One EV, one AI server, one rocket, one wind turbine — every one of them starts as a rock dug out of the ground, then passes through a "refining" step that mostly happens in a single country. This lesson is the map that strings the 9 material categories together: how stuff flows from mine → refinery → component, why the real "bottleneck" isn't the mine but the refinery, and why the West is pouring enormous money into bringing that middle step back home (each category has its own deep-dive chapter).
Western Critical Minerals Push Meets Chinese Retaliation and Chip Shortage
▲
Western funding and policy support The US provided $1.2bn in loans and $3.5bn for USA Rare Earth, while G7 nations agreed to cut reliance on any single supplier below 60% by 2030, boosting Western critical mineral projects.
This shows a major new government effort to build alternative supply chains.
▲
Corporate expansion in rare earths Energy Fuels agreed to buy VAC for $1.9bn and ReElement partnered with POSCO to build a US separation plant, expanding Western rare earth processing capacity.
These deals directly increase Western capacity to process critical materials.
▲
Record demand from AI, defense, and electrification AI data centers, defense spending, and electrification drove record demand for copper, lithium, and cobalt, supporting prices and investment in these key materials.
This highlights the strong underlying demand pulling critical materials higher.
▼
Chinese retaliation and chip shortage China blacklisted MP Materials and USA Rare Earth, widened export controls, and restricted dual-use shipments. A severe memory-chip shortage raised prices up to 700%, pushing Apple toward blacklisted Chinese suppliers.
These are major new negative developments that could disrupt supply chains and raise costs.
Latest
▲2▼1
US-China truce eases rare earths; Panama copper closure tightens supply
▲
US-China truce advances, rare earths on the table Washington and Beijing formalized trade and investment boards, cut tariffs on $30 billion of goods each, and agreed China will buy at least 10 million tons of US coal in 2027 and 2028. Both sides will keep talking about rare earth and critical-mineral shortages, easing the tightest bottleneck for magnet and chip-material users.
The truce and its rare-earth talks directly reduce the theme's worst supply risk.
◆
Summit delivers little, truce only two months The Trump-Xi summit produced few breakthroughs and a shorter-than-expected two-month truce extension, with separate statements instead of a joint one. Analysts called the rare-earth and trade deliverables limited and tentative, so the easing of export controls could reverse if talks stall.
It is the real counterweight: the de-escalation that helps the theme is fragile and short.
▲
Defense steel and anti-transshipment rules lift Western metals Metallus won a Defense Logistics Agency steel contract worth up to $995 million over five years, with a $125 million first order. Separately, 28 countries agreed to monitor steel transshipment routed through third countries, targeting China and favoring domestic producers.
Government defense buying and trade enforcement are new forces pulling metals supply back onshore.
▼
Panama panel backs closing Cobre Panama copper mine A Panamanian commission recommended the orderly closure of First Quantum's Cobre Panama mine, one of the world's largest copper deposits, sending the stock down 16%. The report implies a multi-decade operating and closure framework with no defined restart, removing a major source of copper supply.
Losing a large copper mine tightens supply for AI, grid and battery users.
Q3 2026
▼3▲1
Supply shocks and tariffs squeeze critical materials; Western capacity grows
▼
China's helium export ban and rare-earth curbs China banned helium exports and tightened rare-earth shipments, disrupting supply for chipmaking and defense. A brief truce eased some controls, but the risk of future cutoffs remains high.
This is a new supply shock that directly hit critical materials availability and prices.
▼
Codelco copper crisis and Middle East war shipping disruptions Codelco's production crisis and Middle East war disrupted copper supply and global shipping, pushing copper prices to record highs near $14,700/tonne. This raised costs for manufacturers and signaled persistent tight supply.
These events created major supply bottlenecks and price spikes in a key industrial metal.
▼
New US tariffs on 60 trading partners The US imposed new tariffs on 60 trading partners, increasing costs and uncertainty for critical material imports. This added to supply chain pressures and prompted calls for diversified sourcing.
Tariffs directly affect the cost and flow of critical materials across borders.
▲
Western rare-earth, magnet, tungsten, lithium, and battery-recycling capacity expands MP Materials' $1B DoD deal, US/Japan deep-sea mining funding, and Glencore's $1bn offtake boosted Western capacity for rare earths, magnets, tungsten, lithium, and battery recycling, reducing reliance on China.
This shows concrete progress in building alternative supply chains outside China.
Empower Names ExxonMobil Veteran Andrew Sinclair as Public and Government Affairs Chief
Empower has appointed former ExxonMobil veteran Andrew Sinclair as its chief public and government affairs officer, the Dallas-based lithium producer announced. Sinclair will be based at Empower's new Washington, D.C., office and will also lead a presence in Austin, overseeing government relations, media and communications as the company aligns with U.S. strategic interest in critical minerals. He brings more than two decades of public affairs experience, including nine years at ExxonMobil, where he oversaw state government relations in the Northeast and helped build the public and government affairs team in Guyana. Empower is scaling commercial production of American-made lithium carbonate and plans to launch its first commercial sales in 2027, with CEO Patrick Dowling calling Sinclair the cornerstone of a leadership team assembled to lead American lithium production. The company noted that the United States controls only 1% of global lithium processing capacity.
Empower · Regulation · Positive Empower hired a government/public affairs chief and opened a Washington office to align with U.S. strategic interest in critical minerals as it scales lithium production.
Gold Rebounds as Investors Raise Odds to 78.4% for Fed Rate Hold in October After Weak Jobs Data
Gold prices rebounded today after weak employment figures eased investors' concerns about interest rate hikes by the US Federal Reserve. As of 9:37 pm Thailand time, spot gold rose 0.43 dollars, or 0.01%, to 4,140.10 dollars per ounce, while COMEX December gold futures gained 7.00 dollars, or 0.17%, to 4,169.30 dollars per ounce. Investors increased their bets that the Fed will hold rates steady at its October meeting after the US Labor Department reported that nonfarm payrolls rose by only 29,000 in September, below analysts' forecast of 89,000, while the unemployment rate rose to 4.2%, against expectations that it would remain steady at 4.1%. The latest CME Group FedWatch Tool indicates that investors now assign a 78.4% probability to the Fed holding rates at 3.75-4.00% in October, up from just 29.1% a week earlier, and a 21.6% probability to a 0.25% rate hike to 4.00-4.25%, down from as much as 70.9% previously. However, gold's gains were capped by a stronger dollar, while investors await the minutes of the Fed's September monetary policy meeting, due for release on Wednesday.
GOLD · Monetary · Positive Weak September jobs data (29k vs 89k forecast) raised odds of a Fed rate hold to 78.4%, easing rate-hike concerns and lifting gold prices.
Pan American Silver Plans $40-$43 Million 2026 Timmins Capital, $146 Million Camp Project
Pan American Silver Corp. estimates 2026 project capital of $40-$43 million for its Timmins operation in Ontario, where it expects to produce 105.5-115 thousand ounces of gold at an estimated AISC of $2,575-$2,675 per ounce. The Timmins operations consist of the Timmins West and Bell Creek underground gold mines, which supply ore to the Bell Creek processing plant with a design capacity of 5,600 tons per day and current throughput of 4,400 tons per day. Timmins produced 103.6 thousand ounces of gold in 2025 at an AISC of $2,443 per ounce, and the company plans to drill 118,000 meters at Timmins in 2026. In June 2026, Pan American Silver identified mineral resources at the Bell Creek mine and satellite deposits, and it is proceeding with a conceptual plan for phased development of these new resources. The company has commenced the first phase of the Timmins Camp Project following board approval and a total investment of $146 million.
PAAS · Capital · Positive Pan American Silver details 2026 Timmins capital spending of $40-$43M and a $146M Timmins Camp Project investment, advancing phased development of new resources.
RPM International Set to Report Q1 Fiscal 2027 Results on Oct. 6
RPM International is scheduled to report first-quarter fiscal 2027 results on Oct. 6, before the opening bell, with the Zacks Consensus Estimate for adjusted earnings per share at $1.95, down slightly from $1.96 over the past 30 days but still indicating 3.7% growth from the year-ago figure of $1.88. The consensus mark for net sales stands at $2.22 billion, implying 4.9% year-over-year growth, while the company expects consolidated sales to rise in the mid-single-digit range, with each of its Construction Products Group, Performance Coatings Group and Consumer Group segments also expected to grow in the mid-single-digit range. RPM expects previously announced SG&A reductions to generate $25 million in benefits in the quarter, partly offset by higher health care and benefit expenses, and it anticipates 5-6% raw material inflation with pricing increases already implemented to offset that inflation on a dollar basis. Consolidated adjusted EBITDA is expected to increase year over year in the mid-single-digit range, though a temporary supplier issue affecting propylene oxide-derived raw materials is expected to weigh somewhat on first-quarter sales growth. The company's earnings ESP is -1.64% and it carries a Zacks Rank of 4 (Sell), so the model does not conclusively predict an earnings beat.
RPM · Capital · Positive RPM is set to report Q1 fiscal 2027 results with consensus EPS of $1.95 (3.7% growth) and net sales of $2.22B (4.9% growth), plus mid-single-digit adjusted EBITDA growth.
RPM · Supply · Negative A temporary supplier issue affecting propylene oxide-derived raw materials is expected to weigh somewhat on first-quarter sales growth.
Trekor Metals Reaffirms 2026 Output Targets for Gibraltar and Florence After Rebrand
Trekor Metals has reaffirmed its 2026 output targets for the Gibraltar and Florence projects following a recent corporate rebrand. The copper producer's shares have risen 37.65% over 90 days and delivered a 122.69% total shareholder return over one year. Against a last close of CA$12.76, the most followed narrative pegs fair value at CA$14.13, implying the stock is 9.7% undervalued, while a separate valuation lens using a current price-to-sales ratio of 4.7x against a fair ratio of 4.3x and a peer average of 3.4x suggests the shares look expensive. The company points to a decline in capitalized stripping at Gibraltar and the winding down of Florence construction spending as drivers of improved free cash flow and potential deleveraging. Risks remain if project timelines slip or the two projects hit operational or regulatory setbacks.
Critical Metals Wins Greenland Approval for Tanbreez Rare Earth Mine
Critical Metals Corp. shares rose 13% Monday morning after the company said it received formal mining approvals from the Government of Greenland for its Tanbreez Mine, valid through 2050. The Government of Greenland approved the Mining Plan and Closure Plan for the Tanbreez Project, one of the world's largest heavy rare earth deposits, located in Southern Greenland. The approvals, signed by Minister Múte B. Egede on September 29, 2026, establish a framework for approximately 24 years of permitted operations under the company's existing exploitation licence. They cover the extraction of 19 critical elements, including the heavy rare earths terbium, dysprosium and yttrium, as well as the magnet metals neodymium and praseodymium. The remaining step before construction can begin is obtaining activity-specific operating permits under sections 120 and 121 of the Greenland Mineral Activities Act, covering environmental management, marine transport, health and safety, and the export and sale of minerals. The approvals were granted to the company's Greenlandic subsidiary, Tanbreez Mining Greenland A/S, under Exclusive Licence No. 2020-54, which covers mineral exploitation at Killavaat Alannguat, between Narsaq and Qaqortoq in Southwest Greenland.
CRML · Regulation · Positive Critical Metals Corp. received formal Greenland government mining approvals for its Tanbreez rare earth project, a key regulatory milestone.
Tanbreez Mining Greenland A/S · Regulation · Positive Tanbreez Mining Greenland A/S, the company's subsidiary, was granted the mining and closure plan approvals under its exploitation licence.
OceanaGold reported new drilling results from its Wharekirauponga project in New Zealand in late September 2026, highlighting multiple wide, high-grade gold intercepts that reinforce the continuity of the southern high-grade EG Vein and associated hanging-wall structures. Drilling has accelerated with five active rigs, and promising intercepts outside the current resource model point to a potentially larger, better-defined mineralized system that could influence future resource classification and project planning. The company's narrative projects $2.2 billion in revenue and $764.2 million in earnings by 2028, requiring 12.7% yearly revenue growth and a $388.4 million earnings increase from $375.8 million today. The update comes as OceanaGold plans the April 2027 retirement of CEO Gerard Bond, who is set to stay on as a Special Advisor for six months. Before this Wharekirauponga update, the most pessimistic analysts were still penciling in about US$2.6 billion of revenue and US$1.4 billion of earnings by 2029.
Mineral Road Reports High-Grade Tungsten Drill Intercepts at Bergslagen Project
Mineral Road Discovery Inc. announced that it continues to advance its 100%-owned Bergslagen Tungsten Project in Sweden, reporting excellent WO3%, Cu%, and CaF2% drill intercepts from a review of the previous operator's drilling around the historical Yxsjöberg Mine. Select discovery intercepts within the company's Conceptual Exploration Targets include KD-004 with 3.78m at 0.74% WO3, 0.38% Cu, and 11.11% CaF2 from 36.42m; KD-005 with 17.15m at 0.42% WO3, 0.23% Cu, and 6.66% CaF2 from 39.85m; KD-006 with 12.60m at 0.65% WO3, 0.21% Cu, and 8.35% CaF2 from 14.50m; and KD-007 with 10.50m at 0.79% WO3, 0.15% Cu, and 6.76% CaF2 from 25.50m. The company said the historical assays indicate a robust multi-commodity opportunity in tungsten, copper, and acid-grade fluorite, which is currently trading at industrial benchmarks of $500 to $630 per tonne, and that this approach, integrated with its proposed re-processing of the two tailings repositories at Bergslagen, aligns directly with European Critical Raw Material supply security mandates. Mineral Road outlined a three-stage program beginning with its Stage 1 tailings re-processing proposal, followed by a shallow hard-rock mining proposal as Stage 2 and longer-lead-time work on deeper hard-rock mineralisation as Stage 3, supported by a compiled database including approximately 15,000 metres of historical diamond core drilling. Executive Chair and Interim CEO Damien Reynolds said the company is establishing a conceptual exploration target of multi-million-tonnes of surface tailings as a potential cash-flow anchor, while the near-surface conceptual exploration targets are interpreted as the upper expression of a larger continuous system. The Yxsjöberg mine operated from the mid-1930s to 1989, yielding approximately 5.3 million tonnes of material at an average grade of 0.38% WO3 and 0.16% Copper, and supplied over 90% of Sweden's historical tungsten.
COPPER · Supply · Positive High-grade copper intercepts at Bergslagen indicate potential new copper supply, though the project is early-stage and copper is only a by-product
Velocity Minerals Appoints Erik Marchand to Board as Artemis Gold Nominee
Velocity Minerals Ltd. has appointed Erik Marchand to its board of directors as the nominee of Artemis Gold Inc. under the January 16, 2019 strategic investment agreement between the parties. Marchand replaces Gerrie van der Westhuizen, who resigned as a director of Velocity effective October 1, 2026. Marchand is a Chartered Professional Accountant with roughly 15 years of finance and accounting experience in the mining and natural resources sectors, and currently serves as Chief Financial Officer and Corporate Secretary of Artemis Gold Inc. He joined Artemis Gold in September 2021 as Corporate Controller and later became Vice President of Finance before being named Chief Financial Officer, and previously held senior finance roles at one of Glencore's international mining operations and began his career with Deloitte. Velocity President and CEO Keith Henderson thanked van der Westhuizen for his contribution to the board and welcomed Marchand as Artemis Gold's nominee.
Critical Materials & Supply Chain › Precious Metals Capital
Critical Materials & Supply Chain › Gold Capital
Velocity Minerals Ltd. · Capital · Positive Velocity appoints Artemis Gold's CFO Erik Marchand to its board as Artemis Gold's nominee under their strategic investment agreement
US Critical Metals Appoints James Hocking as Chief Executive Officer
US Critical Metals Corp. announced the appointment of James Hocking, a director of the company, as Chief Executive Officer, effective today. Hocking succeeds Darren Collins, who is stepping down as CEO but will remain a director of the company. Hocking is a commercial and capital markets executive with over 20 years of experience in the resources sector, including 7 years with BHP Group where he led commercial initiatives supporting major mining and infrastructure operations. He said his focus will be on building long-term shareholder value, noting that copper was added to the U.S. critical minerals list in 2025 and that the company's Korn Kob Copper Project is an exploration-stage property in Arizona, alongside its lithium, uranium and cobalt exploration properties. USCM's assets consist of five discovery focused projects in the United States: the McDermitt East Lithium Project and Clayton Ridge Lithium Property in Nevada, the Long Canyon Uranium Property and Haynes Cobalt Property in Idaho, and the Korn Kob Copper Project in Arizona.
Silver Jumps 2.3% to Near $61.80 as Hawkish Fed Bets Recede
Silver price rose 2.3% to near $61.80 during Monday's European session as traders scaled back hawkish Federal Reserve expectations following soft September US labor data. The economy created just 29K jobs in September, below the 90K estimate and a prior reading revised down to 133K from 162K, while the Unemployment Rate climbed to 4.2% against expectations it would hold at 4.1%. According to the CME FedWatch tool, the odds of a Fed rate hike at this month's policy meeting have fallen to 19.4% from 70.9% a week ago. Deutsche Bank analysts, however, see the broader labor market as broadly stable and expect two further 25 basis point Fed hikes over the next couple of quarters. The US Dollar Index rose 0.3% to near 102.20 and touched a fresh annual high near 102.53, supported by safe-haven demand tied to heightened French fiscal risks. On the technical side, XAG/USD trades at $61.69 below its 20-day exponential moving average at $63.24, with the Relative Strength Index at 43.89, while $30 is the immediate support zone and the August 3 low sits at $56.57.
SILVER · Monetary · Positive Silver jumped 2.3% as traders scaled back hawkish Fed bets after weak September US labor data cut rate-hike odds to 19.4%.
DBK.XETRA · Monetary · Neutral Deutsche Bank analysts expect two more 25bp Fed hikes, a view at odds with the article's dovish repricing after soft US jobs data.
Hua Seng Heng says gold will stay volatile on Fed and bond yields, recommends Gold Futures as a tool
Warawut Benjaputharak, Managing Director of Hua Seng Heng Gold Futures Co., Ltd., disclosed that short-term gold price direction remains volatile due to two main factors: a slowing labor market, which eases pressure on the Fed to raise rates and is a positive for gold, and long-term bond yields that remain at high levels, along with concerns over inflation and the U.S. fiscal position, which continue to cap any price recovery. Global gold faced heavy volatility after the United States reported that September non-farm payrolls rose by only 29,000, below market expectations, while the unemployment rate edged up from 4.1% to 4.2%. As a result, gold prices initially rebounded but were unable to hold above 4,200 dollars, before falling back to around 4,130 to 4,150 dollars per ounce. Investors should therefore keep a close watch on the bond market, especially the 10-year bond yield, real yields, and the dollar, alongside inflation data, the labor market, and energy prices. In a highly risky market environment, using tools such as Gold Futures and Mini Gold Online Futures to speculate along the trend and to hedge risk is highly beneficial.
GOLD · Monetary · Neutral Gold seen volatile on Fed rate pressure easing from weak payrolls versus high long-term bond yields and inflation/fiscal concerns; Gold Futures recommended as a hedging/speculation tool.
Galliford Try Wins Place on £3 Billion West Midlands Framework
Galliford Try Holdings PLC has landed a spot on the latest £3 billion Constructing West Midlands Framework, selected for the major works lot covering projects over £10 million. Connecting Excellence Group Plc has completed its first acquisition, buying James Gray Recruitment, and has grown its Bitcoin holding to over 81 coins, worth around £5.25 million. Bradda Head Lithium Ltd has intersected visible spodumene mineralisation in all three of its first Whistlejacket holes in Arizona, with lab assays now the next key test. Tower Resources PLC has secured a one-year extension to its exploration licence at Thali in Cameroon and is now working towards a drilling campaign targeted for Q2 2027. Premier African Minerals Ltd has raised around £1.2 million to restart operations at its Zulu Lithium project in Zimbabwe, with the plan now focused on processing ore already sitting on the stockpile.
GFRD.LSE · Demand · Positive Won a place on the £3 billion Constructing West Midlands Framework for major works over £10 million.
PREM.LSE · Capital · Positive Raised around £1.2 million to restart operations at its Zulu Lithium project.
TRP.LSE · Regulation · Positive Secured a one-year extension to its Thali exploration licence in Cameroon, enabling a drilling campaign.
Connecting Excellence Group Plc · Capital · Positive Completed its first acquisition, buying James Gray Recruitment, and grew its Bitcoin holding to over 81 coins.
BHL.LSE · Technology · Positive Intersected visible spodumene mineralisation in all three first Whistlejacket holes, a positive exploration result pending assays.
Bundesbank President Says Surging Government Debt Bolsters Case for Central Banks to Buy More Gold
Joachim Nagel, President of Germany's central bank, said that soaring government debt around the world is giving central banks more reason to diversify their international reserves into gold, amid concerns over credit risk and geopolitical uncertainty. Speaking at a conference in Sorrento, Italy, he said that while rising government bond yields make debt instruments comparatively more attractive, higher debt levels also fuel concerns about the credit quality of these assets. Germany holds the world's second-largest gold reserves, but its holdings have barely changed over the past several years, in contrast to many central banks that have sharply accelerated their gold purchases, with the war in Ukraine serving as a key turning point after the United States imposed financial sanctions on Russia. Meanwhile, a survey of 74 central banks by the World Gold Council, published in June, found that 45% plan to buy more gold over the next 12 months, the highest share since the survey began in 2018, and only one central bank said it planned to reduce its gold holdings.
GOLD · Demand · Positive Central banks cite surging government debt as reason to diversify reserves into gold, with 45% of surveyed central banks planning to buy more gold.
Xcite Uranium Begins 1300m Drill Program at Eagle Plains' Black Bay Project
Xcite Uranium Inc. has commenced a 1300m, 6-hole diamond drilling program at Eagle Plains Resources Ltd.'s 100% owned Black Bay Project near Uranium City, Saskatchewan, and has procured a second drill rig to speed completion of the planned work. The program will test for structurally-controlled Beaverlodge-type and basement-hosted unconformity style uranium mineralization, targeting 2025 VTEM conductors along trend from the past-producing Black Bay Mine, with 6 holes from 5 pad locations and the second rig under contract to Base Diamond Drilling. The approved 2026 budget for Black Bay is approximately $1.1 million, comprising $125,000 in completed fieldwork and $975,000 allocated for drilling, with all work managed by TerraLogic Exploration Inc. The 1114ha project overlies 7 Saskatchewan Mineral Deposit Index occurrences including the past-producing Black Bay Uranium Mine, and sits within the six-project Xcite option agreement covering 54 SMDI occurrences and five past-producing uranium mines, under which Xcite may earn up to an 80% interest in each project by completing CDN$3,200,000 in exploration expenditures, issuing 750,000 common shares and paying CDN$55,000 over four years, for an aggregate of CDN$19,200,000 in exploration expenditures, 4,500,000 shares and $330,000 in cash to Eagle Plains. Historic trench samples at Black Bay include 6.51% U3O8, 3.78% U3O8 and 3.62% U3O8 over 0.3m, while grab samples from historical drill core at the Blue Grass 'B' Zone include 9.64% U3O8 and 16.74% U3O8. The Black Bay mine produced approximately 1375 tons of material at a grade of 0.17% U3O8 shipped to the Lorado custom mill between 1953 and 1960.
Energy Transition & Power Demand › Nuclear Fuel Cycle (Uranium & Enrichment) ▲Supply
Xcite Uranium Inc. · Technology · Positive Xcite commenced a 1300m, 6-hole diamond drill program testing for Beaverlodge-type and basement-hosted unconformity uranium mineralization at Black Bay.
Eagle Plains Resources Ltd. · Demand · Positive Xcite's drilling program advances exploration on Eagle Plains' Black Bay project, with Xcite funding up to CDN$3.2M in expenditures and issuing shares/cash to Eagle Plains under the option agreement.
Air Liquide Unveils BEYOND 2030 Plan, First €4 Billion Buyback
Air Liquide unveiled a new strategic plan through 2030 on Monday, targeting annual growth in recurring net earnings per share of about 10% and launching its first-ever share buyback program, worth €4 billion over 2027-2028. The plan, named BEYOND, aims for compound annual growth of 10%, plus or minus 2 percentage points, in recurring net EPS from the end of 2025 to the end of 2030, along with recurring return on capital employed above 11% in 2030. The French industrial gases group expects sales to grow at a compound annual rate of 5%, plus or minus 1 point, outpacing industrial production by a factor of two to three, and targets a cumulative operating margin improvement of 400 to 600 basis points over 2026-2030. Capital allocation of more than €40 billion over the period will cover investments, acquisitions, dividends and buybacks, with more than half going toward industrial investments and acquisitions and about €24 billion in industrial investment decisions planned. Air Liquide named four priority markets — electronics and artificial intelligence, energy transition, healthcare and space — and said it expects electronics sales to grow at a weighted average annual rate above 10% over 2026-2030. CEO François Jackow said the group's profitability now allows it to go beyond reinvestment, including through the buyback and annual employee share purchase plans, and the company reaffirmed a 33% cut in Scope 1 and 2 carbon dioxide emissions by 2035 from 2020 levels and carbon neutrality by 2050.
AI.PA · Capital · Positive Air Liquide unveiled BEYOND 2030 plan targeting ~10% annual recurring EPS growth and its first-ever €4 billion buyback over 2027-2028.
AI.PA · Demand · Positive Plan names four priority markets and expects electronics sales to grow at a weighted average annual rate above 10% over 2026-2030.
HomePro Partners with Tata Tiscon to Sell Low-Carbon Steel Bars at MegaHome Nationwide
Home Product Center Public Company Limited, or HMPRO, has announced a partnership with Tata Tiscon to bring EF steel bars, a low-carbon steel bar produced using electric arc furnace technology from 100% recycled scrap steel, to MegaHome stores nationwide. Part of the scrap steel comes from HomePro customers' electrical appliances through the Trade Old for a New World program. Mr. Theerapong Samphan, Assistant Managing Director of the Construction Procurement Group at HomePro, said that offering EF steel bars this time helps technicians, contractors, and consumers access low-carbon construction materials more easily at an affordable price. Mr. Chaichalerm Bunyanuwat, Senior Assistant Managing Director of Marketing and Sales at Tata Steel (Thailand) Public Company Limited, said the project shows that the circular economy can truly happen in everyday life, when scrap metal from products consumers no longer use returns to the production process through Tata Steel Thailand's EAF technology and is turned back into standard-quality steel bars sold again through MegaHome. Using one ton of steel bars produced with an EAF furnace reduces carbon dioxide emissions by the equivalent of planting more than 180 trees, and cuts carbon dioxide emissions by about three to four times compared with the BF-BOF steelmaking process. The products carry verifiable environmental information, including EPD, CFP, and the Green Label. Tata Tiscon's product range also includes SD50 high-strength steel bars, which help reduce the amount of reinforcement steel used by up to 20%, and CUT & BEND prefabricated cut-and-bent steel, which helps reduce steel waste at job sites by 10-15%. Tata Tiscon EF steel bars are available today at MegaHome stores nationwide.
REBAR · Demand · Positive Tata Tiscon steel bars, including rebar-type products, are being sold through MegaHome nationwide, expanding retail demand for steel bars.
NetherlandsVietnamIndonesiaMalaysiaThailandSingaporePapua New Guinea+4
Coatings, Adhesives & Sealants4
AkzoNobel to Sell Southeast Asia Decorative Paints Unit to Nippon Paint for $1.35 Billion
AkzoNobel said on Monday it has agreed to sell its Southeast Asian decorative paints business to Nippon Paint for $1.35 billion, concluding its strategic review of its Asian decorative paints portfolio. The sale covers decorative paints operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea, and Australia, the Dutch paints maker said, adding that it expects net cash proceeds of about $1 billion after tax and payments to minority partners. The Dulux paintmaker earlier divested its decorative paints operations in India and Pakistan for $1.6 billion and 50 million euros, respectively. The Indonesia deal is expected to close separately in late 2026, while the remaining transactions are expected to close around mid-2027. AkzoNobel said it will now focus on the successful closing of its merger with US coatings maker Axalta, which was announced last November.
4612.JP · Capital · Positive Nippon Paint agrees to acquire AkzoNobel's Southeast Asia decorative paints business for $1.35 billion, expanding its portfolio.
AKZA.AS · Capital · Positive AkzoNobel agrees to sell its Southeast Asian decorative paints unit for $1.35 billion, yielding ~$1 billion net cash and concluding its strategic review.
Coeur Mining Sets Record US$158 Million 2026 Exploration Budget
Coeur Mining outlined a record US$158 million exploration program for 2026, with US$24 million allocated to New Afton and US$18 million to Rainy River in Canada. The company reported past exploration results showing extended mineralization and higher-than-expected gold and copper intercepts at its New Afton K-Zone and East Picrite Trend, alongside growth-focused drilling across underground and near-surface targets at Rainy River. The record budget underscores how aggressively Coeur is pursuing potential resource growth and mine-life extension, sharpening the tension between funding aggressive drilling and managing cash flow. The step-up in exploration follows Coeur's move into shareholder returns with a new dividend and a large buyback authorization in early 2026, a balance the company is trying to strike between capital returns and a sizable spend on potential resource growth. Coeur's narrative projects US$5.1 billion in revenue and US$1.5 billion in earnings by 2029, yielding a US$23.95 fair value and 36% upside to its current price, while some of the lowest ranked analysts project about US$5.4 billion of revenue and US$1.9 billion of earnings by 2029 and may now see the exploration push as increasing execution and cost risk.
Tanzania Renews Barrick North Mara Mining Licenses for 15 Years
The Government of Tanzania has renewed the Special Mining Licenses for Barrick Mining Corporation's North Mara Gold Mine for another 15 years, the company announced. The renewal allows North Mara to keep investing in the mine, its people, and its communities for the long term. Since Barrick took over operations in 2019, Tanzanian nationals have come to make up 96% of the workforce of approximately 3,000 in the country, with 47% drawn from communities surrounding the mines. Barrick has injected approximately $5.3 billion into the Tanzanian economy since 2019, including $1.2 billion in 2025 alone through taxes, royalties, salaries, dividends and local procurement, while more than 90% of procurement is sourced from Tanzanian registered companies. Barrick and the Government of Tanzania established Twiga Minerals in 2019 to operate the North Mara and Bulyanhulu mines together, with the Government holding a 16% interest in each mine and the two partners splitting the economic benefits equally.
Uranium Energy Q4 Output Jumps 157% as Costs Fall 33%
Uranium Energy Corp. reported fourth-quarter production of 82,744 pounds of U3O8, up 157% from the third quarter, as three new header houses at Christensen Ranch ran a full quarter and Burke Hollow in South Texas contributed its first full quarter. Total cost per pound across both mines dropped 33% to $36.54, and approval for four more header houses arrived on September 28, with production expected to start within weeks. The company sold 400,000 pounds from inventory at $93.13 per pound and still holds 1.256 million pounds worth about $109 million at spot prices, backed by $495 million in cash and no debt. Management declined to give formal production guidance because header house and wellfield approval timing is outside its control, and its refining subsidiary is still preparing its license application to the Nuclear Regulatory Commission, with a cost estimate not expected until mid-2027. Hedge fund interest cooled to 26 funds holding the stock from 32 in the prior quarter, short interest stands at 14.60% of the float, and the forward P/E of 178.57 as of October 2 reflects expectations for a production base far larger than today's.
GCAP says gold near 7-week low, advises waiting for a base before accumulating
Areerat Murachai, chief analyst at GCAP Co., Ltd., or GCAP GOLD, disclosed that gold prices have fallen to around 4,100 dollars after breaking below the previous support at 4,200 dollars, leaving the short-term picture still at risk of further weakness. The key pressure comes from higher oil prices, which could slow the decline in inflation more than the market expects and raise the odds that the Fed will hike rates again. With bond yields and the US dollar rising, gold prices have come under pressure as well. The analyst assesses that in the short term, attention should be on gold's movement around 4,100 dollars, or roughly 65,000 baht for Thai gold, a key level after the sharp drop, and recommends waiting for prices to start building a base and for a signal of returning buying force before considering entering an investment. If prices recover, they could test resistance around 4,200 to 4,225 dollars, or roughly 66,500 to 66,800 baht for Thai gold. But if prices fall below 4,100 dollars, investors should wait and assess the next support around 4,065 dollars, or roughly 64,700 baht for Thai gold. The three key factors to watch are oil prices and the progress of negotiations between the United States and Iran, which could affect inflation concerns; the direction of bond yields and the dollar, which affect pressure in the gold market; and US economic data, especially PCE inflation data and Friday's non-farm payrolls, which will help the market better assess how the Fed is likely to move on rates at its two remaining meetings this year.
Advanced Gold Signs MOU to Acquire Nevada Silver-Gold Property With 39.7 Million Ounce Historical Resource
Advanced Gold Exploration Inc. has executed a non-binding memorandum of understanding with Ameerex Corporation to assume Ameerex's rights to acquire 100% of North American Silver Corporation and, indirectly, Centennial Mining, which together own the Corcoran Canyon Silver-Gold Property and the Belmont Properties in Nye County, Nevada. The Corcoran Canyon Silver Reef Zone carries a historical inferred mineral resource estimate, prepared for Electric Metals (USA) Limited with an effective date of October 12, 2020, of 31.5 million tonnes at 39 g/t AgEq in a pit-constrained estimate at a 20 g/t AgEq cut-off plus 175,000 tonnes at 122 g/t AgEq underground at a 100 g/t AgEq cut-off, for a combined total of approximately 39.7 million ounces AgEq. Advanced Gold expects to assume remaining cash obligations of approximately US$3.4 million payable to the underlying vendor, including approximately US$1.2 million due on or before October 31, 2026, and a further approximately US$2.2 million thereafter, and to issue 4,045,500 common shares to Ameerex at a deemed price of $0.12 per share. The company is in discussions with an arm's-length Qatari investment group on a proposed non-brokered private placement of approximately US$1.2 million at CDN$0.15 per share with one warrant exercisable at $0.20 for two years, and the group has indicated an intention to invest up to a further US$2.5 million. Completion of the transaction remains subject to definitive agreements, the payments described, CSE acceptance and other customary conditions, and the company has also terminated its arrangements relating to the Muriel Marr project in Ontario.
Critical Materials & Supply Chain › Precious Metals Capital
Critical Materials & Supply Chain › Silver Capital
Critical Materials & Supply Chain › Gold Capital
Advanced Gold Exploration Inc. · Capital · Positive Advanced Gold signed an MOU to acquire the Corcoran Canyon silver-gold property with a 39.7 Moz historical resource, plus a proposed US$1.2M private placement.
Ameerex Corporation · Capital · Positive Ameerex will receive 4,045,500 Advanced Gold shares at $0.12 and have its rights to acquire North American Silver assumed.
Centennial Mining · Capital · Neutral Centennial Mining is the indirect target whose Corcoran Canyon and Belmont properties would be acquired, but the deal is non-binding and conditional.
North American Silver Corporation · Capital · Neutral North American Silver Corporation is the entity being acquired indirectly, subject to definitive agreements and payments.
Gold Jumps 200 Baht at Open; Hua Seng Heng Sees Sideways Trading in $4,125-$4,180 Range
The retail price of 96.5% gold in Thailand rose 200 baht per baht-weight this morning, with the Gold Traders Association announcing its first price quote at 9:16 a.m. Gold bars were bought at 65,950 baht per baht-weight and sold at 66,150 baht per baht-weight, while gold ornaments were bought at 64,627.08 baht per baht-weight and sold at 66,950 baht per baht-weight. The trend remains sideways amid pressure from a stronger dollar and surging bond yields. An analysis by Hua Seng Heng Gold Futures Co., Ltd. noted that the 10-year US Treasury yield rebounded to 5.27% from a low of 5.15%, while the dollar index held steady at 101.92 points after the US reported that the unemployment rate rose to 4.2% versus analysts' forecast of 4.1%, and non-farm payrolls increased by only 29,000 versus an expected gain of 89,000. As a result, the CME Group's FedWatch Tool shows a 77.9% probability that the Fed will hold interest rates at 3.50% to 3.75% at the FOMC meeting on October 28. Global gold prices fell below resistance at $4,180 but still held above support at $4,125, so it is expected to remain sideways within that range, and if it breaks below support at $4,100, there is a high risk of a downtrend. Meanwhile, the SPDR fund bought 1.14 tonnes of gold last week.
GOLD · Monetary · Neutral Gold held $4,125-$4,180 support/resistance as a stronger dollar and surging bond yields pressured prices, with SPDR buying 1.14 tonnes.
US-10Y.GB · Monetary · Positive 10-year US Treasury yield rebounded to 5.27% from 5.15% amid weak jobs data and Fed rate-hold expectations, pushing the yield higher.
Orezone Gold CEO Targets Doubling Annual Gold Output to 500,000 Ounces
Orezone Gold President and CEO Patrick Downey outlined a plan to grow annual gold production from roughly 230,000 ounces to 500,000 ounces, anchored by Bomboré, Casa Berardi and a fully permitted development pipeline. Downey also flagged the Heva-Hosco project in Quebec as a source of additional, currently under-recognized value that could materially reshape the company's longer-term production and asset mix. The most relevant recent update is the new Casa Berardi life of mine plan, which outlines a 14 year production profile averaging about 116,000 ounces per year at an AISC of US$1,877 per ounce. Orezone's narrative projects $807.7 million revenue and $555.0 million earnings by 2029, requiring 7.1% yearly revenue growth and a $437.2 million earnings increase from $117.8 million today, while some of the most optimistic analysts had penciled in about US$1.5 billion of revenue and US$450.5 million of earnings by 2029. Bomboré's execution and grid reliability remain the key catalyst and main operational risk, with country risk in Burkina Faso still firmly in focus.
Orezone Gold · Demand · Positive CEO targets doubling annual gold output to 500,000 oz anchored by Bomboré, Casa Berardi and a permitted development pipeline
GOLD · Supply · Positive Orezone's plan to double gold output to 500,000 oz adds future mine supply, a mild negative for gold's own price, but the article is company-specific
Eldorado Gold Secures Permanent Grid Power at Skouries Mine in Greece
Eldorado Gold Corporation reported that its Skouries mine in northern Greece has been successfully energized after completing and receiving approval for a permanent connection to the Greek national power grid. The connection secures a long-term electricity supply for ongoing processing and mining activities as the project advances toward expected commercial production in the fourth quarter of 2026. The company said the grid link materially reduces a key infrastructure risk for Skouries and clarifies the path toward bringing its planned gold and copper output into Eldorado's broader production mix. The milestone follows the first copper gold concentrate from Skouries on 8 September 2026, confirming that commissioning is already underway while power security is now in place. Eldorado's narrative projects $4.5 billion in revenue and $1.5 billion in earnings by 2029, requiring 30.0% yearly revenue growth and a roughly $0.9 billion earnings increase from $618.1 million today, with a CA$71.91 fair value implying 32% upside to its current price.
Phichem's controlling shareholder and concert parties cash out about 200 million yuan by reducing 5.68 million shares and terminate the reduction plan early
Phichem announced on September 30 that its board of directors had received a notification letter from the controlling shareholder Phichem Holdings and its concert party Zhang Yanxia. As of the disclosure date, the two had cumulatively reduced their holdings in the company by 5,680,075 shares and decided to terminate this share reduction plan ahead of schedule. Shares not yet sold under the plan will no longer be reduced within the remaining period. Based on the average reduction price disclosed in the announcement, the shareholders cashed out approximately 200 million yuan in total from this reduction. The company had pre-disclosed the reduction plan on June 10, 2026. Phichem Holdings and Zhang Yanxia originally planned to reduce their combined holdings by no more than 5,669,464 shares within three months starting 15 trading days after the pre-disclosure announcement, through block trades or centralized bidding, representing no more than 1.00 percent of total share capital. Because the registration of shares vested under the first归属 period of the 2025 restricted stock incentive plan was completed in June 2026, total share capital increased from 566,946,450 shares to 570,033,250 shares, and the planned reduction amount was correspondingly adjusted to no more than 5,700,332 shares, with the proportion of total share capital unchanged. On the same day, the board also received a notification letter from Phichem Holdings and its concert parties Zhang Justin Jicheng, Zhang Alan Jian, Zhang Yanxia, and Xia Shifeng stating that their equity change had reached 1 percent. From May 20, 2025 to September 29, 2026, the combined shareholding ratio of the above shareholders decreased from 22.00 percent to 20.79 percent. Phichem is mainly engaged in the research, development, production, and sales of electronic chemical materials. Its 2026 semi-annual report showed that during the reporting period it achieved total operating revenue of 1.722 billion yuan, up 17.79 percent year on year; net profit attributable to the parent company was 267 million yuan, up 23.20 percent year on year; non-GAAP net profit was 260 million yuan, up 47.19 percent year on year; and net cash flow from operating activities was 478 million yuan, up 101.81 percent year on year.
Critical Materials & Supply Chain › Process Chemicals & Photoresist Capital
300398.CS · Capital · Negative Controlling shareholder and concert parties sold 5.68 million shares for about 200 million yuan, reducing their stake from 22.00% to 20.79%.
BWX Technologies Targets $5.5B-$6B 2030 Revenue After 27% Pullback
BWX Technologies held an investor day on September 29 where management laid out bullish long-term targets, after the stock fell 27% over the past three months. The company, which holds a virtual monopoly on naval nuclear reactors and fuel components for the U.S. Navy, said its total backlog has doubled to $8.4 billion, roughly nine quarters of contracted run rate, and projected 2026 revenue of $3.8 billion, about 98% of it from core nuclear activities. BWXT is selling a majority stake in its non-core medical isotope unit for up to $800 million while retaining a 20% interest, and is reallocating proceeds into nuclear manufacturing assets, including a 500,000-square-foot footprint expansion through the Precision Components Group acquisition. Its updated 2030 roadmap targets annual revenue of $5.5 billion to $6 billion on low double-digit compound organic growth, with adjusted EBITDA margins expanding from 17.5% to approximately 20% and cumulative free cash flow exceeding $2 billion through the end of the decade. The stock, which peaked above $241 and has traded down into the $130-$140 range, still carries a roughly 36x trailing and 27x forward price-to-earnings multiple, while hedge fund holders rose to 65 in the second quarter from 61 in the prior quarter and short interest sits at 4.42% of the public float.
Energy Transition & Power Demand › Advanced Nuclear — SMR & Microreactor Supply
BWXT · Capital · Positive Investor day lays out bullish 2030 revenue/EBITDA/FCF targets, doubled $8.4B backlog, and a $800M medical-isotope divestiture reallocating proceeds into nuclear manufacturing.
Collective Mining Hits High-Grade Tungsten-Gold Zone at Apollo in Colombia
Collective Mining announced assay results from four diamond drill holes at its Guayabales Project in Colombia, including the first intersection of a high-grade tungsten-gold zone in schist outside the southern margin of the Apollo breccia body. The newly identified zone is hosted in a largely untested schist unit extending more than 1,000 meters vertically, introducing a fresh exploration target that could materially influence how investors think about the scale and metal mix of the broader Apollo system. The company also confirmed it remains funded for its 2026 drilling plans. The discovery reinforces Apollo's exploration upside but does not change the near-term focus on resource growth and metallurgical de-risking, nor the central risk that cost outcomes from future engineering work could still disappoint. A recent integrated processing flowsheet for Apollo outlines how gold, silver, copper and tungsten could be recovered through separate dor and concentrate streams, tying metallurgical progress to future cost assumptions and projected net margins.
CNL · Technology · Positive First high-grade tungsten-gold intersection in untested schist at Apollo expands the exploration target and metal mix, reinforcing upside.
PMET Signs Letter of Intent with Matagami for Spodumene Concentrate Rail Transshipment
PMET Resources Inc. has signed a Letter of Intent with the City of Matagami for transshipment services supporting its Shaakichiuwaanaan Project in Quebec. Under the planned arrangement, spodumene concentrate would be trucked from Shaakichiuwaanaan to Matagami's existing transshipment yard, where it would be transferred to rail for onward transportation to port, advancing a key component of the project's planned concentrate logistics chain. The LOI establishes a framework for the infrastructure upgrades and long-term transshipment services required to support the planned route to market, though infrastructure contributions, service pricing, and detailed operating arrangements remain subject to further negotiation. PMET said it is targeting a definitive commercial agreement with Matagami prior to a Final Investment Decision for Shaakichiuwaanaan. Chief Operating Officer Frédéric Mercier-Langevin said transshipment at Matagami is expected to provide a key link in the planned logistics chain connecting concentrate trucked from the Project to onward rail transportation.
PMET Resources Inc. · Supply · Positive LOI with Matagami secures rail transshipment logistics for spodumene concentrate from its Shaakichiuwaanaan Project, advancing its route to market
Lundin Mining Fair Value Rises to CA$42.54 as Analysts Split on Targets
Lundin Mining's fair value estimate has been raised to CA$42.54 from CA$41.45, with fresh analyst price targets clustering in the low to mid CA$40s. Scotiabank lifted its target to C$44 from C$42 while keeping an Outperform rating, and Barclays moved to C$43 from C$42 with an Equal Weight rating. Morgan Stanley adjusted its target to C$39.90 from C$38.20, maintaining Equal Weight, while TD Securities set a C$42 target, trimmed from C$43, but reiterated a Buy rating. On the bearish side, JPMorgan carries an Underweight rating with a SEK 209 target, revised from SEK 215, and a C$32 target, while Canaccord shifted to Hold from Buy with a C$39 target, adjusted from C$40. The updated fair value model uses revenue growth of 80.08% versus the earlier 70.86%, a net profit margin of 24.63% versus 24.32%, a future P/E of 26.92x versus 27.29x, and a discount rate of 7.93% versus 7.84%.
Critical Materials & Supply Chain › Copper Capital
0RQ9.LSE · Capital · Positive Analysts raised Lundin Mining's fair value estimate to CA$42.54 and clustered price targets in the low-to-mid CA$40s, with several upward revisions.
Aris Mining Completes Soto Norte ESIA, Begins Colombia Community Engagement
Aris Mining has completed the Environmental and Social Impact Assessment for its Soto Norte gold-copper project in Santander, Colombia, and in 2026 began formal community engagement across three municipalities ahead of submitting the ESIA and environmental license application. The company said Soto Norte lies outside the Santurbán Páramo and its buffer zone, and it aligned the ESIA and consultation process with Colombia's regulatory framework and the Escazú Agreement. The milestone follows the ANM's July 29, 2026 approval of the modified technical mine plan for Soto Norte, which confirmed regulators have reviewed the project's geology, reserves and mine design but does not replace the need for an environmental license before construction or mining can begin. Aris Mining's narrative projects $2.2 billion revenue and $688.8 million earnings by 2029, requiring 19.9% yearly revenue growth and a $404.1 million earnings increase from $284.7 million today, with a CA$41.53 fair value implying 66% upside. Some of the lowest estimate analysts had assumed about US$2.0 billion of revenue and US$797.7 million of earnings by 2029 while still citing Soto Norte's lengthy permitting and heavy ESG commitments as reasons for caution.
ARIS · Regulation · Positive Aris Mining completed the Soto Norte ESIA and began formal community engagement, advancing the project toward the required environmental license under Colombia's regulatory framework.
PDI Gold Posts US$68.38 Million Full-Year Loss as Expansion Presses On
PDI Gold Limited reported a full-year net loss of US$68.38 million for the 12 months to 30 June 2026, alongside sales of US$202.86 million and basic and diluted loss per share from continuing operations of US$0.11. The sharply wider annual loss puts fresh scrutiny on cash generation and cost control as the company pushes ahead with its West African project pipeline. Management confirmed it remains on track to meet 2026 production guidance of 198,000 to 220,000 ounces of gold, a contrast between volume growth and weaker earnings that hinges on whether future output translates into healthier margins and cash flow. Exploitation permits in Guinea and operating conditions in Mali remain critical swing factors, and the company's own narrative projects A$2.1 billion in revenue and A$911.0 million in earnings by 2029, requiring an earnings increase of about A$935 million from negative A$24.4 million today. Even before the result, cautious analysts had flagged that delays to Bankan and Mansounia permits could cap growth, and the larger loss may prompt a rethink of assumed production and profit upside.
Critical Materials & Supply Chain › Precious Metals Capital
Predictive Discovery · Capital · Negative PDI Gold reported a sharply wider US$68.38m full-year net loss, raising scrutiny on cash generation and cost control
Predictive Discovery · Regulation · Negative Analysts flagged that delays to Bankan and Mansounia exploitation permits in Guinea and Mali could cap growth
Rio2 Launches 33,870-Metre Condestable Drilling, Suspends Fenix Gold Work
Rio2 Limited launched a two-phase surface drilling and district-scale exploration program at its Condestable Copper Mine in Peru while suspending drilling at the Fenix Gold Mine in Chile, according to a September 2026 company-wide exploration update. The Condestable campaign covers 33,870 metres across two phases and is designed to better understand and potentially convert both breccia-hosted and vein-hosted copper-gold-silver mineralization based on a refined geological model. The program sits on top of the August 2026 approval of the MEIA modification for Condestable, which supports expansion to 10,000 tonnes per day and dry stack tailings. Rio2 said the Fenix suspension stemmed from adverse weather, safety concerns and contractor standby costs, leaving extreme weather as the key near-term operational risk. The company's narrative projects $691.3 million in revenue and $250.6 million in earnings by 2029, requiring 59.3% yearly revenue growth and roughly a $192 million earnings increase from $58.2 million today.
Endeavour Silver's Guanacevi Mill Offline About Three Weeks After Mechanical Fault
Endeavour Silver has reported a mechanical problem with the primary ball mill at its Guanacevi Mine, with the unit expected to remain offline for roughly three weeks while repairs proceed. Processing capacity is temporarily reduced, with the regrind circuit running at about 600 tonnes per day against ordinary throughput of roughly 1,100 tonnes per day, though mining activity on site continues. The disruption has weighed on the shares, which are down 20.45% over the past 30 days and 7.83% over the past week, even as the 1-year total shareholder return stands at 13.95% and the 3-year total shareholder return is approximately three times the initial value. Endeavour Silver last closed at CA$12.25, while the most followed narrative anchors on a fair value of CA$19.30 using an 8.1% discount rate, a gap that frames the stock as 37% undervalued. That bullish case rests on the Terronera mine nearing commercial production, optimization of recoveries on track, and potential expansion of the Kolpa mine to 2,500 tonnes per day in 2026, but it also leans heavily on Terronera ramping smoothly and on Guanacevi avoiding further mechanical setbacks. A contrasting view comes from the current P/E, with Endeavour Silver trading on 38.7x earnings versus a Canadian Metals and Mining average of 15.5x and an estimated fair ratio of 18.9x.
Endeavour Mining Posts Record US$1.16 Billion Free Cash Flow, Returns US$301 Million
Endeavour Mining generated record free cash flow of about US$1.16 billion in fiscal 2025 and US$761 million in the first half of 2026, allowing it to maintain a net cash balance sheet. Those cash flows funded a record US$301 million returned to shareholders in the first half of 2026, including an interim dividend of roughly US$0.95 per share. The company's Assafou definitive feasibility study outlines a large, relatively low cost project in Côte d'Ivoire with a 16 year mine life, and the key question is whether future Assafou capex and any changes to Ivorian royalties or taxes could dilute the current dividend and buyback story. Endeavour's narrative projects US$6.2 billion in revenue and US$1.9 billion in earnings by 2029, yielding a CA$95.74 fair value and 18% upside to its current price, while some analysts had assumed revenue of about US$7.6 billion and earnings of roughly US$2.6 billion by 2029. Heightened West African royalty and tax discussions remain a risk to how much of the cash windfall reaches shareholders.
Aya Gold & Silver Reports High-Grade Boumadine Drill Results
Aya Gold & Silver reported fresh high-grade drill results from its Boumadine project in Morocco, confirming continuous mineralization along several zones and keeping resource expansion in focus. The update comes as the company's shares have returned 1.04% over one day, 36.97% over 90 days, and 129.83% on a one-year total shareholder return basis. Aya closed at CA$38.68, while the most followed analyst narrative pegs fair value at about CA$50.23, implying the stock is 23% undervalued. The Zgounder mine ramp-up is now largely complete, with processing capacity exceeding nameplate and plant recoveries reaching roughly 92%, which the company expects to drive higher silver production and lower unit costs. Aya remains tightly tied to Moroccan assets and silver prices, so regulatory shifts or weaker metal demand could challenge the upside case.
B2Gold Reports Positive 2026 Back River Drilling Results and New Tattuk Zone
B2Gold Corp. reported positive results from its 2026 Back River Gold District exploration program in Nunavut, Canada, backed by a US$51 million budget and more than 35,000 m of drilling focused on infill, resource definition, and regional target generation. The program confirmed high-grade mineralization at the Llama deposit and yielded the new Tattuk discovery at Goose, which the company says underscores the district's potential to contribute materially to future mine planning and resource growth options. The update mainly reinforces the Goose Mine resource story rather than changing the key near-term catalyst, which remains Goose ramp-up, or the biggest current risk, which is still cost and execution pressure at Goose and in higher-risk jurisdictions like Mali. The quality and convertibility of new ounces at Llama, Nuvuyak and Tattuk will influence whether Goose can offset permitting and cost risks tied to projects such as Fekola regional and Gramalote. B2Gold's narrative projects $3.7 billion revenue and $1.8 billion earnings by 2028, with a CA$8.60 fair value implying 16% upside to its current price, while some of the lowest analysts assume revenue growth of only about 5.4 percent a year and US$1.4 billion of earnings by 2029.
BTG · Technology · Positive Positive 2026 Back River drilling results confirmed high-grade mineralization at Llama and yielded the new Tattuk discovery at Goose, supporting resource growth.
BHP Unit Wins El Seguro Copper Exploration Contract in Argentina
Impulsa Mendoza has awarded Public Tender No. 2/2026 to Cerro Quebrado S.A., a BHP Group company, granting it an exploration contract with a purchase option for the El Seguro copper project in Argentina's Malargüe Western Mining District. The award gives BHP a second route into the district alongside its alliance with Kobrea Exploration, deepening its copper exploration exposure in a single emerging Andean jurisdiction. The contract sits alongside BHP's recent production and guidance updates, in which copper output in FY2026 fell 3% year on year to 1,952.8 kt and 2027 copper guidance was set below 2026 levels. BHP's narrative projects $56.1 billion in revenue and $13.3 billion in earnings by 2029, with a fair value of A$61.02, while some of the lowest ranked analysts assumed revenue would fall to about US$52.5 billion by 2029 even as earnings rose to roughly US$11.7 billion.
BHP.LSE · Supply · Positive BHP's Cerro Quebrado unit won the El Seguro copper exploration contract with a purchase option, expanding its copper resource base in Argentina
Cerro Quebrado S.A. · Supply · Positive Cerro Quebrado S.A., a BHP company, was awarded the El Seguro copper exploration contract with a purchase option
COPPER · Supply · Positive BHP's new copper exploration contract in Argentina signals potential future copper supply growth
Ramelius Resources Sets Fiscal 2027 Gold Guidance of 205,000 to 225,000 Ounces
Ramelius Resources has issued fresh production guidance for fiscal 2027, projecting output of between 205,000 and 225,000 ounces of gold at all in sustaining costs of A$2,150 to A$2,350 per ounce. The guidance lands after a strong run in the share price, with a 90 day return of 20.9% and a three year total shareholder return of about 1.6x, though the one year total shareholder return is slightly negative. The stock last closed at A$3.88 against a widely followed fair value narrative of A$5.10, which frames the new guidance against expectations for much stronger earnings power over time. That bullish case rests on an aggressive reserve and resource expansion strategy, including a doubled exploration budget and the integration of the Spartan and Dalgaranga assets, and could crack if those acquisitions disappoint or if exploration spending fails to replace and grow reserves. On current numbers, Ramelius trades on a P/E of 58.4x, far above its peer average of 15.6x and a fair ratio of 26.8x.
Ramelius Resources · Supply · Positive Ramelius issued FY2027 production guidance of 205,000-225,000 oz at AISC of A$2,150-2,350/oz, framing its output and cost outlook
