AGP Executive Report

Precious Metals & Markets: Copper held just above $14,000/ton in London as Goldman lifted its end-2026 target on tighter supply, citing disruptions at Grasberg and Kamoa-Kakula. Gold & Silver Miner Sentiment: A fresh investor note argues precious-metals miners are printing cash as gold and silver prices surge, with majors trading at lower forward P/E multiples than years ago. Ghana Mining Court: Ghana’s High Court set July 3 for judgment in the Wontumi Akonta illegal mining trial, after the defence closed its case over alleged mining without authorization. Project Moves (Manganese): Giyani Metals posted positive DFS results for its K.Hill battery-grade manganese project in Botswana, supporting reserves and strong economics. Project Moves (Nickel): MITHRA Metals advanced a strategic nickel laterite initiative in southern Ethiopia after confirming nickel laterite systems in drilling. Uranium Financing: Aura Energy is in talks with the US DFC for up to $170m to fund Mauritania’s Tiris uranium project, with a feasibility study due in September. Antimony License: Xtract Resources secured a 10-year mining license for its Amghas antimony project in Morocco and began moving processing infrastructure. Deep-Sea Mining Watch: A new report shows deep-sea mining tests far below the surface, as environmentalists warn of irreversible damage. Local Governance & Water: Superior, Arizona approved a long-term water mitigation deal with Resolution Copper worth more than $20m. Illegal Mining Crackdown: Kelantan authorities seized 45 excavators in an illegal gold mining crackdown. Coal Community: Estevan’s “Coffee Talk” spotlighted coal’s impact on the local community.

Project Drilling Starts in Australia: Alkane Resources has begun diamond drilling at the Nagambie antimony-gold project in Victoria under its earn-in with Nagambie Resources, aiming to grow the existing inferred resource. Gold Targeting Push in WA: WA Gold is shifting to Bullabulling near Coolgardie, lining up priority gold targets ahead of drilling after a review highlighted under-tested structural ground. Nickel DFS Timeline Tweaked: Ardea Resources has delayed the definitive feasibility study for its Goongarrie Hub nickel-cobalt project to add value-engineering, with funding backed by Sumitomo and Mitsubishi. Rare Earths Manufacturing Bet: USA Rare Earth will invest $1.2bn in South Carolina to build magnet and rare earth metals capacity, targeting commissioning in 2028. Regulatory Update in WA Bauxite: Western Australia moved to revoke Alcoa’s current bauxite exemption order, though operations can continue under a replacement order. Iron Ore Watch: Guinea’s Simandou iron-ore exports jumped in May, while iron ore prices slipped on weaker steel margins and demand. Uranium Development Pathway: Aura Energy is targeting FID for its Tiris uranium project in Mauritania by end-2026 after an MoU with a major nuclear utility. M&A / Takeover Signal: Cygnus Metals jumped on a $232m takeover offer from Central Asia Metals, with a scheme vote expected later. Illegal Mining Crackdown: Guyana shut down six illegal mining operations in the Mazaruni district, arresting 38 and seizing equipment.

Critical Minerals & Rare Earths: USA Rare Earth will build a $1.2B permanent magnet and rare-earth metals plant in South Carolina, targeting 490 jobs and aiming to cut reliance on China amid a planned Brazil mine acquisition. Project Finance & Capital Raises: Edge Copper kicked off an overnight marketed share offering to fund exploration and development at its Zonia Copper Project in Arizona, while Mink Ventures closed the first tranche of a non-brokered private placement. Exploration Updates: Geo completed an airborne survey at its Gorge gold project in Western Australia, and Globex reported new gold occurrences at its Salt Spring project in Arizona; Gold X2 also released fresh infill drilling assays at the Moss Gold Project. Mining Policy & Permitting: India’s laterite classification shift has stalled lease approvals in Andhra Pradesh, and Argentina’s Glacier Law reform cleared a court hurdle so mining rules can apply in Santa Cruz. Energy-Mining Link: The Trump administration is working on a financing framework for Alaska’s Ambler mining road, drawing tribal and environmental pushback. Market & Macro: London mining stocks helped lift the FTSE 100, while industrial production data showed mining output lagging as manufacturing held up.

M&A Watch: Zijin Gold has cleared Canada’s Investment Canada Act for its $4bn takeover of Africa-focused Allied Gold, with ECOWAS and COMESA merger approvals also in hand; the deal now awaits Chinese regulatory sign-offs and the “outside date” has been extended to July 29. Activist Pressure: Elliott Investment Management disclosed an A$1bn+ stake in Australia’s Northern Star and is pushing for a strategic review that could include a sale, citing repeated operational missteps and multiple outlook misses. Iron Ore Output: India’s NMDC reported May iron ore production of 5.31MT (+19.86% y/y) while sales slipped to 4.04MT (-6.91%); shares jumped on the release. Uranium Development: Aura Energy says it is nearing a final investment decision for the Tiris uranium project in Mauritania, targeting an announcement by year-end after a bankable feasibility study due in September. Copper Exploration: Green & Gold Minerals has started reverse circulation drilling at Copper Hills in Queensland, with rock chips returning up to 2,212g/t silver and 13.7% copper. Ghana Mining & Governance: Ghana’s courts admitted new witness material in the Samreboi illegal mining case, while officials also signaled a tougher stance on illegal miners after a collapse rescue. Policy & Community: Odisha’s Koraput protests over alleged bauxite clearance “bulldozing” drew fresh political fire, as villagers allege fraudulent gram sabha approvals. Legal/Trade Dispute: Trafigura won a roughly $92m arbitral award in a Zambia copper mine payment dispute. Market/Commodity Context: China’s state iron-ore buyer has asked steel mills to question Fortescue’s new low-grade product quality as long-term contract talks stall.

Turkey & Rule of Law: Doruk Mining workers’ unpaid wages and protests are colliding with arrests tied to coal expansion plans linked to Limak Holding, spotlighting how corporate power can reach into courts. US Land Protection: Greater Yellowstone Coalition added 161 acres and transferred mineral rights to the U.S. Forest Service, aiming to keep mining off visible Crevice Mountain. Mining Safety & Enforcement: Zambia’s government says it won’t fund rescues for illegal miners, warning “if a mine collapses… you are on your own,” after a Matala Gold Mine rescue. DR Congo Health vs Supply Chains: DR Congo’s Ebola outbreak is raising concerns for artisanal mining-linked gold/tin/tantalum/tungsten flows amid weak governance and conflict. Rare Earths Supply Moves: Solvay and Viridis signed a rare earth sourcing LOI for shipments from Brazil to France starting 2028, while REEcycle’s deal targets a China-independent recycling supply chain. Project Finance & Expansion: Greatland secured funding and a final green light for Havieron, while IAMGOLD eyes a major Côté Gold expansion near Gogama. Automation & Tech: Sandvik’s underground test mine in Finland continues advancing autonomous drilling, and Rio Tinto’s scheduling platform won an AI productivity award. Cost Pressure: AISC trends 2026 point to margin compression from energy and reagent stress, even as gold margins hold up. Market Pulse: Silver sits around $74.90/oz as prices remain far above last year.

Uranium & Permitting: North Shore Uranium secured New Mexico and BLM approvals to start drilling up to 26 holes at its Rio Puerco uranium project, aiming to validate decades-old Kerr-McGee work. Gold Exploration Moves: Silver Bow Mining got an “authorization to proceed” for the next phase at its Rainbow Block project in Montana, clearing the way for the Rainbow Decline, expanded drilling and bulk sampling. Rare Earths Talent Pipeline: Reuters reports China’s rare-earth universities and Baotou-linked labs are feeding a tightly coordinated refining and magnet supply chain, keeping Beijing ahead as Western rivals try to catch up. Coal Seam Gas Milestone: Jade Gas won Mongolia’s first approval for coal bed methane reserves at its Tavan Tolgoi project, setting up next steps toward development licensing. Critical Minerals & Corporate Deals: Allied Gold’s C$5.5bn merger with Zijin cleared Canada and regional African competition regulators, with China approvals still pending. Market Pulse: Copper ticked up in London on tighter supply concerns and a higher Goldman forecast, but Iran peace-deal uncertainty capped gains. Safety & Operations: Endeavour Mining reported a fatal contractor incident at its Lafigué mine in Côte d’Ivoire during water drainage activities. Africa Expansion: USA Rare Earth outlined plans to expand France investments through 2030, targeting magnet making and adding 300+ jobs. M&A/Finance Windfall: Venus Metals sold a 1% NSR in Youanmi for $46m and plans a special dividend of about 17c per share.

Ghana Mining Investment: Damang Gold Mine (Dzata Holdings) has kicked off a US$250m fleet expansion, with the first 52 machines (including Liebherr excavators, Caterpillar 395 excavators and 777 dump trucks) arriving to lift output and efficiency. Mongolia Minerals Law: Mongolia tabled sweeping 2026 Minerals Law amendments, adding a critical-minerals framework, changing exploration lifecycles, and introducing mine-closure bonding plus a standalone regime for beneficiation. Serbia Energy & Infrastructure: Serbia is planning new gas interconnections with North Macedonia and Romania within two years, while Transnafta’s Hungary-to-Novi Sad pipeline now has an approved Environmental Impact Assessment scope to start the formal process. Myanmar Explosives Disaster: A blast in northeastern Myanmar killed 45+ and injured ~70, with reports saying mining explosives were stored at the site near the Chinese border. China Illegal Mining Fatalities: A collapse at an illegal mine in Yunnan’s Huize County killed five and injured one; authorities are investigating causes amid recent scrutiny after the Shanxi coal disaster. Middle East Shipping Risk: Oman issued a navigation warning after a floating object suspected to be a naval mine was spotted in the Strait of Hormuz, urging extreme caution. South Africa Crackdown: Operation Prosper led to arrests of 36 suspects and seizures of illegal mining equipment and firearms in Gauteng. Laos Cave Rescue: Heavy rain is threatening the search for two remaining gold miners after five were rescued from a flooded cave.

Strait of Hormuz Mine Alert: Oman’s Maritime Security Center warned of a suspected naval mine in Omani territorial waters, urging vessels to steer clear and report immediately, as UKMTO also flagged “critical” risk levels amid heightened regional tensions. US Claims vs Reality Check: NBC reported US officials have not confirmed any mines in the Strait despite extensive searches, undercutting earlier public claims of “numerous” detonations. Myanmar Rare-Earth Stakes: A new report frames northern Myanmar as a potential “mineral war” zone for AI-era rare earths, highlighting how conflict and resource control are tightening supply-chain leverage. India Illegal Ore Case Fallout: A Bengaluru special court discharged Karnataka MLA Gali Janardhan Reddy and others from illegal iron ore transportation cases, including Trident Mining Company, citing insufficient basis to proceed. Ghana Lease Pressure: Huniso chiefs appealed to President Mahama to renew Gold Fields’ Tarkwa lease, arguing the company’s presence supports roads, education and local development. ESG Rules Tighten: Coverage notes ESG reporting is shifting from voluntary brochures to mandatory, audit-like disclosure frameworks, with IFRS/CSRD-style requirements gaining force. Brazil Illegal Gold Crackdown Still Failing: Greenpeace says “ghost permits” are enabling billions in illegal Amazon gold sales despite enforcement efforts. Coal Health Backlash: A US review links coal mining and nearby exposure to higher cancer deaths, adding pressure against expanding coal operations. Petra Diamonds Restructuring: Petra placed its Finsch mine into business rescue and signaled cost cuts at Cullinan as diamond demand and the strong rand squeeze liquidity. Mining Finance & Deals: Equinox Gold’s planned all-stock acquisition of Orla Mining targets a larger North American gold platform, while Coeur Mining highlighted buybacks and dividends as it leans into shareholder returns.

Critical Minerals & “War Metals”: A surge in conflict-linked demand is lifting prices for inputs like tungsten and germanium, while Strait of Hormuz disruptions keep pressure on global metals supply chains. Namibia Mining Finance: Andrada Mining secured conditional N$98m debt financing to expand its Uis Mine and boost ore-sorting and crushing, adding to an April equity raise. Ghana Gold Processing Push: GoldBod CEO Sammy Gyamfi says Ghana is set to build a 600-tonne gold refinery, aiming to turn the country into a regional processing hub. South Africa Power Relief for Ferrochrome: Nersa approved electricity price relief for ferrochrome producers to protect jobs and keep smelters running amid high power costs. Greece Germanium-Zinc Focus: Rockfire Resources highlights its Molaoi project in Greece as Europe seeks secure germanium supply, with drilling and feasibility plans underway. Malaysia Gold Expansion Drilling: Monument Mining reported additional high-grade gold assay results from Selinsing’s mine expansion program. China Coal Safety Shock: A Shanxi coal mine gas explosion killed at least 82, renewing scrutiny of hidden workings and worker tracking. India Anti-Fraud Sand Mining Crackdown: ED carried out multi-city raids tied to alleged illegal sand mining, seizing cash and targeting firms and individuals. Local Governance & Mining Tensions (Minnesota): The IRRRB backed a brewery redevelopment at a former depot, but lawmakers questioned ties to groups opposing nearby copper-nickel mining.

M&A Watch: Allied Gold says Zijin Gold has cleared Canada’s Investment Canada Act and other regional competition approvals for its takeover, with remaining African regulatory steps still in progress and completion tied to further clearances. Community & Safety: Old Nic Mine in Zimbabwe confirmed two worker deaths after a shaft collapse, while Scotland’s Clackmannanshire continues evacuations as disused coal mines show ground movement and cracks. Enforcement: India’s ED raided alleged illegal sand mining linked to three firms, seizing cash, devices and documents across Hyderabad, Jaipur and Coimbatore. Power & Industry: Eskom reports Nersa approved a concessionary pricing framework for ferrochrome smelters, aiming to stabilize industrial electricity demand without burdening standard tariff customers. Critical Materials & Recycling: A new EU-focused report highlights rising demand for critical raw materials by 2050 and the current shortfall in recovery for metals like lithium, cobalt and rare earths. Gold Operations: Serabi Gold posted a sharp jump in Q1 profit and revenue as production and realized prices improved, while Sonoro Gold increased its private placement to $15m to fund Cerro Caliche drilling. Industry Standards: Armenia’s mining body joined ICMM, signaling a push toward responsible mining alignment with global standards. Energy Transition: FutureCoal welcomed IEA data showing global coal investment hitting a 14-year high, led by China and supported by energy security needs.

Rare Earth Geopolitics: Viridis Mining says it will exclude Chinese buyers from Brazil’s Colossus rare-earth project, aiming instead at Europe and North America as China dominates refining and processing. Mining Operations & Growth: Metso opened an expanded service and training center in Mesa, Arizona, boosting local support for U.S. mining customers. Project Progress: Oman’s Mazoon Copper Project cleared major earthworks for its 2027 push, while Canada’s Aruma Resources completed Tillex copper-silver diamond drilling and Namibia’s Askari Metals kicked off Phase I field work at Uis-linked tin-tantalum targets. Markets & Commodities: Iron ore is set for a monthly loss as Shanxi’s deadly coal mine blast lifts coking coal costs and pressures steel margins; gold steadied on safe-haven demand amid Iran conflict and shifting rate-cut hopes. Policy & Environment: Zimbabwe declared an emergency river rehabilitation program after alluvial mining damage, and Guyana faces possible EITI suspension over unmet corrective actions. Safety & Social Impact: China’s coal disaster search continues, and Indonesia’s Lapindo mudflow survivors press for justice two decades on.

China Mining Safety: China’s early probe into the Shanxi Liushenyu coal blast says the mine used hidden tunnels, fake plans and unregistered contract workers, with 82 dead and 128 hospitalized. Nicaragua Metals Deal: Nicaragua says it will return BHMB Mining to its original owners and restart operations at the Palacaguina gold processing plant after a 2025 confiscation tied to U.S.-linked ownership. Ghana Local Participation: A Ghana ruling-party figure argues for prioritizing Ghanaian-owned firms if Gold Fields’ Tarkwa lease renewal comes up, as the government signals non-automatic renewal. Philippines Privatization Cash: Nonoc Mining’s asset sale drives a ₱645m privatization revenue spike in April, the biggest haul in months, feeding the state’s energy-crisis funding needs. Oman Copper Progress: Mazoon Copper Project earthworks are completed, clearing the way for faster development of the integrated copper-gold operation. Ghana Enforcement: EPA orders Gan-He Company’s processing and dewatering suspended over alleged ongoing cyanide tailings and discharge violations. Markets Watch: Gold slips below $4,500 amid inflation-rate fears, but one fund manager says central-bank buying keeps the long-term rally intact. Critical Minerals: American Rare Earths starts 2026 drilling at its Cowboy State rare-earth project in Wyoming, aiming to support a future DFS.

Reclamation & CSR: Ghana’s government has kicked off an 800-acre mined-land reclamation at Nkroful, backed by Zijin Golden Ridge, with thousands of cassia and teak seedlings planned to restore ecology and productivity. Uranium Restart: Cameco says it has returned to full production at Saskatchewan’s McArthur River mine and Key Lake mill after flooding-related road and bridge issues, while warning future restrictions could still disrupt deliveries. Copper Trade Volatility: Copper markets are bracing for another US tariff decision on refined imports, with Reuters noting widening price gaps between US and London contracts. Alumina Expansion: Chalco will invest $1bn to build a 1.2Mt/y alumina project in Guinea, with construction expected to take 3–4 years. LNG Deal: Canada and Germany’s SEFE signed a first LNG supply agreement for 1Mt/y from the proposed Ksi Lisims project in British Columbia. Community Grievances: Barrick’s North Mara Gold Mine launched a grievance clinic for residents across 11 villages, focusing on compensation and unresolved local issues. Coal Safety Shock: China’s Shanxi coal disaster is expected to dent coking coal output and raise costs for steel, power and chemicals, as safety checks spread. Mining Safety Governance: Australia’s Mining and Energy Union marked 150 years of NSW coal Check Inspectors, arguing the model should extend to metalliferous mining. Environmental & Permitting: India’s Chhattisgarh High Court quashed a sand mining tender over missing legally approved survey steps, reinforcing that auctions can’t proceed without proper approvals.

Gulf Tensions, Shipping Risk: Iran warned the US of a “strong and decisive response” after American strikes near the Strait of Hormuz, as oil prices slid on hopes for diplomacy and reports of potential reopening steps. Maritime Security: A Greek-owned tanker off Oman reported an external explosion near the waterline; the crew was safe and the leak was contained, keeping attention on chokepoint safety. Defense Mine-Clearing: The Royal Navy’s mine-hunting system RNMB Ariadne docked aboard RFA Lyme Bay for potential Hormuz operations, aiming to keep sea lanes open. Zimbabwe Energy Deal: Invictus Energy signed a Petroleum Production Sharing Agreement to advance the long-stalled Cabora Bassa gas project, setting the fiscal framework for production and revenue sharing. Armenia–US Critical Minerals: Armenia and the US outlined a framework to secure supply of critical minerals and rare earths via coordinated investment and market development. Gold Project Upgrade: Ariana Resources lifted Zimbabwe’s Dokwe Gold Project resource estimate 13% to 1.598Moz and pegged in-situ value near US$7.2bn. Uranium Permitting Fight: Energy Fuels submitted a finalized plan to mine uranium near New Mexico’s Mount Taylor, including dewatering and water discharge into the Rio San Jose, drawing renewed scrutiny. South Africa Mining Policy: Namibia’s Chamber of Mines said government talks soured over proposed local ownership rules, adding pressure to regulatory certainty. Peru Election Uncertainty: A Reuters report warned Peru’s mining investment outlook could be hit by conflicting proposals from the June 7 runoff candidates. Crypto Mining Crackdown: Russia is preparing a multi-year ban on crypto mining in Moscow and parts of surrounding regions, alongside tougher penalties for illegal miners. China Coal Safety Shock: Coking coal prices jumped after a Shanxi gas explosion triggered production halts and safety inspections. IPO Watch (Silver): Sunshine Silver Mining & Refining launched an IPO targeting up to US$2.32bn valuation to restart an Idaho silver-antimony mine. Regulatory/Legal: India’s Supreme Court urged minimal judicial interference in arbitration during proceedings, in a dispute involving an iron ore sale agreement.

Critical Minerals Approvals: Australia’s Copi Mineral Sands Project near Broken Hill gets NSW green light, setting up a potential 2029 start for rutile/zircon supply. Iron Ore Expansion: Strategic Resources is close to full Québec approval for a 4-million-tonne pellet plant at Port Saguenay after submitting responses to the environment ministry. Lithium Market Signal: SQM lifted Q1 profit and raised lithium sales guidance, pointing to tight supply as battery storage demand stays firm. Rare Earths Drilling Push: American Rare Earths kicked off 2026 feasibility-level drilling at Halleck Creek in Wyoming to support a DFS for the US’s largest known rare earth deposit. Mining Tech & Safety: ABB and Point Laz are rolling out 3D scanning for safer mine hoist inspections via ABB’s digital hoisting platform. Coal Watch: Coal India says it has ~168 MT of coal buffer for peak summer demand. Policy Shock: Zimbabwe bans foreigners from small-scale gold mining, forcing exits or a shift to large-scale by Jan 2027. People & Recovery: Shanxi mine blast victims are receiving ongoing psychological counseling after the 82-death disaster.

Quad Push: Australia, India, Japan and the US unveiled new Indo-Pacific plans on energy security and critical minerals, including a pilot Fiji port project and a push to connect Pacific islands via undersea cables by 2026. China Tariff Countdown: China is moving toward zero-tariff access for African exports, with a fresh push to expand trade links. Mining Accountability: Mexico’s Grupo Mexico/Southern Copper investors face renewed pressure over the 2014 Sonora toxic spill, with communities saying remediation still lags. Regulatory Shock: Canada’s ArcelorMittal drew a record $100M fisheries-related fine for pollution over years. Copper Watch: Codelco is in turmoil after finding its copper output was overstated, triggering bonus repayment fights. Automation & Safety: Sandvik launched AutoMine Aura to improve underground situational awareness. Coal Supply: Philippines’ Semirara coal auction may resume mid-2026 after bidders raised concerns. Safety Spotlight: China’s deadly coal blast continues to drive scrutiny and investigations.