AGP Executive Report

Geopolitics & Markets: Fresh US-Iran strikes pushed oil and global bond yields higher, dragging risk sentiment and setting up a weaker start for Australian equities, with small caps and miners likely to feel the squeeze. Copper & Critical Minerals: Kaoko Metals kicked off first drilling at its Chalkos copper-silver project in Namibia with broad visible copper hits in early holes, while Pivotal Metals lifted Horden Lake copper recovery modelling to 92% total and flagged strong nickel and precious-metal credits. Project Moves: Ero Copper will host a 2026 Capital Markets Day in São Paulo, and Methanex said it will indefinitely idle its NZ plant in 2027 after selling gas entitlements, as Genesis secured additional gas supply to 2029. Mining Governance & Community: In the Philippines’ Nueva Vizcaya, 11 residents arrested over a blockade tied to mining exploration were released on bail after calls for “fair” dialogue; in Solomon Islands, Transparency Solomon Islands urged stronger consultation and removal of a “constructive consent” clause from a proposed mining bill. Tech-Adjacent Mining: BT’s Openreach says copper recycling from legacy phone lines could generate over £2bn as AI and electrification drive copper demand. Capital & Listings: Ore Resources applied to quote a new tranche of shares on the ASX, reflecting ongoing capital management in exploration.

Philippines Mining Tensions: In Nueva Vizcaya, 11 anti-mining villagers were arrested after police dispersed a human barricade blocking vehicles tied to exploration work, with residents citing missing consultation and permits. Russia Oil Logistics: Ukraine’s refinery strikes are pushing Russia to process crude abroad, with Moscow sending fuel work to a Kazakhstan refinery—unlikely to fully fix shortages but aimed at easing pressure on supply. Silver Watch: Spot silver was reported at $65.03/oz, down $2.32 from the prior day, as markets weigh macro signals. Exploration Drilling Updates: Sonoro Gold reported initial 10,000m results at Cerro Caliche; FireFox Gold delivered high-grade intercepts at Mustajärvi in Finland; Talisker added more Bralorne vein conversion drilling hits. Copper & Equipment: Epiroc won a major underground equipment order for MMG’s Khoemacau copper expansion in Botswana; Metso and Finland’s GTK signed for a minerals processing pilot plant in Outokumpu. Project Progress: Tanzania’s Maganga Matitu iron ore project entered construction after grid connection; Alaska’s West Susitna access road got up to $25m more for geotechnical work. Policy & Permits: Namibia cleared a controversial seabed phosphate dredging plan, drawing criticism from conservation groups.

Philippines Mining Protests: Police dispersed an anti-mining human barricade in Kasibu, Nueva Vizcaya, arresting 11 villagers; one was hospitalized, with residents citing weak consultation and permits. Middle East Oil Shock: Fresh US-Iran strikes and Iran’s retaliation pushed crude higher and dragged US stocks, keeping Strait of Hormuz shipping risk in focus. Pacific Infrastructure: The US and New Zealand will help fund a US$60m deep-sea port on Penrhyn in the Cook Islands, a strategic move as Pacific influence competition grows. Queensland–Indonesia Resources Push: Queensland hosted IndOz 2026 to deepen coal and critical minerals ties with Indonesia, including investment and technology discussions. Galamsey Crackdown Pressure (Ghana): A professor urged President Mahama to act harder against illegal gold mining after a deadly pit collapse and rising regional fatalities. Mining Safety & Water Fallout: A West Australian council faces a refund fight with MinRes, while in Oklahoma a Bitcoin mining site was condemned after a 3m-gallon water leak; nearby residents also raised well-water concerns about a sand mine expansion. South Africa Chrome Tailings Scrutiny: New aerial images follow the Dikwena tailings failure, raising questions about how the facility was managed. Australia Exploration Momentum: Gold exploration spending surged in the June quarter, with gold leading a broader lift in resources activity.

Energy & Geopolitics: Fresh US-Iran strikes are pushing crude higher for a fourth straight session, with Strait of Hormuz supply fears back in focus. Mining Policy: Uganda has imposed a 30-day moratorium on new mineral licences and exploration rights to curb speculative claims and clean up the sector. Project Restart: Namibia’s government is working with unions and stakeholders on a “responsible” restart of the Scorpion Zinc mine and refinery after the 2024 closure hit jobs hard. Company Updates (Copper/Gold): Capstone Copper has completed its San Pietro acquisition, adding underexplored Chile ground and boosting its district-scale inventory. Exploration Results: Blue Jay Gold has started drilling at the Becker-Cochran antimony-silver occurrence in Yukon, while Bunker Hill Mining reported expanded high-grade silver-lead-zinc intercepts at its Cate-8 zone. Critical Minerals: Nova Minerals says it briefed the US Department of Energy on building an integrated antimony supply chain in Alaska. Market Pulse: India’s industrial production grew 6.7% in July, with mining and quarrying contracting while manufacturing and power held up.

Gold & Copper Developments: Caledonia Mining struck a milestone at Zimbabwe’s Motapa with a maiden 379,000oz measured-and-indicated gold resource, adding to its Bilboes pipeline. Project Progress: Red Mountain Mining kicked off maiden RC drilling at its Armidale antimony-gold project in NSW, targeting Oaky Creek with 17 holes and assays due early next quarter. Copper Ramp-Up: Konkola Copper Mines (KCM) set a goal of 300,000 tonnes of copper annually over three years, pointing to July output as operations stabilize under Vedanta. AI Power for Mining-Adjacent Industry: IREN shares slid after results, but the story keeps circling back to data-centre compute demand and power/land/data-centre scale. Policy & Permitting Pressure: New Zealand’s minerals council urged “Let mining grow” ahead of Election 2026, while Guyana’s GGMC pushed miners to declare gold through authorised channels. Regulatory/Legal Friction: Nigeria’s NSCDC Mining Marshals defended the 13-month Stone Rockers quarry closure as an active crime scene before court. Safety & Labour: Seven died and four were feared trapped after an illegal pit collapse at Asaman Tamfoe in Ghana; Russia’s Severny Kuzbass miners reported nearly a year of unpaid wages. Energy-Market Crosswinds: Nigeria targets 2.5mbpd crude output, and Serbia’s NIS got an OFAC operating license extension to keep talks moving.

Mining Protest Crackdown (Philippines): Police in Kasibu, Nueva Vizcaya arrested 11 anti-mining protesters after officers moved to disperse a barricade blocking North Luzon Mineral Resources Corporation personnel, with two reportedly injured. Environmental Oversight Cut (Argentina): Argentina’s government repealed eight mining-related regulations, including the 2022 environmental monitoring program, without naming a clear replacement—raising concerns about provincial oversight. Community Rights Push (Tanzania): Communities in Tanzania’s mining areas demanded better access to information, real participation, and stronger justice mechanisms, citing compensation delays and intimidation in disputes. Gold Cost Pressure (Global): A World Gold Council report says rising royalties are driving higher gold production costs, with royalties and production taxes doubling their share of all-in sustaining costs. Uranium Performance (Namibia): Paladin’s Langer Heinrich uranium mine lifted FY2026 revenue 71% to $304.3m as ramp-up boosted sales and profitability. M&A Zinc/Silver (Boliden–Nexa): Boliden agreed to buy Votorantim’s controlling stake in Nexa Resources for about $1.31b, reshaping the zinc and silver map across Brazil and Peru. Gold Deal (Ontario): Inventus Mining agreed to acquire the historic Golden Rose Mine near Sudbury, adding a past-producing high-grade underground asset. Indonesia Export Rules (Policy): Indonesia eased export-proceeds placement for qualifying mining exporters, letting them retain at least 30% for three months under Article 18A. Critical Metals Court Step (Australia): Critical Metals’ $835m European Lithium takeover heads into a September 15 court process as the transaction moves toward shareholder votes. Local Opposition (Philippines): Romblon residents submitted 31,000 signatures to DENR opposing Sibuyan mining, while Dinagat Islands residents protested a Tubajon project amid a worsening water crisis. Safety/Health (Coal): Black lung advocates renewed pressure on MSHA after reporting highlighted the highest rates since the 1970s, tied to respirable silica dust regulation delays.

Community Opposition to Mining: Residents in Dinagat Islands, Philippines, protested a proposed extractive project over fears for the Navarro and Imelda watersheds amid a water crisis, with a planned meeting ultimately not proceeding. Environmental & Legal Pressure: Conservation groups appealed approval of Idaho’s Stibnite Gold Project, arguing the mine could harm salmon habitat and air and water quality, as Perpetua moves ahead with restoration plans. Deep-Sea Mining Oversight: NOAA opened a 60-day public comment period for The Metals Company USA’s Clarion-Clipperton Zone bid, with an Environmental Impact Statement still ahead. Commodity Shock Watch: Barclays warned the next commodity shock may be forming as El Niño strengthens and physical markets tighten, raising risks for agriculture, energy and industrial metals. Oil Geopolitics: The US announced it secured majority control over Venezuela’s proven oil reserves via a deal covering 17 strategic fields, a major shift with unclear details. Mining Safety & Livelihoods: Zimbabwe’s artisanal miners face mercury risks and formalisation gaps, while a separate report highlights how reaching miners at sites is hard for support groups. Crypto Mining Fallout: A major water leak in El Reno, Oklahoma, was traced to a Bitcoin mining property, with officials citing fire-code issues and no data-center permits. Policy on Sand Mining: Uganda is drafting a Building Substances Bill to regulate sand mining, after pausing new mineral rights and licences for review. Market & Corporate Signals: IREN’s results show Bitcoin still drives most revenue as it transitions toward AI cloud, while Russia’s Putin touted coal reserves and production performance.

Coal & Policy Pressure: HVO, a Yancoal–Glencore joint venture, says it wants to keep coal extraction going to at least 2045, positioning it as the state’s biggest coal expansion—while a separate U.S. coal safety debate highlights claims of weak enforcement on black lung protections. Community & Environment: Nigeria’s NESREA sealed four Nasarawa facilities over pollution and missing environmental documents, and in India a Rajasthan panel review on mining boundaries is delayed after committee no-shows, leaving residents worried about continued damage. Mining Rights & Security: Ghana’s Narawa Mining concession faces reported escalation after an alleged takeover by armed personnel and civilians, while Ethiopia’s digital cadaster is criticized as a “map” of wealth that doesn’t match low real output. Gold Market & Economics: The World Gold Council links record Q1’26 gold prices to record producer margins even as costs rose, with royalties a key driver. Project Milestones: Deccan Gold’s Altyn Tor in Kyrgyzstan is set for a Sept. 11 inauguration as it moves into production. Finance & Deals: BitGo completed its $42.5M purchase of NYDIG’s institutional trading unit, adding derivatives and financing capabilities. Regulatory/ESG Watch: A new focus on ESG compliance is framed as moving from reporting to core mine decision-making.

Philippines Sector Update: The Mines and Geosciences Bureau says metal production value in the first half of 2026 jumped 41.4% to P202.18 billion, led by gold (up 42.4% in value) even as volumes fell 12.6%. Community Pushback: Romblon officials delivered 31,000 signatures to DENR urging protection of Sibuyan Island from large-scale metallic mining. Regional Minerals Pact: Chile, Argentina, Bolivia and Peru signed a declaration to boost cooperation on strategic minerals, including copper and lithium, with new working groups on geology, oversight and skills. Silver Output Disruptions: Three major silver-producing countries missed output targets due to a Mexico community blockade, Peru zinc grade issues, and a Chile snowstorm—showing non-price factors driving supply. U.S. Defense Supply Moves: The Department of War backed Trilogy Metals with $35.6m for critical minerals in Alaska, and added $100m follow-on preferred equity to Atlantic Alumina to preserve domestic alumina refining capacity. Safety Incident: B2Gold reported a fatality at its Masbate gold project after a pipe burst during maintenance; the area was secured and work paused while investigations continue. Guanajuato Silver Options: Guanajuato Silver granted incentive stock options to an officer for 150,000 shares at $0.50, expiring in 2031. Vale Automation Deal: Vale and ABB expanded automation and AI deployment from Brazil’s Conceição II model plant to other iron ore operations. Coal Power Controversy: Strategic Metals is pushing a coal-fired power plan in Yukon tied to the Division Mountain deposit, arguing for coal’s role amid grid strain. Ghana Revenue Transparency: Nigeria’s RMAFC pledged deeper collaboration with NEITI to strengthen extractives revenue transparency and accountability. Mining Policy Fight (U.S.): Industry groups asked the U.S. Supreme Court to review a ruling upholding tighter Biden-era soot standards. Stock/Market Watch: Precious metals slid on hawkish Fed signals, hitting gold miners including SSR Mining.

Local Opposition to Mining: Romblon officials in the Philippines delivered 31,000 signatures to DENR urging protection of Sibuyan Island from large-scale metallic mining, backed by provincial, municipal and faith groups. Mining Finance: Access Bank (Ghana) signed a financing partnership with Mantrac Ghana (Caterpillar dealer) and other local banks to expand equipment and working-capital funding for contractors and mining firms. Nickel Supply Pressure: Chinese-controlled nickel smelters in Indonesia are reportedly weighing coordinated output cuts amid weak prices and margin squeeze, with options including ~30% rate reductions. Illegal Mining Crackdown: Nigeria’s NSCDC sealed two illegal mining sites in Anambra after raids found operators lacked valid documentation. Gold Safety Milestone: Navachab Gold Mine (Namibia) hit four million working hours without a Lost Time Injury, highlighting contractor and near-miss reporting. Renewables for Mining: Voltalia commissioned a 148MW solar plant for Richards Bay Minerals in South Africa, targeting ~10% emissions cuts and grid support via Eskom wheeling. Project Moves: Tanzania’s Mchuchuma-Liganga iron ore and coal project is entering a key feasibility phase, with final coking-coal processing work due mid-September before implementation agreements. Corporate Deal: Votorantim will swap its 64.6% Nexa Resources stake for ~7% of Boliden, reshaping ownership of the zinc-silver miner. Market Watch: Silver was quoted around $70.62/oz, up sharply on the day and year.

Nickel Production Milestone (Canada): Glencore’s $1.8B Onaping Depth project in Sudbury hit a key production milestone, with Doug Ford highlighting 2.6km underground operations, expected output into at least 2040, and jobs ramping to full production in 2027. Gold & Air Quality (Australia): NSW EPA varied Cadia Gold Mine’s licence, tightening emissions limits with the strongest air-quality caps in the state and adding stronger monitoring requirements. Coal Supply Security (Philippines): The DOE is weighing a centralized coal blending terminal to cut reliance on Indonesia, aiming to reduce exposure to export guideline changes. Mining Risk & Safety (Global): A call for national or global standards targets deadly mine mud rushes and water inflows, arguing modern monitoring can prevent repeat disasters. Debt Threat (South Africa): South Africa’s Supreme Court of Appeal cleared the Industrial Development Corporation’s move to seize control of Kalagadi Manganese over a $375M debt, ending the company’s last procedural fight. Metal Recovery Innovation (Research): University of Illinois researchers unveiled an electricity-driven extraction molecule that could recover metals with far fewer chemical reagents, including potential gold recovery from waste streams. Oil Market Pressure (Hormuz): US claims the Strait of Hormuz is open and mines cleared pushed oil lower, while Shell warned disruptions could last longer than markets expect. Lithium Results (Australia): Elevra Lithium reported FY26 full-year results for North American Lithium, including record ore mining and steady spodumene concentrate production.

Philippines Energy Security: The DOE says the country is planning its first coal-blending facility to cut reliance on imported Indonesian coal as Jakarta moves toward a “one-stop export” pricing framework. Exploration Drilling Push: GoldHaven has started its maiden drill program at the Magno Project, targeting the historic Kuhn tungsten zone, while One Bullion begins 3,000m of HQ diamond drilling at Vumba in Botswana and Midland/Wallbridge mobilize for a 3,000m Casault gold campaign with new targets. Project Progress & Financing: Troilus secured a Finnvera LOI that could support up to ~US$132m of export credit for Metso equipment for the Troilus project; Nova Minerals shipped nearly 500 tons of antimony processing/refining equipment to Alaska for 2027 production. Policy & Community Pressure: Michigan’s Copperwood Mine got a $50m grant amid backlash over standards and process; Copperwood funding also drew mixed reactions from environmental and economic groups. Markets Watch: Silver trades around $68.34/oz, down slightly on the day, while gold has rebounded after June’s drop.

Tampakan Backdoor Listing: The Philippine Stock Exchange has classified Dominion Holdings’ planned merger with Indophil Resources and Sonar Holdings as a backdoor listing, moving the Sy- and Consunji-backed Tampakan copper-gold project closer to a public-company structure. Rare Earths Processing Push (Brazil): St George Mining will assess a Minas Gerais rare earths processing centre with Brazil’s state and Lima & Pergher, aiming to strengthen Brazil’s mine-to-magnet supply chain. Antimony-Gold Drilling (Georgia): Krakatoa Resources says it has completed 1,000+ metres of drilling and underground sampling at Zopkhito, with assays due mid-September ahead of a maiden JORC resource. Tungsten Security (UK): The UK will invest up to £71m to restart the Hemerdon tungsten mine and negotiate access to as much as half of output for domestic needs. Copper Price Pressure: Analysts warn US tariff threats could lift copper to record levels by draining non-US inventories, even without a global shortage. Seabed Phosphate Shock (Namibia): Namibia’s environmental commissioner has issued the world’s first clearance for commercial seabed phosphate dredging at Sandpiper, triggering legal and scientific backlash. Mining Safety Spotlight (CAR): A gold mine collapse in Central African Republic killed more than 100 artisanal miners, renewing calls for stronger safety and regulation.

Project Expansion & Permits: Sonoro Gold says it has completed the acquisition of 23 mineral concessions adjacent to its Cerro Caliche gold project in Sonora, aiming to expand the footprint of a wider epithermal system. Uranium & Copper Momentum: Purecore Metals updates progress since listing, including expansion into Canada’s Athabasca Basin and an option deal to earn up to 100% of the Yurchison uranium property in Saskatchewan. Rare Earths Push: Greenland Mines priced a $20m public offering to fund the Sarfartoq Nd-Pr rare earth project in Greenland, targeting magnet-material supply outside China. Drilling Results (Copper/Moly/Polymetallic): VR Resources reports continuous mineralization to 881m at its New Boston Nevada porphyry-skarn system, with copper, moly, tungsten, silver and zinc intercepts from near surface. Gold Cash-Flow Surge: Ora Banda Mining reports record FY26 revenue and cash generation as its Sand King underground mine ramps up. Ghana Lease & Governance: Gold Fields urges Ghana to treat its Tarkwa lease renewal fairly as negotiations enter a critical phase, while Ghana’s political parties press for transparency over reported GoldBod losses. Energy & Infrastructure Pressure: Whiteville, North Carolina approves a 12-month moratorium on new data centers and crypto mining over water and power concerns. Coal Jobs: A WARN notice flags 71 permanent layoffs at a Boone County coal operation in West Virginia.

Philippines Critical Minerals Policy: Nickel miners’ group backed President Marcos’ EO 122, saying the new framework is meant to speed exploration, processing and higher-value use as the country competes for critical minerals investment. South Australia Permitting: Aruma Resources secured a Native Title Mining Agreement for its Wilan heavy mineral sands target, clearing the way for a PEPR submission ahead of maiden aircore drilling. Uranium Financial Update: Paladin Energy reported FY2026 results, including 4.82Mlb U3O8 production at the top end of guidance, higher revenue and an improved net loss. Gold Resource Growth: Perseus Mining lifted group mineral resources to 10.6Moz gold and ore reserves to 7.0Moz, with major gains at Yaouré, Edikan and Nyanzaga. Tin-Tungsten Exploration: Koba Resources launched ~1,000 soil samples across Mount Garnet and Stannary Hills to expand six priority prospects ahead of drilling. Rare Earths Development: Eclipse Metals advanced work at Greenland’s Gronnedal rare earth project, with mapping and sampling complete and assays due in Q4. Mining Licensing in Brazil: St George Mining started Araxá’s EIA/RIMA process with FEAM as part of a three-stage environmental pathway. Copper Market Shock Risk: Analysts warned U.S. tariff threats could push copper to record levels by draining inventories toward the U.S., tightening supply where it matters. Ghana Mining Dialogue: A major National Mining Dialogue in Accra focused on social license, local content and catchment impacts, with calls for communities to capture more value. Michigan Copperwood Funding: Michigan approved $50m in state grants for Copperwood Mine infrastructure upgrades, despite local environmental opposition.

Critical Minerals & Policy: Britain will inject up to £71m to restart the Hemerdon tungsten-tin mine in Devon, taking a 7% stake and ringfencing half output for UK use as governments push to cut reliance on China. Regulatory & Community Oversight: Canada’s Clearwater River Dene Nation activates a Highway 955 safety checkpoint for uranium-area travel, asking companies to share where and when work will happen. Project Progress (Gold): FireFox Gold reports new Mustajärvi infill results in Finland, including 14.1m @ 4.32 g/t Au. Exploration & Execution (Gold): Troilus selects Metso for major process equipment for the Troilus gold-copper project in Quebec, moving procurement and engineering forward. Corporate Moves: Dynacor approves a monthly dividend for September; Talisker lists warrants on the TSX. Mining Disputes: Tata Steel wins interim relief in a ₹1,755cr Jharkhand coal demand case, halting coercive steps while the revision is considered. Safety & Enforcement: Cross River park rangers arrest 17 suspected illegal miners inside protected areas. Market Backdrop: Copper and gold enter 2026’s second half with different near-term signals, but both remain strategically important for grids, renewables and defense supply chains.