAB is a key production-control tool for minerals and coal, including nickel and coal, to balance reserves, output and domestic processing. Shipping & energy risk: Despite a US-Iran framework to reopen the Strait of Hormuz, shipping firms are waiting on safety assurances; oil fell on expectations of more supply. Tungsten land & water: Guardian Metal Resources bought 841 acres plus 2,540 acre-feet of water rights near its Tempiute tungsten project in Nevada. Labor disruption: Unions ended strikes at Inpex’s Ichthys LNG after a pay deal, with cargo loading restarting. EU emissions: Eurostat prelim data shows EU greenhouse gas emissions down 17.2% since 2015, with mining and quarrying down 33.3%. Coal labor dispute: Peabody locked out workers at its United Wambo coal washery in NSW amid a pay dispute.

Trade & Jobs: Sibanye-Stillwater says its Montana platinum/palladium mines are holding staffing near replacement levels, but a looming U.S. International Trade Commission decision on Russian palladium could disrupt trade protection and add pressure amid higher attrition. Environmental Compliance: Imperial Oil was ordered to pay a $120,000 penalty after pleading guilty over a 2023 Kearl oilsands wastewater overflow, with most of the money earmarked for a court-ordered public-benefit project. Ghana Reclamation Push: Ghana Gold Board (GoldBod) will invest about GH¢35m to reclaim and reforest 50 hectares in the Tano Nimiri Forest Reserve, targeting damage from illegal mining. Indigenous-Backed Expansion: First Mining secured authorization for its Springpole gold project after Cat Lake and Lac Seul completed an Anishnaabe-led impact assessment and set 35 negotiated terms. Critical Minerals Midstream: A new deep-sea mining venture, Glomar Minerals, is weighing U.S. refinery sites including two in the New Orleans area for “Project Infinity,” aimed at processing Pacific polymetallic nodules. Shipping Risk Watch: Even with talk of Strait of Hormuz reopening, shipping firms warn transit remains risky until mine-clearing and safety details are confirmed. AI vs Counting Grades: A debate is heating up in mining over AI’s role in finding deposits versus trust in how resources are counted and signed off.

Coal Supply Shock: A deadly China coal accident and Indonesia’s export policy chaos are tightening global supply, with analysts warning prices could firm as LNG remains constrained. Critical Minerals Politics: China warned Indonesia that nickel quota cuts and pricing interventions could endanger $50bn in industrial investments tied to EV supply chains. Conflict Minerals: Global Witness alleges smuggled DRC coltan is entering global supply chains via Rwanda, potentially funding the M23 rebel movement. Shipping & Energy Security: Allies are floating mine-clearance and escort missions for the Strait of Hormuz after a US-Iran framework deal, but relief for oil and gas flows may still take weeks or months. Mining Operations & Equipment: Barminco picked Sandvik for a 23-unit underground fleet at Bellevue Gold in WA. Corporate Finance: MMG is seeking about $1.6bn via share placement and convertible bonds to refinance debt and fund growth. Project & Exploration: Western Mines intersected a major deep nickel zone at Mulga Tank, while Sunrise Energy Metals’ scandium-linked rally continues. Policy & Local Impact: Zimbabwe’s new “critical minerals” rules push local processing and state participation, signaling a wider Africa trend toward keeping more value at home.

Mineral Processing & Execution: A Canada-focused commentary argues the real bottleneck in critical minerals is not funding, but closing the gap between policy promises and plant-floor delivery, especially in processing and reliability upgrades. Critical Minerals Trade Policy: Trump’s proposed mineral pricing plan is drawing skepticism from the G7 and a divided industry, with talks on a Western trading bloc stalling over cost and governance concerns. Subsea Mining Tech: ABS and MOBY Robotics signed an MoU to develop and classify autonomous subsea mining and offshore mineral transport systems. Copper-Nickel Project Update: PTX Metals reported strong initial metallurgical results at its W2 copper-nickel-PGE project. Panama Mine Closure Fight: Civil society is urging Panama to permanently close the Canadian-owned Cobre Panamá mine, citing Supreme Court rulings and warning against reopening amid major investor-state disputes. Gold & Silver Markets: Heraeus says gold and silver are rallying on the US-Iran ceasefire, but rate-hike expectations tied to inflation remain a headwind. Strait of Hormuz Shipping: Even with reopening claims, analysts warn oil and tanker traffic could take weeks or months to normalize due to safety, insurance, and backlog issues. Environmental & Health: Illinois health officials flagged toxic heavy metals at the abandoned Bautsch-Gray mine site, warning of potential lead exposure risks. Mining Safety & Community: The Rocky Mountain Mine Rescue Contest marks its 50th annual event in Utah, spotlighting emergency preparedness across the region. Venezuela Gold & Security: Reporting describes a major Venezuelan operation targeting illegal miners in a gold-rich area tied to criminal control, raising questions about broader geopolitical motives. Gold Refining in Africa: Afreximbank plans a new gold refinery in Egypt with $50m–$100m investment, aiming to boost local refining and value capture. Gold Reserves Trend: Central banks added about 4,335 tonnes of gold since 2022, extending a buying wave that’s reshaping demand. Mining Governance (Canada): Canada is eliminating a human-rights watchdog for overseas company conduct, after criticism that it wasn’t effective.