AGP Executive Report

Gold Project Milestone: Deccan Gold Mines says Kyrgyz President Sadyr Japarov will inaugurate its Altyn Tor gold processing plant on Sept. 12, marking the shift from development to production for the Indian-backed project. Coal Expansion: Prakash Industries received Consent to Operate to lift Bhaskarpara Coal Mine output from 1.0 to 1.2 MTPA in Chhattisgarh, following India’s environmental clearance. Critical Minerals Push: India launched its National Critical Mineral Mission with up to ₹34,000 crore by 2030, aiming to boost exploration, processing parks, and recycling to cut import dependence. Nickel-Copper Processing Plan: Talon Metals will process Tamarack nickel-copper-cobalt project material at its Humboldt Mill in Michigan, using existing U.S. infrastructure. Local Contractor Rules: Ghana’s Minerals Commission is drafting minimum wage and tender benchmarks for mining contractors to curb underbidding and protect pay, training, and safety. Power for Mining: ABB and other suppliers at Electra Mining Africa highlighted electrification and grid-ready solutions as mining firms chase efficiency and decarbonisation. Coal Supply Pressure: India reported nearly a third of coal power plants running with critically low fuel stocks, with utilities leaning on rail shipments to rebuild inventories. Copper Market Watch: Copper stays near record levels as traders weigh tariff uncertainty, AI-driven demand, and tight supply. Rare Earths Update: IMC Rare Earths reported high terbium recoveries and produced mixed rare earth carbonate from its Itarantim ionic adsorption clay project in Brazil.

Mining Finance & Policy: Africa Finance Corporation will bring senior executives to African Mining Week in Cape Town to spotlight how it funds mining, processing and mineral-infrastructure corridors. Resource Development Acceleration: Challenger Gold mapped a fast track for Argentina’s Hualilán, targeting heap-leach commercial production in early 2029 after detailed engineering and early earthworks. Gold Project Progress: Ariana Resources sent eight tonnes of Dokwe samples to China for feasibility-level testwork as DFS workstreams are aimed at Q1 2027. Permitting Reform: Ontario’s mines minister says the province is cutting mine-permit timelines via its One Project, One Process approach to help firms compete amid U.S. trade pressure. Legal & Labour: BHP faces a new class action tied to a Federal Court finding that a subsidiary improperly required public-holiday work at its Daunia mine. Metals Market Watch: Copper prices are whipsawing on tariff uncertainty—record highs on demand and supply tightness, then pullbacks after reports the White House refined-copper tariff plan may stall. Environment & Community: Zimbabwe’s president ordered urgent action to end Bulawayo’s Ngozi Mine pollution crisis, while Minnesota’s sulfide mine proposal in the headwaters is in a public comment phase. Illegal Mining Crackdown: Guyana detained five non-nationals in the Potaro district and seized equipment and gold, warning of deportations and enforcement. Regional Mining Ties: Ghana urged China to move toward processing, technology transfer and skills-building partnerships rather than raw-mineral exports. Technology Push: Cuprum Metals won a Scale-Up Grand Prix for copper extraction tech aimed at harder-to-process sulfides.

Philippines Oversight: Makabayan Bloc lawmakers filed a House inquiry into Altai Philippines Mining Company’s nickel operations on Sibuyan Island, citing alleged illegal activity, weak community consultation, and environmental harm, and pushing DENR/MGB to suspend approvals until FPIC is secured. Ghana Value-Add Push: Lands Minister Emmanuel Armah-Kofi Buah urged strategic mining partnerships to move Ghana beyond exporting raw minerals, calling for processing, tech transfer, skills and mining infrastructure. South Africa Output Pressure: Stats SA reported mining production fell 7.5% y/y in July, with platinum group metals, coal and iron ore dragging, and mineral sales down 5.6%—gold sales down 33.4%. China Tailings Alarm: China’s top environmental watchdog flagged a rise in tailings-pond emergencies, highlighting regulatory and spill risks from toxic mining waste. US Copper Tariff Uncertainty: A White House copper tariff plan reportedly stalled over affordability concerns, with refined copper still not decided—moving copper stocks and funds on the news. NorthMet Permit Update: The US Army Corps of Engineers extended public comments on NewRange Copper Nickel’s NorthMet permit application to Sept. 27. Project Progress: Lake Victoria Gold said Phase 3 land valuation and compensation for its Imwelo gold project in Tanzania is now in the final approval stage.

Regulatory Pressure on Nickel Mining: Makabayan Bloc lawmakers filed a House inquiry into Altai Philippines Mining Company’s nickel operations on Sibuyan Island, citing alleged illegal activity, weak community consultation and environmental harm, and urging DENR/MGB to suspend approvals until free, prior and informed consent is secured. Indigenous-Controlled Port for Mining Exports: B.C.’s Portland Canal Marine Terminal opened as the province’s first majority Indigenous-owned port, with Nisg̱a’a and Tahltan Nations taking ownership and governance to modernize capacity for copper and gold concentrate shipments tied to the Northwest mining sector. Gold Development Updates: Renforth Resources reported further Parbec gold deposit field work and awaiting assays after undercut drilling and additional sampling; Talamore Mining said infill drilling at Coffee Gold’s Supremo Extension continues to return strong gold intercepts as a feasibility study advances. Project Construction Moves Ahead: Tungsten Mining started early construction on its $274m Watershed tungsten project in Queensland, now fully permitted for mining and production with first output targeted for early next year. Market Watch—Copper Tightness: Chile copper output fell to a 15-year low for July, while copper prices hit record levels on tariff fears and AI-driven demand expectations, tightening supply signals for 2026. Platinum Supply vs Demand: Zimbabwe’s refined platinum hit a quarterly record, but the global market swung to surplus on weaker automotive, jewellery and investment demand, with a deficit expected in H2. Corporate Rescue in Gold: Redwing Mining applied for voluntary corporate rescue as it works to revive the historic Penhalonga gold mine after dewatering efforts began.

Nuclear-AI Power Push: Africa’s energy crunch is getting a fresh pitch: nuclear power paired with AI-driven data centres could supply the baseload the continent needs, according to a new expert discussion. Uranium & Policy Moves: Eagle Nuclear Energy hired LSN Partners for federal/state government affairs and uranium advisory work as the U.S. tightens focus on domestic fuel and critical minerals. Coal-to-Products Expansion: Frontieras North America signed an LOI with Cora Terminal for phased FASForm™ plants in Illinois, targeting 24/7 processing of coal into multiple fuels and chemicals. Africa Resource Value Capture: Zimbabwe banned exports of antimony and tungsten to force more local processing, following earlier lithium export curbs. Coal Supply Pressure in India: Telangana is taking nearly 90% of Singareni coal output, squeezing Andhra Pradesh and others as monsoon easing boosts production but power demand stays hot. Iron Ore Pricing: NMDC raised high-grade iron ore prices by ₹150/tonne to ₹5,400, citing tighter availability and improving sentiment. Copper Market Watch: Copper eased slightly from record highs as Middle East tensions and oil above $100 cloud demand, while tariff fears keep supply tight. Gold & Deals: American Gold & Copper signed a definitive $10m acquisition deal for Nevada’s Rimrock copper-gold project, while Pan Global reported new surface-to-depth gold and polymetallic hits at Spain’s Cármenes project. Mining Security & Power for Mines: Canada Infrastructure Bank closed a $20m loan for an Inuit-led Nunavut wind-plus-battery project to cut diesel use at Agnico Eagle’s Hope Bay gold operations. Tech in Mining: MIND ID says it’s using AI for safety and operations, including fatigue detection in coal mines.

Gold & M&A: Lundin says big gold majors are now net-debt free and will shift from balance-sheet repair to buying projects, with explorers likely the last to move. Copper rally backdrop: Markets are getting a lift from stronger copper and iron ore prices, while oil stays near $100 amid Middle East shipping risk. Power & infrastructure: NextEra is advancing a proposed 3.75GW gas power plant in Fayette County, Pennsylvania, with a major user still to be selected. Shipping contracts: HMM locked in a 25-year $3.5B Vale iron-ore shipping deal starting 2030, ordering new Newcastlemax vessels. Critical minerals—rare earths: Nova Minerals shipped ~500 tonnes of antimony processing equipment to Alaska to build a domestic supply chain. Rare earth economics: Sovereign Metals says adding rare-earth recovery at Malawi’s Kasiya could add $722M NPV and boost integrated value to about $2.9B. Project updates: Eldorado produced first copper-gold concentrate at Skouries in Greece, targeting commercial production in Q4 2026. Policy & conflict: Trump administration seeks greater access to Venezuela’s mineral resources beyond oil, including gold. Deep-sea mining legal fight: Conservation groups sued to block Mariana Islands deep-sea mining lease plans. Local opposition: Ambler Metals’ first proposed mine in Alaska moves into early federal review scoping, with locals pressing for more details.

US Permitting Milestone: American Battery Technology Company says the U.S. BLM has accepted its Plan of Operations for the Tonopah Flats Lithium Project in Nevada, clearing a key step toward construction. Geopolitics & Minerals: Reuters reports the Trump administration is seeking more access to Venezuela’s minerals, including gold, via a possible critical-minerals executive order and talks with companies. Copper Price Shock: Copper hit a new LME record above $14,500 as tariff fears pull metal into U.S. warehouses, tightening availability elsewhere. DR Congo Control Push: Reuters says DR Congo plans to tighten state control over geological data access, aiming to reduce exploration risk while keeping Kinshasa in charge. Mining Security Fallout: Ethiopia’s Tulu Kapi gold project was halted after a violent security breach, with KEFI consulting on conditions to restart. Project Moves: Metso will supply copper processing equipment for the Viscaria mine in Sweden as it enters execution; Euro Sun Mining signed a non-binding deal for up to $400m senior debt support for its Romania Rovina Valley project. Local Enforcement: Tanzania’s Tanesco arrested 11 small-scale miners over power theft in Kahama. Exploration Updates: Domestic Metals starts a 9,000m drill program at its Smart Creek copper project in Montana.

Critical Minerals & Geopolitics: A new “critical minerals” framing argues the 21st-century resource race is now about lithium, copper, nickel and rare earths as clean energy, defence and electronics demand rises. Oil & Energy Security: India’s Rajasthan plans to lift crude output to 80,000 bpd, while West Africa’s WAEP (Dangote-linked) hires three rigs to target 1.6bn barrels in Nigeria. Copper Surge: Copper hit record highs on the LME amid tariff fears, Chile supply worries and US warehouse stockpiling; analysts flag a potential supply gap. Smelting & Concentrate Economics: Minrex says copper smelter capacity is outpacing mine supply, pushing treatment charges negative and boosting demand for gold-silver-rich, high-sulphur concentrate. Battery Metals: Indonesia tightens 2026 nickel ore quotas as El Niño water risks threaten output. Project Moves: Peabody seeks to extend Australia’s Metropolitan coal mine to 2044; Alaska’s NovaMinerals unloads equipment for an antimony processing plant at Port MacKenzie. Security & Shipping: US SEALs cleared Iranian mines in the Strait of Hormuz as South Korea weighs (then delays) a contribution. Market Watch: ASX energy and coal names gained on firmer crude and coal, while copper strength supported mining sentiment.

M&A Watch: Bluebird Mining Ventures secured an exclusive 120-day option to buy 100% of El Alamo Resources and its Santa Teresa gold project in Mexico, paying £75,000 and potentially up to £3m tied to resource milestones. Gold Development: AzerGold advanced Soyudlu (Zod) in the Caucasus with its first drilling-and-blasting step and estimates remaining recoverable reserves at 1.03 million ounces under JORC. Critical Minerals Diplomacy: Afghanistan’s Taliban officials signaled openness to U.S. investment in mining and infrastructure, aiming to turn mineral wealth into a new diplomatic lever. Central Bank Gold: China’s PBOC added 650,000 ounces in August, extending 22 straight months of gold buying. Defence & Mining Link: India’s Defence Acquisition Council cleared about Rs 1.10 lakh crore in military hardware, including mine-laying systems and CBRN capabilities, with 98% sourced from Indian industry. Safety & Operations: TeraWulf’s Lake Mariner AI/data center fire reignited scrutiny over fire alarms, suppression systems, and hydrant readiness. Coal Supply Pressure: India boosted coal rail loading to power plants, lifting rakes to 444 on Sept 6 as critical inventories rose. Rare Earth Supply Chain: USA Rare Earth’s proposed $2.8bn Brazil Serra Verde deal targets non-Asian rare-earth oxides with U.S.-backed financing and government offtake.

Artisanal Gold, Public Health Crisis: Nigeria’s Zamfara is facing another lead poisoning outbreak tied to unsafe residential gold processing, with officials urging stronger controls and miners still operating despite bans. Copper Supply Tightness: Analysts say copper prices may need to rise further to close a supply gap driven by declining grades and underinvestment, keeping junior copper explorers in the spotlight. ASX Copper Update: Kaoko Metals surged on early drilling at its Chalkos Copper-Silver project in Namibia, with visible copper zones in maiden holes. Green Bay Valuation Boost: FireFly Metals’ updated economic assessment and resource estimate for its Green Bay copper-gold project helped lift shares, reigniting interest in extended mine-life potential. Critical Minerals Policy Shift: Brazil’s tightening scrutiny and the EU’s Critical Raw Materials Act are pushing permitting risk into project economics, affecting financing and timelines. Kenya Local Processing Push: President Ruto says Kenya will stop exporting raw minerals and move to local processing, targeting gold, iron ore, graphite, titanium and soda ash. Sahel Gold Financing via Violence: JNIM and ISSP-linked attacks around mines and routes in Burkina Faso, Mali and Niger show how armed groups tax and extort mining economies. Myanmar Nickel Restart: A Myanmar Navy convoy is moving upstream to support restart efforts at a Chinese-backed nickel processing plant after prior suspensions.

Seabed Mining Showdown: A key U.S. official who backed the Marianas Trench lease push has left his post, leaving regulators without a named replacement as Guam senators press for a pause ahead of a proposed Dec. 16 sale of five lease blocks. Gold Smuggling Crackdown: Kenya’s DCI arrested two women at JKIA for allegedly trying to export 658 grams of gold to Dubai, including a 541-gram bar hidden in hair and a 116.79-gram pellet concealed in a bra. Central Bank Gold Demand: The World Gold Council says central banks bought 23 tonnes in July and about 130 tonnes in the first seven months of 2026, with China and Poland among the biggest buyers. Rare-Earth Supply Chain: USA Rare Earth completed its Serra Verde deal, adding Brazil’s Pela Ema NdPr operation to expand non-China magnet-grade feedstock. Copper Market Pressure: Global copper mine output slipped in H1 2026 while smelter treatment charges fell toward zero, underscoring a widening gap between concentrate supply and downstream processing. Zimbabwe Policy Push: Zimbabwe moved to suspend antimony and tungsten exports to boost in-country value addition, while the Chamber of Mines highlights policy wins to attract investors. Exploration Signals: New copper drill results across Alaska, Arizona, Peru and Canada show strong grades and continuity, but the reports stress they don’t automatically translate into new mines or near-term supply. Bauxite Decision Delayed: Australia’s environment agency extended its review of the Aurukun bauxite project to Feb. 12, pushing a decision further out.

Rare Earth Strategy: South Korea’s KDB urges a two-track plan—use smelting tech plus “urban mining” to build a supply chain outside China as export controls tighten. Mining Policy Clash: In the US, a push to rescind the Roadless Rule has conservationists warning it could open the door to logging and uranium/mining near the Grand Canyon. ESG Becomes Permitting: A new look at mining ESG says sustainability claims are turning into site-level permit requirements that can slow approvals and raise lender risk. Illegal Mining Crackdown: Nigeria’s Taraba State forms a new task force to fight illegal mining and forest destruction. Coal Supply Watch: India’s Coal India says monsoon easing is lifting daily output to about 1.7MT and improving overburden removal, while offering power plants extra coal via road. Kenya Soda Ash Shake-up: President Ruto orders Tata Chemicals to leave Magadi and says rights will be re-advertised with stronger local processing requirements. M&A Reality Check: Mining deal coverage highlights valuation gaps and execution risk as deal value rises faster than deal confidence. Environmental Incident: Communities near Nigeria’s Nembe Creek report a crude-loading spill that polluted mangroves and disrupted fishing. Tech in Mines: Komatsu hits a 1,000th autonomous haul truck milestone at Barrick’s Nevada Gold Mines, signaling fleet-scale adoption. US-Iran Oil Escalation: The US strikes three Iranian oil tankers after missile attacks on US warships, keeping Strait of Hormuz risk in focus.

Kenya Mining Policy: President William Ruto says Kenya will re-advertise Magadi mining rights after ending Tata Chemicals’ contract, with new bids tied to local processing and limits on land control in Kajiado. Legal Pressure on Copper-Gold: Philippines court action leaves Celsius Resources facing a Sept. 8 auction of its 40% stake in the Kalinga Maalinao-Caigutan-Biyog project, after a bid for interim protection was denied. Copper Market Watch: Reuters-linked coverage points to a sharp 2026 collapse in smelter treatment and refining fees, with tight concentrate supply and uneven mine growth shaping a volatile copper outlook. Ukraine Industrial Hit: Russian strikes on the Kametstal plant in Kamianske killed five workers and forced a production shutdown. US Seabed Mining Fight: A House Rules Committee move blocks a bid to exclude Guam/Northern Mariana Islands seabed mining from FAST-41 fast-track review. Zambia at ADU: Zambia’s Africa Down Under showcase in Perth drew an oversubscribed national session and high-level talks with major miners, signaling renewed investor focus. Zimbabwe ASM Push: Zimbabwe’s miners’ federation used ADU to market mechanisation, processing, formalisation and finance for artisanal and small-scale gold. Tasmania Copper Restart: Sibanye-Stillwater approved restarting Mt Lyell, targeting first production in early 2029 after construction begins in 2027. Illegal Mining Crackdown: Police in Misamis Oriental, Philippines, seized ore and arrested a suspect running an unpermitted small-scale operation.

Permitting Push for Critical Minerals: South32’s Hermosa Mine cleared final approval after completing FAST-41, with the House now moving to extend the fast-track process to more mining operations—raising fresh debate over community and Tribal input. Uranium Policy Clash in New Mexico: The state’s land commissioner issued an executive order banning new uranium mining leases on state trust lands and calling for cleanup of legacy sites, directly challenging federal efforts to expand uranium development. Legal Fight Over Copper-Gold Assets: Celsius Resources says it will seek reconsideration to stop the planned auction of 40% of its Copper-Gold Project in Kalinga, after a court said losses were economic and could be handled through arbitration. Union Pressure in Mining: A mining union began a strike at Sibanye-Stillwater as the CEO warned of potential shutdowns, with workers also targeting healthcare cost changes. Rare-Earth Recycling Deal: Ionic Rare Earths and US Strategic Metals outlined a US$100m rare-earth magnet recycling campus in Missouri, aiming to strengthen domestic supply chains beyond China. Safety and Enforcement: Philippines authorities halted an illegal small-scale operation in Misamis Oriental, seizing ore and ball mill drums and arresting the operator for lacking permits. Energy Links to Mining Growth: Texas regulators approved early routes for a $14bn Permian Basin grid expansion, while Ghana’s Asanko Gold backed health training for local professionals.

Kenya–Industrial Compliance: President William Ruto ordered Tata Chemicals to “pack and leave” Kenya’s Lake Magadi soda-ash operation, escalating a compliance dispute that could hit jobs and export revenue. Critical Minerals & Finance: Euro Sun Mining signed a non-binding MoU for up to US$400m senior project finance for its Rovina Valley gold-copper project in Romania, while LibertyStream lined up a proposed up-to-$95m brine-to-lithium financing framework. Nickel Supply Tightening: Indonesia cut its 2026 nickel ore quota by about 29%–31%, raising the odds of feedstock shortages for smelters and HPAL/battery-material projects. Gold Project Progress: Lake Victoria Gold advanced Imwelo construction with access-road repairs, camp completion and earthworks, and Aurum Resources reported more high-grade BST1 drilling at Boundiali. Local Governance & Permitting: Baldwin County adopted a new 180-day mining moratorium, while Ghana ordered gold exporters to refine dore locally before export. Trade & Logistics Risk: Ukraine’s metal exporters warned sea freight is effectively irreplaceable, with alternatives covering only 25–30% of volumes. M&A/Leadership: Albemarle named BHP executive Ragnar Udd as next CEO, and Vale shelved a Vale Base Metals IPO plan after Brazil pushback. Safety & Enforcement: Seven died in a pit collapse in Ghana’s Ashanti Region amid illegal mining reports, and Aceh communities say illegal gold mining continues despite crackdown pledges. Technology for Mining: Normet opened a Finland technology centre to accelerate autonomy and robotics for underground operations.

Equity & Financing: FireFly Metals raised about A$180m via an A$150m institutional placement and a ~A$30m TSX bought deal to fund development, drilling and feasibility work at its Green Bay copper-gold project in Newfoundland. M&A & Expansion: Stanmore Resources will buy Exxaro’s Moranbah South coal tenements for about $145m, adding 724Mt of measured and indicated resources next to its Eagle Downs and Isaac Downs Extension. Critical Minerals IPO Pause: Vale has shelved plans for an IPO of its critical-minerals unit Vale Base Metals after political pushback in Brazil over strategic asset control. Project Updates: Nordique Critical Metals filed the preliminary economic assessment technical report for the Kwyjibo rare earth project and awaits TSXV feedback; Lake Victoria Gold advanced early works at its Imwelo gold project in Tanzania, including access-road repairs and earthworks. Permitting & Policy: Yukon says it has more than doubled mining decision documents this year and cut timelines by over 50%, with most decisions within 90 days. Supply Chain & Scrutiny: The Copper Mark assurance body says pressure is rising for full metals supply-chain transparency beyond mine sites. Sanctions: The US imposed new sanctions targeting Raul Castro’s grandson and Cuban entities tied to banking, energy and nickel/mining sectors. Safety & Enforcement: Kentucky plans a traffic shift on I-69 for mine-void stabilization via grout injection; South Africa’s “Operation Prosper” arrested suspected illegal miners and recovered firearms near Sibanye-Stillwater.