AGP Executive Report

Critical Minerals Finance: Tungsten Mining (ASX:TGN) secured fresh funding to advance its Watershed Tungsten Project in Far North Queensland toward a formal investment decision, after metallurgical work confirmed saleable tungsten concentrates. Silver Fundraising: Eric Sprott-backed Unico Silver launched a $60m cash call, while Next Edge Capital’s CMP Next Edge 2026 Critical and Precious Metals flow-through fund filed a final prospectus for up to $50m. Gold Project Economics: Talisker released a preliminary economic assessment for the Bralorne Gold Project in B.C., pointing to C$1.0bn after-tax NPV5% at US$3,500/oz and C$1.9bn at US$4,300/oz. Uranium Supply Push: The U.S. DFC approved a potential $414m loan to Global Atomic for Niger’s Dasa uranium mine, aiming to strengthen nuclear fuel supply chains. Venezuela-US Talks: A Venezuelan delegation led by Delcy Rodriguez met U.S. counterparts on energy, debt and mining, with agreements expected under Trump’s plans to rebuild industries. Corporate Governance Watch: Multiple ASX miners updated Appendix 4G governance disclosures, while Harmony Gold launched a $500m convertible bond sale to cut its cost of capital. Policy & Permitting: Canada’s NRCan launched an AI-ready digital core library to reduce exploration risk, and an EU simplification push targets “national gold-plating” to cut admin costs.

Sudan Mine Safety Crisis: A gold mine shaft collapsed in northeastern Sudan, killing at least 11 miners and injuring 30 as rescue teams searched debris after the September 19 incident, underscoring how unsafe conditions and informal operations keep driving deadly outcomes. Tailings Compliance Pressure: Mining ESG reporting is shifting from policy to performance, with regulators, lenders and insurers demanding facility-level proof that tailings systems meet stricter standards, including monitoring, inspections, risk updates and corrective actions. India Energy-to-Minerals Push: Coal India is expanding beyond coal into coal gasification, thermal power, renewables, battery storage, critical minerals and advanced materials, while NLC India plans major growth in renewables, storage, green hydrogen and critical minerals alongside higher mining capacity. U.S. Iron Ore Backing: The Metals Royalty Company highlighted EXIM Bank Chairman John Jovanovic’s visit to Mesabi Metallics in Minnesota as the U.S. iron ore and pellet project moves toward startup. Copper Market Tightness: A refined copper tariff decision could tighten supply further, with both the U.S. and China pre-buying amid falling mine output and disruptions. Project Moves in Gold & Base Metals: Spanish Mountain Gold advanced a PEA update for its B.C. gold project; Lahontan mobilized a drill rig at West Santa Fe; and Anglo Asian Mining cut its 2026 gold forecast while keeping copper and silver guidance steady.

Sudan Mining Safety Crisis: Another deadly collapse hit informal gold mining in eastern Sudan’s Red Sea state, with reports of at least 11 miners killed and 30 injured as rescuers search for missing workers. Sudan Community Impact: The wider pattern is worsening after a prior West Kordofan collapse, underscoring how weak safety standards keep driving fatalities in small-scale gold operations. Peru Community Relations: Mine operators in Peru outlined steps aimed at preventing future conflicts with local communities, focusing on dialogue and local economic support. Chile Copper Drilling: Cobre Limited advanced its Sierra Atacama Copper Project with a deep diamond hole returning chalcopyrite-pyrite mineralisation and more drilling underway. Greenland Rare Earths: Eclipse Metals secured a 17-hole diamond drilling program to upgrade parts of its Gronnedal rare earth resource and test extensions. US Energy-Mining Link: Hormuz oil shipments rose to a six-month high as US mine-clearing and escorts supported exports, with knock-on effects for crude, freight and gas markets. Mining Finance: Pan American Silver updated reserves, combining replacement at operating mines with added inventory from Juanicipio. Tailings Update in the US: NM Copper Corporation’s revised Copper Flat Mine plan shifts toward dry-stack tailings to cut water use, as regulators and residents weigh risks. Illegal Mining Crackdown: Ghana’s GSAA urged firm, apolitical enforcement to curb illegal mining and protect water, farms and health.

Nigeria Custody Deaths: Families and politicians are demanding answers after 37 suspected illegal miners died in NSCDC custody, with protests erupting and police firing tear gas; Atiku Abubakar says the case shows poor Nigerians are being “criminalised” while a survivor account has drawn denials from former military ruler Ibrahim Babangida. Environmental & Community Pushback: In Serbia, environmental groups called for a moratorium on state research and mining contracts, targeting gold exploration around Jadar-Homolje-Rakita-Bobija; in India’s Aravallis, residents link stone-crushing dust to silicosis deaths and say a Supreme Court panel skipped their village. US Public Lands: The National Parks Conservation Association says 16 new mining claims were filed in Bears Ears National Monument after major monument reductions. Rare Earth Supply: A hopeful EU-linked supplier urged ending China’s rare-earth “stranglehold” ahead of Trump-Xi talks. Mining Tech & Power: MacLean Engineering partnered with Scania Industrial Batteries for underground battery-electric equipment; Ethiopia’s utility warned it could cut power to crypto miners if El Niño drought worsens. Iron Ore Output: India’s NMDC targets 60 MT iron ore this fiscal, aiming to ramp toward 100 MT by 2030-31.

Illegal Mining Crackdown (Guyana): Guyana’s GGMC seized two water dredges and gold after dismantling an illegal Puruni River operation, with three suspects escorted for investigation. Mining Safety & Accountability (Nigeria): Survivors of 37 suspected illegal gold miners who died in NSCDC custody allege suffocation and shooting during detention; protests followed and authorities ordered a full probe. Community Resistance (Philippines): Dinagat Islands residents renewed “No to Mining” protests as DENR begins a fact-finding review of a long-suspended island mining deal. Deep-Sea Mining Politics (Northern Marianas): Guam Gov. David Apatang says he won’t ask Interior to pause the Dec. 16 deep-sea lease sale, pointing to pending lawsuits while activists press for a federal stop. Critical Minerals & Trade (EU/ Brazil): The EU raised objections to MMG’s planned purchase of Anglo American’s Brazilian nickel business, arguing it could divert low-carbon ferronickel away from European stainless-steel customers. Market Watch (Copper): Copper trades near recent peaks and Yangshan premiums signal tight physical availability, reshaping 2026 supply expectations. Corporate Deal (Nevada Gold Mines): Newmont and Barrick agreed a $1.95B package to add excluded properties into their Nevada Gold Mines JV, clearing disputes and supporting a Barrick IPO path. Local Development (Nepal): Three iron mines in Baitadi remain undeveloped due to stalled excavation, with access road and electricity gaps cited. Energy Security (Strait of Hormuz): U.S. officials say mine clearance and naval protection are boosting tanker traffic through the strait, with lanes reported clear of mines.

Deep-Sea Mining Push: The U.S. says deep-sea mining permits could start within months as the Trump administration accelerates seabed access for critical minerals. Sudan Mine Safety Crisis: Reuters reports at least 60 killed in a gold mine collapse in West Kordofan, with rescue hampered by unsafe conditions and limited equipment. Nigeria Custody Deaths Spark Unrest: Protests erupted after 37 suspected illegal miners died in Niger State police custody, with tear gas used and investigations promised. Canada Watchdog Overhaul: Canada shut down its corporate human-rights watchdog and is shifting complaints to a National Contact Point that critics say lacks independence and enforcement power. India Coal Crunch: India’s thermal coal stocks fell 42% year-on-year to 29 million tonnes, cutting fuel cover to nine days and pushing many plants into critical zones. Copper Market Signals: China’s Yangshan import premium neared a four-year high, hinting at improving physical copper demand. Gold Development Update: Tesoro Gold added a Ternera Ore Reserve in Chile, moving the project toward feasibility work and permitting. PNG State Asset Oversight: Papua New Guinea’s PM ordered tighter controls over major state mining interests, including Ok Tedi and Porgera. Ghana Critical Minerals Pitch: Ghana courted Australian investors at Africa Down Under, stressing a shift toward value-added battery minerals beyond gold.

Utah Monuments Legal Battle: Patagonia and environmental groups are seeking permission to file updated lawsuits over Trump’s downsizing of Bears Ears and Grand Staircase-Escalante, arguing the moves unlawfully open land to hard-rock mining plus oil, gas and coal leasing. Copper vs Iron Ore Earnings Shift: A Betashares review says copper now contributes a bigger share of ASX mining earnings than iron ore for FY26, driven by electrification and AI-linked demand while iron ore faces softer China pressure. Nigeria Illegal Mining Deaths: Nigeria’s NSCDC detentions of suspected illegal miners in Niger State have sparked protests after dozens died in custody, with survivors alleging overcrowding and suffocation; officials face mounting scrutiny. Mali Labour Risk at Barrick: Unions at Barrick’s Loulo-Gounkoto gold complex issued strike notices, raising disruption risk from Sept. 28 over overtime, mission expenses and labour agreements. Project Updates & Funding: Liberty Gold filed its NI 43-101 feasibility report for Idaho’s Black Pine; Generation Mining won Ontario support for its Marathon copper-palladium processing complex; and First Atlantic Nickel & Cobalt raised $6.16m via a flow-through placement to expand drilling at Pipestone XL. Cuba Sanctions: The US added sanctions targeting Cuba’s military-linked nickel mining firms as EU pressure also grows.

Coal & Power Security: India’s thermal power plants saw coal inventories plunge 42% year-on-year to 29 million tonnes in August, leaving fuel cover at just nine days—the lowest in 34 months—after hotter-than-usual weather and a weak monsoon pushed demand higher. Labour & Safety: Labour action halted production at four Bosnian coal mines, with unions calling an emergency meeting as tensions rise. Policy & Licensing: Nepal’s lawmakers pushed for tighter rules to stop “resource hoarding” by long-stalled mining permits, while the Philippines’ Atimonan coal plant faces calls for a fresh DOE review after the agency moved to terminate its 2026 coal auction. Mining Finance & Deals: Aura Minerals secured a US$200m syndicated loan facility to fund supplier payments and production-related costs. Copper & Gold Development: Allied Gold says the Kurmuk mine in Ethiopia has reached key commissioning milestones, including energising a power line and feeding first ore through crushing. Exploration Updates: Western Star defined two expanding tungsten-in-soil anomalies at Nevada’s Rowland property, including a 0.53% WO3 hit. Regional Risk: The US imposed new sanctions on Cuba’s nickel and military-linked entities, targeting actors tied to the island’s mining sector. Zambia Copper: Koryx Copper agreed to lift its stake in Zambia’s Luanshya West and Mpongwe projects from 51% to 80%.

Nuclear Power Push in Canada: Saskatchewan Premier Scott Moe told reporters at the Lloydminster Heavy Oil Show that northwest sites near the uranium sector could host large 1,000 MW nuclear reactors to power oil, mining and new investment. US Iron Ore Revival: Mesabi Metallics held a red, white and blue mine blast at Minnesota’s first new mine and pellet plant in 50+ years, with federal Export-Import Bank support tied to a major loan as the project moves toward steady operations. Ethiopia Gold Commissioning: Allied Gold says the Kurmuk Mine has completed grid connection and fed first ore through the crushing circuit, with first gold expected after grinding starts. Philippines Mining Tensions: Environmental groups protested alleged Philippine National Police harassment of indigenous organizers in Nueva Vizcaya opposing a mining venture. West Africa Crackdown: Ivory Coast’s National Security Council suspended new artisanal and semi-industrial mining permits for six months and set up river security units to curb illegal gold mining. Corporate Moves & Funding: Stardust Metal launched a best-efforts private placement up to $12.6m (plus an option), while First Mining announced a $50m bought-deal offering to fund Springpole and Duparquet. Project Updates in Australia: Kalgoorlie Gold sought ASX quotation for newly issued shares; Terrain Minerals highlighted ongoing work at Lightning Maiden; Investigator Silver advanced its Paris Silver Project; Aruma extended mineralisation at Tillex. Deal Watch: Luca Mining agreed to buy Agnico Eagle’s El Barqueño gold-silver-copper project in Mexico for $10m in stock plus up to $50m in milestones.

Sudan Mine Disaster: A gold mine collapse in West Kordofan killed at least 82 artisanal miners, with dozens more feared trapped, as rescue teams struggled with limited equipment and safety procedures. Safety & Governance Push: Africa Minerals Strategy Group called for urgent safety reforms and better rescue capacity after the Al-Zaraa tragedy. Mining Rights & Community Tensions: Environmental groups in the Philippines protested alleged police harassment of indigenous organizers opposing a mining venture in Kasibu, Nueva Vizcaya. Critical Minerals Supply Chain: USA Rare Earth, Pasqal and Riven Systems announced a partnership using quantum machine learning to improve rare-earth separation, aiming for smaller, lower-energy processing. Project Moves (Gold/Copper): Cartier released an updated Cadillac gold PEA (after-tax NPV5% C$1.0B; IRR 26.6% at US$3,600/oz), while Brutus Mining hired for geochemical soil sampling at its CW Copper Project in B.C. Energy-Mining Pressure: Ghana’s producer inflation rose to 4.4% in August, with mining and quarrying the biggest contributor. Coal Policy: India launched its 16th commercial coal mine auction round, offering 25 blocks across eight states. US Land Use: Ohio’s Wayne National Forest saw nearly 3,000 acres leased for oil and gas after an auction totaling over $11M.

Sudan Mine Disaster: A gold mine collapse in Sudan’s West Kordofan has killed at least 82 people, with dozens more feared trapped as rescuers struggle with limited equipment and rudimentary tools. Venezuela Dealmaking: Heeney Capital signed a landmark gold mining concession with Venezuela’s government and CVM for a major project in El Callao, aiming to unlock up to $1bn in investment and jobs. EU Competition Watch: The European Commission flagged potential competition concerns over MMG’s planned acquisition of Anglo American’s nickel business, warning it could divert low-carbon ferronickel supply and raise costs for European stainless steel. Queensland Governance: Proposed Queensland reforms would narrow who can object to mining projects and shift decisions away from automatic court referrals toward a ministerial referral process, drawing criticism that it weakens independent scrutiny. Gold Market Movers: Australian gold stocks stayed in focus as rate expectations and bullion moves pressured names like Newmont and Northern Star, while investors tracked broader precious-metals sentiment. Critical Minerals Funding: Osisko Critical Minerals announced a $100m private placement of special warrants to fund exploration and development in New Brunswick. Pakistan Placer Gold Probe: Allegations of illegal placer gold extraction and cross-border smuggling in Khyber-Pakhtunkhwa have sparked calls for investigation and tighter enforcement. Community vs Mining: In Nevada, Prince Silver held community meetings near Pioche as exploration continues, with residents pressing on water, noise, dust, wildlife, and reclamation.

Sudan Mining Safety Crisis: A gold mine collapse at al-Zara/Al-Zaraa in West Kordofan has killed at least 60 and possibly 67 artisanal miners, with many still missing as rescues are hampered by rubble and a lack of heavy equipment. Indonesia Enforcement: A lawmaker in Sumbawa questioned Chinese workers at an allegedly unlicensed “people’s mining” site after a landslide killed three and injured six, citing safety and permit gaps. Critical Minerals Processing Push: Critical Metals detailed rare-earth processing upgrades for its Tanbreez project, aiming to cut tailings and boost product purity via new reactor, silica recovery and drying steps. Rare Earth Supply Chain: Huayou and partners launched a Global Mining Sustainability Joint Initiative under the UN Global Compact, focusing on greener mines, community development and governance. Project Moves in the Americas: Caledonia will outline its US$584m Bilboes gold project funding plan; Asia Broadband closed its $5.5m Etzatlán gold-silver mine acquisition; RPX Gold reported Wawa drilling results supporting a 2027 PFS. Nickel Refining: Electra Battery Materials advanced preliminary engineering for a two-phase nickel refinery in North America. Exploration Updates: Aya Gold & Silver posted high-grade silver hits at Zgounder, while Precore Gold completed a drone magnetic survey at Arikepay to set up its first drill campaign.

Ghana Mining Crackdown: The Minerals Commission ordered Nanlamtaaba Enterprise to halt mining in Gbane/Datoko, citing licence and permit issues and tensions with large-scale operators. Guinea Bauxite Deal: Nimba Mining Company (state-owned) and Glencore signed a five-year offtake covering 10–12Mt/y of bauxite with $300m+ pre-financing, aligning with Guinea’s push to expand alumina refining. Queensland Approvals Fight: New laws would restrict who can object to mining projects and limit automatic Land Court referrals, drawing criticism that community rights are being “gutted.” Manitoba Production Push: Manitoba pledged to triple mining output in five years, with a fast-track licensing push and the new potash mine near Russell expected to drive much of the jump. Canada Copper Construction Financing: Generation Mining secured full project financing for the Marathon copper-palladium mine, with early works targeted for Q4 2026. Congo Copper Exports: DR Congo reported record copper exports in H1 2026, with sales to the US and Europe rising as it diversifies away from China. Brazil Amazon Gold Threat: IPAM found gold mining expansion is far more severe on Indigenous lands, driving deforestation and mercury contamination. Critical Minerals Tantalum: U.S. Critical Minerals outlined a framework to merge and acquire Alabama’s McAllister tantalum mine and mill, aiming to restart domestic supply. Mining Tax Boost (Canada): Mining Association of Canada welcomed Canada’s Productivity Mega Deduction, enabling immediate expensing of many mine and processing investments. Australia Rare Earth Drilling: Pantoro extended Racetrack mineralisation to ~900m, strengthening Norseman growth plans. Environmental Opposition (NZ Coal): Forest & Bird attacked Bathurst Resources’ fast-track Denniston Plateau mining application over habitat loss and species risk.

Geopolitics & Shipping: Strait of Hormuz traffic has dropped to a new low as Iran restricts passage and disputes over a tanker incident intensify, with CENTCOM rejecting IRGC claims of a mine strike. Energy & Industrial Supply: Shell officially started production at its Grease Manufacturing Plant in Indonesia, boosting local output capacity to support mining, transport and industrial customers. Mining Policy & Markets: India’s commercial coal mine auctions are credited with bringing more bidders and transparency since 2020, while Kenya moves to ban exports of unprocessed gold and push local refining. Critical Minerals Dealmaking: Critical Metals’ proposed merger with European Lithium advances to shareholder voting after court orders. Green Hydrogen Buildout: South Africa’s $5.8bn green hydrogen ammonia project awarded FEED to Técnicas Reunidas, targeting million-tonne annual output. Exploration Updates: NewPeak Metals will start Phase 2 drilling at Las Opeñas in Argentina, aiming to test a higher-grade gold core; Integral Metals completed its 2026 KAP drill program in Canada’s Mackenzie Mountains. Digital Mining Power: Kazakhstan plans to use associated petroleum gas to generate electricity at oil fields for digital mining, with an initial 90 MW project launched. Equipment & Tech: Volvo CE launched the 65-tonne EC650 excavator in India, and Volvo’s push highlights continued demand for higher uptime mining fleets.

Canada Critical Minerals: Canada Growth Fund will invest about $140m in Generation Mining to back equity and convertible notes for the Marathon copper-and-palladium project in Ontario, as GENM trading is halted pending news. Kenya Gold Rules: President William Ruto says Kenya will stop exporting unprocessed gold and route sales through the Central Bank to boost local value and curb middlemen. US Deep-Sea Mining Push: Interior Secretary Doug Burgum says deep-sea mining permits could be issued within months, despite environmental concerns over seabed biodiversity. Minnesota Boundary Waters: Minnesota DNR cancels a Twin Metals mineral lease near Birch Lake after a year-long review, citing unmet performance and production requirements. Papua New Guinea Tensions: Clashes and arrests follow arson at a Panguna mine camp tied to Lloyds Metals and Energy, as Bougainville debates restarting the copper-gold project. Strait of Hormuz Dispute: CENTCOM rejects Iran’s claim that a Panama-flagged tanker hit a naval mine, saying it was struck by missile and later a drone. AI Data Centers for Mining Power: DMG Blockchain updates progress converting Christina Lake to AI colocation, targeting 50MW+ critical IT load. Crypto Mining Accountability: A Bitcoin mining site in El Reno faces a 30-day deadline after a 3-million-gallon water leak. Nevada Land Recovery: Nevada wildfire rehab lags, with invasive cheatgrass increasing fire risk and slowing restoration.

Critical Minerals Policy Push: The U.S. Department of Energy launched a $16m program to fund critical-minerals education and workforce training, aiming to reduce reliance on China’s processing dominance. Project & Production Updates: Deccan Gold Mines says its Kyrgyzstan Solton-Sary gold project has entered production stage after test operations began at Altyn-Tor. Bauxite to Value-Add: Guinea is in talks with Glencore to expand beyond bauxite exports into alumina refining, energy and other investments after a $300m-plus bauxite deal. Local Opposition & Permitting: In Kansas, neighbors are pushing back on a rock quarry expansion over dust, blasting and health concerns. Corporate Moves: Solar Industries is set to buy South Africa’s Omnia Holdings for $1.36bn, expanding its African mining and explosives footprint. Market & Risk Watch: Gold and silver prices slipped amid Middle East attacks and rising rate-hike expectations, while ArcelorMittal reported another missile strike at its Ukraine plant. Safety & Labor: A UMWA-linked legal push targets BHP over public-holiday work and mine safety enforcement concerns.