Trump Hardens the Iran Deal, Cameco Consolidates Cigar Lake, and the DRC Raises the Stakes on Lithium

The US-Iran framework to end the conflict and reopen the Strait of Hormuz remains unsigned. Trump emerged from a two-hour Situation Room meeting Friday without an announcement, then sent a revised draft to Tehran with tougher terms on Iran's highly enriched uranium stockpile and Hormuz transit fees. Over the weekend, the US military struck Iranian radar and drone sites near Goruk and Qeshm Island. Iran's parliament speaker said Tehran will not accept any deal that fails to secure Iranian rights. Trump told Truth Social that Iran 'really wants a deal.' Brent crude rose approximately 3% Monday morning on the renewed uncertainty. Cameco moved to consolidate its position at Cigar Lake, announcing a $115.75 million buyout of TEPCO Resources' 5% participating interest. Cameco's stake rises to 57.418%; Orano takes 42.582%. Cigar Lake holds 172.4 million pounds in proven and probable U3O8 reserves and produced 174.5 million pounds since 2014. 2026 production guidance: 17.5–18 million pounds. The Cigar Lake Extension targets mine life to 2036. The DRC's council of ministers approved a decree adding lithium, tantalum, niobium, tungsten, uranium, and rare earths to its strategic minerals list — raising royalties from 3.5% to 10%. The move directly affects Zijin Mining's Manono lithium project, due to commission in June, and KoBold Metals' exploration program launched in April. In a separate development, Zijin's $4 billion acquisition of Allied Gold is facing resistance from China's National Development and Reform Commission over valuation and Mali risk. The outside date has been extended to July 29, 2026. Allied stock fell ~6.5%. Sources: Al Jazeera, CNBC, The Soufan Center, Cameco/Business Wire, Mining.com, Financial Times