Bankers from Stifel Nicolaus Canada and Aitken Mount led the offering, which attracted strong interest from institutional investors in Australia, Canada and abroad, as well as existing shareholders, Southern Cross president and CEO Michael Hudson said Thursday.

“This funding allows us to advance our drill programs, complete permitting for the underground tunnel to allow access for underground drilling, all which will provide the necessary information to complete economic studies,” Hudson said in a press release.

Sunday Creek lies 60 km north of Melbourne in Australia’s Lachlan Fold Belt, a corridor that hosts Agnico Eagle Mines’ (TSX, NYSE: AEM) Fosterville mine and Mandalay Resources’ (TSX: MND) Costerfield mine. The region has proven geology and developed infrastructure. Southern Cross’ Redcastle project sits 2 km from Costerfield’s licences and 24 km east of Fosterville, further highlighting the cluster’s exploration upside.

Sunday Creek’s 20% antimony content has drawn a lot of attention. The company could one day become a key Western supplier of this important metal, especially given current geopolitical issues, Hudson said.

The company’s Toronto-listed shares gained as much as 4% or C19¢ Friday to C$4.88, before settling back to C$4.81, still up 2.5% by press time. They have ranged between C$1.02 and C$4.95 over the past 12 months, giving Southern Cross a market capitalization of C$1.1 billion ($800m).

Initial resource

About C$53 million of the net proceeds will fund 207,000 metres of drilling to establish an inferred resource by early 2027. Some C$27 million will go toward permitting and development of a 1 km decline for underground drilling, while C$4 million is spent on a preliminary economic assessment. Another C$59 million will be allocated to exploration target expansion, regional exploration and working capital.

Southern Cross has begun the permitting process for a 600-metre underground tunnel at Sunday Creek. This tunnel will enable underground drilling next year. A formal application to the Victoria resources regulator is due by September, followed by community drop-in sessions across Mitchell Shire.

In early March, the company announced it will double its Sunday Creek exploration target. It expects to find between 8.1 – 9.6 million tonnes of ore.

The gold-equivalent grades are to range from 8.3-10.6 grams per tonne, translating potentially to about 2.2-3.2 million oz. of metal. This represents an increase of up to 88% in tonnage compared to the January 2024 target. There’s also a 15% rise in grade and as much as 120% more contained metal. Plus, the target area now covers 67% of the 1.5 km drill footprint.

Resource growth

The expansion is focused on three main areas: Rising Sun (340 metres), Apollo (280 metres) and Golden Dyke (400 metres).  

The drilling fleet now has eight diamond rigs. Seven of these focus on expansion and infill drilling between the Apollo and Christina prospects in a 1.5 km corridor. The eighth rig targets regional trends identified by past work, geophysical data and soil anomalies. A planned geotechnical program of five holes totalling 900 metres will support the exploration tunnel application.

Recent results from three deep holes at the Apollo prospect are promising. Hole SDDSC158 showed 100.5 metres at 3.1 grams gold-equivalent from a depth of 820.8 metres. This included 28.6 metres at 10.3 grams gold-equivalent per tonne and a 1.4 metre section at 142.2 grams gold-equivalent. This confirms mineralization continuity at depth, Southern Cross said.

British Columbia 

In April 2008, Boss Power had applied to drill at its Blizzard uranium project southeast of Kelowna, just days before the province banned uranium and thorium exploration. Three years later, the provincial government and Boss agreed to a C$30 million settlement for the company to surrender its claims to Blizzard. The project hosts 2.2 million tonnes grading 0.214% uranium oxide (U₃O₈), for 10.4 million contained lbs. U₃O₈, according to an historical resource from 1979.

Quebec

Quebec imposed an unofficial moratorium on uranium exploration and mining in 2013. While uranium activity isn’t officially banned, it’s subject to numerous strict regulations in Quebec. No uranium mines have been developed in the province, and there are currently no uranium development projects there. However, there are at least 10 active exploration projects, three of which have published resources.

Nova Scotia

During a flurry of uranium exploration in Nova Scotia from around 1976 to 1981, companies spent millions of dollars searching for the nuclear metal, before the province banned it in 1981. Millet Brook is one significant uranium deposit discovered in Nova Scotia, and hosts about 450,000 kg of U₃O₈ grading 0.15% to 0.20% U₃O₈, a historical resource from 1982 shows. Much uranium remains under the surface across the province, according to geology mapping by the Mining Association of Nova Scotia.

Sources: The Northern Miner, British Columbia government, Quebec Ministry of Natural Resources and Forests, DigiGeoData, Mining Association of Nova Scotia, Atlantic Geology.

In her new role, Viljoen will continue to report directly to Newmont CEO Tom Palmer. Prior to joining Newmont, she served as the chief executive officer of Anglo American Platinum, the world’s largest primary producer of platinum.

“This promotion is a recognition of Natascha’s strong leadership as chief operating officer since 2023, her commitment to safe operational delivery, and deep connections with people both inside and outside the company,” Palmer said in a news release.

“Natascha’s energy, passion and resolve will continue to be critical assets as we work to improve costs and productivity to deliver value to shareholders. This new leadership role, which provides a balance of both strategic and operational focus, is right for the company at this time,” he continued.

“Now that we have completed the rationalization of our portfolio following the Newcrest acquisition, we want to ensure that our leadership team is in the best position to support our people throughout the company to safely deliver on our commitments now and in the future.”

Viljoen is a metallurgical engineer and holds a Bachelor of Engineering from North West University in South Africa and an Executive MBA from the University of Cape Town, South Africa.

GDP growth in the last quarter of Biden’s administration was 2.4%; in the first quarter of Trump’s administration, it is – 0.3%.

Wednesday’s Commerce Department report showed that US consumer spending rose 0.7% in March, a solid gain but consumers might of been stocking up before Trump’s tariffs took effect.

The personal consumption expenditures (PCE) price index (A measure of the prices that people living in the United States, or those buying on their behalf, pay for goods and services and the Fed’s preferred inflation gauge) rose 2.3% from a year earlier, a lower annual inflation rate than in recent months but the March inflation data comes from a time before most of Trump’s tariffs took effect.

US and global stock markets went into a tizzy and still are — though since the 90-day hiatus was announced and trade deals are supposedly under negotiation they have recovered somewhat. The bond market too sold off dramatically after Trump’s announced high tariffs on imported goods on April 2.

Oil prices have collapsed because demand has cratered.

The macro situation? The US economy might be shrinking despite a blip from businesses and consumers stocking up before tariffs took effect. The US economy appears to have at least temporarily stalled.

China is canceling orders of key agricultural exports. It earlier this month halted a shipment of 12,000 tons of pork, the largest order since the pandemic in 2020. In the week ending April 17, China dropped its soybean orders to just 1,800 tons, down more than 97% from 72,800 tons bought the week before. China has switched to Brazil as its main soybean supplier.

The New York Post reports the US agricultural industry into a “full-blown crisis” as canceled orders from China are forcing farmers to lay off workers or shut down their businesses, according to a trade group.

Renowned economist Stephen Roach believes that we are heading for a ‘Stagflation for the Ages’, writing in Project Syndicate that The supply-chain disruptions during the pandemic look almost quaint compared to the fundamental reordering of global trade currently underway. This fracturing, when coupled with US President Donald Trump’s attacks on central-bank independence and preference for a weaker dollar, threatens a prolonged period of stagflation.

The US decoupling from global trade networks, especially from China-centric and US/Canada/Mexico-centric supply chains, will reverse supply-chain efficiencies that reduced inflation by at least half a percentage point a year over the past decade. The reversal is likely to be permanent.

Also, the reshoring of manufacturing to the US will not be seamless, nor accomplished in the short time with projects taking years to plan and construct. Finding workers for mostly low paying jobs seems to be an issue.

An AI overview tells us; In February 2024, there were approximately 482,000 unfilled manufacturing jobs in the US. While this is down from the 513,000 job openings in January, it’s still a significant number. Some studies project that as many as 1.9 to 2.1 million manufacturing jobs could remain unfilled by 2030 if current trends continue. 

Stagflation and gold

Frank Holmes believes investors think gold is a classic fear trade that retail investors are still sorely underexposed to.

Your author believes they should be scared, economic signs point to a coming bout of stagflation.

A stagflationary environment is one where economic growth is decelerating and inflation remains high.

Is the US on a road leading to possible stagflation and recession? An official recession being called could be just 2 months away. Tariffs are thought to be, by most, inflationary. Decelerating growth should mean more job losses on top of Federal job loss programs underway. The US, and perhaps large parts of the global economy are on the road to stagflation.

Add in the tense geo-politics at play globally from Syria to North Korea, to Taiwan, to Iran, to Israel to the Ukraine and realize that’s as gold friendly as much as Basal III.

What are good investments in a stagflationary environment. The answer is Gold and Silver.

Gold and stagflation

Gold does well in stagflationary periods and outperforms equities during recessions.

The chart below by Sunshine Profits shows the gold price climbing during the stagflationary 1970s, surging from $100 per ounce in 1976 to around $650 in 1980, when CPI inflation topped out at 14%.

In fact, gold outperforms other asset classes during times of economic stagnation and higher prices. The table below shows that, of the four business cycle phases since 1973, stagflation is the most supportive of gold, and the worst for stocks, whose investors get squeezed by rising costs and falling revenues. Gold returned 32.2% during stagflation compared to 9.6% for US Treasury bonds and -11.6% for equities.

A 2023 Forbes article asks ‘How Does Gold Perform With Inflation, Stagflation And Recession’?

How’s this for performance? In six of the last eight recessions, gold outperformed the S&P 500 by 37% on average.

During the last major bout of inflation, 1973-79, inflation averaged about 8.8% a year, while gold rocked a 35% annual return. The article notes that elevated oil prices were the primary drivers of inflation and stagflation in the 1970s.

The 2021 inflation was different from the 1970s. It was caused by government spending, supply chain disruptions and rates held too low for too long, according to Forbes. Sound familiar to what’s happening today?

When inflation started rising in March 2021 gold was trading around $1,700/oz. Over subsequent months, both gold and inflation headed higher, with the CPI topping out at 9% in July 2022 and gold reaching $2,050 in March 2022.

Forbes notes Stagflation creates economic uncertainty because it challenges the traditional relationship between inflation and unemployment. Historically, gold benefits in economic uncertainty.

Conclusion

Bad economic and geo-political news leads to precious metals being an attractive alternative to stocks.

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Blackwater’s crushing circuit has reached a 17,700-tonne-per-day (tpd) rate, achieving more than full design capacity over the past 30 days, Artemis said. The mill has reached about 15,300 tpd or 93% of capacity.

“We completed construction in an industry-leading 22 months, and the team achieved commercial production in a remarkable three months from commencement of milling operations,” Artemis CEO Steven Dean said in a release.

He added that the company will soon focus on potentially speeding up the proposed second stage expansion, which is expected to raise the mine’s average annual output to more than 500,000 gold-equivalent ounces.

Blackwater, located 450 km northeast of Vancouver, is the province’s first new gold mine since Newcrest’s – now Newmont (TSX: NGT; NYSE: NEM) – Brucejack opened in 2017.  Artemis’ production milestone coincides with recent historic high prices for gold, which touched $3,500.05 per oz. last week. The price has risen about 25% this year to date.

Company shares gained 8% to C$20.42 apiece on Friday at mid-day in Toronto, for a market capitalization of C$4.61 billion ($3.34bn).

Near-capacity tonnage

Mining in Blackwater’s open pit has delivered more than 90% of its planned tonnage. Both the 400-tonne and 600-tonne production excavators are fully deployed, Artemis said. Mined tonnes and grades based on grade control modeling are reconciling favourably to the resource model.

Since milling started at Blackwater in January, the company has produced about 30,000 oz. of gold. Artemis expects to produce 160,000 to 200,000 oz. at all-in sustaining costs (AISC) of $670-$770 per oz., for the eight-month period until Dec. 31. Total forecast production for this year is 190,000-230,000 oz. of gold.

In the year’s second half, output is forecast at 130,000 to 160,000 oz. of gold at estimated AISC of $645-$725 per ounce. AISC are expected to be somewhat higher in the two months remaining in the second quarter because of continued ramp-up in production.

AISC estimates for the eight months to the end of the year include sustaining capital of about C$16 million. Artemis expects stage one deferred expenditures of C$60 million to C$75 million in the eight months to Dec. 31, including building such infrastructure as an air strip and more water treatment facilities.

Artemis also plans to spend an initial C$3 million for front-end engineering and design work for the proposed stage two expansion.

Throughput for stage one is forecast at 6 million tonnes a year with 93% gold recovery, according to a 2021 feasibility study.

On the COMEX, copper for July delivery rose for a second straight session, gaining 2.5% to $4.743 per pound ($10,434 per tonne).

China’s Commerce Ministry said it had taken note of US officials’ interest in talks and was evaluating the possibility of engagement. The development offered some relief to markets rattled by escalating trade tensions.

Copper has come under pressure from US President Donald Trump’s tariffs on Chinese goods, which have raised concerns about slowing economic growth and weakening demand for industrial metals. So far, Beijing has rebuffed requests for direct talks between the two leaders.

Adding to the bullish sentiment, copper stockpiles in Shanghai have dropped significantly.

On Friday, available inventories on the London Metal Exchange also declined, following a large drawdown of material stored in Taiwan.

Copper and the new resource spheres of control

MINING.COM and The Northern Miner mapped global copper production through a geopolitical lens, dividing the world into five “spheres of control”: American, Chinese, Russian, Coalition of the Willing, and Undrafted.

These groupings reflect geographic, social, cultural, and economic ties—as well as potential alignments in an increasingly polarized world.

Explore the full infographic:

In real terms, Uzbekistan’s economy grew by 6.5% in 2024, with nominal GDP reaching $115 billion, following a 6.3% real growth rate and a nominal GDP of $102 billion in the previous year.

NMMC saw its 2024 revenue soar by 30% year-on-year to $7.4 billion, equivalent to 6.4% of Uzbekistan’s GDP. The company was helped by higher gold prices and a 5.4% increase in gold production to 3.1 million ounces last year. NMMC is the fourth largest gold mining company in the world while Uzbekistan ranks 10th among gold producing nations. NMMC is also the largest contributor to Uzbekistan’s economy, accounting for approximately 20.9% of the country’s budget revenues in 2024.

Much of the credit for Uzbekistan’s recent success goes to President Shavkat Mirziyoyev, whose administration has opened up the economy and instituted a raft of legislative and administrative reforms. The government has pushed the country’s major state-owned companies towards adopting international accounting and operating standards and set them on a path to tapping international capital markets.

NMMC made its capital markets debut in October of last year with the successful placement of a $1 billion dual-tranche Eurobond. The transaction included $500 million in four-year notes with a yield of 6.70% and $500 million for seven years at 6.95%. It was the largest orderbook for an Uzbekistan issuer since the sovereign debut in 2019, peaking at $5.5 billion or 5.5x oversubscribed, as well as the first global DCM issuance from a major gold miner since June 2023. Investors hailed from around the world, including the United States, United Kingdom, Europe, Middle East and Asia.

Even with the debt issuance, NMMC remains fairly lowly leveraged for a major mining company, with a net debt/adjusted EBITDA ratio of 0.5x. The company boasts industry-leading low all-in sustaining costs of $979/ounce and a high EBITDA margin of 62%. With adjusted EBITDA of $4.6 billion last year, NMMC is well placed to invest in its capital program while still paying a healthy dividend.

NMMC’s expenditures related to the investment program totaled $580 million in 2024 is designed to continue expanding production by increasing throughput at existing mines and exploring and developing its near-mine license areas. With more than 47,000 employees, the company is vertically-integrated, with its own divisions for exploration, construction, transportation, engineering and machine-building, alongside mining, processing and refining. As a result, much of that capital investment stays within the Uzbek economy.

Some examples of capital projects financed last year include the ongoing expansion of mining capacity at our flagship Muruntau-Myutenbay deposit, the world’s largest open-pit mine. We expanded our BIOX plant for processing refractory ore with two new biooxidation units coming online in early 2025, thereby boosting capacity by 12%. We are also expanding the HMP №7 processing plant, which treats tailings from our heap leach.

As part of our commitment to sustainable development, NMMC is investing heavily in water treatment facilities with a goal of increasing the share of recycled water used in production to 40%, thus conserving 36 million cubic meters of fresh water per year. We are also renewing our mining fleet with the aim of improving efficiency and reducing environmental impact.

NMMC’s contribution to the local economy goes beyond its own operations. The company has an ongoing program to work with local industry to create new supply lines and replace imports. Goods valued at $72 million were produced under this localization program in 2024, both at NMMC’s own manufacturing facilities and at its industrial partners.

NMMC is a prime example of how the gold mining industry can have a positive economic impact well beyond its core operations. The company contributes to the government’s social programs via its tax contributions and through the dividends it pays out annually. At the same time, it invests heavily in infrastructure and encourages domestic manufacturing, all with a keen focus on sustainable development and social responsibility in the towns and villages where it operates.

The challenge going forward is for NMMC to continue to implement its transition program and to institute international best practices across its businesses while focusing on health and safety and improving working and living standards for its employees. The company is keen to maintain its competitive advantage as a low-cost producer while also investing in opportunities to increase production. Success in these efforts will ensure that NMMC and the gold mining industry will continue to play a significant role in Uzbekistan’s economy for generations to come.

* Jakhongir Khasanov is the chief financial officer of Navoi Mining & Metallurgical Company.

The initiative, led by US President Donald Trump’s senior Africa advisor Massad Boulos, is designed to accompany the bilateral minerals pacts being ironed out with both nations, which would see billions of dollars of Western investments in the region.

“The (agreement) with the DRC is at a much bigger scale, because it’s a much bigger country and it has much more resources, but Rwanda also has a lot of resources and capacities and potential in the area of mining as well,” Boulos told Reuters.

DRC is currently the world’s largest cobalt producer and the leading copper producer in Africa. The country also produces nearly 70% of the world’s tantalum, extracted from coltan. Its eastern provinces hold significant reserves of tin, tungsten and additional coltan deposits.

For decades, Congo has been at odds with the neighbouring Rwanda due to ethnic tensions and control over the region’s natural resources. The conflict escalated earlier this year when the Rwandan-backed M23 rebels attacked and seized control over parts of eastern Congo, including the strategic mining hub of Walikale.

As part of the US peace mediation process, both African nations are expected to submit separate drafts of a peace agreement on Friday, with meeting scheduled in mid-May involving US Secretary of State Marco Rubio and the foreign ministers of the DRC and Rwanda to finalize the accord, according to Reuters.

For the peace agreement to succeed, Boulos said several key security concerns must be addressed: Rwanda must withdraw its troops and cease support for the M23 rebels, while the DRC must address Rwandan concerns with militias like the Democratic Forces for the Liberation of Rwanda (FDLR).

A multinational oversight committee, including the US, Qatar, France and Togo, is monitoring the progress of the peace deal, Boulos added.

The miner confirmed Friday that it’s actively negotiating to buy 100% of Gold Road through an Australian scheme of arrangement — just hours after Gold Road’s shares were suspended from trading in Sydney.

Gold Road had dismissed the first approach as “highly opportunistic” and claimed it undervalued the company. Price and timing were the key sticking points, chief executive Duncan Gibbs said at the time.

Gold Fields had offered A$2.27 per share in cash, plus a variable component tied to Gold Road’s stake in De Grey Mining. In response, Gold Road proposed acquiring Gold Fields’ 50% stake in the Gruyere mine at a matching valuation. Gold Fields rejected that counter-offer and refused further talks on divesting its interest.

Now, Gold Fields is back at the table, driven by its determination to secure full control of Gruyere — one of Western Australia’s largest gold mines. Gold Road discovered the deposit in 2013 and sold a 50% interest to Gold Fields in 2016 to fund development and exploration.

Gruyere has produced over 1.5 million ounces since beginning operations in 2019. It delivered record output of nearly 92,000 ounces in the final quarter of 2024.

Gold Fields cautioned there’s no guarantee a deal will materialize. That uncertainty pushed its Johannesburg-listed shares down as much as 6.4% Friday, though the stock was up 1.6% in pre-market trading in New York to $21.66.

Gold Road’s shares, suspended early in the day due to “media speculation regarding a potential change of control transaction”, will remain trading when the market opens on May 6, unless the company issues an announcement before then.

The bid comes amid a surge in gold prices and deal-making. With gold briefly topping $3,500 an ounce last month, the sector has seen a new wave of mergers and acquisitions. Recent deals include Equinox Gold’s  (TSX: EQX) C$2.6 billion ($1.88 billion) acquisition of Calibre Mining in Canada, and China’s CMOC Group buying Lumina Gold for C$581 million ($421m).

MABC’s 2025 Economic Impact Study assesses the potential economic impact of 18 proposed critical mineral mines, six precious metal mines and three steelmaking coal mines.

The independent study examines 27 mining projects in advanced stages of development. Of the 27 projects assessed, 21 are new mining projects and six are extensions to existing mines.

BC mineral producers have among the lowest carbon footprints globally and are world leading suppliers of responsibly-produced materials, according to the report, essential for technologies like EV batteries, smartphones, MRI scanners, wind turbines and jet engines.

The study concludes the near-term economic impact of project construction represents over C$41 billion in near-term investment, thousands of jobs that will generate C$27 billion in labour income, and more than C$12 billion in tax revenues.

Mine construction would result in C$20 billion worth of goods and services being purchased from mine suppliers across the province, MABC said.

The study estimates the operation of these mines over several decades could reach C$984 billion in economic activity.

“BC has the minerals, precious metals and steelmaking coal the world needs. Mining has the potential to drive a new wave of economic growth – creating jobs, strengthening local and First Nations communities, and generating revenues for government services,” MABC CEO Michael Goehring said in a news release.

But British Columbia’s mining projects face challenging permitting backlogs. Last year, the province’s exploration sector had over 60 critical mineral projects waiting for permits in a C$38 billion ($27 billion) pileup of economic opportunities.

“BC and Canada must take urgent and bold action to assert our economic sovereignty amidst global trade disruptions and the potential for escalating trade wars. Persistent permitting delays must be addressed to accelerate the development of mining,” Goehring said.

Last year, Canada and British Columbia announced an investment of C$195 million ($142 million) into critical minerals infrastructure in northwest BC, aimed at bolstering development and safety within the region.

“The responsible development of BC’s critical minerals, precious metals, and steelmaking coal resources can secure BC’s economic future, resiliency and long-term prosperity. It’s time to get more mines built,” said Goehring.

The full report is here.

A manager for the disaster-stricken Eagle mine in Yukon on Wednesday described for the legislative assembly the huge amount of work remaining in the cleanup effort.

After the heap-leach pad slide at the Eagle mine last June, a pond began leaking and a containment berm was put up, but no engineer of record was involved, Michelle Grant, PricewaterhouseCoopers’ (PwC’s) senior vice-president told the Yukon Legislative Assembly. The mine’s Irosa Pond 2 remains leaky and can’t be repaired until it’s emptied of treated water, Grant told MLAs.

“We continue to assess opportunities to monetize gold and other precious metals held within the waste and or water materials at the Eagle Gold mine,” Grant told legislators under oath, noting the on-site inventory still exceeds C$224 million even after impairment.

The session followed Speaker Jeremy Harper’s threat of contempt proceedings last week after PwC declined to appear without a court order. PwC had given ministers and MLAs a detailed briefing on April 16 but insisted it would only testify if a judge required it.

Heavy cleanup effort

Last June’s pad collapse unleashed millions of tonnes of waste and at least 280,000 cubic metres of cyanide-containing solution beyond containment. It triggered Victoria Gold’s receivership and set off court fights over cleanup authority. In just a year, PwC has had to boost storage, speed up water treatment, secure new financing and prepare for a court-approved sale. PwC hired a safety expert to improve safety protocols and signs across the site, Grant said.

New reverse-osmosis trailers treat mine water to meet federal standards for metal and diamond mining under the Fisheries Act. However, they still don’t meet the mine’s own licence limits. Grant confirmed there is no set date for full compliance. She also revealed that a safety berm built on Oct. 25 to contain slide debris went up without the proper engineering sign-off.

In April, the Yukon government topped-up its receivership lending agreement with PwC, adding C$115 million through Sept. 30. This ensures there’s funding for site care and remediation into the next fiscal year. That brings to C$220 million the amount Yukon has authorized to PwC for the cleanup, after C$155 million was approved last year.

MLAs probe for updates

Legislators zeroed in on water management and timetables. They pressed Grant on when the reverse-osmosis upgrade will meet discharge limits and how many of the temporary ponds still leak. They drilled into the Yukon’s C$115 million top-up – asking what’s been spent so far and what comes next.

Grant confirmed PwC has installed 400,000 cubic metres of temporary water storage and will add another 110,000 cubic metres by mid-May to limit untreated runoff.

Through April 15, the receiver has spent C$9.9 million on contracts with firms affiliated with the Nacho Nyäk Dän First Nation under its funding terms. PwC has kept 147 Victoria Gold employees on payroll, including four Nacho Nyäk Dän citizens and 50 Yukon residents.

Mine sale process

An independent review board must file its findings by June 15 and publish them by June 30. PwC will apply to court on or before June 30 to approve its sale of the bankrupt company’s assets and investment-solicitation process so bidders can review that report.

PwC took control on Aug. 14, 2024, and immediately repaired the 43-km access road to secure transport of chemicals and equipment. Victoria’s own cash-flow forecasts showed it would run out of funds by Nov. 2024 without emergency lending – underlining the receivership’s necessity, Grant explained.

Ivanhoe Mines (TSX: IVN) surged to its highest in a month Thursday after the Canadian miner posted strong results for the first quarter of 2025.

For the three-month period, Ivanhoe recognized a record revenue of $973 million, operating profit of $471 million and EBITDA of $585 million, equivalent to a margin of 60%. Its adjusted EBITDA also set a record of $226 million.

These figures drove the company’s profit to $122 million, or $0.10 per share, beating the market forecast of $0.07 a share.

Shares of Ivanhoe jumped as much as 12% to a one-month high of C$13.74 apiece on the positive Q1 results. By 1:20 p.m. in Toronto, the stock traded at C$13.32 for an intraday gain of 8.8%, giving the company a market capitalization of nearly C$18 billion.

Kamoa performance

The first quarter results, said Ivanhoe founder Robert Friedland, reflect the company’s “strong efforts” at the Kamoa-Kakula copper complex in the Democratic Republic of the Congo.

From January to March, the copper mine, in which Ivanhoe holds a 39.6% stake, produced a near-record 133,120 tonnes, compared to 86,117 tonnes the same period last year. From March 18, the copper production rate increased to 614,000 tonnes on an annualized basis, setting up a higher monthly output starting in April.

“Kamoa-Kakula is set for record production in the shorter month of April, achieving approximately 50,000 tonnes of copper in concentrate, equivalent to an annualized rate of over 600,000 tonnes – a remarkable achievement,” Friedland said in a press release.

During the quarter, the Phase 1, 2 and 3 concentrators at Kamoa-Kakula achieved a combined milling record of approximately 3.7 million tonnes at an average record recovery rate of 87.4%. This was underpinned by the Phase 3 concentrator operating 20% above its design capacity, Ivanhoe said.

Given these results, the company is maintaining its 2025 production guidance at 520,000 to 580,000 tonnes of copper in concentrate. In 2026, Ivanhoe is targeting approximately 600,000 tonnes of production as the Phase 1 and 2 recoveries improve and the Phase 3 throughput increases.

It also noted that Kamoa-Kakula’s 500,000-tonne-per-annum on-site, direct-to-blister copper smelter, the largest in Africa, is now complete, with the facility undergoing commissioning. Start-up of the smelter is expected in May, with first copper anode production expected in July.

Kipushi progress

Ivanhoe has also maintained its outlook for the Kipushi zinc mine, also in the DRC, on record production in the first quarter.

During Q1, the Kipushi concentrator milled a record 151,403 tonnes of ore at a record average grade of 32.5% zinc, producing 42,736 tonnes of zinc in concentrate at a contained grade of over 53%.

For the year, Ivanhoe expects Kipushi’s zinc output to range between 180,000 and 240,000 tonnes, as the mine continues its ramp up to steady state. The production rate is expected to rise to 250,000 tonnes in 2026 following the completion of ramp-up and debottlenecking activities at Kipushi.

The debottlenecking program, which is targeting a 20% increase in the concentrator’s processing capacity to up to 960,000 tonnes per annum, is about two-thirds complete, Ivanhoe said.

On the COMEX, copper for July delivery climbed 1.6% to $4.683 per pound ($10,302 per tonne) after tumbling 5% on Wednesday. In London, three-month copper futures rose above $9,200 per tonne, recovering part of Wednesday’s 3% loss.

The rebound came after US President Donald Trump said there was a “very good chance” of reaching an agreement with China, although he emphasized it would need to be on US terms. Trade Representative Jamieson Greer added that the US was close to announcing an initial batch of trade deals.

Copper fell 6% in April — its worst monthly performance since mid-2022 — amid growing concerns of a global trade war. Washington is also reviewing whether to impose tariffs on US copper imports.

Adding to the volatility, supply concerns resurfaced in Peru — the world’s third-largest copper producer — as community protests disrupted operations at two major mines. While protests at Antamina (owned by BHP and Glencore) were quickly resolved, logistics at Las Bambas (operated by China’s MMG.) are still being restored.

Meanwhile, the International Copper Study Group now forecasts a larger global surplus of the metal. After meeting with industry leaders in Lisbon, the group revised its 2025 forecast to a surplus of 289,000 tonnes — more than double the 138,000 tonnes from last year and significantly above its previous 2025 estimate of 194,000 tonnes.

The surplus is projected to remain elevated in 2026 at 209,000 tonnes, marking three consecutive years of oversupply.

(With files from Bloomberg)

According to Goldman Sachs trader Adam Gillard, nearly 1 million oz. were sold through the Shanghai Gold Exchange (SGE) and the Shanghai Futures Exchange (SHFE) before the market closed for the Chinese

holiday. This reverses nearly all of the positions bought last week, sending China’s total onshore gold holdings down by 5% from historic highs.

While China’s share of global open interest remains at a high level (about 40%) despite the liquidation, the upward momentum seems to have temporarily peaked, Gillard wrote in a note.

The Chinese selloff took spot gold prices down close to $3,200 an ounce on Thursday morning, a level last seen on April 14.

A report released by Gillard earlier showed that Chinese investors increased their holdings by 1.2 million oz. of gold through the two exchanges last Tuesday, coinciding with the yellow metal’s record-setting move above $3,500 per ounce.

The recent price movement highlights the significant influence China has on the global gold market. In his note, Gillard pointed out that recent fluctuations in gold prices have “almost all occurred around the opening hours of the Chinese market.”

He also highlighted gold’s unique status as a “flow commodity” — meaning it is especially sensitive to large, sudden shifts in investor sentiment and liquidity.

Still, bullion remains one of the top-performing assets this year, gaining about 23% while setting multiple record highs.

Adjusted first-quarter earnings increased to $59.8 million, or $0.14 a share, from $51.2 million, or $0.13, in the same period a year ago, Toronto-based Alamos said Wednesday after the close of trading. Per-share profit missed the $0.19 consensus estimate in a survey of financial analysts.

The results sent Alamos shares tumbling about 12% to C$34.52 ($25.01) in late morning trading Thursday in Toronto. That gave the company a market capitalization of about C$14.5 billion ($10.5 billion).

“Overall, a relatively weak quarter to start the year, but the company has a clear path to improved operations for the remainder of the year,” CIBC Capital Markets analyst Cosmos Chiu said in a note Thursday. He reaffirmed his “outperformer” rating on the stock.

First-quarter gold production of 125,000 oz. came in at the low end of the company’s previously disclosed range and below analyst expectations.

CEO John McCluskey blamed a slower ramp-up at the Magino mill and lower production from the Young-Davidson property – both in northern Ontario – for the slump. The operations showed improvements in April, which the executive said would contribute to higher output and lower costs in the second quarter. Magino was integrated into Alamos’ portfolio after the company acquired Argonaut Gold last year.

Gold’s historic run is providing miners such as Alamos an unexpected tailwind. The metal, which set an all-time closing high of $3,433.55 an oz. in London last week, has gained about 40% since the start of the year.

Ontario, Manitoba catalysts

Helped by rising output at its Island Gold mine in Ontario and the development of the Lynn Lake project in Manitoba, Alamos is working on boosting gold production to about 900,000 oz. in a few years. It’s aiming to produce between 580,000 and 630,000 oz. in 2025.

First-quarter revenue jumped 20% to $333 million thanks to rising gold prices. Alamos sold 117,583 oz. of gold during the quarter at an average realized price of $2,802 per ounce. Sales were 6% lower than production due to timing, though the sale of these ounces will benefit future quarters, according to the company.

Total cash costs of $1,193 per ounce and all-in sustaining costs of $1,805 per ounce were above the top end of guidance for the first half, Alamos said. Higher share-based compensation costs and higher per-oz. costs at Young-Davidson and Magino drove the increase.

All-in sustaining costs are expected to drop about 20% in the second quarter, with further decreases planned for the rest of the year, Alamos said.

Full-year goal

Alamos also reaffirmed its full-year goal of producing between 580,000 and 630,000 oz. of gold this year.

“With a further increase in production and decrease in costs expected in the second half of the year, we remain on track to achieve our full-year production guidance,” McCluskey said. “We expect this improvement to continue over the next several years through our portfolio of high-return, low-cost growth projects.”

Higher milling rates at Magino, along with increased grades at Young-Davidson and the La Yaqui Grande mine in northern Mexico, are expected to lift second-quarter output to between 135,000 and 150,000 ounces, the company said. A more significant increase in production is expected into the second half.

“The noise in Q1/25 is not expected to last with production trending higher through the year,” National Bank Financial analyst Don DeMarco, who has an “outperform” rating on Alamos, said in a note. Earnings “should continue to grow as more and more of the portfolio upside comes online.”

Spot gold was down 2.0% to $3,221.94 per ounce as of 10:30 a.m. ET, after touching its lowest since April 14 earlier. Three-month gold futures saw a bigger drop of 2.7% to $3,230.10 an ounce in New York.

Gold has now pulled back sharply from the $3,500-an-ounce milestone reached a week ago, coinciding with improved market sentiment after the Trump administration hinted it is closing in on the first tranche of trade deals, as confirmed by US Trade Representative Jamieson Greer on Wednesday.

On the same day, US President Trump said he has potential deals lined up with India, Japan and South Korea. There also is a “very good chance” of securing a deal with China, he added.

“There’s hints of upcoming trade deals, and talk from China that the Trump administration had reached out. A risk-on trade is going on, leading to some profit-taking in gold’s safe-haven,” said Bob Haberkorn, senior market strategist at RJO Futures.

Despite the profit-taking, bullion remains one of the best-performing assets this year, recording a gain of 23% in 2025 while setting multiple record highs along the way.

Bullish sentiment

Analysts remain bullish on the yellow metal due to its reputation as a haven asset, as Trump’s fast-evolving trade policy continues to cast doubt on the global economy.

The latest quarterly poll by Reuters is forecasting gold prices to average above $3,000 annually for the first time, supported by global trade frictions and a swing away from the US dollar.

Last week, JPMorgan said it expects gold to average $3,675 in the fourth quarter, on its way to reaching $4,000 an ounce by the middle of next year on rising probability of a recession.

Data on Wednesday showed that the US economy contracted in the first quarter at the start of the year for the first time since 2022 due to a monumental pre-tariffs import surge. That saw traders boost wagers on four quarter-point rate cuts by the Federal Reserve this year to help prevent a recession, adding support to gold.

“While the short-term correction has been driven by improved market sentiment, the structural drivers underpinning gold’s strength remain firmly in place,” Ole Hansen, head of commodity strategy at Saxo Bank, wrote.

(With files from Bloomberg and Reuters)

Chief executive Hugues Jacquemin said on Thursday the company imposed strict cost controls last year to preserve cash while pushing forward with exploration at Lac des Iles and launching a battery materials division in Frankfurt. The new unit supports Northern’s broader mine-to-battery strategy as part of its bid to vertically integrate operations.

“Despite geopolitical uncertainty, we sold near-record volumes and expanded our market reach,” Jacquemin said in the company’s 2024 results. A 50% crash in graphite prices over the past year, driven by sluggish electric vehicle sales and price undercutting by China, weighed heavily on performance. Northern Graphite, while not supplying battery makers directly, has felt the impact of the broader battery metals downturn.

Beijing, which controls more than 70% of the graphite market, continued to exert pricing power, tightening export controls on graphite to the United States late last year. The move added pressure on Western producers already contending with low prices and a lack of investment.

“We’re putting a lot of pressure on all stakeholders, including the government, to help us finance,” Jacquemin told Reuters. “We don’t want the only producing graphite mine in North America to be shut down. It’s like killing the golden goose,” he added.

The Lac des Iles mine, in operation for 35 years, primarily serves US industrial clients. In October, the company announced plans to double output from 10,000 to 15,000 tonnes annually starting in 2025. It began the permitting process in Q1, with continued mining contingent on new funding. Last year, the mine produced 12,000 tonnes of graphite.

Jacquemin warned that if the plant is shuttered, the company may not reopen it, instead shifting focus to its African operations. He said geopolitical risk and over-reliance on Chinese supply have made investors wary.

“Whether it’s investors, government, or banks, we need some help,” he told the news agency.

Northern Graphite reported a C$7.5 million ($5.4m) operating loss for 2024, including C$5.4 million ($3.9m) in non-cash charges related to depreciation and share-based compensation. 

Strong demand

Despite market headwinds, industrial demand for graphite — particularly in the refractory sector — remained strong in 2024 and is expected to stay firm through 2025, especially in North America, which accounts for 85% of the company’s sales.

Large and jumbo flake graphite, essential for industrial use, has grown scarcer as China scaled back mining amid a glut of anode material. Global supply is further constrained due to disruptions at a major mine in Mozambique and issues at new international projects.

Adding to supply tension, the US has imposed tariffs on both natural and synthetic graphite from China. These could rise dramatically, as American producers have requested anti-dumping tariffs as high as 920%, alleging unfair trade practices.

A decision from the US Department of Commerce and International Trade Commission is expected in the coming months.

Following the company’s annual general meeting in Perth on Thursday, chief executive Jakob Stausholm said the board had discussed rare earths this week and would take a “serious look” at their potential role in Rio Tinto’s portfolio.

Stausholm said that as the company continues to optimize its iron ore operations in the Pilbara and advances developments like the Simandou iron ore project in Guinea, it’s also reshaping its aluminum, copper, and lithium businesses to support the energy transition.

“So you could say, the next thing is to look a little bit deeper on critical minerals, and you have to think about that, not necessarily as separate mines,” Stausholm told reporters. He noted critical minerals are often present in Rio’s existing operations as a by-product, so “it’s a question of whether we should process them more deliberately.”

Rio Tinto already produces scandium as a by-product of titanium dioxide in Quebec and is weighing the production of gallium from its aluminum operations. Stausholm noted that the absence of a robust spot market for many critical minerals means Rio must ensure demand before scaling up production.

Chairman Dominic Barton echoed the cautious approach, pointing to the limited scale of the sector. “That’s why you don’t typically see the top five [largest miners] in this space,” he said. But with global supply chain diversification becoming a priority, Barton said they are asking themselves whether they should revisit what they already have and assess the economics.

Barton also said critical minerals could help strengthen Rio’s social licence to operate. “It’s interesting how often those with fewer resources are the most vocal,” he added.

Tariffs, Canada and the aluminum market

On tariffs, Barton said Rio could compete under the current global framework, though the company isn’t enthusiastic about trade barriers. “We’re not excited about tariffs, but we’ve got to live with what governments are doing,” he said, adding that if they’re applied uniformly, the company “would manage” because of its position on the cost curve.

Barton welcomed the recent Canadian election results, suggesting they provided a mandate for continued negotiations. He praised the country’s recognition of aluminum’s economic importance, especially given Rio’s workforce in Canada.

As a former Canadian ambassador to China, Barton said China’s economy could absorb short-term tariff impacts.

“Urbanisation, GDP consumption rates, and green infrastructure investment all support long-term steel demand,” he said. “We expect a new equilibrium despite near-term discomfort.”

Working in the US

Stausholm highlighted Rio’s significant presence in the US, including the Kennecott copper mine and smelter in Utah, a boron mine in California, and the Resolution copper project in Arizona.

“The US government is very, very keen on seeing us getting the most out of those assets, so it provides opportunities to serve the US government,” Stausholm said.

He added that tariff policies wouldn’t necessarily affect Rio’s long-term investment decisions. Last month, the US government fast-tracked permitting for the Resolution project, and Stausholm said the joint venture with BHP (ASX: BHP) is moving forward.

“Unlike Australia, the US has seen limited mining development in recent decades—this represents a shift”, he said.

Activist campaign fails

A proposal from UK-based hedge fund Palliser Capital to force a review of Rio’s dual-listed company (DLC) structure failed to gain traction. The company rejected the motion, with Barton stating the board had already reviewed the structure in detail last year with advice from five external consultants.

“All of this work showed that a unification of the DLC would be value destructive for the group and its shareholders,” Barton said.

Only 19.35% of shareholders supported the motion. Under UK law, a 75% majority is required to mandate a review, while 20% support would have have required the company to engage further with shareholders.

The new standard suite expands the due diligence toolkit for responsible sourcing, processing and manufacturing of raw materials to meet new and emerging regulatory requirements and to encourage continuous improvement of supplier practices across a comprehensive set of indicators, RMI said.

The standard suite underwent an extensive review process in 2024-2025, beginning with benchmarking against new and incoming regulations, including the EU Battery Regulation, the EU Corporate Sustainability Due Diligence Directive, and the German Supply Chain Due Diligence Act.

The new standard suite includes the revised Facility Standard for Social, Environmental, OHS and Governance Risks, applicable for assessment of a mineral processor’s operations; and the Supply Chain Due Diligence Module Plus, focused on risk management systems for sourcing primary and secondary materials.

The module is an add-on available only in combination with the RMI’s Responsible Minerals Assurance Process (RMAP) standards or Downstream Assessment Program (DAP).

The new standard suite provides a strengthened framework for risk management, based on internationally recognized guidelines including the United Nations Guiding Principles on Business and Human Rights and the OECD Guidelines on Responsible Business Conduct.

The standards were also designed to support requirements outlined in new mandatory due diligence regulations, including the EU Battery Regulation and the EU Corporate Sustainability Due Diligence Directive.

These standards help companies identify, assess and mitigate risks, remedy impacts, monitor and report on sustainability management systems, and enhance transparency and accountability within their supply chains, RMI said.

The evolving regulatory landscape and voluntary standards present a significant expansion of expectations, actions, and investment by companies all along the minerals value chain. As such, the RMI said it has also expanded its team providing technical assistance, as well as new trainings, guidance and tools available to mineral processors engaged in an RMI assessment, free of charge.

“With this new standard suite and accompanying training and technical assistance resources, the RMI has significantly expanded its due diligence support to RMI members and mineral processors in our assessment program,” RMI executive director Jennifer Peyser said in a statement.

“The RMI standards remain rooted in longstanding international norms while now reflecting newly emerging company needs and stakeholder expectations for regulatory compliance, managing sustainability risks and impacts, and fostering responsible mineral supply chains,” Peyser said.

More information about the new RMI standards and associated tools can be found here.

The agreement “signals clearly to Russia that the Trump administration is committed to a peace process centered on a free, sovereign and prosperous Ukraine over the long term,” Treasury Secretary Scott Bessent said in a statement late Wednesday.

Ukrainian Economy Minister Yulia Svyrydenko also confirmed the deal on social media. In a post on X, she wrote: “Together with the United States, we are creating the Fund that will attract global investment into our country.”

The deal, as first reported by Bloomberg News, will grant the US priority access to new investment projects involving critical materials such as aluminum, graphite, oil and natural gas. It also establishes a reconstruction fund, managed by Washington, through which profits will be funneled.

The fund is intended to support Ukraine’s recovery and offset future US military assistance, the draft of the agreement reads.

Trump’s 100th day

The announcement comes as US President Donald Trump marks the first 100 days of his new term, amid mounting pressure to deliver foreign policy wins and restore his political standing. Trump, whose support Kyiv views as critical to any potential truce with Moscow, has expressed frustration with the pace of ceasefire negotiations.

“We made a deal where our money is secure, where we can start digging and doing what we have to do,” Trump told a Cabinet meeting on Wednesday. “It’s also good for them because you’ll have an American presence at the site … that will keep a lot of bad actors out.”

The agreement follows weeks of negotiations, including a visit by Ukrainian officials to Washington earlier this month. Talks had stalled over technical details until the sides agreed to finalize all components of the deal simultaneously.

Earlier in the day, the Financial Times reported the deal had hit a last-minute snag, with issues arising related to governance, transparency mechanisms and the traceability of funds.

Resource partnership

The reconstruction fund is designed to facilitate future cooperation in energy and resource development, including mining and technology. Kyiv views the pact as a strategic step toward its long-term goal of joining the European Union—an issue Ukraine insisted must not be compromised.

According to Reuters, while the agreement gives US preferential access to new Ukrainian natural resources deals, it would not automatically hand Washington a share of Ukraine’s mineral wealth.

US officials said that the deal does not require Ukraine to repay past military aid, estimated in the billions of dollars since Russia’s full-scale invasion began over three years ago. Ukrainian Prime Minister Denys Shmyhal confirmed that Washington had dropped its earlier demand for retroactive compensation.

“This economic partnership positions our two countries to work collaboratively and invest together,” the US Treasury said.

As part of the agreement, OM Commodities will supply Ace Green with at least 30,000 metric tons of lead scrap annually, which the company expects to recycle at its planned flagship facility in Texas, with production expected to begin in 2026.

The level of feedstock is sufficient to cover 100% of Ace Green’s Phase 1 recycling capacity at its future Texas facility, it said.

The agreement is for a term of at least 15 years and provides Ace Green with the option to obtain more supply from OM Commodities as it scales up its recycling operations.

Ace Green said it is also in active discussions with OM Commodities for future lithium battery recycling collaborations.

“Ace is a pioneer when it comes to providing an environmentally friendly and economically superior solution to recycle valuable material from lead scrap,” OM Commodities president Yiannis Dumas said in a news release. “We look forward to supporting Ace with lead feedstock as they scale up their operations in Texas and helping create a more circular and sustainable battery materials supply chain in the US.”

With more than 1.5 million metric tons of lead battery scrap available for recycling in the US alone, there is a critical gap in smelter capacity to keep valuable lead material within the domestic supply chain.

Ace said its GREENLEAD recycling technology is a fully electric process that produces zero Scope 1 emissions and is capable of recovering up to 99% of battery-grade lead with more than 99.98% purity.

The company said its process is designed to replace legacy smelting operations that are detrimental to the environment and human health due to potential lead poisoning. It also said the innovation helps to facilitate a more streamlined permitting process.

“We believe that Ace’s future Texas facility is poised to play a key role in addressing many of the current challenges in the lead industry in the US, while helping the country meet the growing domestic demand for valuable battery materials,” Ace Green CEO Nishchay Chadha said.

“This agreement with OM Commodities will provide us with enough supply to support our Texas facility during all of its current planned phases, enabling us to achieve optimal efficiencies as we deploy our solutions in the US market.”

USAR is currently finishing the construction of a 310,000-square-foot facility in Stillwater, Oklahoma — also known as Innovation Lab — which it officially opened in late March, having already produced the first batch of sintered magnets earlier in the year.

The plant is designed to replicate the complete rare earth magnet production process, the company said. Following the recent commissioning, it will begin producing protypes for customers ahead of commercial operations in 2026.

At full capacity, the state-of-the-art facility is expected to produce 5,000 tonnes, or hundreds of millions of magnets annually, according to company estimates.

The company, which debuted on the NASDAQ mid-March, previously said that it would invest $100 million in the manufacturing facility.

As part of a vertically integrated supply chain strategy, USAR holds the Round Top deposit in West Texas, where it produced its first sample of dysprosium oxide in January.

The company has said it aims to bring the deposit towards production around the same time as the Oklahoma plant.

The $75 million funding was made via a private investment in public equity (PIPE), the company said.

“This sizable commitment from a single institution allows us to fully fund the capex required for the first phase of our rare earth magnet facility,” USA Rare Earth CEO Joshua Ballard said in a statement.

He also highlighted this as a “pivotal moment” in the company’s push to build what would be one of the largest sintered rare earth magnet facilities in the US.

Under the PIPE transaction, the investor would acquire 8.55 million shares of common stock, pre-funded warrants to purchase another 2.16 million shares and warrants to purchase the combined total number of shares at a strike price of $7.00 per share.

Despite the funding, USAR fell 18.3% at market close to $10.51 apiece, close to where it traded at when it first listed. The stock decline gives the company a market capitalization of $861.3 million.

The Scottish engineering firm agreed to buy Micromine in late February, in an effort to enhance the group’s digital mining solutions and support its growth strategy.

“Micromine is a high-performing, high-growth business of scale, and is a natural and complementary fit for Weir,” Weir Group CEO Jon Stanton said in a press release.

Australia-based Micromine offers comprehensive solutions across the upstream mining value chain, from exploration through mine design and planning, operational scheduling, and mining operations in hard ore, soft ore and underground applications.

“Bringing together Micromine with our existing digital technologies, our vision is to create a digital platform that helps our customers optimize their performance at each step along the mining value chain,” Stanton added.

Weir’s digital solutions division will be led by Kristen Walsh, previously regional managing director of Minerals APAC. Andrew Birch, current CEO of Micromine, will remain with Weir for up to 12 months in an advisory capacity.

In due course, the company said it intends to bring together Micromine solutions with MOTION METRICS and NEXT intelligent solutions, creating a sector-leading combined digital solutions offering for the mining industry.

In terms of financial guidance, the company expects Micromine’s revenue contribution to be in-line with previous projections, contributing around 25 basis points to group operating margins in 2025, with about £16 million in one-off integration and acquisition related costs.

According to Chinese state media, a group of scientists recently managed to refuel a working thorium molten salt reactor without causing a shutdown — a feat never achieved before. The success was announced by the project’s chief scientist Xu Hongjie during a closed-door meeting at the Chinese Academy of Sciences on April 8, Chinese news outlet Guangming Daily reported last week.

Such a breakthrough could be transformative to the global energy landscape, as thorium has long been hailed as a far safer and cheaper alternative to uranium in nuclear reactors. While also a radioactive element, thorium produces less waste, and the silver-colored metal, mostly found in monazite, is much more common in the Earth’s crust.

According to the International Atomic Energy Agency (IAEA), thorium is three times more abundant in nature than uranium, but historically has found little use in power generation due to the significant economic and technical hurdles.

China takes lead

The latest announcement in China represents a key step in removing some of the hurdles. In the April 8 meeting, Xu said China “now leads the global frontier” in nuclear energy, as cited by Guangming Daily.

The reactor used by Xu’s team is a prototype located in the Gobi Desert, known for its rich endowment of minerals such as uranium and rare earths. The experimental unit is able to generate 2 megawatts of thermal power, using molten salt to carry the fuel and manage heat, with thorium serving as its fuel source.

Compared to uranium, thorium can generate a significantly higher amount of energy via nuclear fission. A Stanford University research estimates that thorium’s power generation could be 35 times higher. Thorium molten-salt reactors (TMSRs) are also compact, do not require water cooling, cannot experience a meltdown and produce very little long-lived radioactive waste, according to the IAEA.

When announcing the breakthrough, Xu acknowledged that its project was based on previous research by US researchers who pioneered molten salt reactor technology in the 1950s, but abandoned shortly after to pursue uranium-fueled ones.

Xu — who was tasked with the thorium reactor project in 2009 — told Chinese media that his team spent years dissecting declassified American documents, replicating experiments and innovating beyond them.

Vast thorium supply

The technology breakthrough follows a report earlier this year that China’s thorium reserves, already known as the world’s largest, may actually be bigger than previously estimated, according to a national survey cited by the South China Morning Post in February.

In the report, scientists claim that the Bayan Obo mining complex in Inner Mongolia, which is the world’ s largest rare earth producer and has a huge amount of thorium in tailings, could yield 1 million tonnes of thorium – enough to fuel China for 60,000 years.

The Chinese government has long aimed to harness the power-generation potential of thorium, which it sees as part of the nation’s strategy to achieve carbon neutrality by 2060. The country, as the world’s-second-largest carbon emitter, has reportedly been working on thorium-fueled reactors since the 1970s.

Last year, China approved the construction of the world’s first thorium molten-salt reactors in the Gobi Desert. These are larger than the one used in Xu’s project, and are expected to generate 10 megawatts of electricity starting in 2029.

On the COMEX, copper for July delivery dropped 5.4% to $4.609 per lb. ($10,139 a tonne) in morning trading. The selloff was driven in part by Chinese investors unwinding arbitrage trades across New York, London, and Shanghai. Wednesday marked the last trading day in China before the May holiday.

Adding to bearish sentiment was a key Chinese manufacturing index that came in significantly below expectations, suggesting factory activity is contracting amid growing trade tensions with the US. The data undercut recent optimism fueled by plunging stockpiles and rising import premiums in China.

Surplus set to double

The downturn also follows a revised forecast from the International Copper Study Group (ICSG), which now expects the global copper surplus to more than double in 2025.

After wrapping up its biannual meeting with industry leaders in Lisbon, the ICSG said it expects the global surplus to reach 289,000 tonnes next year, up from 138,000 tonnes in 2024 and significantly higher than its prior projection of 194,000 tonnes for 2025.

The surplus is forecast to remain elevated in 2026 at 209,000 tonnes, marking a third consecutive year of oversupply following a balanced market in 2023.

According to the group, the growing surplus reflects a mix of rising production and softening demand, with US tariffs and global trade uncertainties weighing on industrial consumption.

That result, in hole MO-25-755W1 of Monique’s B1 zone, was over a 19.5-metre interval from 697 metres depth, and included 6.2 metres at 42.7 grams gold. Hole MO-25-749 of zone B returned 20.7 metres at 6.7 grams gold from 672 metres depth, including 1.8 metres grading 135.5 grams gold. They were among results from 33 infill holes at Monique on its Novador project near Val-d’Or, about 525 km northwest of Montreal.

“These results continue to confirm the continuity and grade of the gold deposit at Monique,” BMO Capital Markets analyst Andrew Mikitchook said in a note.

Supporting 2025 PFS

He added that Probe’s 50,000-metre drill program that it started last fall is now complete and the results are to support a pre-feasibility study for Monique, expected by the end of this year.

“The results of the winter infill program will be instrumental in supporting ongoing resource conversion and will serve as a cornerstone of the upcoming pre-feasibility study—an important milestone in advancing Novador toward development,” Probe CEO and president David Palmer said in a release.

Probe shares were down 1.4% to C$2.04 apiece on Wednesday morning in Toronto, for a market capitalization of C$413.13 million. Its shares traded in a 12-month range of C$1.08 to C$2.15.

B zone strength

Another noteworthy intercept, MO-24-730W3 in zone B cut 16.4 metres grading 5.4 grams gold from 744.6 metres depth, including 5.6 metres at 30.5 grams gold.

The company is funded with C$50 million in cash and earlier this month it closed a C$45 million bought deal private placement. It included an offering of 6.25 million flow-through shares at C$3.24 each and 13.75 million common shares at C$1.82 apiece.

Mineralization at Monique has been defined from surface to a depth of 700 metres and varies between several metres to up to 100 metres in width, Probe said. The Monique gold trend zones are open along strike and at depth.

Probe’s wider Val-d’Or East properties, which include the Novador, Croinor, McKenzie Break, Lapaska and Sleepy deposits host 6.7 million measured and indicated oz. and 3.2 million inferred oz., according to a resource update last September. That represents a 77% and 131% increase, respectively, over the previous resource from one year ago.

Novador makes up the largest resource of the properties. It holds 6.4 million measured and indicated oz. and 1.5 million inferred oz., a 60% increase over the previous estimate.

Total gold demand reached 1,206 tonnes in the first three months of 2025, a 1% increase from the same period a year ago, the WGC said in a new report Wednesday. Soaring inflows into gold ETFs fuelled a 170% surge in investment demand to 552 tonnes, the highest since the first quarter of 2022, WGC said.

As gold prices set multiple record highs this year, including touching $3,500.05 per oz. last week, investors have piled into physical gold ETFs, which grew by $21 billion in the first quarter, their second highest quarterly level since the second quarter of 2020.

Gold’s average price reached $2,860 per oz. in the quarter, a 38% jump from a year ago, according to data compiled by the London Bullion Market Association.

Flows into gold

Investment flows into physical gold will probably continue to gather pace this year, the WGC said. Key factors supporting demand include continued geopolitical tensions, near-term stagflation risks, medium-term recession risks, elevated correlations between stocks and bonds and an expected increase in US deficits.

Central banks bought 244 tonnes of gold in the first quarter, 21% less than in the same period a year ago but within the quarterly range of the last three years. Persistent trade tensions will probably drive full-year central bank purchases close to the range of the past three years, according to the WGC.

First-quarter bar and coin demand rose 2.6% to 325 tonnes, which is 15% above the five-year quarterly average. China accounted for much of the increase, posting its second-highest quarter of retail investment.

Tech demand

Technology demand was little changed at 80.5 tonnes. Ongoing artificial intelligence adoption drove continued growth in the electronics sector, but uncertainty over tariffs should result in a challenging environment for the rest of the year, the WGC said.

Jewelry consumption shrank 21% from the year-ago quarter to 380 tonnes, weighed down by elevated prices. Consumption in the period hit its lowest level since the Covid-19 pandemic brought global economies to a standstill in 2020, and WGC economists predict full-year jewelry demand will be weaker than expected in 2025 on lower growth and higher prices.

Total gold supply grew 1% from a year earlier to 1,206 tonnes, with mine production hitting a first-quarter record of 856 tonnes. Recycling declined 1% as consumers kept their gold hoping for higher prices.

Mine supply this year will probably stay close to its 2024 record level, the WGC said. “Unprecedented” cash generation should allow announced development plans to advance and mine production to stay strong. While Ghana, Chile and Canada have healthy production pipelines, disruptions in Turkey and Russia and cutbacks in Australia are expected to weigh on total output.

Read More: Annual gold price forecast tops $3,000 for first time: Reuters poll

The company’s over the counter units trading on US markets (OTCPK:GLNCY) was down by 8.6% in mid-afternoon dealings, recovering from a double digit fall at the open.

Glencore stock is down more than 26% so far this year, affording the company a market capitalization of just under $40 billion. Its market value peaked at the end of Q1 2022 at more than $90 billion.

The Swiss-headquartered miner and commodities trader reported a 30% drop in first-quarter copper production to 167,900 tonnes, but maintained its full-year forecast for 2025 at 850,000-910,000 tonnes, expecting higher output in coming months.

The top of that range would still be down from the company’s 2024 annual production of 952,000 tonnes. The Q1 production miss was primarily due to lower ore mining rates, head grades and overall recoveries at Collahuasi (29,400 tonnes), Antapaccay (20,800 tonnes) and KCC (16,700 tonnes) Glencore said.

First-quarter production of cobalt rose 44% on higher grades and volumes at its Mutanda mine, while nickel production fell 21%, it said. The company kept 2025 production guidance unchanged for both.

Glencore forecasts full-year trading and marketing earnings before interest and tax (EBIT) in the middle of its long-term guidance of $2.2 billion to $3.2 billion this year, compared to $3.2 billion in 2024.

“Since quarter-end, financial markets, including commodities, have been highly volatile and unpredictable, responding rapidly to US tariff newsflow and uncertainty.

“In such an unpredictable environment, risk management has been a primary focus, noting the many complex supply chains we are exposed to, including the US, China, Europe and Canada. Despite the ‘noise’, primary commodity trade routes to date have not been meaningfully disrupted.

“However, owing to the various proposed and currently being implemented tariffs across commodity supply chains, it is likely that some physical trade flow re-orientation and dislocation will manifest over the coming months, which may present opportunities for our marketing business,” Glencore said in a statement.

The trading division, whose profit hit a record $6.4 billion in 2022, includes coal, oil, liquefied natural gas and related products, as well as metals.

“Disappointing that in these volatile times with significant regional arbitrage in copper that marketing guidance was not at the top end of the range,” RBC Capital Markets analysts told Reuters.

Glencore’s first-quarter thermal coal production fell 7% to 23.4 million tonnes from 25.2 million tonnes a year before on lower output from its Australian mines.

The company is one of the largest producers and exporters of thermal coal, mining 99.6 million tonnes in 2024.

Glencore said in March it would begin reducing production at its Colombia mine Cerrejon by between 5 million and 10 million tonnes annually.

(With files from Reuters)

The Group, which recently concluded its biannual meeting with key industry players in Lisbon, forecasts global copper surplus to reach 289,000 tonnes in 2025, more than double the 138,000 tonnes from last year. This forecast also represents a larger surplus than its earlier projection of 194,000 tonnes.

In 2026, the surplus is expected to remain high at 209,000 tonnes, extending the surplus for a third straight year after a largely balanced market in 2023.

The widening surplus over the 2025-26 period, according to ICSG, can be largely attributed to higher mine supply and rising smelting capacity.

Mine supply growth

For 2025, the Group expects global mine production to increase by 2.3% to 23.5 million tonnes, benefiting mainly from the ramp-up of the Kamoa-Kakula mine in the DRC and Oyu Tolgoi in Mongolia and the commissioning of the new Malmyz mine in Russia.

In 2026, a higher growth of 2.5% is anticipated, supported by the continued ramp-up of new/expanded capacity (including China), an expected improvement in Chilean and Zambian output, and a recovery in Indonesia from expected declines in 2025.

In both years, ICSG said a series of smaller expansions and the start-up of a number of small and medium-sized mines will also contribute to the increase in global production notably in the DRC, Brazil, Iran, Uzbekistan, Ecuador, Eritrea, Greece, Angola and Morocco.

Higher refining capacity

The ICSG also sees expanded Chinese smelting capacity, as well as the start-up of new refineries in India, Indonesia and DRC, to contribute to a 2.9% increase in refined copper output this year.

In 2026, however, total refined production is expected to decline by 1.5%, due to constrained availability of copper concentrates leading to a slowdown in primary refined production. This will be offset partially continued growth in the secondary processing sector, which generates refined copper from scrap.

Demand impact

According to the ICSG, uncertainty surrounding international trade policy is likely to weaken the global economic outlook and negatively impact copper demand, dragging this year’s refined copper usage down to 2.4% compared to its previous forecast of 2.7% and the 2.8% recorded in 2024.

Copper usage growth is expected to slow further to 1.8% in 2026, largely reflecting an anticipated loss of momentum in China, where copper usage is expected to shrink from 2% this year to just 0.8% next year.

Demand in other key copper regions such as Europe, Japan and the US is also expected to remain “subdued”, leaving the Asia region as the lone key driver of demand.

However, ICSG also acknowledged that demand drivers such as energy transition technology and data centers will continue to support copper usage, helping to offset some of the broader manufacturing hit from a prolonged trade war.

The full ICSG report is here.

The landmark agreement would grant Washington preferential access to new Ukrainian mineral and energy projects in exchange for future investment and military assistance, as reported by multiple media outlets.

According to unnamed sources cited by the Financial Times, Ukraine’s Minister of Economic Development Yulia Svyrydenko, who arrived in Washington on Wednesday, is aiming to revisit some of the terms that were initially agreed upon over the weekend.

The sticking points, according to sources cited by the Financial Times, revolve around governance, transparency mechanisms and the traceability of funds. In response, US Treasury Secretary Scott Bessent and his team warned that Svyrydenko should “be ready to sign all agreements, or go back home”.

However, Ukraine refuted the American version of the events, adding that the only reason why they could not sign all the documents on Wednesday was because the fund agreement, which would complete the full minerals deal, must be ratified by the country’s parliament first.

A draft of the deal, previously reviewed by Reuters, indicates that it includes the establishment of a joint US-Ukrainian reconstruction fund, which would receive half of the profits and royalties earned by Ukraine from newly issued natural resources permits.

While this arrangement does not transfer direct ownership of assets or infrastructure, it ensures that the US — or designated entities — would have first access to new licenses and projects.

The draft clarifies that existing mineral or energy contracts will not be affected, and earlier proposals that would have given the US influence over Ukraine’s gas infrastructure have been dropped, Reuters reported.

In parallel reporting, Bloomberg said the deal’s scope includes development opportunities across a range of critical commodities such as aluminum, graphite, oil and natural gas. According to officials familiar with the process, the agreement has been in the works since February and will require ratification by Ukraine’s parliament.

As part of the arrangement, the US has agreed that only future military aid will count toward its contributions to the fund.

Ukrainian Prime Minister Denys Shmyhal confirmed this change on Sunday, noting that previously delivered assistance—worth tens of billions of dollars—will not be monetized under the new framework.

Shmyhal described the agreement as a “strategic investment partnership” to rebuild Ukraine and foster its long-term development. “It is truly an equal and beneficial international agreement,” he told Ukrainian television on Wednesday, according to CNN.

US President Donald Trump has linked the mineral partnership to broader questions around Ukraine’s ability to “repay” Washington for its support since Russia’s 2022 invasion.

The deal also aligns with Trump’s broader push for a negotiated ceasefire. However, progress on that front remains stalled as Russia demands complete control over contested eastern Ukrainian regions.

Despite the high-level tensions—including a failed signing attempt in February following a contentious Oval Office meeting—Ukrainian President Volodymyr Zelenskiy and President Trump appear to have restarted dialogue. The two met privately at the Vatican over the weekend during Pope Francis’s funeral.

Ukraine claims to hold nearly $15 trillion worth of mineral resources, making it one of the most resource-rich nations in Europe. The country is home to the continent’s largest reserves of lithium, titanium, and uranium.

The spin-off includes mines across South America, Central Asia, Africa, and Oceania. Among them is the Buriticá gold mine in Colombia, the country’s largest, which has been the target of attacks by illegal miners.

Zijin, China’s largest gold and copper producer, said the move aims to accelerate its global expansion, improve asset valuation and attract international investors. Despite being in the early stages and subject to regulatory approvals, the company believes the spin-off will strengthen its market position and increase shareholder value amid rising gold prices.

Zijin Gold International will remain a subsidiary after the listing, with its financial results still included in the parent company’s consolidated statements. 

The timing of the planned spin-off aligns with a surge in global gold prices, which have hit record highs in April amid mounting uncertainty around US-China trade tensions. Rising prices could further drive the revaluation of its gold assets and reduce risks tied to overseas operations.

The proposed listing still requires approval from Chinese regulators, shareholders, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange, among others.

Vice President and Finance Minister Ndaba Gaolathe said the government is preparing to make “drastic” fiscal adjustments to stay afloat, including slashing expenditures and boosting tax revenues. 

“The first thing we need to do, obviously, is to live within our means,” Gaolathe said in Washington. “That means cutting spending — doing away with what we believe is some of the fat.”

Diamonds make up a third of Botswana’s revenue and lead its exports, but a prolonged drop in global demand since mid-2023 has forced the government to raise its budget deficit forecast to 9% of GDP — the highest since the pandemic. The downturn has also led to a 3% contraction in the economy this year.

With foreign reserves under pressure, officials plan to cut costs by trimming the government vehicle fleet and curbing travel. They’re also moving to boost revenue through stricter tax enforcement and a new digital transaction levy set to launch in September.

Despite fiscal stress, Gaolathe said Botswana is reluctant to seek financing on international markets, preferring concessional loans. “Let’s borrow where it’s cheapest,” he said.

Bigger De Beers stake

The diamond downturn has also accelerated changes in the industry. Anglo American (LON: AAL), which owns 85% of De Beers, has been seeking a buyer for the iconic diamond company. Botswana, which holds the remaining 15% and is De Beers’ primary diamond source, says it wants a greater say in the sale.

“We are very confident that partners are coming forward,” Gaolathe told Bloomberg, noting interest from countries, funds and companies with “deep interest” in the industry. Botswana wants any new owner to be financially strong and committed to the diamond business long-term — and said it is open to increasing its stake to as much as 50%.

The government and De Beers recently signed a 10-year deal to fund global marketing aimed at reviving demand for natural diamonds, which have been losing ground to lab-grown alternatives. New US tariffs on Botswana’s diamonds have since added uncertainty to any near-term rebound.

“High tariffs on our diamonds will have a deleterious effect on us,” Gaolathe warned. The Bank of Botswana expects only a “muted recovery” this year.

The milestone was achieved seven months early with minimal investment by reactivating 12 km of workings acquired from First Majestic Silver (TSX, NYSE: AG). Mining kicked off at 50 tonnes per day and will rise to 150 tonnes per day by the end of December, replacing feed now sourced from Guitarra’s 500-tonne per day plant. Guitarra and Coloso are located about 200 km west of Mexico City.

“This marks another milestone event in the restart of the Guitarra Mine Complex,” COO Greg Liller said in a release.

Silver centre

Historically a major silver producer, Mexico produced 204.8 million oz. silver in 2023. That accounts for about 24.8% of the world’s silver output, according to the US Geological Survey. The country attracted around $5 billion in mining investments last year. Major companies are focusing on expansions due to stricter rules on concessions and water permits, though other companies have reported progress in securing some permits.

Fresnillo (LSE: FRES) and MAG Silver (TSX, NYSE-A: MAG) increased output at their Juanicipio joint venture in Zacatecas. Pan American Silver (TSX, NYSE: PAAS) is expanding La Colorada in Sonora. Coeur Mining (NYSE: CDE) finished a $1.7 billion  takeover of Silvercrest in February. Also, First Majestic bought Gatos Silver for $970 million in March.

Regulators have raised environmental standards: Sierra Madre secured dry-stack tailings and paste backfill permits in May last year. The permits got approved, even as government discussions about increasing royalties and a possible open-pit ban under President Claudia Sheinbaum took place.

Sierra Madre shares trading in Toronto added 3.5% to C$0.59 apiece, solidifying 12-month gains higher than 51%. It has a market capitalization of C$90.8 million.

Guitarra ramp-up

Grades at Coloso are about 1.7 times higher in silver and 1.2 times higher in gold compared to the Guitarra veins, Liller said. The widths of the veins range from less than 1 metre to over 2 metres. Ramp-up mining will thus use different methods and blasting techniques. This helps find the best mix of mining costs and grade dilution.

Coloso hosts 432,000 indicated tonnes grading 221 grams silver per tonne and 1.61 grams gold, compared with Guitarra’s 1.7 million indicated tonnes at 123 grams silver and 1.3 grams gold.

The company began Guitarra operations on the Jessica vein and at Joya Larga. They are to test mining and blasting methods to find the best cost-to-grade ratio.

Refining operations

Sierra Madre hired a metallurgist with significant flotation experiencewho is to work as the process plant superintendent for processing at Coloso.

“Their goal will be to determine the best ratio of Coloso to Guitarra mill feed material to achieve maximum economic benefit,” Liller added.

Guitarra’s test-mining program generated $3.9 million in revenues during the three months ended Dec. 31, while milling 38,464 dry tonnes at 84% gold and 79% silver recoveries. Full-year revenues reached $6.5 million and gross profit hit $1.36 million before Guitarra achieved commercial rates on Jan. 1.

Defense Metals is currently developing the Wicheeda rare earth element (REE) project in British Columbia. The property is located about 80 km northeast of the city of Prince George, covering an area of 118 sq. km.

“The interest shown by our potential strategic partner reflects growing industry confidence that Wicheeda could indeed become a strategically important source of rare earth elements based on the convincing results of our detailed pre-feasibility study published earlier this month,” Defense Metals CEO Mark Tory said in a news release.

“We still have a lot of work to do to turn our project into reality, but this MOU is certainly a major step in the right direction,” he added.

The company recently completed a preliminary feasibility study that demonstrated robust economics for the project, including an after-tax net present value of $1 billion, using an 8% discount rate, and an internal rate of return of 18.9%.

The Wicheeda REE deposit is estimated to hold 34 million tonnes of measured and indicated resources grading 2.02% total rare earth oxides (TREOs), for nearly 700,000 tonnes of TREOs.

A new estimate for District Metals’ (TSXV: DMX) Viken project in central Sweden raises uranium resources so much it’s now the world’s second largest deposit of the nuclear metal, the company said Tuesday. Shares shot up.

The report gives Viken 456 million indicated tonnes grading 175 parts per million (ppm) uranium oxide (U₃O₈) for 176 million contained lb. U₃O₈, an almost ninefold rise over the previous resource from 2010. Inferred resources grew 44% to 4.33 billion tonnes grading 161 ppm U₃O₈ for 1.53 billion contained pounds.

Viken was already one of the world’s largest uranium deposits, and the new report makes it the second largest, District CEO Garrett Ainsworth said in a release.

“The stunning growth of the current Viken [estimate] from the 2006 to 2012 drill data is a testament to the continuity in grade and thickness of the mineralized Alum Shale formation found across the Viken deposit,” he said. There’s “strong” potential to increase the inferred resource even more, he said.

District shares gained 23% to C$0.35 apiece in afternoon trading Tuesday in Toronto, for a market capitalization of C$45.9 million.

Swedish uranium momentum

The new resource for Viken, located 570 km north of Stockholm, adds to tailwinds for uranium in Sweden as the country moves towards lifting its 2018 ban on exploration and mining of the nuclear metal. Prime Minister Ulf Kristersson’s government has sought to overturn the ban since 2023, and the legislative changes lifting it are expected to take effect next January.

Sweden’s uranium output is minor by global standards, with its resources accounting for 27% of the European total, according to the country’s geological survey. But demand for the metal is high around the world as countries seek zero-emissions energy to power electricity-hungry AI servers.

Viken’s global ranking

While Viken hosts the largest uranium resource by contained metal in Europe, how it ranks globally depends on how uranium projects are weighed.

District assumed a scenario in which Viken is compared to other deposits where uranium is the primary or secondary metal, Ainsworth said in an email to The Northern Miner, citing a table by S&P Global Intelligence on the world’s largest uranium deposits.

In that scenario, Viken sits under BHP’s (NYSE, ASX, LSE: BLT) polymetallic Olympic Dam project in South Australia.

Critical mineral bounty

Viken also hosts significant amounts of other critical minerals such as vanadium, zinc and nickel.

The new resource raises by more than 16 times the indicated vanadium tonnage, which now grades at 2,836 ppm vanadium oxide (V₂O₅) for 2.85 billion contained pounds. The inferred vanadium resource grows by 45% to 24.29 billion lb. grading 2,543 ppm V₂O_5.

The indicated zinc resource totals 413 contained lb. grading 411 ppm zinc, and inferred resources add 3.9 billion contained lb. at 417 ppm zinc.

Nickel comes to 332 million contained lb. at 330 ppm in the indicated category, and 3 billion contained lb. in the inferred category grades at 321 ppm nickel.

Sweden’s proposal to lift the uranium mining ban will influence District’s decision to pursue a preliminary economic assessment for Viken in the fourth quarter, Ainsworth said.

The new resource is based on 122 holes and includes data from holes drilled between 2006 and 2012 by previous operators, District said.

In a press release Monday, Azimut announced that Centerra is buying 9.43 million shares of the company at C$0.60 per share, for a total approximate investment of C$5.65 million. At the time of announcement, Azimut’s shares traded at $0.56 apiece.

The private placement would result in Centerra holding 9.9% of Azimut, which has a market capitalization of roughly C$47 million. By comparison, Centerra’s market capitalization is estimated at C$1.9 billion.

The equity investment represents the second of its kind made by Centerra in recent days. Last week, the Canadian gold miner announced it bought 9.9% of British Columbia-focused Thesis Gold (TSXV: TAU). In late 2024, Centerra also acquired a 9.9% stake in Dryden Gold (TSXV: DRY), whose focus is in northwestern Ontario.

Quebec exploration

The funds will be used by Azimut to advance several of its greenfield properties in Quebec. Its flagship project is the Elmer gold project, which is at the resource stage with 311,200 oz. indicated and 513,900 oz. inferred. Work is currently underway to expand the gold mineralization that has been defined over a strike length of 600 metres.

The company is also advancing the Galinée lithium discovery next to Winsome Resources’ Adina deposit under a joint venture with SOQUEM. It has also made significant exploration progress on the Wabamisk (antimony-gold, lithium), Kukamas (nickel-copper-PGE) and Pilipas (lithium) projects.

Azimut generates its exploration targets using big data analytics, enhanced by over 15 years of in-house field validation with over 500 new mineral prospects discovered across the province.