AGP Executive Report

Alaska Energy Push Meets Legal Fight: The Trump administration has moved ahead with an oil-lease auction in the Arctic National Wildlife Refuge, while environmental groups sue to block development and Alaska Native communities split over the economic case. Coal Revival Funding: Trump says he’ll use Cold War-era powers to push more than $700M into coal—extending 13 plants, backing new builds (including Alaska), and funding a California export terminal—prompting fresh debate over costs and pollution. Mining Policy Tensions: British Columbia’s NDP extended a mineral tenure freeze, drawing criticism from opposition lawmakers for scaring off investment. Zimbabwe Artisanal Formalisation: Mashonaland West officials outlined plans to formalise artisanal miners as Zimbabwe targets a US$12bn mining industry ambition. Project & Infrastructure Updates: CN will support BHP’s Jansen potash mine with rail links to West Coast export terminals, while Orla Mining says Camino Rojo operations have resumed after a union-related stoppage. Gold Market Watch: Metals Focus forecasts gold demand softening in 2026 even as supply rises, with prices still projected to jump. Illegal Mining Crackdown: Egypt’s illegal gold mining is flagged as a threat to investment and national reserves.

Coal Policy Push (US): Trump is using Cold War-era Defense Production Act powers to funnel nearly $700m into coal-fired power upgrades, new plants in Alaska and West Virginia, a restart in Maryland, and a coal export terminal in Oakland—aiming to support thousands of jobs, while pollution concerns linger. Rare Earth Supply Chain (US): Phoenix Tailings won a $66m DOE grant to scale rare-earth separation, building on its metallisation operations with MIT and the University of Minnesota. Rare Earth Offtake (US): REalloys signed a LoI to secure up to 30% of Patriot’s rare earth output from above-ground Appalachian feedstock, targeting magnet metals. Deep-Sea Mining Ban (Guam): Guam’s governor signed a law banning deep-sea mining in local waters and restricting port use without full community consultation, with fines up to $50k/day. Gold & Markets: Gold is trading sideways near $4,400/oz as the World Gold Council flags a possible supportive role for future rate hikes. Exploration Updates (Gold): Lightning Minerals is raising $1.85m for Mt Turner drilling in Queensland; NewPeak Metals completed 1,834m at Las Opeñas in Argentina with assays pending. Mining Safety (US): A coal miner was hospitalized after being struck by falling rock at the Ohio County Mine Shoemaker Portal in West Virginia.

US Coal Push: Trump plans to use Cold War-era emergency powers to direct nearly $700m toward coal-fired power upgrades, two new plants, and a West Coast export terminal in Oakland, drawing sharp criticism from environmental groups. Canada Gold Expansion: Pan American Silver’s Lake Shore Gold advances a $203m Timmins expansion at Bell Creek, including a 625-metre shaft extension and new drifts, with commissioning targeted for 2029. Mining Automation: Epiroc won an order from Heidelberg Materials to adapt autonomous driverless haul-truck tech for a quarry in Australia, extending LinkOA beyond mining. Potash Export Logistics: BHP secured dual rail agreements with CN and CPKC to move Jansen Potash Mine output to Vancouver’s Westshore Terminals for global exports. Water Rights Milestone: Superior and Resolution Copper signed a long-awaited $20m water rights agreement covering mitigation and long-term water investments. Illegal Mining Crackdown (Guyana): GGMC shut six illegal operations and arrested 38 in Region Seven, seizing machinery and setting up ongoing surveillance. Platinum Job Cuts (South Africa): Wesizwe Platinum begins consultation to cut nearly 500 jobs at Bakubung Platinum Mine amid weak prices and rising costs. Mozambique Resource Control: Mozambique’s new law sets 15% state ownership in mining ventures and requires local processing, tightening control as battery-material demand grows. Ghana ASM Tax Gap: Ghana’s Chamber of Mines says artisanal and small-scale mining drives about 52% of gold output but pays under 2% of tax revenue.

Job Cuts in South Africa: Wesizwe Platinum has started talks under South Africa’s Section 189 to cut about 497 jobs at the Bakubung mine, after abandoning a 1 mtpa plan and shifting to a single-phase ramp-up to 3.5 mtpa. PGM Restructuring: Bakubung will idle operations for three weeks to support the consultation process. Rare Earth Push (US): USA Rare Earth secured access to up to $1.6bn in CHIPS Act funding to build a “mine-to-magnet” rare earth supply chain, targeting Round Top initial production by 2028. Copper Processing Relief (Zambia): Zambia extended a 10% export duty waiver on copper concentrates to Sept 30, covering 271,742 tonnes, as smelter maintenance limits processing. Nickel Supply Shock (Indonesia): Eramet halted Weda Bay nickel ore production after Indonesia cut its 2026 quota by 70%, leaving the company unable to operate without an extension. Precious Metals Demand: Silver held up near $32.50/oz in early June on strong industrial demand from solar, electronics and EVs, even as macro risks linger. Iron Ore Pressure: Iron ore slid again on China demand worries, with the market tracking steel margin stress. US IPO for Silver: Sunshine Silver Mining & Refining priced a $270m US IPO to restart production at an Idaho mine. Gold & Compliance Watch (India): SEBI action hit Rajesh Exports after allegations of major financial misrepresentation, with LIC’s 10.8% stake drawing extra scrutiny.

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.