AGP Executive Report

Fatal Mine Accident: A tunnel collapse at a British-run gold mine in Kenya killed workers, renewing scrutiny on underground safety and rescue readiness. Boardroom Move: Perseus Mining appointed independent non-executive director Tommy McKeith, adding deep precious-metals and project development experience. Venezuela Oversight: Venezuela’s MINERVEN received a ministerial inspection at the Revemin plant to track production progress, equipment condition, and productivity improvements. Climate vs Approvals: NSW’s Net Zero Commission warned coal mine and data-centre planning must be curbed to meet emissions targets, flagging widening gaps. Cross-Border Metals: Kazakhstan and China discussed a framework to develop shared non-ferrous deposits in border regions, including joint feasibility work. Copper Market Shift: Chile signaled a push to broaden copper buyers beyond China while targeting about US$100bn in mining investment over the next decade. Ghana Investment Push: Ghana opened talks with Hong Kong investors to attract capital into its mining sector. M&A in Gold: Equinox Gold shareholders approved its Orla Mining takeover, with a July 31 close expected pending remaining steps. Local Content in Tanzania: Tanzania highlighted growing Tanzanian leadership and supplier participation tied to the Nyanzaga gold project’s early economic impact. Environmental Warning: A study says metal mining’s carbon footprint may be far larger than previously thought due to acid mine drainage emissions.

Logistics & Exports: Zimbabwe’s NRZ moved its first 1,000-tonne lithium concentrate shipment from Gwanda Lithium Mine to Mozambique’s Port of Maputo via rail, aiming to cut export costs and boost freight volumes. Water Risk for Mining: ICMM warns water scarcity is already constraining new mine development and could slow the energy transition, urging stronger water stewardship across the sector. Galamsey Crackdown (Ghana): Ghana’s courts sentenced NPP chairman Bernard Antwi Boasiako (“Wontumi”) to 20 years over illegal mining-linked mineral rights, intensifying debate over enforcement and political accountability. Africa Value-Add Push (Guinea): Guinea moves to stop raw gold exports, requiring gold to be melted, certified and processed domestically before export. Uranium Output (Namibia): Paladin reports its strongest Langer Heinrich year since restart, beating FY2026 targets and lifting FY2027 guidance. Gold Development (Australia/Türkiye): Pilbara Gold extended Mt York gold mineralisation below the pit shell; Ariana Resources says Tavşan’s heap-leach ramp-up is now loading at target rates. Deep-Sea Mining: The ISA extended The Metals Company’s deep-sea exploration contract amid ongoing ISA–TMC tensions. Market Watch (Copper): Copper hit a six-week high as China inventories fell, with AI-driven power and electrification demand adding volatility.

Copper Surge: Grupo Mexico reported Q2 net profit up 79% as copper prices jumped 30.5%, while it keeps 2026 output guidance and funds the Tia Maria project in Peru. Critical Minerals Push (US): Ionic Mineral Technologies’ Utah halloysite find drew U.S. Trade Representative praise as lawmakers highlight domestic supply of rare earths and other critical minerals. Nickel Project Timing (Canada): Canada Nickel’s Crawford nickel sulphide mine is awaiting a federal decision within 30 days after final impact assessment steps, setting up potential 2027 pit work. Gold & Exploration (Ecuador/Mexico/Canada): Lundin Gold targets an early-2027 maiden resource for its Sandia copper-gold porphyry at Fruta del Norte; Coeur ramps 2026 exploration at Palmarejo and Las Chispas; New Found Gold reported high-grade Lotto Zone results at Queensway. Ghana ASM Formalisation: The World Gold Council pledged an initial US$250,000 to help register cooperatives and build trusted processing plants to curb illegal gold trading. Regulation & Enforcement (Ghana/Deep Sea): Ghana’s deputy AG rejected claims of selective prosecution in the Wontumi illegal mining case, while the UN tribunal granted provisional measures in a deep-sea mining dispute. Safety & Weather: A methane-triggered tunnel explosion in India’s Sikkim killed at least 11 with 14 missing as toxic gases stalled rescue; Chile’s storms and mudslides disrupted parts of the copper corridor and killed at least 10.

Mining Lease Milestone (Australia): Saturn Metals secured Mining Lease M31/496 for its Apollo Hill Gold Project in WA, backing development of the expanded 2.83Moz resource and maiden ore reserve. Project Feasibility (Australia): Silver Mines completed the DFS for Bowdens Silver in NSW, outlining a 26-year plan with a pre-tax NPV of A$1.04bn and 93.5Moz of silver reserves. Copper Growth (Zambia): Prospect Resources reported thick, high-grade step-out results at Nyungu Central, extending mineralisation beyond the current resource boundary and setting up further infill drilling. Processing Restart (Australia): Larvotto Resources began commissioning at the refurbished Hillgrove processing plant, targeting first ore through the crushing circuit as the antimony/gold restart ramps. Storm Disruption (Chile): Lundin Mining suspended operations at the Caserones mine complex after heavy snowfall disrupted power, while Candelaria’s mill continues on stockpiles. Iron Ore Shipping (Guinea): CSSC delivered a 41,800-tonne self-unloading vessel for Rio Tinto’s Simandou project, designed to speed shallow-water transshipment. Illegal Mining Crackdown (Ghana): Ghana’s court sentenced opposition figure Chairman Wontumi and Akonta Mining over Samreboi illegal mining, handing Wontumi 20 years with hard labour. Rare Earth DFS Advance (Namibia): Namibia Critical Metals approved the next DFS phase for Lofdal, funding metallurgical work aimed at producing higher-value rare earth carbonate products. Coal Mine Closure Policy (India): India’s Ministry of Coal will release its Annual Report on Mine Closure and sign a GIZ implementation agreement to support scientific mine closure and land repurposing.

Skouries Milestone (Greece): Eldorado Gold says first ore has been crushed at its Skouries copper-gold project, with commissioning advancing and first concentrate production targeted for Q3 2026. Fatal Incident (South Africa): Harmony Gold reported a worker death at the TauTona service shaft and is working with regulators to prevent repeat incidents. Labour Support (South Africa): Employment and Labour plans to expand outreach so ex-mine workers can access UIF and Compensation Fund benefits. Community Investment (Zimbabwe): Eureka Gold highlights major community projects, including a US$15m solar plant, housing moves, and new schools and clinics. Permitting & Water Concerns (US): A proposed graphite mine in Coosa County, Alabama, faces scrutiny at a town hall over water quality, dust, and tailings risks. Regulatory/Legal Pressure (Ghana): Ghana’s courts convict Chairman Wontumi and Akonta Mining over illegal mining, while the NPP and parliamentary minority challenge the judgment’s basis. Energy Infrastructure (West Africa): ECOWAS backs the Nigeria-Morocco Atlantic gas pipeline with an intergovernmental agreement. SEC Action (Crypto Mining): The SEC sues Mining Automatic and its founder over an alleged $22m crypto mining scheme. Prices (Metals): Gold holds near $4,015/oz while silver rises to about $57/oz. Coal-to-Clean Power (Australia): NSW approves a $1.8bn pumped hydro and solar project on a former coal site.

Zimbabwe Gold: Caledonia Mining says Blanket Mine gold output rose 18% quarter-on-quarter to 17,360 oz as access to higher-grade ore improves, reaffirming 2026 guidance of 72,000–76,500 oz. Australia Gold Development: Pilbara Gold advanced Mt York with ~13,000 m drilled in June quarter, plus pre-feasibility work and a new 12,000 m campaign at Roe Hills; initial assays are due late July. Ghana Mining Governance: Ghana’s Attorney-General’s Office engaged Bompieso and Abosso communities over revocation of community mining licences and warned that only the Minerals Commission can grant licences, urging lawful operations and no vigilantism. Ghana ASM Export Push: GoldBod bought ~54 tonnes of gold from artisanal miners in H1 2026 and exported $16.11bn (Jan 2025–May 2026), aiming to match or beat last year’s record. Project Approvals in WA: Riversgold is preparing key environmental permits for its Northern Zone Gold Project after securing the mining lease, with site clearance and native vegetation clearing applications due. Mining Services & Contracts: Perenti’s AMS agreed an orderly transition at AngloGold’s Iduapriem mine in Ghana, including sale of AMS fleet; L&T landed mega EPC orders across iron ore handling, steel expansion and zinc processing. Critical Minerals & Recycling: Attero completed an ISO-verified life cycle assessment for recycled metals from e-waste and lithium-ion batteries, boosting ESG-ready procurement data. Energy-Adjacent Mining: Hut 8 fully commercialized its Texas AI data center campus via a $9.8bn, 15-year lease, underscoring power and transmission constraints that also shape mining energy costs. Environmental & Safety: Three people were recovered after an abandoned gold mine collapse in Namayingo, highlighting ongoing risks from unsafe artisanal operations.

Coal Auction Watch (Philippines): The DOE says the Semirara Island coal auction is “most likely” to resume before end-July after a pause to rewrite rules for brownfield assets, with Semirara Mining & Power pushing back on data-sharing while the contract expires in July 2027. Illegal Coal Crackdown (India): CISF stepped up “zero coal leakage” enforcement, seizing about 1,800 tonnes of illegally mined/stored coal worth ~₹1.08 crore and 84 vehicles, filing 21 cases. Mining Governance (Nigeria): Nigeria’s solid minerals ministry is partnering with NIMC to use digital identity to track operators and tighten regulation. Copper & Tech Demand: A copper deficit outlook for 2026 is tied to AI data centers and sulphuric acid bottlenecks, while Nvidia’s silicon photonics push highlights how AI infrastructure is reshaping mining-adjacent supply chains. Project Updates (Australia): Caravel Minerals’ DFS mining study backs an updated 597Mt ore reserve at 0.24% copper and a staged open-pit plan for Bindi and Dasher. Regulatory/Permits (Ghana): A committee reviewing Adamus Resources’ licence revocation petition has submitted its report to Ghana’s lands minister. Geopolitics & Markets: US-Iran Strait of Hormuz enforcement resumed, rattling oil and crypto sentiment; Chile’s copper supply faces disruption from extreme rains.

Deep-Sea Mining Push Under Fire: Greenpeace protested Swiss firm Allseas’ seabed plans in Basel, while the US moves ahead with an auction of water areas around American Samoa for deep-sea critical minerals, drawing calls for a moratorium as scientists warn of major marine harm. Copper Supply Stress: The IEA says the copper outlook has worsened sharply, driven by a global sulphuric acid shortage that threatens processing capacity and could deepen deficits. Congo Lithium Exports: Zijin’s Manono project has begun shipping spodumene concentrate to China, marking DRC’s first-ever lithium export phase and targeting 30,000 tonnes LCE in 2026. Illegal Mining Crackdown: South Africa’s Operation PROSPER netted 1,149 arrests in June, with seizures of firearms, drugs, and gold-bearing material. Mining Safety Tragedy: Zimbabwe’s Rowdy Mine shaft collapse killed four miners after rescue efforts recovered the last two bodies. AI Meets Mining Power: Bitcoin miners are pivoting toward AI data centers, chasing far higher power-revenue economics than crypto alone. Regulatory Pressure on Mining: The Bank of England will stop accepting thermal coal bonds as collateral from Oct 31, tightening finance for coal-linked firms.

Deep-Sea Critical Minerals Push (US): The U.S. Interior Department has proposed leasing more than 31 million acres of seabed off American Samoa for critical minerals, with an auction set for Nov. 19 and a 60-day response window for the governor—amid renewed Pacific environmental concerns. Energy Transition & Coal Exit (Australia): At NSW’s former Liddell coal station, controlled demolition is underway as a new grid-scale battery ramps up, highlighting how coal retirements are being paired with renewables storage. Critical Minerals Tech Race (US/China): U.S. scientists are exploring seawater-based approaches to break China’s rare earth dominance, as supply concentration remains a geopolitical risk. Corporate Decarbonisation Under Pressure (BHP/Australia): A briefing to BHP investors argues Australia’s fuel tax break is slowing decarbonisation, pointing to delays or cancellations of emissions-cut projects. Illegal Mining Crackdowns (Ecuador/Nigeria): Ecuador’s Amazon protected areas are facing armed interference tied to illegal gold mining, while Nigeria’s Taraba task force says it arrested suspected illegal miners and destroyed makeshift sites. Permitting & Legal Friction (US Copper Mine): A federal judge has placed a hold on the sale of Lyon County copper mine land to a private company, citing public-interest and federal-law concerns. Mining Project Reviews (Minnesota/US): Minnesota’s DNR is seeking comments on scoping for the Tamarack underground nickel-copper project’s environmental impact statement. Local Gold Politics (Jordan/UK-style governance): In Pakistan’s gold-mining land dispute, the agriculture minister denies corruption allegations and says land was allocated through lawful procedures.

Ghana Mining Finance: MIIF and Ghana International Bank (GHIB) have started talks on a strategic partnership to expand mining investment and financing, including structured finance for mining and value-chain projects and trade finance for mining exports/imports, with lithium flagged as a key early-stage opportunity. Armenia Copper Asset: Armenia’s Teghut copper-molybdenum mine has shifted to U.S.-linked Dynamic Frontier Holdings via Kuprar RA LLC, as the deal follows earlier VTB divestment steps and positions the asset within the TRIPP+ “Trump Route” investment push. South Africa Illegal Mining Crackdown: Two SANDF members died after falling into an abandoned mine shaft during Operation Prosper in Gauteng, prompting renewed calls for deeper scrutiny of the illegal mining value chain beyond low-level operators. India Coal & Forest Clearances: India’s environment panel has given in-principle clearance for diversion of large forest areas for coal mining in Chhattisgarh and Odisha, with conditions on mitigation, afforestation and compliance. Critical Minerals Watch: Indonesia’s nickel market jumped to a three-week high on LME supply tightening tied to revised 2026 RKAB quotas and a sulphuric acid shortage that is slowing smelter throughput. Policy Signal for Batteries: China will end its lithium-ion battery tax exemption, introducing a 2% consumption levy from Sept. 1, 2026 (rising to 4% in 2027), while keeping some newer chemistries exempt longer. Project Updates: Kingfisher Mining reported strong copper-gold intercepts at its Copper Blow project, and Solis Minerals began a 10-hole diamond drilling program at its Mandacaru lithium project in Brazil targeting a pegmatite system.

Deep-Sea Mining Push: The U.S. plans to auction large areas of water around American Samoa for seabed mining, with a Nov. 19 lease sale process that critics say sidesteps the UN’s International Seabed Authority and could harm fragile marine life. Ghana Investment Drive: The Minerals Income Investment Fund and Ghana International Bank are exploring a partnership to pull in more international capital for Ghana’s mining and critical minerals value chain, including lithium. Lithium Output Update: Kodal Minerals reports Bougouni lithium production of 26,174 tonnes of spodumene concentrate (5.34% Li2O) for the quarter, with shipments continuing after maintenance-related disruptions. Mining Tech for Waste: Sudbury researchers are using microbes to bio-leach valuable metals from mine tailings, aiming to cut environmental damage while recovering nickel and copper. Legal/Operations: Mozambique says it has settled a long-running coal mining dispute via ICSID, clearing the way for renewed investment momentum. Safety Tragedy: South African police and SANDF say they weren’t trained for illegal mine conditions after two soldiers died in a shaft fall during an anti-illegal mining crackdown.

Critical Metals Funding: Tartana Minerals locked in a A$5.18m cornerstone investment from Xingye Gold, lifting Xingye to 19.99% and aiming to accelerate exploration across Queensland silver, tin and base metals. Permitting Boost: Resolution Minerals secured US Federal FAST-41 Transparency coverage for its Golden Gate tungsten-gold target in Idaho, adding streamlined federal permitting momentum for its Horse Heaven critical minerals push. Gold Mine Ramp-Up: Perseus Mining says Yaouré growth work is progressing, with underground development and early stoping performance supporting continued ramp toward steady-state operations. Copper Cathode Restart: Cyprium Metals is nearing practical completion on restart works at Nifty, targeting first copper cathode production in the September quarter. PGM Expansion Milestone: Northam Platinum opened the world’s deepest raise-bored Zondereinde No. 3 shaft, designed to extend mine life by 40 years. Coal Legal Risk: Peabody faces a US securities fraud class action, with an August 24 lead plaintiff deadline tied to Centurion coal disclosures. Policy & Community Pressure: Meghalaya plans a resolution opposing and banning uranium mining, while South Africa-Namibia trade highlights mining’s regional investment pull. Safety & Output Watch: China’s coal output fell 9.7% in June after a deadly mine accident triggered tighter safety checks.

Mining Claims & Land-Use Clash: Nunavut advocates want a pause on new mining claims until the Nunavut Land Use Plan is finalized, citing heavy staking despite repeated draft rejections. Indigenous Court Fight (Gold): Belo Sun faces a new Brazilian civil public action over Volta Grande Gold, with demands for free, prior and informed consultation and potential licence suspension. South Africa Output Slips: Mine production fell 4.5% year-on-year in May as Hormuz-linked oil disruptions lifted costs and gold/PGM prices cooled. Oregon Power-Line vs Gold Rights: Malheur Mining sues to reroute a $1.5B transmission line to protect long-held gold claims. Deep-Sea Mining Push: The Trump administration proposes 20-year deep-sea mining leases off American Samoa, despite Pacific opposition. Critical Minerals Geopolitics: DRC’s foreign minister says U.S. involvement is “complementarity,” not rivalry, in the push for copper, cobalt and lithium supply chains. Sudan Diversifies: Sudan launches a geological survey to reduce reliance on gold and broaden mining into industrial and energy minerals. Tanzania Financing Boost: Geita Gold Mine secures $500m financing, backing continued gold output. Precious Metals Watch: Bank of America flags gold’s correction could test near $3,600 before stabilizing. Tungsten Drilling Update: Allied Critical Metals reports early Santa Helena results at Borralha, supporting its tungsten development case. Data Center Power Debate: West Virginia’s Mon Power faces opposition as it seeks approval for a $2.4B gas plant tied to future data centers.

Gold Exploration Upswing (Australia): Odyssey Gold hit shallow, high-grade gold at its Shackle target (3m at 16.1 g/t) and says mineralisation remains open for scale and follow-up drilling. Near-Mine Growth (Australia): Black Cat uncovered new high-grade Lynx and Regulus gold lodes at Paulsens, including 4.8m at 18.8 g/t and 3.7m at 40.3 g/t, with surface drilling underway to test extensions. Solar Supply-Chain Traceability (China): SSI awarded its first traceability certification to a Chinese polysilicon plant, with an initial silver ESG certification also granted—aimed at mapping provenance across the solar PV chain. Project Restart (Nevada): Blossom Gold is reopening Portal #2 at its Rosebud project, targeting underground infill drilling in Q4 2026 after earthworks and rehabilitation. Critical Minerals Economics (US): Ionic Mineral Technologies’ Silicon Ridge PEA flags an after-tax NPV of about $12.1bn and a 69% IRR, driven by diversified advanced materials and multiple critical minerals. Labor & Output Pressure (Australia): BHP faced a historic Port Hedland strike and cut 2027 copper guidance due to grade declines at Escondida, weighing on ASX miners. Illegal Mining Crackdown (Ghana): Authorities seized 112 pump-action guns and arrested hundreds in a six-month galamsey enforcement push, alongside equipment seizures and forest reserve operations. Uranium Operations (Canada): TRX Gold reported record throughput and plant expansion milestones at Buckreef, while Cameco resumed mining at Cigar Lake after a temporary halt. Power Infrastructure (Serbia/Romania): Serbia and Romania signed an MoU to advance conceptual and technical documentation for the Djerdap 3 reversible hydropower plant this year.

Metals & Markets: Gold rose to about $4,043/oz and silver to about $57.6/oz as investors digested inflation and Middle East risk, keeping mining shares in focus. Corporate Finance: Centerra Gold extended and upsized its revolving credit facility to $600m, boosting flexibility with no current borrowings. Project Timelines: Mont Sorcier iron ore feasibility work was delayed as optimization trade-offs are added, while key study filings remain on track. Mine Safety & Disruption: Fury Gold evacuated its Eau Claire camp in Quebec due to a nearby wildfire, pausing exploration temporarily. Regulation & Permits: Minnesota opened a comment period on the Tamarack nickel mine near Mille Lacs Lake, with tribes and environmentalists pushing back. Privatization Watch: Ukraine approved privatization terms for Odesa Portside Plant and two sanctioned assets, setting auction starting prices at UAH 4.3bn and UAH 1.82bn. Illegal Mining Crackdowns: Ghana’s Lands Minister defended rCOMSDEP as a lawful pathway, while police in the Philippines seized alleged illegal copper ores worth P600,000. Jobs & Closures: Ekati diamond mine in Canada’s N.W.T. is set to close as its owner runs out of funds, adding pressure to local employment.

Lithium Feasibility Milestone: Savannah Resources says it has completed the Definitive Feasibility Study for its contested Barroso lithium project near Boticas, confirming a 14-year initial mine life and 20Mt of probable ore reserve, with construction targeted for 2027. High-Grade Gold Drilling: Bunker Hill Mining reported new underground assays at its Idaho mine, including silver up to 27.3 oz/t plus lead and zinc, as it pushes toward an initial resource estimate by year-end. Graphite Processing Validation: Titan Mining says its Kilbourne Graphite workstream has validated concentrator performance and confirmed battery-grade purification and spherical graphite yields, supporting its feasibility path. Copper-Gold Security Warning: Pakistan’s Saindak Metals warned it may have to halt operations within a month if Balochistan’s law-and-order situation keeps disrupting cargo logistics. Job Risk in Diamonds: De Beers’ plan to pause Venetia mine production for two years drew a backlash from the NUM, warning of more than 1,200 jobs at risk. Illegal Mining Crackdowns: South Africa’s police crackdown in Mpumalanga netted 105 suspects and seized gold-bearing material and equipment, while in the Philippines authorities seized nearly 2,000 sacks of alleged illegally mined copper ore. Community Pushback on Permits: Residents in Nueva Vizcaya, Philippines, marched to demand revocation of a gold-copper exploration permit, alleging it was approved without proper indigenous consent. Rare Earths Progress: Chilean Cobalt advanced Phase 2 at its NeoRe rare earth project, reporting expanded drilling and pilot plant processing steps. Ghana ASM Gold Boost: Ghana’s Gold Board says it bought 50–54 tonnes of gold from artisanal miners in H1 2026 and expects output to match or surpass last year.