The Mining Insider

The Mining Insider — June 18, 2026. Host: Logan Ore. Today's stories: 1. BHP Port Hedland faces a three-union strike as the AWU files a protected action ballot — joining ETU (100% vote) and AMWU (89% vote); Resources Minister Madeleine King issues a public please explain to BHP; strikebreakers reportedly recruited at up to $93/hr; BHP warns $120M/day in revenue and $7M/day in WA royalties at risk. 2. Mongolian Radical Reform Movement blockades the Oyu Tolgoi copper mine road to China on June 17 — exports resume within 24 hours (Bloomberg); each week of blockade would cost Mongolia US$13.3M; Oyu Tolgoi contributes 9% of Mongolia's tax revenue; government holding 34% seeks renegotiation toward 60% profit share. 3. China's Foreign Ministry calls G7's 60% concentration cap a 'small clique' move breaking international trade rules; defends State Council Decree 839 as standard international practice; urges G7 to comply with market economy principles. 4. Hudbay Minerals commences construction on New Ingerbelle expansion at Copper Mountain, BC — mine life extended past 2040; 750,000t copper, 900,000 oz gold, 5.5M oz silver; C$11.5B BC GDP contribution; 800+ jobs; permits and community agreements secured. Sources: The West Australian, WSWS/AAP, Northern Miner, Bloomberg, Mining Technology, Straits Times, Reuters, IndexBox/Hudbay.

The Mining Insider — June 17, 2026. Host: Logan Ore. Today's stories: 1. Offshore Alliance and Inpex reach Enterprise Bargaining Agreement ending the Ichthys LNG strike — 400+ members endorse 3.75% annual wages, improved job security; one liquefaction train was shut down, approximately US$200M in production lost; cargo loading resumes by 6 PM AWST. 2. G7 summit closes in Évian-les-Bains with binding commitment that no single nation supplies more than 60% of critical mineral imports by 2030; sector-specific quotas for defense manufacturers; joint recycling/mining platform; Canada-Italy graphite and lithium bilateral. 3. Rio Tinto achieves mechanical completion of the 70-km SimFer rail spur at Simandou, Guinea — connecting Blocks 3 and 4 to the Trans-Guinean Railway; SimFer port at Morebaya 66% complete; 120 Mtpa combined project target. 4. Generation Mining secures US$310M senior facility from EDC, ING Capital and Société Générale for Marathon copper-palladium project on Lake Superior, Ontario — total financing stack reaches CAD$769M. Sources: S&P Global/Platts, Bloomberg, ABC News Australia, Reuters, Canada PM Office, Skillings Mining Review, Business Wire / Generation Mining.

The Mining Insider — June 16, 2026. Host: Logan Ore. Today's stories: 1. Inpex SVP Bill Townsend confirms Ichthys LNG production disruption is 'imminent and significant'; Offshore Alliance extends strikes to July 6, threatening 2% of global LNG output and 9.3 Mtpa of exports mainly to Japan. 2. Lobito Atlantic Railway receives the first copper train from the DRC since reopening the flood-damaged Lobito–Huambo section; the 1,300-km corridor has handled nearly 500,000 tonnes of minerals in 2026 and is a strategic lifeline for Ivanhoe Mines' Kamoa-Kakula complex. 3. Collahuasi — owned by Anglo American and Glencore (44% each) and Mitsui (12%) — approves a US$345M expansion while a Chilean environmental tribunal ruling on its desalination permit remains unresolved; Anglo-Teck merger awaits China antitrust approval. 4. Japanese PM Sanae Takaichi proposes a G7 joint stockpiling initiative — 90 days' worth of critical minerals coordinated through the IEA, with releases conditioned on companies shifting procurement away from China — at the Évian G7 summit. Sources: Oil Monster / Reuters, Inpex; Lobito Atlantic Railway press release; Bloomberg; BNamericas; Anglo American RNS; Japan Times; Yeni Safak / Reuters.

The Mining Insider — June 15, 2026. Host: Logan Ore. Today's stories: 1. China's State Council Decree 839 takes effect — 36 minerals including rare earths, lithium, cobalt, gallium and germanium formally designated as national strategic minerals under full-chain state control, with centralized mining rights, joint export review, and a three-tier reserve system. 2. Australia's Offshore Alliance extends Ichthys LNG strikes past June 23 after FWC rejection of Inpex's suspension bid; BHP's Port Hedland maintenance workers vote 90% for strike action after six months of failed bargaining — threatening the world's largest bulk export port. 3. Surge Copper releases Berg Pre-Feasibility Study: after-tax NPV of C$4.6 billion at 8% discount rate, 24% IRR — confirming Berg as one of Canada's most significant copper-molybdenum-silver critical minerals projects in British Columbia. 4. G7 summit opens in Évian-les-Bains, France (June 15-17) — Trump's AI-driven bilateral mineral pricing plan faces G7 skepticism; Japan prepares Greenland rare earth delegation. Sources: ChemNet / Chinese Ministry of Natural Resources, Reuters / Market Screener, Daily Cargo News, Mining Stock Education, Tech Times, E&E News, Straits Times.

The Mining Insider — June 14, 2026. Host: Logan Ore. Today's stories: 1. Australia's Fair Work Commission rejects Inpex's bid to terminate industrial action at Ichthys LNG — facility shutdown expected June 16-17, cargo loading bans cutting ~10% of Australian LNG exports to northeast Asia. 2. Agnico Eagle's acquisition of Rupert Resources receives final BC Supreme Court approval — deal closes June 16, adding Finland's Ikkari gold project to Agnico's northern European portfolio. 3. Rio Tinto and China Baowu complete industrial-scale Pilbara Blend hydrogen DRI trial at Zhanjiang — first demonstration mid-grade Pilbara ore can feed hydrogen-based steelmaking at scale. 4. 54 nations meet in Washington for critical minerals ministerial — US takes direct equity in mining companies, 2B strategic stockpile announced, permitting fast-tracked via executive orders. Sources: ICIS, ABC News Australia, Investing News Network, Rio Tinto Press Release, Yahoo Finance.

Today on The Mining Insider: The BHP Port Hedland labor dispute has escalated to approximately 450 workers with strikes possible as early as this week. Opposition Leader Angus Taylor warned that WA is repeating the 1980s. A full port shutdown would cost over $120M per day in revenue and $7M per day in state royalties. Bargaining session June 23. Mozambique enacted 15% mandatory state ownership in all mining ventures — third African nation after Zimbabwe and DRC to tighten critical minerals terms. POSCO International signed an MOU with Erdenes Mongol to develop copper, coal, rare earths, and lithium in Mongolia — world second-largest copper reserve nation. The Metals Company received NOAA certification of its USA-B application for 65,000 sq km of Pacific seabed polymetallic nodule mining; commercial permit expected Q1 2027; ISA Secretary-General calls it a violation of international law. Sources: The West Australian (https://thewest.com.au/business/wa-lost-badly-angus-taylor-calls-on-history-in-warning-against-bhp-port-hedland-strike-c-22420455), Mining Digital (https://miningdigital.com/news/top-5-stories-of-the-week-in-mining-digital-june-13-2026), Seoul Economic Daily (https://en.sedaily.com/business/2026/06/13/posco-international-enters-mongolias-mineral-development), Caliber.az (https://caliber.az/en/post/canadian-firm-eyes-first-deep-sea-mining-permit-despite-challenging-un-framework)

Today on The Mining Insider: Rio Tinto and Glencore are seeking to extend the preparation period for their proposed $235 billion merger — the deal that would create the world's largest mining company — as both sides continue to work through valuation. US forces launched new strikes against Iran in retaliation for the downing of a military helicopter even as ceasefire talks continued; gold fell 2.6% and base metals dropped across the board, with US inflation hitting 4.2% adding rate-hike pressure. Vale's CEO Gustavo Pimenta used the occasion to raise the company's 2026 iron ore price forecast to $112 per tonne, up from $102, citing war-driven margin expansion and 'super-constructive' global minerals demand. India's SAIL and NMDC are in talks with Russia to acquire coking coal assets following India's January 2026 designation of coking coal as a strategic mineral; India also seeks to boost Russian nickel imports for its EV supply chain. And Venezuela has deployed the army in a major operation near Las Claritas in the Orinoco Mining Arc to dislodge illegal miners from key gold deposits, as the government tries to attract foreign mining investment under a new April mining law. Sources: AKM News (https://www.akm.ru/eng/news/rio-tinto-and-glencore-intend-to-extend-the-period-of-preparation-for-the-merger/), Mining.com metals retreat (https://www.mining.com/metals-retreat-amid-iran-conflict-and-lingering-rate-hike-concerns/), Mining.com Vale CEO (https://www.mining.com/web/vale-ceo-says-metals-demand-is-robust-despite-middle-east-war/), Reuters/ET Government (https://government.economictimes.indiatimes.com/amp/news/economy/india-explores-russian-coking-coal-assets-more-nickel-supplies-sources-say/131607415), Mining.com Venezuela (https://www.mining.com/web/venezuela-deploys-troops-against-illegal-miners-in-key-gold-belt/)

Today on The Mining Insider: The US House of Representatives passed the DOMINANCE Act on Monday — bipartisan legislation aimed at China's 90% grip on rare earth processing — the same day the Department of Energy committed $134 million to rare earth extraction projects in Louisiana and Oklahoma. In Australia, Inpex has applied to the Fair Work Commission to halt an escalating strike at its 9.3 million tonne-per-year Ichthys LNG project near Darwin, with cargo loading bans starting June 11 and up to four LNG cargoes at risk. In Saskatchewan, Eldorado Gold produced its first copper concentrate at McIlvenna Bay less than two months after closing its acquisition of Foran Mining — targeting commercial production in Q3 2026 from an 18-year mine expected to yield 41 million pounds of copper annually. And South Africa's mining industry is reacting with alarm to a government proposal to impose a chrome export levy and attach beneficiation conditions to mining licences, while the country's mining cadastre gets a fifth deadline: March 31, 2027. Sources: Mining.com — DOMINANCE Act (https://www.mining.com/the-us-passes-dominance-act-for-critical-minerals-security/), Mining.com — DOE $134M RE funding (https://www.mining.com/web/us-picks-louisiana-oklahoma-rare-earth-projects-for-134m-funding/), Argus Media — Ichthys strike (https://www.argusmedia.com/en/news-and-insights/latest-market-news/2837500-inpex-applies-to-halt-australia-s-ichthys-lng-strike), Investing News Network — McIlvenna Bay (https://investingnews.com/eldorado-gold-begins-copper-production/), Daily Maverick — SA chrome/cadastre (https://www.dailymaverick.co.za/article/2026-06-09-sa-mining-sector-jolted-by-government-chrome-tax-beneficiation-proposals-/)

Today on The Mining Insider: Iran and Israel announced a mutual halt to attacks early Monday, and President Trump told reporters that the Strait of Hormuz will open immediately upon signing a deal — which could be in two or three days. Brent crude has retreated to $93.13 per barrel. For mining operators managing three months of elevated energy input costs, a Hormuz resolution would be the most material cost event of the year. Meanwhile, Trafigura has halted zinc concentrate shipments from Cuba's Castellanos project to Chinese smelters as the US blockade of Cuba tightens — cutting off 100,000 tonnes per year of concentrate at a moment when Chinese smelters are paying minus $50 per tonne to secure feedstock, with LME zinc up 13 percent year to date. In Chile, Antofagasta has committed $900 million to extend its Zaldivar copper mine life to 2051 — another 25 years — replacing freshwater with treated wastewater by 2028 and creating up to 5,000 construction jobs. Antofagasta co-owns Zaldivar with Barrick. And Chilean regulators issued final environmental approval for Aclara's rare earth clay deposit, as the company advances US Development Finance Corporation talks and automaker offtake discussions for 2028 production. Sources: Anadolu Agency Energy (https://www.aa.com.tr/en/energy/oil/oil-slips-as-iran-israel-halt-attacks-trump-signals-progress-in-talks/57542), Mining.com (https://www.mining.com/web/trafigura-halts-some-cuban-zinc-shipments-as-us-blockade-bites/), Mining.com (https://www.mining.com/antofagasta-to-spend-900m-extending-zaldivar-mine-to-2051/), Mining.com (https://www.mining.com/web/aclara-seeks-us-backing-for-chilean-rare-earth-project/)

Today on The Mining Insider: Story 1 — Hormuz Day 99 / OPEC+ Fourth Hike: Tanker traffic down 90-95% from pre-war baseline; widespread dark shipping eliminates real-time oil/LNG flow visibility. US struck Iranian radar on Goruk and Qeshm islands; Iran's IRGC claims retaliatory strikes on US bases in Kuwait and Bahrain; Kuwait reports ballistic missile intercepts. Brent crude above $96/bbl. OPEC+ preparing fourth quota hike since closure — limited effect as spare capacity cannot bypass Hormuz. Iran seeks $24B in frozen asset releases in indirect talks. Next US-Iran diplomatic round expected week of June 22. Story 2 — China Coking Coal Hits Highest Since 2024: ~60 million tonnes of annual production capacity halted as of June 7 due to safety shutdowns. China accounts for ~50% of global metallurgical coal consumption. Elevated steel input costs flow through to capital project economics for mining operators globally. Australian, Canadian and US met coal exporters positioned to benefit from seaborne demand increase. Story 3 — GoldMining La Mina PEA Filing: GoldMining Inc. (TSX: GOLD, NYSE American: GLDG) files NI 43-101 Technical Report and updated PEA for La Mina gold-copper deposit, Antioquia, Colombia. Base case: $1.0B after-tax NPV (5%), 32.2% IRR, 2.7-year payback, $523M initial capex. LOM production 11.2 years: 1.2M oz Au, 2.6M oz Ag, 195M lbs Cu (1.5M oz AuEq total). 15,000 tpd conventional open pit. AISC $1,045/oz Au. Spot-price NPV: $1.8B, IRR 49.1%. CEO Alastair Still: 'exceptional leverage to the current metal price environment.' Story 4 — Deep Sea Minerals NOAA Substantial Compliance: Deep Sea Minerals Corp. (CSE: SEAS) confirms substantial compliance with NOAA under the modernized Deep Seabed Hard Mineral Resources Act. 150,000 km2 Pacific Ocean concession. NOAA finalized new streamlined permitting rule. Commercial extraction timeline: late 2026 to early 2027 if approvals continue advancing. CEO James Deckelman cites 'responsible, science-based development.' Sources: Geopolitics Unplugged (https://geopoliticsunplugged.substack.com/p/hormuz-dark-tankers-trigger-oil-market), Economic Times India (https://m.economictimes.com/news/international/business/opec-set-for-fourth-oil-quota-hike-since-hormuz-closure-sources-say/articleshow/131563549.cms), Mining.com on China coking coal (https://www.mining.com/press-release?id=6a265f17ac168fd8dc9d5c18), PR Newswire — GoldMining La Mina (https://www.prnewswire.com/news-releases/goldmining-files-pea-technical-report-for-its-la-mina-project-colombia---highlighting-1-0-billion-after-tax-npv-and-32-irr-302793123.html), Mining.com.au — Deep Sea Minerals (https://mining.com.au/minings-deep-sea-dilemma-world-oceans-day/)

Today on The Mining Insider: Story 1 — Sherritt International Exits Cuba: Trump's Executive Order 14404 (May 1, 2026) sanctioned Moa Nickel SA and set a June 5 deadline for foreign companies to sever ties with Cuba's GAESA conglomerate. Sherritt suspended operations in May and repatriated staff. Cuba owes Sherritt at least $344M, including ~$277M from the Moa Joint Venture (nickel and cobalt). Sherritt is also exiting Energas S.A. A preliminary deal with Gillon Capital (Texas, Ray Washburne) could give Gillon 55% of Sherritt via private placement; requires US and TSX approval. Story 2 — Vale Canada Opens Copper Cliff Nickel Mine: Vale Canada Limited officially opened the initial phase of its C$945M Copper Cliff nickel mine in Sudbury, Ontario. The mine is part of Vale's broader integrated Sudbury operations, which feed the company's Sudbury smelter and refinery producing finished nickel, copper and cobalt. Story 3 — Chile Two-Layer Mining Reform: Ley de Permisología (Sept 2025) targets 30-70% shorter permitting timelines via streamlining and digitization. President Kast's Economic Reconstruction Bill (April 2026) adds a 25-year fiscal stability pact and corporate tax rate declining to 23% by 2029. Chile copper fell YoY every month of 2025 (Cochilco: -2%). Codelco projects only 0.8% production growth in 2026. $105B investment pipeline through 2034. Marimaca Copper received environmental licence within 12 months under new framework. Story 4 — REalloys Appalachian Rare Earth LOI: REalloys (NASDAQ: ALOY) signed non-binding LOI with Patriot Exploration and Mining for priority access to up to 30% of output from 2 billion metric tonnes across 150+ Appalachian Basin sites (Alabama to Pennsylvania). Targets neodymium, dysprosium, praseodymium, terbium. January 2027 US defense procurement deadline under 10 USC 4872 and DFARS 252.225-7052. CEO Lipi Sternheim: 'The defense industrial base has a 2027 deadline and a supply chain gap that REalloys intends to resolve.' Sources: CiberCuba (https://en.cibercuba.com/noticias/2026-06-03-u1-e199370-s27061-nid331086-estas-son-companias-abandonan-cuba-sanciones-eeuu), Business Wire (https://www.businesswire.com/news/home/20260603998426/en/Sherritt-Announces-Appointment-of-Interim-CFO), Mining Metal News (https://www.miningmetalnews.com/en), Mining.com (https://www.mining.com/chiles-right-wing-pivot-puts-mining-policy-under-the-microscope/), REalloys via Stock Titan (https://www.stocktitan.net/news/ALOY/r-ealloys-signs-letter-of-intent-with-patriot-exploration-gr1hbw9iw6aq.html)

Today on The Mining Insider: Story 1 — Indonesia Cuts Nickel Ore Quota: Indonesia's energy ministry cut the 2026 nickel ore production quota to 260-270 million metric tonnes — below last year's 320 million tonnes produced and far short of FINI's 340-350 million tonne demand estimate. FINI chairman Arif Perdana Kusuma confirmed smelter capacity utilization has dropped to 76% nationally (from 84%), with some lines in South Sulawesi and Central Sulawesi below 50%. Weda Bay Nickel (Eramet) halted ore production after exhausting its quota at end of May. LME nickel hit $20,000/t on May 6, its highest since May 2024. National Economic Council member Septian Hario Seto: government targets $18,000-$20,000/t range. Story 2 — Orla Mining Camino Rojo Restart: Orla Mining (NYSE: ORLA) filed a 6-K confirming the illegal labor blockade at Camino Rojo in Zacatecas, Mexico has ended and operations have resumed. Bonus negotiations with employees and union are ongoing with Mexican federal labour authority support. 2026 gold production guidance reaffirmed at 110,000-120,000 ounces. Orla is under Equinox Gold's $5.1B acquisition. Story 3 — Pan American Silver Timmins $146M Shaft Extension: Pan American Silver (NYSE/TSX: PAAS) approved a $146M investment for a 625m shaft extension at Bell Creek mine in the Timmins Camp operation in Ontario. New mineral resource discovery also announced. 118,000m drilling program planned in 2026. Updated mineral reserves expected by June 30, 2026. Project reduces haulage distances, ventilation requirements, and CO2 emissions. Story 4 — Sunshine Silver IPO Closes: Sunshine Silver Mining & Refining (NYSE: SSMR) closed its NYSE IPO including full exercise of over-allotment option: 23 million shares at $13.50/share = $310.5M gross proceeds. Trading since June 4. Bookrunners: Morgan Stanley, Scotiabank, BMO, Canaccord, Citi, RBC. Proceeds fund 2028 restart of Idaho Sunshine Mine (Coeur d'Alene District, 360M+ oz historical production, 7.6M oz/year target). Electrum Group retains 50%+. Sources: Mining.com — Indonesia nickel quota (https://www.mining.com/web/indonesian-smelters-cut-production-on-lower-nickel-ore-quota/), Orla Mining 6-K via Stock Titan (https://www.stocktitan.net/sec-filings/ORLA/6-k-orla-mining-ltd-current-report-foreign-issuer-60fb277becee.html), Financial Post on Pan American Silver Timmins (https://intellectia.ai/news/monitor/pan-american-silver-announces-new-mineral-resource-discovery-and-investment-plan), PR Newswire — Sunshine Silver IPO close (https://www.prnewswire.com/news-releases/sunshine-silver-mining--refining-announces-closing-of-initial-public-offering-including-full-exercise-of-over-allotment-option-302792995.html)

Today on The Mining Insider: Story 1 — Hezbollah Rejects Lebanon Ceasefire / Hormuz Day 96: Hezbollah formally rejected the latest US-brokered ceasefire framework, keeping the Strait of Hormuz in effective closure. Trafigura's half-year report calls it the largest energy crisis in history — 14 million barrels per day shut in, over 1.1 billion barrels removed from global markets, diesel up 60%, jet fuel up 70%. Trafigura net profit tripled to $4.1 billion in six months. Story 2 — CNNC Approved for Namibia's Etango Uranium Project: China National Nuclear Corporation won Namibia Competition Commission approval to enter a JV with Bannerman Energy on the Etango uranium project near Swakopmund — one of Namibia's largest undeveloped uranium deposits. Approved with conditions on localisation and skills transfer. Story 3 — enCore Energy Completes Largest-Ever Uranium Plant in South Texas: enCore Energy Corp completed the first phase of its Upper Spring Creek satellite ion exchange plant in South Texas — the largest such facility the company has built. Current capacity: 1,600 gpm (50% of planned 3,200 gpm). Full capacity by end of July. Uranium extraction planned for late 2026 pending final permits. Story 4 — Gold M&A Crosses $7.9 Billion: Equinox Gold's $5.1 billion acquisition of Orla Mining creates an $18.5 billion North American producer with 1.1 million ounces projected 2026 output. Agnico Eagle consolidated three Finnish gold assets in the Central Lapland Greenstone Belt — Rupert Resources ($2.12B), Aurion Resources ($351M), B2Gold's Fingold JV stake ($325M) — for a combined $2.8 billion hub targeting 500,000 oz/year. Sources: Trafigura Half-Year Report via gCaptain (https://gcaptain.com/trafigura-warns-worlds-largest-energy-crisis-is-far-from-over/), The Extractor Magazine on CNNC/Bannerman (https://theextractormagazine.com/2026/06/05/china-national-nuclear-corporation-cleared-to-partner-with-bannerman-in-etango-uranium-project/), enCore Energy press release (https://encoreuranium.com/news/encore-energy-announces-the-successful-completion-of-construction-at-the-upper-spring-creek-isr-uranium-project/), The Oregon Group on gold M&A (https://theoregongroup.com/commodities/gold/gold-mining-ma-is-back/)

USA Rare Earth (Nasdaq: USAR) executed definitive agreements with the US Department of Commerce to unlock nearly $1.6 billion in CHIPS Act funding — the largest US rare earth government financing on record. Package: $277 million in federal grants + up to $1.3 billion in senior secured loans, milestone-based disbursements. Total capital now $3.5B. Funding supports integrated mine-to-magnet supply chain: Texas deposit (production 2028), Stillwater Oklahoma magnet plant (first line commissioned April, 600t target year-end, doubling next year), Blacksburg SC facility ($1.2B, magnet + heavy rare earth refining). Full-ramp target: 10,000t rare earth magnets + 10,000t heavy rare earth metal/alloy annually. Chairman Michael Blitzer: 'This partnership with the US government is the largest of its kind in our industry.' Also: $175M+ France investment, $2.8B Brazil mine acquisition. Sunshine Silver Mining & Refining (NYSE: SSMR) began trading Thursday, raising $270 million at $13.50/share. Shares opened at $15.00 (+11%). Lead underwriters: Morgan Stanley, Scotiabank, BMO. Largest mineral rights holder in Idaho's Coeur d'Alene Mining District — 360M+ oz silver produced historically. Electrum Group retains 50%+. Restart target: 2028. Projected output: 7.6M oz/year silver in first 5 years (+20% US silver output). Antimony permits held; MOU with Perpetua Resources (Stibnite) for antimony processing. Critical Threats Project (ISW/AEI) documented Iran's deliberate strategy to link Lebanon ceasefire demands to Hormuz negotiations. Iran FM Araghchi: Lebanon and Iran 'linked'; conflict won't end without Israeli withdrawal from Lebanon. IRGC-affiliated Tasnim: Iran prioritising Hormuz sovereignty over toll collection. WSJ: Trump told advisors he won't resume all-out war unless US soldiers killed. Brent crude ~$97/bbl. Polymarket: 19% odds Iran agrees to unrestricted Hormuz shipping by June 30. Lithium Americas (TSX/NYSE: LAC) Q1 2026 results: $80–$120 million added to 2026 Thacker Pass construction costs from US steel tariffs and Iran war impacts. Original full-project capex $2.93B (did not include tariffs). Stage 1 budget $1.3–$1.6B. Late-2027 completion target maintained. Procurement >70% complete. Iran cost channels: disrupted steel supply chains + fuel price inflation. Sources: Mining.com/USAR press release, Bloomberg/US News (Sunshine Silver IPO), Critical Threats Project/ISW, WSJ, Polymarket (Iran-Hormuz-Lebanon), Northern Miner/Lithium Americas (Thacker Pass)

Iran fired ballistic missiles at Kuwait and Bahrain on Tuesday — the most serious direct military exchange yet. Iranian missiles aimed at Kuwait disintegrated mid-flight; those targeting US Navy 5th Fleet headquarters in Bahrain were intercepted. US Central Command struck an Iranian ground control station on Qeshm Island. The IRGC stated: 'We had previously cautioned that any act of aggression would elicit a distinct and more intense response.' Trump told ABC News: 'I think you're talking about over the next week' for a deal. Iranian inflation reached 77.2% in May. Pakistan is mediating a 60-day ceasefire extension framework. Goldman Sachs raised its year-end copper target by more than 10% to $13,735/tonne (from $12,465), citing supply disruptions at Grasberg (Indonesia) and Kamoa-Kakula (DRC) — cutting global mine supply forecasts by 350,000 tonnes and estimating neither mine reaches full capacity before 2028. Goldman's ex-US copper deficit estimate grew tenfold to 640,000 tonnes. Citigroup called for $14,500/tonne this month and $15,000/tonne within a year. Copper is trading just below $14,000/tonne on the London Metal Exchange, ~$500 shy of the January record. HSBC warned of a commodities 'super-squeeze' from Hormuz closure. Northern Star Resources' board responded to Elliott Investment Management's activist campaign, stating it 'welcomed constructive dialogue' and confirming it 'regularly reviews corporate opportunities with adviser Goldman Sachs, including portfolio management and potential mergers or acquisitions.' Shares surged nearly 14% to A$21.03 — the stock's biggest gain in more than six years. CEO Stuart Tonkin is stepping down. Elliott holds ~4% (~A$1B) and is pushing for a formal strategic review including potential sale. Three of Zambia's major copper smelters — Nchanga (Vedanta/KCM, 60-day shutdown), Mopani, and Chambishi — are in simultaneous maintenance June through mid-September. KCM produced 80,215t of copper in 2025; Zambia's national output was ~890,000t. Iran war has disrupted global sulphuric acid supply — a critical copper processing input. Sources: NPR/AP, Radio Free Europe/Radio Farda, Mining.com/Goldman Sachs/Citi, Mining.com/Australian Financial Review, Reuters/Economic Times Infrastructure

Iran's semi-official Tasnim agency reported Monday that Iranian negotiators ceased all indirect communications with the United States, citing Israel's renewed strikes on Hezbollah in Beirut as a ceasefire violation. Iran and affiliated groups committed to "entirely obstruct the Strait of Hormuz" and activate the Bab el-Mandeb Strait. Foreign Minister Araghchi: "A violation on one front constitutes a violation across all fronts." Brent crude surged more than 7% to approximately $97/bbl. Iranian copper smelters at Sar Chesmeh and Khatoon Abad suspended production. Trump told NBC he would maintain the naval blockade; US forces intercepted two Iranian ballistic missiles targeting Kuwait with no casualties. Elliott Investment Management disclosed an A$1 billion (~$716M USD, ~4% equity) stake in Northern Star Resources and published an 11-page public letter titled "Northern Star Rising" demanding a strategic review including potential sale of the company. Elliott cited four guidance reductions in Q1 2026, KCGM mill failures, and a vacant CEO position. Demanded: independent financial adviser, new board with mining expertise, external CEO hire. Reuters reported Monday that Barrick Mining is in early-stage talks to spin off its African operations into a London-listed entity in a possible all-share combination with Endeavour Mining valued at approximately $30 billion. Barrick would retain its Toronto/NYSE listing as a holding company. Spinoff targeted for end of 2026. African assets include operations in Mali, DRC, Côte d'Ivoire, and Tanzania. USA Rare Earth (Nasdaq: USAR) committed more than €175 million ($204 million) to expand rare earth metal, alloy, and permanent magnet manufacturing in France through 2030. Builds on earlier Carester stake acquisition (€40M). Lacq, France facility. 300+ jobs. French government evaluating debt guarantees and equity investment. CEO Barbara Humpton announced at Choose France summit in Paris. Sources: CNBC, Tasnim/Iranian state media, Institute for the Study of War, Fortune, SP Angel, Mining.com/Bloomberg, WSJ, Reuters/Mining.com, Investing News Network

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

The Hormuz ceasefire is holding — barely. The framework that US and Iranian negotiators had tentatively agreed to earlier in the week has been sent back to Tehran after President Trump requested multiple amendments, primarily focused on Iran's nuclear materials management. US officials said Iran could take several days to respond. Trump said he is in no rush, but added there will be a deal. In the meantime, the US military disabled the Gambian-flagged cargo vessel Lian Star with a Hellfire missile on May 30 after it ignored warnings while attempting to breach the naval blockade and reach an Iranian port. Zimbabwe's lithium export ban is doing exactly what the government intended. The country has attracted nearly $1 billion in new in-country lithium processing investment — driven primarily by Chinese companies already operating there. Zhejiang Huayou Cobalt has committed approximately $700 million for Prospect Lithium Zimbabwe; Sinomine's Bikita Minerals has committed approximately $500 million; Sichuan Yahua has begun construction of a new lithium sulphate facility. And Chinalco's Chairman met BHP's CEO-elect in Beijing — a high-level bilateral meeting between China's largest aluminum and copper producer and the world's largest mining company, ahead of BHP's leadership transition. Sources: Al Jazeera, Jerusalem Post/Axios, Politico, Copperbelt Katanga Mining, AAStocks

Today on The Mining Insider: 1. Anglo American $3.7B Loss / De Beers Writedown — Anglo posted a $3.7B net loss after a fresh $2.3B pre-tax impairment on De Beers. Total De Beers writedowns: $6.8B over the past year. Third straight annual production decline; 2026 output forecast cut. CEO Duncan Wanblad: 'There is at the moment a plentiful supply of rough diamonds in the market.' Two flagship coal mines halted by fire. Sale process at 'advanced stage'; Botswana government must be consulted on partner selection. Wanblad optimistic deal signed this year. 2. US-Iran Hormuz MOU — Agreed at negotiating level, neither side has signed. VP Vance: 'It's hard to say exactly when or if the president is going to sign the MOU.' Trump wants 'a couple of days to think about it.' IDF warns deal leaves Iran's ballistic missiles unchecked. US struck Bandar Abbas on May 27; Iran retaliated against Kuwait US base (intercepted by Kuwait). Brent fell ~20% in May on ceasefire optimism — largest monthly drop in years — but structurally elevated above pre-war levels. Gold recovered to $4,514/oz on May 29 after April PCE 3.8% matched expectations (reversal from $4,368 on May 28). 3. Iron Ore Monthly Loss — Singapore futures -1.2% in May, $105.85/t — first monthly loss since February. Shanxi coking coal spike faded. Chinese steel mill margins under pressure. But iron ore still +9.8% YoY; Pilbara producers well-positioned. 4. Integra Resources DeLamar NOI — BLM published Notice of Intent in Federal Register on May 29, launching NEPA EIS process for DeLamar gold-silver heap leach project, Owyhee County, Idaho. Final EIS and Record of Decision expected Q3 2027 (15-month process). FAST-41 status. CEO George Salamis: 'reflects more than seven years of technical work.' 49,000+ stakeholders engaged, 1,400+ events since 2021. Endorsements from Senators Crapo and Risch, Congressman Fulcher. Sources: Middle East Metals/Bloomberg (Anglo); Solace Global/Mackinder Forum (US-Iran/Hormuz); IndexBox/COMEX (gold); MINING.COM (iron ore); Integra Resources PR Newswire (DeLamar)

Today on The Mining Insider: 1. US-Iran Hormuz Ceasefire Deal — US and Iranian negotiators reached tentative agreement on a 60-day memorandum of understanding: Iran removes mines within 30 days; US lifts naval blockade of Iranian ports and provides limited sanctions waivers on Iranian oil sales; framework opens pathway to nuclear talks. Trump had not yet approved as of May 29. Iran's Tasnim News said text not yet finalized. If completed: most significant development since the conflict began February 28. Prediction markets: 45% chance of permanent deal by June 30. For mining: energy cost relief on diesel, explosives, shipping rates, and risk premiums on crude/copper. 2. DRC Rubaya Coltan Mine — Congolese army (FARDC) launched second offensive on May 18 to retake Rubaya mine (controlled by M23 since April 2024). M23 repelled the offensive, recaptured dozen+ villages by May 26. Rubaya produces est. 15–30% of global coltan supply. UN: M23 earns $800K+/month from mine levies. Trump-linked consortium, Mercuria, and US-backed TechMet all in talks to invest. Rubaya at center of US-DRC minerals-for-security diplomacy; discussed in US/Swiss-M23 peace talks May 26-27 in Rwanda. 3. Sunshine Silver Mining IPO — Filing for NYSE IPO under ticker SSMR. Plans to sell 20M shares at up to $16.50/share to raise up to $330M. Proceeds to restart Sunshine Mine in Idaho's Coeur d'Alene district — historically among the world's richest silver belts. Electrum Group retains 50%+ ownership post-IPO. Silver trading near $75/oz; most primary silver miner AISC: $15–20/oz. Rick Rule (Kitco Mining): 'silver miners are on the brink of a breakout.' 4. Perpetua Resources $2.9B Ex-Im Loan + Carney Minerals Pitch — Perpetua (NASDAQ: PPTA) received unanimous approval from Ex-Im Bank Board for $2.9B senior secured loan for Stibnite Gold and Antimony Project (Idaho) — only large-scale domestic US antimony source. Loan expected available 2H 2026. Canada's PM Carney pitched US on closer aluminum, autos, and minerals ties; described Canadian aluminum exports as 'the energy equivalent of 10 Hoover Dams.' Sources: Reuters (Hormuz/ceasefire); Critical Threats Africa File May 28 (Rubaya/M23); Kitco Mining/Rick Rule (Sunshine Silver IPO); MINING.COM/Perpetua Resources/Bloomberg (Carney)

Today on The Mining Insider: 1. Japan Copper Smelter Consolidation — JX Advanced Metals, Mitsui Kinzoku, Marubeni, and Mitsubishi Materials signed a definitive agreement on May 28, 2026 to consolidate copper operations under Pan Pacific Copper. Mitsubishi Materials splits off its concentrate purchasing and refined product sales into PPC via an absorption-type company split. Transaction effective October 1, 2026 (subject to JFTC approval). Ownership: JX 32.5%, Mitsubishi 32%, Mitsui Kinzoku 21.9%, Marubeni 13.6%. Strategic rationale: collapsing TC/RC rates, Chinese competition, and economic security — copper smelters recover gold, silver, palladium, and other critical metals. 2. MP Materials Sues USA Rare Earths — MP Materials (NYSE: MP) filed a lawsuit in a Texas court alleging that a former employee shared proprietary grain boundary diffusion formulations with USA Rare Earths (NASDAQ: USAR). Grain boundary diffusion improves magnet coercivity (resistance to demagnetization) without heavy rare earths. MP: 'USA Rare Earth has exhibited a pattern of recruiting employees from other companies and then using those employees to misappropriate trade secrets.' USAR denied the allegations. Both companies compete for US defence contracts for rare earth magnets used in F-35s and Tomahawk missiles. 3. Gold Breaks 200-Day Moving Average — Gold dropped to $4,368/oz (from $4,483 previous session) on May 28 after the US shot down four Iranian drones and Iran struck back at US military bases. The 200-day moving average — a key technical support — was broken, triggering algorithmic selling. Brent crude steady near $97/bbl. API data showed US crude draw of 2.8mb, gasoline draw 3.2mb. Gold had hit $5,600/oz in February; producers with AISC below $4,000/oz remain well-positioned but further declines would pressure higher-cost operators. 4. Mining Companies Chase US Defence Listings — At least 18 mining companies have completed or are pursuing dual US exchange listings in 2026 (vs. 3 in 2025), per Reuters. Companies range from $25m to $7.5bn in market cap; mostly Canadian and Australian. Minerals: antimony, tungsten, uranium, rare earths. United States Antimony: $245m DLA contract for antimony stockpile. Guardian Metal Resources: $6.2m Pentagon funding, applied for $100m+. Context: China banned antimony exports Aug 2024, tungsten exports 2025; DRC restricted cobalt. Trump launched $12bn strategic minerals stockpile initiative in February. Quote from Rick Werner, Haynes Boone: 'There's absolutely a lot of money going into defence-driven exploration, but a lot of it is also very speculative right now.' Sources: Marubeni Corporation press release (marubeni.com); Canadian Mining Journal / Bloomberg (MP Materials); SP Angel / Share-Talk (gold, crude); Miningmx / Reuters (defence listings)

Today on The Mining Insider: 1. LNG Tankers Exit Hormuz — For the first time since late February, LNG tankers are transiting the Strait of Hormuz. ADNOC's Umm Al Ashtan reappeared northwest of Muscat on May 23, loaded for India. Two Qatar LNG tankers have also cleared the strait. A US-Iran 60-day ceasefire extension is reportedly being finalized — Iran would remove mines, allow unrestricted passage, and the US would ease select sanctions. Brent near $98-100/bbl. UBS: global oil inventories fell 246 million barrels in March and April. 2. BlackRock Backs Mining M&A — At the Australian Financial Review Mining Summit in Perth, portfolio manager Olivia Markham said BlackRock sees merit in more large-scale mining consolidation. The world's largest asset manager — with $240B in infrastructure mandates and stakes in Glencore, Rio Tinto, BHP, and Endeavour Mining — argues bigger companies attract generalist capital and can fund complex projects. Markham: 'Commodity demand is simply accelerating... you've got a supply side that is massively underinvested.' 3. India-US Critical Minerals Framework — India and the US signed a bilateral framework agreement on May 26, covering nickel, cobalt, lithium, rare earths, and more. The Quad bloc pledged up to $20B for mining, processing, and recycling initiatives. The US relies entirely on imports for 12 critical minerals; China controls 60% of rare earth reserves and processes 90% of supply. India brings 13 million tonnes of monazite and current production of copper, graphite, phosphorus, and titanium. 4. Copper Near Record — LME copper at $6.42/lb ($14,154/t) on May 27, up 0.85%. Near the all-time record of $14,109.48/t set May 13. Trafigura withdrew 51,000 tonnes from LME warehouses on May 23 — largest since 2013. Freeport's Grasberg still at ~50% capacity. 5. Bayridge Resources Clears NIRB — Baker Basin Uranium Project (Nunavut) passes NIRB screening with no formal review required under NuPPAA. 83 claims, ~619 km2, 75-km unconformity corridor. Advancing to 2026 helicopter-supported diamond drilling program. VP Exploration Mark Richardson: 'a significant milestone.' Sources: Bloomberg, LSEG, SteelOrbis, Economic Times, The Business Times Singapore, Al Jazeera, India Ministry of External Affairs, Trading Economics, Newsfile Corp / Bayridge Resources

In today's episode of The Mining Insider, Logan Ore covers four major developments shaping the global mining industry: 1. US Strikes Iran Near the Strait as Deal Talks Continue — US and Israeli jets struck Iranian vessels attempting to lay mines in the Strait of Hormuz and targeted missile sites near Bandar Abbas. Secretary of State Rubio confirmed the strikes and said the Strait must remain open 'one way or the other.' Oil rebounded toward $98/bbl after Monday's dip below $100. Copper LME held firm at $13,673/t; Trafigura withdrew ~51,000T of copper from LME warehouses Friday — the largest withdrawal since 2013. 2. Russia's Second UGC Auction Fails Again — The Dutch auction for Russia's seized 67.2% stake in Uzhuralzoloto (46M oz gold equivalent) collapsed after the sole bidder — Russian Coal — was disqualified. Two consecutive failures to find a buyer at any price. What happens next to the asset is unknown. 3. Guinea Moves to Restrict Bauxite Exports — Guinea (supplying ~1/3 of global bauxite at 183Mtpa) is set to announce export controls next month, per Bloomberg. Bauxite prices have fallen to ~$56/t in Q1 2026. Guinea is pushing for domestic alumina refining capacity — the same export-restriction playbook as Indonesia (nickel), DRC (cobalt), and Zimbabwe (lithium). 4. Mineral Resources Takes A$490M Lithium FID at Mt Marion — MinRes and Jiangxi Ganfeng Lithium (50/50 JV) take FID to expand Mt Marion near Kalgoorlie to ~600ktpa SC6 from ~500ktpa. Capex: A$240M flotation plant + A$220M underground development + A$30M infrastructure. Commissioning: 2H FY28. Payback: <1 year at current ~US$2,700/t SC6 spot. Sources: Al Jazeera, CNBC, Bloomberg, Izvestia, SP Angel/Bloomberg.

In today's episode of The Mining Insider, Logan Ore covers four major developments shaping the global mining industry: 1. Iran Deal Hopes Send Oil Below $100 — President Trump says a US-Iran framework to reopen the Strait of Hormuz is largely negotiated. Brent crude falls 4.6% to $98.80/bbl, WTI drops 4.7% to $92/bbl. The Strait has been effectively closed since February 28, cutting ~20% of global oil and LNG flows and driving up diesel, sulphuric acid, and freight costs for mines worldwide. Analysts at MST Financial warn that even with a deal, markets will remain tight through 2027. 2. Copper Q1 2026 Surplus: 396,000 Tonnes — ICSG May 2026 Copper Bulletin reveals a refined surplus nearly three times the Q1 2025 figure of 135,000T. Mine disruptions: Grasberg -42%, Kamoa-Kakula -36%, Chile -5.8%. Refined production surged: China +8.8%, India +25%. The surplus is concentrated in China; Western prices remain elevated on forward demand expectations. 3. Gold Near $4,500 — Two Headwinds — Gold holds in the $4,500–$4,569 range, pulled back from the May high of $4,743. Iran ceasefire progress reduces geopolitical risk premiums. India's gold import duty raised from 6% to 15% (steepest increase on record) — World Gold Council estimates 50–60 tonne decline in Indian demand in 2026. 4. Mount Holland Lithium Mine Approved to Double — SQM and Wesfarmers' 50-50 JV in Western Australia receives approval to expand spodumene capacity to 4.4Mtpa. Spodumene prices hit $2,890/t on May 12, a 2-year high. Benchmark Mineral Intelligence warns that broader Australian supply increases could pressure prices and create a surplus by 2027. Sources: BBC News, Yahoo Finance, Wall Street Journal, IndexBox/ICSG, IG Markets, Mining.com.

In today's episode of The Mining Insider, Logan Ore covers three major developments in global mining: 1. China's Coal Mine Rescue Enters Day Three — The official death toll at the Liushenyu mine in Shanxi province stands at 82, with 2 miners still unaccounted for. Reconnaissance robots have been deployed after toxic gases blocked human rescue teams from going deeper. Authorities confirm the operating company — Shanxi Tongzhou Group — committed serious violations of laws, executives have been detained, and all company coal mines have been ordered to cease production for a safety overhaul. 2. Greenland Mines Secures a Rare Earth Deal for the Western Supply Chain — Greenland Mines (Nasdaq: GRML) has agreed to acquire the Sarfartoq Nd-Pr Rare Earths Project in southwest Greenland for $35 million ($20M cash + $15M shares). The deposit contains indicated resources of 5.88Mt at 1.77% TREO, with ~27M kg Nd2O3 and 8M kg Pr6O11. Nd-Pr makes up 25–40% of total REO content — among the highest globally. Neo Performance Materials retains offtake rights on 60% of future production. 3. Stillwater Critical Flags America's Largest Rhodium Resource — Stillwater Critical Minerals (TSXV: PGE) reports new rhodium assay results from the Stillwater West project in Montana. The 2023 inferred resource covers 255Mt containing 115,000 oz rhodium and 2.3 billion lb chromium. An updated resource estimate is expected next month. Glencore holds a 15% stake and has funded 40,000+ metres of drilling. Also: Gold at $3,157/oz, copper at $5.24/lb steady ahead of Monday's Russia UGC Dutch auction result. Sources: CGTN, New York Times, PR Newswire (Greenland Mines), Mining.com, MarketWatch.

In today's episode of The Mining Insider, Logan Ore covers four major developments shaping the global mining industry: 1. China's Worst Coal Disaster in 16 Years — A gas explosion at the Liushenyu coal mine in Shanxi province kills at least 90 miners, with 9 still missing. The mine had been flagged by China's National Mine Safety Administration for severe safety hazards, including elevated gas levels. President Xi Jinping ordered a thorough investigation and strict accountability. 2. Copper Closes In on a Record — Copper briefly touches $14,000 per tonne on the London Metal Exchange, up 2% and approaching January's all-time high of $14,500/tonne. Drivers include a rebound in Chinese demand, declining copper inventories, and a tightening global sulphuric acid supply chain linked to Gulf disruptions. 3. Thacker Pass Hit by War and Tariff Inflation — Lithium Americas warns that US steel tariffs and Iran-war-driven inflation will add $80–$120 million to Thacker Pass Phase 1 construction costs in 2026 alone. The project's original $2.93 billion capex estimate did not account for these pressures. Mechanical completion remains targeted for late 2027. 4. Russia Tries Again to Sell Its Seized Gold Mine — Russia's second attempt to sell the seized 67.2% stake in Uzhuralzoloto (UGC) closes May 26 as a Dutch auction. After zero bids in the first round at $1.9 billion, the price floor has been cut by up to 50% to approximately $1.1 billion. Sources: CNBC, Channel NewsAsia, The New York Times, The Northern Miner, The Moscow Times, AKM/Rosimushchestvo.

May 22, 2026 | Host: Logan Ore | Runtime: ~12 minutes Today on The Mining Insider: 1. EXIM BANK $2.9B IDAHO ANTIMONY LOAN — Export-Import Bank unanimously approves 13-year senior secured loan to Perpetua Resources (Nasdaq: PPTA) for Stibnite gold-antimony project in Valley County, Idaho. Structure: $2.4B upfront facility + capitalized interest + exposure fee = $2.9B total. Rate: long-dated Treasury + 100bps, fixed at first drawdown. Repayments begin 2030. Docs expected H2/2026. Stibnite is the US's ONLY identified domestic antimony reserve. Antimony used in flame retardants, ammunition, night-vision optics, semiconductors. 700+ direct jobs/year over mine life. CEO Jon Cherry: "signals a new day in American mineral independence." Project includes restoration of abandoned Stibnite Mining District. 2. ZAMBIA CHINGOLA B REOPENS — Konkola Copper Mines (KCM) fires first orebody blast at Chingola B mine after 18-year shutdown. Target: 200,000 tonnes ore/month (vs. historical avg 60,000 tpm at 2.5% Cu grade). Owner: Vedanta Resources (79.4% of KCM). Vedanta: $1B+ earmarked for KCM projects (incl. Konkola Deep Mining Project, Tailings Leach Plant upgrades). Vedanta pledged 300,000 tpa toward Zambia's national target. Zambia target: 3 million tonnes Cu/year by 2031. CEO Deshene Naidoo: "I do not want a single tonne of copper produced before safety is fully assured." 3. DEEP-SEA MINING LEGAL RECKONING — ISA Secretary-General Leticia Carvalho warns "blizzard of litigation" if US-backed companies proceed without ISA authorization. AP investigation: 9+ US firms in talks for seabed mineral permits; first lease auction possible August. Trump April 2025 EO reversed decades of ISA deference. The Metals Company pre-feasibility: break-even in Year 8 = same year reserves exhausted. No US processing infrastructure for nickel, manganese, cobalt. Foreign partners (Japan, S. Korea, Indonesia) could face legal exposure. Companies include The Metals Company, Impossible Metals, Odyssey Marine, American Metal Resources, SeaX. 4. US TARIFFS ON RUSSIAN PALLADIUM — Commerce Dept. finalizes: 109.1% countervailing duty + 132.83% anti-dumping duty on Russian palladium. Petition filed by Sibanye-Stillwater (SA/US) + United Steelworkers union. Final imposition pending ITC harm determination. Nornickel = ~40% of global palladium supply. Palladium used in catalytic converters (gasoline vehicles), electronics, medical. Prohibitive tariffs would force US buyers to South Africa, Zimbabwe, Canada. Tomorrow's Flashpoint: Russia UGC Dutch auction — May 26. Second attempt; starting price may be cut ~50% to ~$1.1B after zero bids. Sources: PR Newswire/Perpetua Resources, CNBC, Solwezi Today, Mining.com/Reuters, BSS/AFP, Alaska Public Media/AP, KFGO/Reuters

May 21, 2026 | Host: Logan Ore | Runtime: ~11 minutes Today on The Mining Insider: 1. SOUTH CROFTY FINANCING SECURED — Cornish Metals (AIM: TIN) announces £52M credit facilities from National Wealth Fund (28.45% shareholder, £35M) and Vision Blue Resources (29.08% shareholder, US$22.75M). Six-month term, 13% p.a. interest compounding daily. Up to £16M earmarked for bond escrow required as condition of issuance of US$210M Nordic bond (placed May 7). Remainder funds underground development, shaft refurbishment, surface infrastructure. Facilities repayable within 10 business days of qualifying equity raise. Company engaging strategic offtakers and institutional investors for full project financing. FID process ongoing. South Crofty: last viable tin mine in EU's primary supply zone. 2. GRASBERG BLOCK CAVE AT 50% CAPACITY — Freeport Indonesia CEO Tony Wenas confirms mine running at 50% of nameplate capacity following 2025 accident that killed 7 workers and flooded the cave with wet material. Ore from GBC significantly wetter than design parameters; chute modifications required before safe throughput increase. Roadmap: 65% capacity later in 2026 → full run-rate by end of 2027. 2026 projected output: 800M lbs copper cathode + 700,000 oz gold. Full capacity: 1.2B lbs copper cathode + 1M oz gold/year. Permit MOU extended beyond 2041; 12% stake to transfer to Indonesian government at extension; ~$20B earmarked for post-2041 investment. 3. CODELCO $2 BILLION MINE UNIFICATION — Chile's state copper producer proposes consolidating Chuquicamata, Radomiro Tomic, and Ministro Hales under unified management. Plan presented to board per Bloomberg. Targets $2B in combined savings and revenue gains starting 2027. Consolidates operational planning, shares processing plants, blends ore to customer specs. Possible management headcount reduction; on-the-ground crews intact. Unions already in talks. Context: rising energy + sulfuric acid costs (Middle East), declining ore grades, stagnating output, rising debt. 4. GOLD SQUEEZED BY BOND YIELDS — Gold falls $84 to $4,482 (lowest since late March; -20% from Jan 29 ATH of $5,595). Trigger: hot April CPI; 30-yr Treasury yield highest since 2007; 10-yr at 4.64%. Fed rate-cut odds: 97.4% of market now expects hold at June meeting (CME FedWatch); rate hike speculation entering fixed income. Moody's Aaa→Aa1 US downgrade (May 16) adds risk premium to long-duration Treasuries. Gold rebounds to $4,514 on May 21 as yields ease. Goldman Sachs: central bank buying in H1/2026 exceeds projections. MKS PAMP target $5,800 by year-end. Tomorrow's Flashpoint: Russia UGC Dutch auction — May 26. Second attempt to sell seized 67.2% stake in Russia's fifth-largest gold miner. Starting price may be cut ~50% from original $1.9B to ~$1.1B after zero bids in first attempt. Sources: Investegate/RNS, Channel NewsAsia/Reuters, Mining.com/Bloomberg, Kitco News, CME Group

May 20, 2026 | Host: Logan Ore | Runtime: ~11 minutes Today on The Mining Insider: 1. CORE LITHIUM RESTARTS FINNISS — Core Lithium resumes blasting and excavation at its Finniss project in the Northern Territory, 90 km south of Darwin, after a two-year price-driven shutdown. The restart is backed by a $170M initial investment and a planned $120M equity raise. Lithium prices are at ~$4,200/tonne. First ore processing targeted for September quarter; first spodumene concentrate shipment in December quarter. 10-year mine life; 300 workers at peak. Underground development at BP33 to follow the open pit. 2. INDONESIA SOE COAL EXPORT MONOPOLY — President Prabowo Subianto signed a government regulation on May 20 establishing the Natural Resources Export Management Agency, routing all coal, ferroalloy, and palm oil exports through designated state-owned enterprises (BUMN). Transition phase: June 1 to August 31, 2026. Full SOE control of all export contracts and logistics: September 1, 2026. Major impact on Indonesian coal supply chains serving Japan, South Korea, India, and China. 3. GOLD NAVIGATES IRAN HEADLINES — Gold fell $84.82 (1.86%) to $4,493 on May 19 as Trump called off planned Iran military strikes. Silver dropped 4.92% to $74.43. Gold rebounds to $4,499 on May 20 as VP Vance signals US-Iran talks progressing. Structural floor supported by central bank buying: 244 tonnes Q1/2026, 863 tonnes in 2025. Incrementum's In Gold We Trust 2026 report released today — conservative $4,800 decade target already reached; inflationary scenario target $8,900. 4. COLOMBIA vs. GLENCORE ON CERREJON — Colombia presses Glencore to begin managed transition planning at Cerrejon coal mine in La Guajira ahead of 2034 concession expiry. Mine produced 16.8M tonnes in 2025. Generates ~$166M/year in royalties; supports 12,000+ jobs. Consultants recommend a "managed transition compact" with ring-fenced financing, retraining, and infrastructure repurposing. Tomorrow's Flashpoint: Cornish Metals equity raise deadline (May 21) — $161M needed for $210M bond to settle and South Crofty FID to proceed. Sources: ABC News, Bloomberg, The Motley Fool Australia, SMM/Metal.com, ScrapMonster, The Business Times, Texas Precious Metals, Mining.com

Today on The Mining Insider: Agnico Eagle this morning formally approved the Hope Bay investment decision — the largest gold mine development in Nunavut's history. Development capital: approximately $2.4 billion. Expected annual gold production: 400,000 to 435,000 ounces. Initial mine life: 11 years, with approximately 4.5 million ounces total. Production targeted from 2030; full design throughput of 6,000 tpd reached in 2032. Average grade: 6.50 g/t gold; 94% metallurgical recovery. Average AISC: $1,199/oz. At $3,600/oz gold: 19% IRR, $2.7B NPV (5% discount). At current $4,500/oz gold: 26% IRR, $4.3B NPV. Deposits: Doris, Madrid (including Patch 7), and Boston in the Kitikmeot region, ~125 km southwest of Cambridge Bay, ~160 km north of Arctic Circle. CEO Ammar Al-Joundi: "With expected annual production of over 400,000 ounces and total cash costs below $1,000 per ounce, based on only half the declared mineral resources drilled, Hope Bay has the potential to evolve into a long-life, district-scale mining camp for decades to come." The federal government contributed C$25M to an Inuit-owned 4 MW wind + 4 MW battery storage project. Minister Tim Hodgson was on site for the announcement. More than 2,000 direct and indirect jobs. Kitikmeot Inuit Association IIBA in place since 2015. Anglo American has agreed to sell its Australian steelmaking coal business to Peabody Energy for up to $3.875 billion in cash — Grosvenor, Aquila, Capcoal, and Moranbah North mines in Queensland. The deal completes Anglo American's coal exit following its 2024 portfolio restructuring (post-BHP rejection). Base price plus coal price earnout mechanism. Regulatory approvals expected; close targeted later in 2026. Mineral Resources approved the restart of its Bald Hill lithium mine in WA Goldfields. Bald Hill was mothballed in November 2024 when spodumene prices collapsed below $900/tonne. Benchmark spodumene has recovered to ~$2,800/tonne — more than triple the shutdown level. Site activity ramps in late May; crushing and mining commence June; first spodumene concentrate produced July; first shipment from Port of Esperance Q1 FY2027. Capacity: ~165,000 dmt/year at 5.1% SC (140,000 dmt SC6). Restart cost: $20M. Creates ~370 jobs. MinRes will become the only company globally operating three hard-rock lithium mines with their own concentrate facilities. CEO Chris Ellison: "With strong and sustained demand for spodumene concentrate driving a significant recovery in prices, the time is right to restart operations at Bald Hill." Russia's federal property agency Rosimushchestvo failed to auction the state-seized 67.2% stake in Yuzhuralzoloto (UGC), one of Russia's top-10 gold producers. The stake was valued at ~140.4 billion roubles ($1.9 billion). Zero bidders submitted applications by the May 15 deadline. A Dutch auction now begins May 26; price could be cut by up to 50% (~$1.1B floor). The stake was seized from businessman Konstantin Strukov following corruption allegations; part of broader Russian nationalization pattern since 2022. Sources: Agnico Eagle press release (CNW, May 19, 2026); Anglo American press release (May 18, 2026); Mineral Resources ASX announcement via MarketScreener (May 18-19, 2026); The Moscow Times / Reuters via Mining.com (May 18, 2026).

Today on The Mining Insider: J.P. Morgan revised its 2026 average gold price forecast sharply lower on Monday, cutting from $5,708/oz to $5,243 — a reduction of $465/oz. The bank cited low COMEX futures open interest, contracted trading volume, subdued managed fund positions, and limited ETF inflows. Gold has fallen 14% since the onset of the US-Iran conflict in late February. The sequence: the Hormuz disruption initially drove gold to near all-time highs, but oil above $100/bbl fed US CPI to 3.8% YoY for April, killing rate-cut expectations and strengthening the dollar. J.P. Morgan's revised forecast still implies significant recovery from the current ~$4,540 level but formally abandons the earlier bull case based on de-escalation and rate cuts. Zambia's government authorized Chambishi Copper Smelter and Mopani Copper Mines to resume sulphuric acid exports to the DRC, easing restrictions in place since September 2025. DRC miners — the world's largest cobalt producer and second-largest copper producer — had cut acid usage and considered output reductions after Zambia's ban. Trade Minister Chipoka Mulenga confirmed local stocks had recovered: "We allowed them to export because local stocks have risen." Mopani will supply Glencore's DRC operations; Chambishi Copper Smelter will export to three Chinese-owned DRC mines. Alliswell Investment Limited separately authorized to ship 5,000 metric tonnes. Mopani had not yet received its physical permit as of last week. Zambia said export permissions could be widened if conditions continue to improve. Trafigura, DRC state cobalt entity Entreprise Generale du Cobalt (EGC), and US firm EVelution Energy signed a tripartite MOU on May 13 at the Cobalt Congress in Madrid establishing a framework for long-term supply of Congolese cobalt hydroxide to the US. EVelution's Arizona facility (Yuma County) targets completion by end of 2029 with capacity to cover ~40% of projected US cobalt demand, producing battery-grade cobalt sulfate and alloy-grade cobalt metal. Trafigura handles logistics via the Lobito Atlantic Railway (in which Trafigura is a shareholder). Builds on the December 2025 US-DRC strategic minerals agreement. Construction on the Arizona plant expected to begin early 2027. Parties working toward definitive commercial agreements. Zambia's ZCCM Investments Holdings publicly confirmed a strategy to increase minority stakes in the country's copper mines on strictly commercial terms — no forced divestiture. CEO Kakenenwa Muyangwa targets "significant minority" positions for operational influence. Current stakes as low as 10% in assets held by China Nonferrous Metal Mining Group, First Quantum Minerals, and Vedanta Resources. ZCCM-IH has already raised its Lubambe Copper Mines stake from 20% to 30%, and KoBold Metals' Mingomba from 20% to 25%. The company is replicating its Kansanshi royalty model (3.1% of revenue, ~$110M delivered since 2022) across other assets, shifting from dividends to predictable royalty cash flows. Sources: J.P. Morgan via GuruFocus (May 18, 2026); Reuters via Kitco / TRT Afrika (Zambia acid, May 14); Trafigura press release (May 13, 2026); Reuters via Copperbelt Katanga Mining (ZCCM-IH, May 15, 2026).

Today on The Mining Insider: President Trump wrapped up his two-day summit with Xi Jinping in Beijing on Thursday and departed without a confirmed rare earth agreement. China's export controls on rare earths, heavy rare earth processing, and battery mineral precursors — imposed in early April as trade leverage — remain in place. A short-term bilateral arrangement was reportedly "still in effect" as of May 10, but it was not renewed or formalized at the summit. Rare earth processing remains more than 85% concentrated in China. Project Vault, the US strategic stockpile initiative, has committed $12 billion toward minerals supply, but stockpile fill takes time. Western mining and processing operators remain in a holding pattern on long-term procurement commitments. Agnico Eagle's construction decision on its Hope Bay gold project in Nunavut appears imminent. CEO Ammar Al-Joundi told shareholders at the May 1 annual meeting that a "big investment in Nunavut" was expected in May. Canada's Minister of Energy and Natural Resources Tim Hodgson has flagged a May 19 announcement at Hope Bay. The project holds 3.2 million ounces of gold in mineral resources at approximately 6 g/t. Detailed engineering is ~55% complete; production is targeted from 2030 at 400,000–425,000 oz/year. Executive Chairman Sean Boyd described Hope Bay as a potential "multi-decade large business." Agnico Eagle accounts for approximately 25–30% of Nunavut's GDP. Gold continued to lose ground over the weekend, trading at $4,539/oz on Saturday — its lowest since March 2026 and nearly 19% below the January all-time high of $5,589. The Beijing summit delivered no breakthrough on either Strait of Hormuz (US-Iran conflict, oil above $100/bbl) or rare earths. April CPI was 3.8% YoY; markets now place >50% probability on a Fed rate hike by January. J.P. Morgan maintains a Q4 2026 average gold price forecast of $5,055/oz; Goldman Sachs reiterated a $5,400 target. Exxaro Resources opened the expansion of its Matla coal mine and confirmed a 17-year coal supply agreement with Eskom to deliver more than 9 million tonnes per year to the Matla Power Station through November 2043 — extending a partnership that began in 1983. Matla Power Station (~3,600 MW) was slated for decommissioning by 2034 under South Africa's Just Energy Transition plan; the supply commitment through 2043 implies a practical extension of that timeline. Sources: Mining.com, S&P Global Energy, Nikkei Asia, Agnico Eagle Q1 2026 results, MarketBeat AGM report, 150Currency.com, GoldSilver.com, Exxaro Resources press release, Bloomberg / Mining.com.

Today on The Mining Insider: Gold fell sharply on Friday, dropping more than 3% to $4,530 per ounce — its lowest since mid-March — as April US consumer prices rose 3.8% year-over-year, wholesale inflation hit its fastest pace since 2022, and bond yields surged globally. Markets have now fully priced out Fed rate cuts in 2026 and are placing better than 50% probability on a rate hike by January. The Trump-Xi Beijing summit yielded no breakthrough on the Strait of Hormuz, where the US-Iran conflict continues to disrupt energy shipments and fuel the inflation that's pressuring gold. Edward Meir of Marex attributed the selloff to "a strong dollar as well as global increases in bond yield rates." Gold is now 13% below its January all-time high of $5,589/oz. Cornish Metals announced a £52 million credit facility from its two largest shareholders — the UK National Wealth Fund (up to £35 million) and Vision Blue Resources (up to $22.75 million) — providing the bridge financing needed to reach a final investment decision on the South Crofty tin mine in Cornwall. The facility is critical because Cornish Metals' $210 million Nordic bond is conditional on completing a minimum $161 million equity raise by May 21. CEO Don Turvey said the facility provides "the financial runway to progress through to the final investment decision." The National Wealth Fund has now committed over £63 million total to South Crofty, which is permitted for underground mining until 2071 and would create more than 300 direct jobs. Nouveau Monde Graphite confirmed a final investment decision for its Phase-2 Matawinie Mine in Quebec on May 14-15, following the closing of a $309.5 million equity financing package. Combined with $335 million in committed project debt from Export Development Canada and the Canada Infrastructure Bank, the total financing commitment exceeds $644 million. The Matawinie Mine is expected to produce approximately 106,000 tonnes of graphite concentrate annually over a 25+ year mine life, with production targeted for approximately mid-2028 — making it the G7's largest graphite project. China controls roughly 70% of global graphite mining; Canada has committed to purchase 30,000 tonnes per year on a take-or-pay basis. Sherritt International confirmed on Friday it is relinquishing its interests in the Moa Joint Venture Cuba Corporations, ending more than three decades as Canada's largest foreign investor in Cuba. The move follows US Executive Order 14404 (signed May 1), which expanded sanctions against Cuba and left Sherritt no viable legal path to continue. The Moa JV produced roughly 33,000 tonnes per year of finished nickel and cobalt. Sherritt's Fort Saskatchewan refinery in Alberta continues on existing feed inventory through approximately mid-June, after which permanent decisions about the refinery's future must be made. Sources: The Northern Miner, Trading Economics, MFN / Cornish Metals AIM, National Wealth Fund, NMG via Morningstar / Business Wire, Sherritt International via Morningstar / Business Wire, International Tin Association.

Today on The Mining Insider: Argentina's government approved two major mining projects under its RIGI large-investment incentive program on Thursday. The Cauchari-Olaroz lithium expansion, backed by China's Ganfeng Lithium Group and Lithium Argentina AG, will invest $1.24 billion to add 45,000 tonnes per year of lithium carbonate equivalent capacity. The San Jorge copper project in Mendoza will invest $891 million — the first large metal mine in Argentina's wine country. RIGI now has 16 approved projects with total pledged investment approaching $30 billion. Economy Minister Luis Caputo confirmed another 20 projects are under evaluation. Copper is pulling back. After an eight-day rally that took LME futures to $14,106 per tonne — within 3 percent of the January all-time high — prices fell 1.5 percent on Thursday as Chinese purchasing activity slowed. The retreat is a reminder that the copper rally has been partly financial-flows driven, not purely physical shortage. The Metals Company released its Q1 2026 results Wednesday afternoon. The headline number from the earnings call was the Allseas cost-sharing structure: Allseas has agreed to fund a significant portion of pre-production costs, with repayment scheduled after production commences — materially reducing TMC's near-term cash burn. TMC also disclosed an exclusive negotiation right at the Port of Brownsville in Texas for a processing and refining hub, and a new partnership with Mariana Minerals to advance feasibility work. And the countdown is on at South Crofty. Cornish Metals needs to complete an equity raise of at least $161 million before the May 21 bond settlement — six days from today. Without it, the $210 million bond does not close, the project cannot make a Final Investment Decision this summer, and the restart of Britain's historic tin mine is delayed again. Sources: Buenos Aires Times, Mining.com, Bloomberg, Lithium Argentina AG investor release, The Metals Company Q1 earnings call transcript (MarketBeat), Cornish Metals / International Tin Association.

Today on The Mining Insider: Agnico Eagle has announced a C$14 billion (~US$10 billion) investment in Ontario gold operations by 2030, including C$2 billion for the Detour Lake underground expansion and the Upper Beaver gold-copper project. It is one of the largest private sector mining capital commitments in Ontario's history. The Metals Company signed a commercial agreement with Dutch offshore contractor Allseas to design and deploy the first commercial deep-sea nodule recovery system in the Clarion-Clipperton Zone. TMC stock rose 13.9% on the news. NOAA has confirmed full compliance on TMC's 65,000 km2 application and a final permit is expected before end of Q1 2027. TMC Q1 2026 results call is today at 4:30 PM Eastern. Copper broke through $14,106 per tonne on the London Metal Exchange as sulfuric acid shortages — caused by the Strait of Hormuz closure — now directly hit DRC and Zambian copper producers. China's April refined copper output fell 3% month-over-month. Scotiabank revised its 2027 global copper deficit forecast to 350,000 tonnes. The Yindjibarndi Aboriginal Corporation is considering an appeal of the Federal Court ruling ordering Fortescue to pay A$150 million (~US$108M). Legal experts called the award — just 8 cents on the $1.8B sought — methodologically flawed. The WA Mining Act confirmed tenement holders, not the state, bear full liability. Parties reconvene June 22. Sources: Mining.com, Seeking Alpha, The Metals Company investor releases, TradingKey, FX Leaders, Bloomberg, Scotiabank, ABC Australia, Waatea News.

Today on The Mining Insider: The April Consumer Price Index came in at 3.8 percent year-over-year — one tenth above consensus — driven by energy costs surging 17.9 percent annually. Gold fell below $4,700 an ounce after the release and Fed rate hike odds climbed to roughly 30 percent by year-end per CME Group. For miners, the print confirms input cost pressures are not easing. Copper briefly touched $14,000 per tonne on the London Metal Exchange on Monday, within 3.5 percent of the January all-time high. The International Copper Study Group now forecasts a 150,000-tonne deficit for 2026 — driven by Grasberg delays, Escondida and Collahuasi disruptions, and ongoing sulfuric acid shortages. In Peru, leftist Roberto Sanchez is heading into a June 7 runoff against Keiko Fujimori after the first-round vote. Sanchez has pledged to rewrite the constitution, raise mining taxes, and phase out open-pit mining. Business confidence has fallen to a two-year low; Barclays has turned underweight on Peruvian bonds. Mining investment at roughly $6 billion per year is at risk. And in Australia, a Federal Court ordered Fortescue to pay $108 million to the Yindjibarndi people of Western Australia for damage to sacred sites — described by legal experts as the largest native title compensation ruling in Australian mining history. Sources: Bureau of Labor Statistics, CNBC, Kitco, Reuters, Mining.com, International Copper Study Group, Barclays, GEM Mining Consulting, US News and World Report.

Today on The Mining Insider: Fertilizer giant Mosaic has pulled nearly two million tonnes of US phosphate production off the market and withdrawn its full-year output forecast, citing runaway input costs driven by the ongoing closure of the Strait of Hormuz. The company posted a Q1 net loss of $258 million — well below the $71.5 million profit analysts had expected. Meanwhile, the US Bureau of Labor Statistics releases April CPI at 8:30 AM Eastern today. Markets are pricing in a 3.7 percent year-over-year print. Gold closed Monday at $4,748 an ounce after a 3.7 percent weekly rally — this single number could decide whether that momentum holds or reverses. And in Britain, Cornish Metals is in a race against the clock. The company secured $210 million in bonds to restart the South Crofty tin mine — the highest-grade undeveloped tin deposit in the world. That bond only settles if Cornish raises at least $161 million in equity by May 21. Sources: Bloomberg, Mining.com, The Western Producer, FX Empire, International Tin Association, Bureau of Labor Statistics.

Today on The Mining Insider: Barrick Mining released Q1 2026 results before market open — one of its strongest quarters on record. Gold production of 719,000 oz beat guidance of 640,000–680,000 oz by 5.7%. Three drivers: Nevada Gold Mines strong underground performance, Veladero higher throughput/grades, and Loulo-Gounkoto in Mali ramping faster than guided. Revenue $5.22B (+67% YoY). Adjusted EPS $0.98 (consensus was $0.74 — 32% beat). Operating cash flow $2.55B. Attributable free cash flow $1.21B (+195% YoY). Gold AISC $1,708/oz (below guidance mid-point of $1,760–$1,950). Board authorized $3B share buyback, citing value ahead of planned North American Barrick IPO. Quarterly dividend $0.175/share. Q2 guidance: 730,000–770,000 oz. Full-year guidance unchanged. On Iran: Trump called Iran's latest peace response "totally unacceptable." Iran rejected US demands to dismantle its nuclear program or cease enrichment for 20 years, instead offering gradual Hormuz reopening while keeping nuclear program and demanding blockade removal. Brent crude surged 2.69% to $104/bbl. Gold fell 0.6% to $4,689. Silver -0.8%. Ceasefire technically intact but drones struck cargo vessel in Qatari waters, UAE intercepted Iranian drones, Kuwait activated defenses. For miners: diesel still up 30–70%, LNG +30%, freight +40%, explosives/cyanide +10%. April CPI Tuesday. And Bloomberg reported Sunday that China's domestic gold production fell 3.27% YoY in Q1 2026, even as investor bar/coin demand surged. Aging mines, grade depletion, rising extraction costs, tighter permitting. China becoming more import-dependent — a demand anchor for non-Chinese producers. NOTE: Audio not available for this episode due to ElevenLabs quota exhaustion (35 credits remaining, 1,973 required). This is the third consecutive day with quota failure. Narration text saved in package file. Stories Covered: 1. Barrick Q1 2026 — 719,000 oz gold, $0.98 EPS, $1.21B FCF (+195%), $3B buyback, North American IPO progressing 2. Iran talks collapse — Trump "totally unacceptable," Brent $104, gold $4,689, Hormuz closed 3. China gold output -3.27% YoY Q1 2026 while investor demand surges Commodities: Gold, copper, oil, silver Jurisdictions: Global (Barrick), Iran/Middle East, China

Today on The Mining Insider: The week ended with Iran still reviewing a 14-point US peace proposal submitted through Pakistani intermediaries. Trump said Friday the conflict "is not over yet" and the US Navy fired on Iranian ships attempting to breach the Hormuz blockade, pushing oil prices higher. Gold closed above $4,700/oz and silver above $80/troy oz. For miners, the equation is direct: Hormuz closed means diesel +30-70%, LNG +30%, freight +40%, and Gold Fields put a $40-50/oz AISC hit at $100/bbl oil. A Hormuz deal would reverse that chain — lower oil, cooler inflation, room for Fed rate cuts, compressed real yields, and restored gold upside. Barrick reports Q1 Monday and April CPI arrives Tuesday. Separately, The Metals Royalty Company (Nasdaq: TMCR) — a royalty spinoff from The Metals Company — has agreed to buy a 1% gross overriding royalty on Mesabi Metallics' iron ore project in Nashwauk, Minnesota for $132.5 million. The project is 93% complete, carries a $10 billion US Export-Import Bank commitment, and is targeting first output of direct-reduction-grade steel pellets in H2 2026. Full capacity: up to 8.5 million tonnes per year, 23-year mine life. TMCR expects up to $13M in annual royalty income at full production. Essar Group (India) has invested $2 billion+ to date. And Argentina's government has published a 10-year minerals export target of $32.7 billion in combined lithium and copper revenues, with a 49% jump in mining exports projected for 2026 alone. Argentina is now the world's third-largest lithium producer. President Milei's elimination of capital controls, permitting streamlining, and area openings have accelerated investment. Copper projects Josemaria Resources and MARA (backed by Glencore and Newmont) carry $4-6 billion in capex each and represent supply the market is counting on in the late 2020s. NOTE: Audio not available for this episode due to ElevenLabs quota exhaustion (56 credits remaining, 2,237 required). Narration text saved in package file. Audio can be added manually once credits are restored. Stories Covered: 1. US-Iran standoff — 14-point proposal pending, gold $4,700+, silver $80+, Hormuz confrontation 2. TMCR $132.5M Minnesota iron ore royalty — Mesabi Metallics, DR-grade pellets, 93% complete, Ex-Im Bank backed 3. Argentina $32.7B minerals decade — lithium/copper, 49% 2026 jump, Milei deregulation, Josemaria + MARA copper Commodities: Gold, silver, oil, iron ore, lithium, copper Jurisdictions: United States (Minnesota), Argentina, Iran

Today on The Mining Insider: PT Freeport Indonesia has confirmed the full restart of the Grasberg Block Cave copper mine in Central Papua has been pushed to early 2028 — a full year later than prior guidance. Operations are currently running at 40-50% of capacity. The company is targeting 65% in H2 2026, 80% by mid-2027, near-full by end-2027, and full capacity in early 2028. 2026 copper guidance for Grasberg has been cut from 1 billion pounds to 700,000 pounds. The September 2025 mudflow that killed seven workers and deposited 800,000 metric tons of wet material into the underground mine workings remains the root cause of the extended recovery. Separately, China Railway Resources Universal Limited (CRRU) has presented a proposal to the DRC government to develop a major new copper-cobalt complex in the Grand Kasai region using assets held by state miner MIBA. Projected capacity: 200,000-500,000 tonnes of copper per year with a 250-500 MW integrated energy component. Presented to the DRC Mines Ministry on May 6 and described by Minister Kabamba as a major strategic project receiving the personal attention of President Tshisekedi. Key parameters — resource estimates, capex, timeline — remain undisclosed. And the United States and South Africa held their highest-level bilateral minerals meeting of the year in Johannesburg on Wednesday, with ~25 officials from both sides present alongside ~20 mining and banking executives. The US delegation included officials from Treasury, State, Commerce, Defense, and Energy, plus the Ex-Im Bank and DFC. The focus was on PGMs, chromium, manganese, vanadium, and rare earths — South Africa is the US's dominant supplier of platinum, rhodium, chromium, and military-grade vanadium. The Phalaborwa rare earths project (DFC-backed, $50M equity) was cited as a priority. A project priority list is being developed. NOTE: Audio not available for this episode due to ElevenLabs quota exhaustion. Episode published as text-only. Resume audio production when credits are topped up. Stories Covered: 1. Freeport Grasberg — full restart pushed to early 2028, production at 40-50%, 2026 copper guidance cut from 1B to 700,000 lb 2. China Railway / MIBA — 200,000-500,000 t/yr copper-cobalt proposal, Grand Kasai, DRC 3. US-South Africa minerals talks — Johannesburg, highest-level bilateral meeting 2026, PGMs, rare earths, Phalaborwa Commodities: Copper, cobalt, platinum group metals, rhodium, chromium, manganese, vanadium, rare earths Jurisdictions: Indonesia, DRC, South Africa, United States, China

Today on The Mining Insider: Cornish Metals has closed a $210 million Nordic bond offering to fund construction of South Crofty in Cornwall, England — the highest-grade undeveloped tin deposit in the world. The six-year bonds carry a 13.5% fixed coupon and were significantly oversubscribed. CEO Don Turvey says the company expects to be fully funded and to announce a final investment decision this summer, with first tin concentrate production targeted for mid-2028. The project would be potentially the first primary tin producer in Europe or North America, at a time when approximately two-thirds of global tin supply comes from China, Myanmar, and Indonesia. The US Export-Import Bank has issued a non-binding letter of interest for up to $225 million tied to future US tin exports. Separately, mining has resumed at Guinea's Simandou Blocks 1 and 2 after the Baowu Winning Simandou Consortium ended a labor dispute by agreeing to apply Guinea's national mining pay framework. Talks on worker classifications continue through May 20. Simandou, the world's largest untapped high-grade iron ore deposit, delivered its first shipment to China in April. And Gold Fields reported Q1 2026 all-in sustaining costs of $1,829/oz — up 13% — as the Iran war drives diesel prices up 30-70%, LNG up 30%, and freight costs up 40% across its global operations. The company estimates a $40-$50/oz portfolio impact at $100/bbl oil and maintained full-year guidance while warning costs could exceed the range if oil rises further. Gold prices rebounded toward $4,700/oz on reports of a potential US-Iran peace memorandum. Stories Covered: 1. Cornish Metals — South Crofty $210M bond, FID summer 2026, production mid-2028, 4,700t tin/yr, 14-year mine life, AISC lowest quartile ($14,461/t) 2. Simandou Blocks 1 & 2 — Labor stoppage ends, Guinea national pay framework accepted, talks through May 20 3. Gold Fields Q1 2026 — AISC $1,829/oz (+13%), Iran war energy shock, $40-50/oz impact at $100 oil, gold rebounds on deal hopes Commodities: Tin, iron ore, gold, oil Jurisdictions: United Kingdom, Guinea, South Africa, United States, China, Myanmar, Indonesia

Today on The Mining Insider: Ivanhoe Mines released its Q1 2026 financial results after market close on Wednesday. Kamoa-Kakula delivered $862 million in revenue and $397 million in EBITDA — a 46% EBITDA margin — and beat the low end of its C1 cash cost guidance at $2.58 per pound, compared with guidance of $2.60 to $3.00. The headline net loss of $2 million was driven entirely by a $183 million DRC tax settlement, not operating performance. Kipushi produced a record 65,044 tonnes of zinc in Q1. Platreef secured financial close on its $700 million Phase 2 project finance facility on April 30. And founder Robert Friedland described the Makoko copper discovery in the Western Forelands as "an emerging giant in the making." Separately, G7 trade ministers concluded a two-day meeting in Paris on May 6 with a joint communiqué pledging to ensure that attempts to "weaponize" critical mineral dependencies will fail — while underlying differences between the EU, US, and Japan on approach remain visible. And on the US copper tariff front, the Commerce Department faces a June 2026 deadline to deliver its report on the domestic copper market to the President — a prerequisite for a proposed 15% copper tariff set to take effect in January 2027, rising to 30% in January 2028. Stories Covered: - Ivanhoe Q1 2026: Kamoa $862M revenue, $397M EBITDA (46% margin), C1 $2.58/lb (below guidance), $183M DRC tax write-down drives headline loss, Kipushi record 65,044t zinc, Platreef $700M Phase 2 close, Makoko "emerging giant" - G7 Paris communiqué: minerals weaponization pledge, EU vs US vs Japan approach divergence, Canada C$18B in 12 countries - US copper tariff: Commerce report due June 2026, 15% tariff January 2027, 30% January 2028 Commodities: Copper, zinc, platinum group metals, sulphuric acid, gold Jurisdictions: DRC, South Africa, Canada, France, United States, Germany, Japan, Italy, UK

Today on The Mining Insider: Sibanye-Stillwater launched tender offers on May 6 to retire all $675 million outstanding of its 4% senior notes due 2026 — a full any-and-all offer — and up to $75 million of its 4.5% notes due 2029 at $962.50 per $1,000, funded by a new dollar-denominated bond issuance. The 2026 notes are set to settle May 15. The move is part of Sibanye's multi-year restructuring following the collapse of platinum group metal prices and comes one week after the fatal Kloof 8 shaft accident. Separately, a research note from Columbia University's Center on Global Energy Policy published May 5 documents copper smelter treatment and refining charges falling to negative $90 per tonne in the spot market in March 2026. Antofagasta agreed to zero TC/RCs for 2026. Glencore's Philippines smelter has already been halted. The US has only two active copper smelters remaining — Rio Tinto's Garfield facility in Utah and Freeport-McMoRan's Miami operation in Arizona. Authors Kevin Brunelli and Dr. Tom Moerenhout recommend production tax credits, modernization grants, and a TC/RC price floor mechanism. And Pan American Silver reported Q1 2026 results: $488 million in free cash flow, a record $1.8 billion in cash and short-term investments, and a $91.79 per ounce realized silver price. Full-year guidance of 25-27 million ounces silver reaffirmed. Stories Covered: - Sibanye tender offer: $675 million 4% 2026 notes retired, up to $75 million 2029 notes, new bond issuance, settlement May 15 - Western copper smelter crisis: TC/RCs at negative $90/tonne March 2026, Antofagasta 2026 benchmark at $0, Glencore Philippines halted, US down to 2 active smelters - Pan American Silver Q1 2026: $488 million FCF, $1.8 billion cash, $91.79/oz silver realized, guidance reaffirmed Commodities: Silver, gold, copper, platinum group metals, rhodium Jurisdictions: South Africa, United States, Canada, Philippines, Namibia, Japan, Chile

Today on The Mining Insider: Regis Resources and Vault Minerals announced a 100% all-scrip merger creating a combined company with a pro forma market cap of approximately A$10.7 billion (US$7.67 billion) — Australia's third-largest primary ASX-listed gold producer. The merged group will produce over 700,000 ounces per year from five Western Australian assets, entering life debt-free with A$1.9 billion in cash and projected annual free cash flow of A$1.7 billion. CEO Jim Beyer of Regis will lead the combined company; deal completion is targeted August-September 2026. Separately, Sibanye-Stillwater reported two employees killed on Sunday during a routine inspection of the Kloof 8 shaft in South Africa — a platform carrying the workers detached from the main winder conveyance and plunged uncontrolled down the shaft. The Kloof complex contributes approximately 14% of Sibanye's gold output. Shares fell 2.6%. And Barrick Mining's flagship Reko Diq copper-gold project in Pakistan's Balochistan province is under board-level capital allocation review following the Baloch Liberation Army's January 2026 coordinated attacks across nine districts. Barrick CEO Mark Bristow confirmed the review. Barrick has committed $7 billion to the project; the U.S. Export-Import Bank has committed $1.25 billion as part of Washington's strategy to build copper supply chains outside China. Stories Covered: - Regis Resources + Vault Minerals: A$10.7B merger, 700,000+ oz gold/year, debt-free, A$1.9B cash, completion August-September 2026 - Sibanye-Stillwater Kloof 8 fatalities: Two workers killed in shaft platform accident, operations halted, 14% of gold output suspended, shares -2.6% - Barrick Reko Diq capital review: BLA Balochistan attacks, Barrick $7B commitment under board review, US Exim Bank $1.25B at stake Commodities: Gold, copper Jurisdictions: Australia (Western Australia), South Africa, Pakistan (Balochistan), Canada, United States

Today on The Mining Insider: The Asian Development Bank launched its Critical Minerals-to-Manufacturing Financing Partnership Facility at its 59th annual meeting in Samarkand on May 3. Korea Eximbank and the Korean Trade Insurance Corporation (K-SURE) each signed $500 million memoranda as founding partners, alongside $20 million from Japan and $1.6 million from the UK as seed grants. ADB President Masato Kanda said Asia and the Pacific should capture more than raw material exports. Separately, the proposed merger of Anglo American and Teck Resources to form Anglo Teck — a $53 billion all-share deal creating a top-five global copper producer — has cleared shareholder approval at both companies and received regulatory clearance from the Government of Canada under the Investment Canada Act, with final approvals in China and South Korea expected September 2026 to March 2027. And on the London Metal Exchange, nickel climbed to $19,155 per tonne — the highest level since June 2024 — as Indonesia's 2026 RKAB quota of 260-270 million tonnes creates a structural supply gap against smelter demand of 380-400 million tonnes, compounded by a sulfur shortage tied to the Middle East conflict. Stories Covered: - ADB Critical Minerals-to-Manufacturing Facility: Korea Eximbank and K-SURE each commit $500 million, Japan and UK add seed grants, launched Samarkand May 3 - Anglo Teck merger: $53 billion deal, shareholder and Canada ICA approval secured, China and South Korea approvals pending September 2026 to March 2027 - Nickel two-year high: LME $19,155 per tonne, Indonesia RKAB quota 260-270 million tonnes vs demand of 380-400 million tonnes, sulfur shortage from Middle East amplifying pressure Commodities: Nickel, copper, critical minerals Jurisdictions: Asia-Pacific, Indonesia, Canada, Chile, South Korea, Japan, United Kingdom, Uzbekistan

Today on The Mining Insider: Work on the IPO of Navoi Mining and Metallurgical Company — Uzbekistan's state-owned gold miner and the world's fourth-largest gold producer — has been paused, with the Uzbek government weighing the right moment to list. The company produced 3.2 million ounces of gold in 2025, with revenue of $10.8 billion and pre-tax profit of $6.1 billion. Separately, a structural milestone in copper mining economics: Southern Copper and Vale both reported negative net cash costs for copper in Q1 2026, as byproduct revenues from soaring gold, silver, and molybdenum prices exceed total production costs. Southern's CFO confirmed that $1.2 billion in byproduct revenue more than covered the company's entire copper production cost. And in Chile, the sulphuric acid supply crunch is moving into a real production risk — acid prices at Chile's key port doubled from February to mid-April, Chilean buyers left the second half of 2026 largely uncovered, and Morgan Stanley puts up to 1.1 million tonnes of leached copper output at risk. Stories Covered: - Navoi Mining IPO paused — world's fourth-largest gold miner, 3.2 million oz in 2025, $10.8B revenue, Uzbek state miner - Southern Copper and Vale: negative net copper cash costs in Q1 2026 — $1.2B byproduct revenue at Southern; byproduct credits at Antofagasta hit 104% year-on-year - Chile sulphuric acid supply crunch — acid prices doubled, H2 2026 cover gap, Morgan Stanley flags 1.1 million tonnes at risk Commodities: Gold, copper, silver, molybdenum, sulphuric acid Jurisdictions: Uzbekistan, United States (Southern Copper), Brazil (Vale), Chile

Today on The Mining Insider: Mercuria Energy Group and Heeney Capital announced May 1 that they had secured White House-backed offtake agreements for Venezuelan bulk commodities and gold, projected to generate $2.2 billion in annual mineral export value — with aluminum, nickel, and ferrous metals negotiations ongoing that could add another $3 billion. NOAA certified on May 1 that TMC the Metals Company's consolidated application for a deep-seabed exploration license and commercial recovery permit fully complies with all regulatory requirements under the Deep Seabed Hard Mineral Resources Act — the first commercial seabed mining permit in US history now on track for Q1 2027. And Ontario tabled the POWER Act, 23 initiatives to slash early-stage mining permitting timelines and orient the province's minerals strategy toward defence supply chains. Stories covered: - Mercuria and Heeney Capital Venezuela mineral offtake deals — White House-backed, $2.2B annual export value in bulk commodities and gold, with $3B more possible in aluminum, nickel, and ferrous metals - NOAA certifies TMC deep-seabed mining application fully compliant — Clarion-Clipperton Zone, polymetallic nodules (manganese, nickel, cobalt, copper), commercial permit on track before Q1 2027 - Ontario POWER Act — 23 initiatives to cut early-stage mining red tape, defence minerals pivot, Minister of Mines George Pirie quote Sources: Reuters, E&E News, StreetInsider/TMC, Greenberg Traurig, Mining.com, Government of Ontario

Today on The Mining Insider: China's ban on sulphuric acid exports takes effect today, May 1 — a structural disruption that threatens roughly a fifth of Chile's copper output and has pushed Copperbelt acid prices near all-time highs of $700 to $800 per tonne in the DRC. First Quantum Minerals reported Q1 2026 results on April 28, posting a net loss of $196 million as Sentinel and Kansanshi both came in below the prior quarter — but raised its 2026 copper production guidance to 405,000 to 475,000 tonnes, citing anticipated Cobre Panama stockpile processing beginning late in Q2. And Brazil's Supreme Court ruled unanimously to uphold a 1971 law restricting foreign ownership of Brazilian rural land, with Justice Alexandre de Moraes explicitly citing critical mineral sovereignty — language that adds fresh complexity to the USA Rare Earth acquisition of Serra Verde. Stories covered: - China sulphuric acid export ban effective May 1, 2026 — impact on copper production in Chile, DRC, and Zambia; Ivanhoe Kamoa-Kakula's structural advantage; Goldman Sachs risk estimates - First Quantum Minerals Q1 2026 results — net loss $196M, Sentinel 45,252 tonnes, Kansanshi 45,345 tonnes, guidance raised on Cobre Panama restart, CEO Tristan Pascall quote - Brazil Supreme Court 9-0 ruling on foreign rural property — Justice de Moraes names lithium, rare earths, nickel; implications for Serra Verde/USA Rare Earth deal closing in Q3 2026 Sources: Bloomberg, Fastmarkets, S&P Global, Mining.com, Mayer Brown, The Rio Times, Ivanhoe Mines, First Quantum Minerals