AGP Executive Report

Rare Earth Expansion: China Northern Rare Earth Group plans a $74m 50% expansion at the Bayan Obo rare earth mine in Inner Mongolia to boost ore processing capacity, as Beijing tightens control of critical mineral supply. Gold & Silver Earnings: Lepanto Consolidated Mining says first-half 2026 net income more than doubled to P1.59bn, helped by higher realized gold and silver prices despite lower output. Tungsten Value-Add: Finland’s Endomines reports Kuittila drilling and ore-sorting tests that lift tungsten and molybdenum grades, aligning with a sharp APT price jump. Critical Minerals Workforce Push: The Trump administration backs about $180m for U.S. mining education and workforce programs, including funding for South Dakota Mines. Uranium Insider-Trading Probe: U.S. Democrats open an investigation into Energy Fuels over trades ahead of Bears Ears monument cuts that could affect uranium mining. Illegal Mining Crackdown & Deaths: South Africa faces renewed scrutiny after a disused mine collapse killed 14 suspected illegal miners, while a new bill would criminalize illicit mining. Project Finance Moves: NOVAGOLD and Donlin Gold appoint Endeavour Financial and Macquarie Capital as advisors for Donlin Gold project financing. Seabed Mining Revenue Fight: CNMI delegate Kimberlyn King-Hinds pushes for a 50-50 split of potential seabed mining revenues, while saying she’s conflicted due to limited science.

Rare Earth Supply Push (China): China Northern Rare Earth Group is expanding the Bayan Obo mine in Inner Mongolia by 50% with a reported $74m investment to boost ore processing and modernize extraction. Gold & Silver Markets (Philippines): Lepanto Consolidated Mining says first-half 2026 net income more than doubled to ₱1.59bn as realized gold and silver prices surged, even as output fell. Exploration Updates (Australia): Beacon Minerals confirmed high-grade gold at the Iguana deposit (Lady Ida Project) ahead of an updated resource estimate, while Arrow Minerals reviewed historical Yarraloola drill core and flagged VMS-style potential. Project Growth (Brazil): St George Mining lifted the Araxá rare-earth resource estimate by 57% to 111.2m tonnes, strengthening development study inputs. Safety & Crime (South Africa): Police report 14 illegal miners dead and eight seriously injured after a rockfall at a disused Rustenburg-area mine. Corporate Moves (Global Mining): Barrick appointed Sebastiaan Bock as CEO for its “Rest of World” operations, aiming to grow gold and copper outside North America. Critical Minerals Policy (India): India’s commerce minister outlined supply-chain resilience efforts for critical sectors, including lithium, cobalt, nickel, rare earths and copper. Tech for Mining (South Africa): Deloitte Africa and Refuel partnered to help mining and other heavy industries digitize diesel rebate claims for faster, compliant payouts. Rare Earths Development (Australia): Australian Rare Earths began pilot processing at its Koppamurra project to generate data for a bankable feasibility study.

Critical Minerals Push (US): Trump announced more than $2B in mining and metals investments, plus $180M for mining education, as the administration targets copper, rare earths, graphite and other defense-linked inputs. Rare Earths (US): USA Rare Earth reported Q2 progress toward a non-China magnet and metal supply chain, including hydromet commissioning and a planned acquisition. Battery Materials (Canada): Five First Nations signed a letter of agreement for potential equity and stewardship talks tied to the Kearney graphite project restart in Ontario. Gold Deal (Senegal): Fortuna agreed to buy the Bambadji advanced gold exploration project from Barrick and IAMGOLD, consolidating a major strike corridor near Diamba Sud. Lithium Update (China): CATL’s Yichun authorities said a lithium mine restart remains stuck in maintenance and awaits environmental steps. Mine Safety & Justice (US): Four Illinois coal mine managers were indicted over alleged failure to evacuate during an underground fire and alleged obstruction of MSHA. Community Opposition (Philippines): Carmen, Surigao del Sur rejected mining exploration over watershed and agriculture risks. Uranium Scrutiny (US): Anti-uranium advocates disrupted a public hearing for a proposed uranium mine near the Navajo Nation, citing Church Rock’s legacy. Environmental Recovery (US): Pennsylvania watershed groups highlighted passive treatment projects tackling acid mine drainage by removing iron oxide and restoring waterways.

Nevada Gold Mines Truce: Barrick and Newmont have reached an agreement resolving their Nevada Gold Mines dispute, with excluded properties contributed into the JV and Newmont set to pay Barrick $1.95B, clearing the way for Barrick’s North American gold assets IPO plans. Company Updates: Barrick also declared a Q2 dividend of $0.175/share after missing profit estimates tied to costs and Mali tax penalties, while K92 Mining reported record Q2 performance with strong gold, copper and silver output and progress on its Stage 3 expansion. Exploration Moves: Discovery Mining extended Borden’s Main Zone and East Lower Zone with multiple high-grade gold intercepts, and Sentinel Metals kicked off maiden diamond drilling at its Columbia gold-silver project in Montana. Uranium Data Upgrade: Terra Clean Energy acquired and digitized historic drill and mine records for Utah’s Marysvale uranium mines, building a 3D geological model to guide future work. Critical Minerals Finance: TechMet will form a US subsidiary to attract capital for lithium, vanadium and battery recycling holdings, and Korea Zinc gained traction as Washington pushes China-free critical mineral supply chains. Safety and Social Risk: Two illegal gold miners died after a pit collapse in Zambia, underscoring ongoing hazards in informal mining. Policy/Industry Context: A Ghana-focused piece argues local content should build capability rather than rely on abrupt lease or ownership shifts.

Census Pressure on Mining Towns: Australia’s FIFO “ghost population” debate is heating up as Kalgoorlie-Boulder leaders warn the 2026 Census may undercount fly-in fly-out workers, straining local services. Gold Development Update (WA): WA Gold says all seven Phase 1 diamond holes at Abercromby hit the Eastern Lode, with results up to 35.21g/t supporting continuity over at least 500m and more drilling planned. Green Iron Exports: South Australia’s DryFlow Magnetics is shipping its modular green iron tech to the US after finding an offshore buyer, aiming to cut steel emissions using magnet-based processing. Defense Minerals Funding (Guyana): The US is putting $150m into Guyana bauxite to secure refractory-grade supply for defense, including expansion of the First Bauxite mine and new processing steps. Mining Governance (Liberia): Liberia rolls out a Gold Traceability System with mandatory official vouchers from Oct 1, 2026 to curb illicit gold flows. Illegal Mining Crackdown (Malawi): Communities along Lilongwe’s Nathenje River report illegal mining is reshaping waterways and raising flooding and safety risks. Crypto Mining Meets AI: Firmus, once a Bitcoin miner, raised $2b at a $10.5b+ valuation to expand modular AI data centers, signaling a major pivot from crypto to compute. DR Congo Policy Shock: Congo’s copper and cobalt concentrate export ban keeps reshaping supply chains and market expectations.

US Critical Minerals Push: President Trump announced $3bn for critical minerals and battery projects, including Defense Office of Strategic Capital loans for lithium-ion parts, scandium and magnets, plus funding for mining schools and workforce. Pentagon Scandium Bet: The Pentagon backed a $400m conditional loan for Sunrise Energy Metals’ Australian scandium mine, aiming to build Western supply as China dominates processing. Defense Supply Deals: Lockheed Martin signed a scandium supply MOU with NioCorp and is also in talks for germanium sourcing, showing policy money turning into specific procurement. DRC Trade Tightening: Congo moved to ban copper and cobalt concentrate exports, raising supply-chain pressure and adding risk for buyers while pushing more processing at home. Ghana Gold Governance: Ghana’s GoldBod plan targets smuggling and weak traceability by redesigning the miner-to-market supply chain. Mining Disruption Watch: BHP workers staged a weekend-long walkout at Port Hedland, warning prolonged action could hit investment. Local Mine Restart: Zimbabwe’s Labour Division lifted a prohibition notice so Gold Ridge Mining can resume at Pit One after slope-stability remediation plans. Illegal Gold Crackdown: Zimbabwean reporting highlights “amakorokoza” illegal miners using remote claims as hideouts after crimes in towns.

Critical Minerals Push: Trump met mining CEOs at the State Department as the US targets rare earths, tungsten, germanium and scandium to replenish defense stocks and cut China-linked risk. US–Guyana Bauxite Deal: The US Department of War backed a US$85.5m investment to acquire and expand Guyana’s First Bauxite mine, adding calcination and a US brown-fused alumina push to secure refractory-grade supply. Workforce Funding: The US DOE announced a US$100m initiative to expand mining and mineral-science education, aiming to double graduates in two years. Illegal Mining Fallout: Johannesburg’s City Power warned that illegal copper extraction is destabilizing substations and causing life-threatening hazards, with outages and costly repairs following. Project Approvals vs Conservation: India cleared a Gujarat bauxite/marl project near marine protected areas, with conditions aimed at wildlife plans and conflict avoidance. Energy Storage Trend: Australia’s vanadium play is pitching vanadium flow batteries for data-centre power management as AI drives demand. Market Watch: Namibia reported 2025 mineral sales topping N$64bn, while copper prices near record highs on tariff expectations and tighter physical supply. Corporate Updates: Nexa Resources flagged stronger Q2 zinc and EBITDA; McEwen outlined recovery steps at Gold Bar and progress toward a Los Azules decision.

US Critical Minerals Push: Trump-backed financing is flowing into mining and processing to cut China-linked supply chains, including a Pentagon $400m conditional loan for Sunrise Energy Metals’ Syerston scandium project in NSW and Ex-Im support for graphite, tantalum and niobium processing. Rare Earth Supply Security: The scandium plan is framed as a “mine-to-finished product” Western supply cornerstone after China restricted defence-related exports. DR Congo Processing Pivot: Congo has ordered an immediate halt to exporting copper and cobalt concentrates, aiming to force more domestic value-add as EV and battery demand rises. Australia Mining Finance: The Pentagon’s scandium funding is part of a broader US$3bn minerals-and-battery package plus mining education money. South Africa Mine Justice: A man was sentenced to 10 years for stealing zircon worth R26m from Richards Bay Minerals, tied to a wider syndicate probe. South Africa Jobs Fight: NUMSA won to place Kimberley’s Ekapa diamond mine into business rescue, challenging liquidation and seeking a rescue plan. Labour Disruption: BHP iron ore export workers in Pilbara launched a strike after wage talks stalled. Wildfire Disruption (Local): Evacuation orders expanded in Peachland, BC, as the Bald Range wildfire spreads.

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

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

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

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

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

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

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

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