Diversified Metals & Mining

Almonty Industries has cleared the final regulatory hurdle for commercial operations at its Sangdong processing plant in South Korea, opening the door to tungsten concentrate sales under a long-term offtake agreement. More than 90% of Phase I output is already committed to Global Tungsten & Powders for 21 years, and the certification arrives while tungsten prices are described as being at historic highs. The stock has been volatile, with a 30 day share price return down 35.24% and a 7 day move lower by 11.42%, though the year to date share price return is 34.89% and the 1 year total shareholder return is 53.16%. Almonty closed at $11.87, while the most followed narrative points to a fair value of $15.26 using a 9.15% discount rate. The main condition for success is the ramp up and optimization of Sangdong and Los Santos, alongside effective use of the US$800m convertible notes and the Rwanda joint venture.

AMG Critical Materials N.V. announced that the European Commission has designated two of AMG Lithium's activities as Critical Raw Materials Act Strategic Projects 2026. The two designations cover AMG's lithium refinery in Bitterfeld, named a European Lithium Refining and Recycling Hub, and Zinnwald Lithium, recognized for Integrated Extraction and Processing. CEO Dr. Heinz Schimmelbusch said the decision affirms AMG's strategy of building an independent lithium supply chain for Europe and reducing dependence on foreign supply chains. The Commission's recognition means the projects will directly contribute to benchmarks set in the Critical Raw Materials Act, which aims by 2030 to increase the EU's competitiveness and resilience while decreasing dependency on any single supplier. AMG, listed on Euronext Amsterdam and Deutsche Börse, employs approximately 3,500 people and operates production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, and India.

Barclays initiated coverage of SpaceX with an Overweight rating and a $254 price target, part of a broad rollout of coverage across the aerospace and defense group in which the firm said the U.S. is in the "early innings of a modern day industrial revolution." In the same sweep, Barclays started RTX, Palantir, Kratos Defense, Karman, DPC Holdings, CAE, Beta Technologies and Rocket Lab at Overweight, Planet Labs, FireFly Aerospace, AeroVironment, York Space Systems and Lockheed Martin at Equal Weight, and Northrop Grumman at Underweight. Among other calls, Baird upgraded Humana to Outperform from Neutral with a price target of $596, up from $390, citing greater confidence in the company's $35-plus of 2028 adjusted earnings per share power, while Morgan Stanley double upgraded Cboe Global Markets to Overweight from Underweight with a price target of $358, up from $258. On the downgrade side, JPMorgan cut DuPont to Neutral from Overweight with a price target of $145, down from $172, and removed the stock from its Analyst Focus List, and also downgraded Illinois Tool Works to Neutral from Overweight with a price target of $270, down from $350, both on concerns around decelerating short cycle industrial demand into 2027. Citi downgraded Pershing Square Inc. to Sell from Neutral with an unchanged price target of $45 on valuation, and RBC Capital downgraded Knife River to Sector Perform from Outperform with a price target of $58, down from $103. Other initiations included Truist starting IBM at Hold with a $240 price target, Citi starting Fortune Brands at Buy with a $48 price target, Freedom Broker starting Ultra Clean at Buy with a $127 price target, and JPMorgan resuming Trane at Overweight with a $550 price target.

Evolution Metals & Technologies Corp. raised its fiscal 2026 revenue guidance to $10 million to $11 million, up from the previous range of $5 million to $8 million issued on September 10, 2026, a 62% increase at the midpoint. The company also reaffirmed its fiscal 2027 revenue guidance of $400 million to $460 million, whose $430 million midpoint represents roughly 41 times the raised fiscal 2026 midpoint. The Miami-based critical materials and advanced manufacturing company said the raise reflects an expanded ex-China rare earth feedstock position, improved rare earth pricing and continued strong commercial demand. Thirteen additional ULVAC sintered magnet production machines are scheduled for delivery in October 2026 and will be installed immediately after delivery in Pohang, Republic of Korea, where they are expected to lift annual magnet production capacity above 10,000 metric tons, including approximately 6,000 metric tons of high-performance sintered magnets. Chief Executive Officer Frank Moon said the company will showcase what it believes is the largest commercial magnet facility in the world, ex-China, on December 17, 2026, and President Andrew Knaggs pointed to DFARS 252.225-7052, which is expected to extend the mine-to-magnet restriction across the entire neodymium-iron-boron magnet supply chain beginning January 1, 2027.

BHP expects global potash demand to grow 2% to 3% a year and sees the market potentially moving into deficit by 2035, according to Karina Gistelinck, the company's head of potash, in a March interview with Bloomberg. BHP is itself building much of the new supply it refers to through its Jansen project in Saskatchewan, whose first-stage investment is now put at US$8.4 billion, up from US$5.7 billion when it was approved in 2021, with first production back on a mid-2027 schedule. Jansen's first stage is meant to reach 4.1 million tonnes a year within two years of startup, while Buffalo Potash's Initial Production Module at the Disley project in Saskatchewan is designed for 125,000 tonnes a year, roughly 3% of that, with first production targeted for Q1 2027. Buffalo's preliminary economic assessment contemplates up to 1.125 million tonnes a year across three facilities for US$639 million in initial capital, with Disley West and Disley East starting in July and October 2029, but that depends on a positive construction decision gated by a feasibility study. On September 25, Buffalo announced it had finished the third and final horizontal well at the IPM, bringing the project to five wells, with each horizontal well reporting about 95% contact with the target clay seam, though brine circulation has yet to prove the Horizontal Line-Drive system works at commercial scale.

Northern Rare Earth announced that the company's rare earth concentrate transaction price for the fourth quarter of 2026 has been adjusted to 38,769 yuan per tonne excluding tax, on a dry basis with REO at 50 percent, up 0.53 percent quarter on quarter. The pricing was based on the rare earth concentrate pricing method and calculations using rare earth oxide prices from the third quarter of 2026, and was approved at the company's 20th general manager's office meeting of 2026. The announcement also clarified that for every 1 percentage point increase or decrease in REO, the price excluding tax will rise or fall by 775.38 yuan per tonne.

MP Materials is accelerating its push to build a fully integrated U.S. rare earth supply chain, reporting record NdPr production and progress toward heavy rare earth and magnet manufacturing. In 2025, its Mountain Pass operations delivered a record 2,599 metric tons of neodymium-praseodymium, more than double the 1,294 metric tons produced in 2024. First-quarter 2026 NdPr output hit a record 917 metric tons, up 63% year over year, and second-quarter production rose 41% year over year to 840 metric tons despite a scheduled semiannual maintenance outage; management expects third-quarter 2026 NdPr production to have exceeded 1,000 metric tons. The company remains on track to begin producing terbium and dysprosium later this year, with first samarium production targeted for 2028, and recently signed a multiyear agreement to supply gadolinium oxide to a leading U.S. aerospace and defense manufacturer. In December 2025, MP produced its first commercial-scale neodymium-iron-boron permanent magnets at its Independence facility in Fort Worth, Texas, and it has been delivering magnetic precursor products to General Motors under a supply agreement since the first quarter of 2025. As of June 30, 2026, MP had collected $150 million in required GM prepayments and delivered $104.5 million of precursor products, with the remaining $45.5 million expected within a year, after which it expects to shift to finished magnet sales; it delivered magnets to GM for in-vehicle qualification testing in the second quarter of 2026 and expects commercial shipments to begin in the fourth quarter of 2026. MP has begun construction of the 10X magnetics facility, which is expected to contribute to total production capacity of approximately 10,000 metric tons of NdFeB rare-earth magnets per year, and it has launched Project Swarm with U.S. and allied drone manufacturers while continuing its partnership with Apple on magnet recycling and production.

Largo Inc. announced that Instituto do Meio Ambiente e Recursos Hídricos of State of Bahia, Brazil, known as INEMA, has issued the environmental permit for development of the Gulçari A Norte, or GAN, pit and associated infrastructure at its Maracás Menchen Mine. The permit, issued under INEMA Portaria No. 35,482, includes a four-year license for implementation and operation of the GAN pit, along with a new waste rock stockpile, calcined tailings facility, expansion of the Dry Mag low grade dry magnetic ore stockpile, access roads and operational support areas, plus authorizations for vegetation suppression and fauna management. GAN is the second open pit in Largo's proposed mining sequence, adjacent to the north of the Campbell open pit, which has been the sole source of Largo's vanadium production since its start up 12 years ago, and the company said the new pit should extend production for multiple years, optimize mining plans, add operating flexibility and reduce operating risks by diversifying ore sources. The GAN deposit also contains copper, gold and platinum group metals, similar to the Campbell open pit, which began producing those metals as by-products in August 2026. GAN is one of five open pits in Largo's Maracás Menchen portfolio, which the company says has a resource base with potential to last more than 30 years at current production rates, and it is one of the deposits incorporated into the current 31-year life-of-mine plan. Executive Chairman and Co-CEO Alberto Arias called the approval strategically important as the Western World seeks additional sources of vanadium, copper and PGM, while Co-CEO James Bannantine said the permit strengthens the long-term fundamentals of the Maracás Menchen Mine and provides greater certainty around future mining areas.

Nova Minerals Corp said all key plant equipment for its planned antimony processing and refinery operation arrived at Port MacKenzie, Alaska, on October 6, 2026, clearing the way for construction to begin in the coming weeks subject to remaining permits. The delivery included two ball mills, a jaw crusher, an apron feeder, hydraulic filter presses and other ancillary equipment, following a 500-ton shipment of processing and refining equipment that reached Port MacKenzie on September 6. The company is building a vertically integrated U.S. domestic antimony supply chain in Alaska, supported by a $43.4 million award from the U.S. Department of War, with first antimony expected in 2027. The equipment arrival came as the 2026 field season at the Estelle Critical Minerals and Gold Project concluded, with an approximately 8,000m diamond drilling program focused on infill and resource expansion at the RPM gold deposit to advance the Pre-Feasibility Study now complete and assay results expected in due course. Nova also extracted 100 tons of antimony ore to provide initial feed for the Port MacKenzie plant, while construction continues on the Korbel-Stibium access road and the Whiskey Bravo airstrip expansion.

Blackbird PLC has been selected for Google's Chromebook perks programme, giving its elevate.io editing platform a route to tens of millions of users, with a UK test launch due in October. Tertiary Minerals PLC is preparing to drill deeper at Mushima North in Zambia, testing whether its silver-copper discovery extends into a higher-grade sulphide deposit. Arecor Therapeutics PLC closed its equity raise at £5.13 million after an oversubscribed retail offer, with the cash funding work towards a US phase II trial for its ultra-rapid-acting insulins. Futura Medical PLC pushed back its sale deadline by around four weeks, citing strong interest, and is lining up an interim finance chief as its current FD steps down. Rainbow Rare Earths Ltd appointed TechMet's chief legal officer Ashleigh Woolf as a non-executive director, replacing Darryll Castle, who has resigned from the board.

Titan Mining said it signed a preliminary agreement with the U.S. Army outlining commercial terms for a proposal to build a graphite processing facility in Alabama. The term sheet covers development of the proposed facility on underutilized Army property at Anniston Army Depot, giving the company a pathway to establish downstream graphite processing capacity within an existing strategic U.S. defense installation. The facility would produce purified micronized graphite for industrial, defense and battery applications, and later coated spherical purified graphite, a key material in lithium-ion battery anodes. The proposed lease framework includes an initial 50-year term with two 25-year renewal options, for potential operating tenure of up to 100 years. The U.S. Army would hold the right of first offer to purchase up to 10% of annual production while providing Titan with an infrastructure-ready site to accelerate construction. Shares of Titan Mining rose 2.4% pre-market Wednesday following the announcement.

Perpetua Resources has extended drilling at its Stibnite Gold Project beyond the original 10,000 meter plan, with new tungsten findings adding another layer to the exploration story. The company's shares trade at CA$29.33, down 15.35% on a one month share price return but still up 8.47% over three months. Perpetua Resources trades at a price-to-book ratio of 3.6x, a discount to a peer group average of 11.8x but a premium to the wider Canadian Metals and Mining industry average of 2.5x. The company faces risks if project permitting timelines stretch further or if funding costs climb, which could pressure sentiment and delay execution of Stibnite.

BHP said Tuesday it agreed to sell its Kambalda nickel concentrator plant, along with a package of tenements and mineralization rights in Western Australia, to Gold Fields for an undisclosed sum. BHP called Gold Fields a reliable and credible operator that will evaluate options for the long-term use of the concentrator and offer employment to people directly supporting the asset. BHP suspended operations across its entire Nickel West business in early 2024 as metal prices plunged amid global oversupply, taking a $2.5B impairment on its nickel assets that year. Australia has since designated nickel a critical mineral, making the industry eligible for billions of dollars in government support. BHP said it will review the suspension by February 2027, assessing options including divestment, continuing temporary suspension, restart, or closure.

Western Metal Materials announced that the company plans to issue shares to specific investors, raising total proceeds of no more than 1.19 billion yuan. After deducting issuance expenses, the funds will be used for a high-performance rare and precious metal materials production line technical upgrade project, a tungsten and molybdenum materials industrialization project for high-end equipment, a high-performance titanium and titanium alloy precision casting production line construction project, a cold-rolled precision foil and strip production line construction project, and to supplement working capital.

A Federal Court of Appeals upheld Sigma Lithium Corporation's environmental licenses, allowing the company to resume mining-industrial operations. The decision overturned a September 8 emergency ruling by a local federal judge in Teofilo Otoni that had suspended those licenses, with Senior Federal Judge Mônica Sifuentes granting Sigma Lithium an emergency motion for suspensive relief on the grounds that a prolonged stoppage would cause significant negative economic impact in the Vale do Jequitinhonha region. Sigma Lithium reaffirmed guidance to scale annualized production of lithium oxide concentrate to 330,000 tonnes by year-end 2027, saying it needs no additional capacity beyond its existing Mine 1 capacity in the South Pit operations and its Cleantech Industrial Plant. The court noted the company supports approximately 19,000 direct and indirect jobs and around 80,000 family members across 12 municipalities. The original suspension stemmed from a lawsuit filed by Ngolo, an association acting for local Quilombola communities, though the government official registry showed no Quilombola heritage descendant houses within a 12 km radius of the Grota do Cirilo Project when its current licenses were issued and operations began in 2023.

Evolution Metals & Technologies Corp. has signed a Strategic Partnership Letter of Intent with UK-based INERGX Energy Optimisation Ltd. to engineer, supply, integrate and service the energy storage and power optimization systems for its planned critical materials and battery black mass recovery facility in the United States. The Facility is planned at approximately 1 GW of on-site capacity within two years, equivalent to the output of one typical U.S. nuclear reactor, and up to approximately 5 GW at full build-out, equivalent to five reactors and to the annual electricity use of approximately 4 million American homes, powered by on-site LNG generation. Under the LOI, INERGX intends to source cells, packs and battery management systems through qualified European or other approved non-China partners, with full country-of-origin documentation and no change in source without EM&T's written approval, addressing the roughly 85% share of global battery cell manufacturing capacity located in China in 2024. INERGX will carry out a First Block Study within eight weeks of receiving EM&T's site inputs, with definitive agreements for the first block targeted within twelve weeks of the study's delivery and acceptance, and a long-term service agreement with an anticipated initial term of ten years. The partnership comes as EM&T executes on its previously announced fiscal 2027 revenue guidance of $400 million to $460 million, reflecting the expected first full-year contribution from expanding its Pohang, Republic of Korea magnet capacity to approximately 10,000 metric tons annually.

The Board of Kenmare Resources plc has confirmed it received a non-binding proposal from International Resources Holdings RSC Ltd, or IRH, regarding a possible cash offer for the entire issued and to be issued share capital of Kenmare. Discussions with IRH are ongoing, and the company said there can be no certainty that a firm offer will be made or as to the terms of any such offer. Under Rule 2.6(a) of the Irish Takeover Rules, IRH must by no later than 5.00 pm GMT on 17 November 2026 either announce a firm intention to make an offer for Kenmare or announce that it does not intend to make an offer. Kenmare said the announcement was made without the approval of IRH. The company also confirmed its issued share capital comprises 89,228,161 ordinary shares of nominal value €0.001 each, with 2,363,871 options over ordinary shares outstanding under its restricted share plan.

Raytheon, an RTX business, secured a five-year contract with two additional option years valued up to $24.4 billion for Standard Missile-6 interceptors for the U.S. Navy. Raytheon President Phil Jasper said SM-6's multi-mission capability is vital to the customer and that the company is removing constraints and boosting capacity. The FDA approved an expanded indication for Eli Lilly's Jaypirca, or pirtobrutinib, as a first-line treatment for adult patients with previously untreated chronic lymphocytic leukemia or small lymphocytic lymphoma without a known 17p deletion, based on the BRUIN CLL-313 trial, where progression-free survival improved with a hazard ratio of 0.20 and overall response rate was 94% versus 81% in the comparator arm. Hagens Berman Sobol Shapiro is investigating IBM after shares fell 25% on July 14, 2026, erasing more than $68 billion in market capitalization following disclosure of a shortfall in the company's Z mainframe performance. Integra LifeSciences lowered its full-year 2026 guidance after a July flooding event at its Cincinnati facility, now expecting third quarter revenue of approximately $410 million to $412 million and adjusted earnings per diluted share of $0.55 to $0.59, with full-year revenue guidance cut to a range of $1.634 billion to $1.654 billion from $1.654 billion to $1.695 billion and adjusted EPS guidance lowered to $2.30 to $2.40 from $2.40 to $2.50. Trilogy Metals reported a cash balance of $31.2 million and adjusted working capital of $30.3 million as of August 31, 2026, along with the closing of a $35.6 million strategic equity investment from the Department of War on September 11, 2026, and net income of $0.2 million for the third quarter compared to a net loss of $1.7 million a year earlier.

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.

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.

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.

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%.

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.

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.

BofA Securities raised its long-term copper price forecast by 20% to $12,000 per ton for 2026 and updated its mining sector rankings, upgrading BHP to Buy with a price objective of A$68 and naming the world's largest copper producer its top pick among large-cap mining stocks. Glencore was rated Buy with a price objective of GBp650, with BofA highlighting its copper growth options and monitoring a potential Australian listing for the diversified miner. Norsk Hydro received a Buy rating with a price objective of NOK98, which BofA described as offering interesting risk-reward characteristics for the pure-play aluminum company. Antofagasta maintained its Buy rating with a price objective of GBp4700, with the bank noting roughly 30% volume growth potential. BofA also trimmed its 2027 aluminum forecast by 5% to $3,625 per ton, and cautioned that investors should be prepared for potential drawdowns of 10% to 20%, noting that during China's super cycle from 2002 to 2008 markets experienced multiple corrections despite overall upward trends.

Great Western Mining Corporation PLC has appointed John Arthur as Chief Financial Officer with immediate effect, while Max Williams, Finance Director since November 2019, is retiring from the Board but will remain as Company Secretary. Mr. Arthur is an accountant with over 20 years of experience across finance disciplines, having previously held CFO roles at AIM-quoted IOG plc and UK Main Market-listed Aminex PLC, and earlier spent eight years at Seven Energy, a private equity-backed Nigerian oil and gas company. He is a Fellow of the Association of Chartered Certified Accountants and holds a BSc (Hons) in Applied Economics and Accounting from the University of Plymouth. Chairman Brian Hall thanked Mr. Williams for his contribution over the past seven years and said Mr. Arthur's experience of financing transactions will be particularly valuable as the company advances the Defender Tungsten Project in Nevada towards a maiden Mineral Resource Estimate. Great Western Mining is an exploration and development company focused on strategic minerals across several 100%-owned claim groups in Mineral County, Nevada, and also holds the Huntoon Copper Project, which hosts a JORC-compliant resource of 4.3 Mt at 0.45% Cu.

Amaroq Ltd. has completed its 2026 resource drilling programme at the Nanoq Gold Project in South Greenland, with 4,728.9 metres of core drilling across 33 holes focused on infill drilling of the Central Zone to support a planned maiden Mineral Resource Estimate, alongside step-out drilling to the south and at the West 1 target. Approximately 88% of holes intersected visible gold and copper sulphides similar to that observed in 2024 and 2025, with assay results still pending. Metallurgical test work by SGS Lakefield indicates Nanoq mineralisation is amenable to processing at the Nalunaq facility, with total gold recoveries of approximately 97 to 99% using the existing flow-sheet. Construction has also commenced on the Nanoq beach landing facility and starter access track, improving access to the mineralised area. CEO Eldur Ólafsson said the results provide the basis for bulk sampling Nanoq ore at Nalunaq towards the end of 2027 or into 2028, and for further resource and exploration drilling.

Rio Tinto, the Tasmanian government, and the Australian Government have reached an agreement to secure the ongoing operation of Bell Bay Aluminium in northern Tasmania through to the end of 2031. Under the arrangements, Hydro Tasmania will continue supplying electricity to Bell Bay Aluminium until 31 December 2031, while the Australian and Tasmanian Governments will provide additional support to continue operations as Tasmania's energy system evolves. That additional support is intended to help maintain Bell Bay Aluminium's international competitiveness and its ongoing contribution to the Tasmanian economy. Rio Tinto Aluminium & Lithium CEO Jérôme Pécresse said the agreements will provide Bell Bay Aluminium with an operating pathway through to 2031, and increased certainty for the company's people, suppliers and the northern Tasmanian community.

Ivanhoe Electric has released an updated Preliminary Feasibility Study and Technical Report Summary for its Santa Cruz Copper Project, prepared under SEC S-K 1300 rules and replacing the June 2025 report. The new study outlines a 24-year mine life with average life-of-mine cash costs of US$1.47 per pound and an after-tax internal rate of return of 18.7%, underlining the project's potential to generate positive cash flow. The company also recently appointed a new Chief Operating Officer and a dedicated Senior Vice President of Operations and Santa Cruz General Manager, both effective September 1, 2026. The updated study reinforces the project's positive cash flow profile but does not meaningfully change the near-term picture, where the key catalyst remains steady progress toward 2029 first production and the biggest risk is further cost inflation or delays that might force additional funding needs. Ivanhoe Electric's narrative projects $3.1 million revenue and $514.7 thousand earnings by 2029, requiring 1.1% yearly revenue growth and an earnings increase of about $34.9 million from -$34.4 million today.

Lundin Mining Corporation reported that its issued and outstanding common shares with voting rights rose by 22,173 to 851,359,558 as of September 30, 2026, an increase from August 31, 2026 resulting from the exercise of employee stock options and the vesting of employee share units. The company said it did not purchase any shares for cancellation under its Normal Course Issuer Bid program during that period. Under its shareholder distribution policy, Lundin Mining is committed to allocating up to US$150 million in annual share buybacks through the NCIB program, and its Board of Directors has approved an increase of up to US$100 million to the share repurchase program for the remainder of 2026. So far during 2026, the company has acquired 6,098,494 common shares at an average cost of approximately C$35.70 per share. Lundin Mining is a Canadian mining company headquartered in Vancouver with three operating mines in Brazil and Chile, and its shares trade on the Toronto Stock Exchange under LUN and on Nasdaq Stockholm under LUMI.

Rio Tinto, the Tasmanian Government and the Australian Government have reached agreement to secure the ongoing operation of Bell Bay Aluminium in northern Tasmania through to the end of 2031. Under the arrangements, Hydro Tasmania will continue supplying electricity to the smelter until 31 December 2031, and the Australian and Tasmanian Governments will provide additional support to continue operations as Tasmania's energy system evolves, helping maintain Bell Bay Aluminium's international competitiveness and its contribution to the Tasmanian economy. Rio Tinto Aluminium & Lithium Chief Executive Jérôme Pécresse said the agreements provide an operating pathway through to 2031 and increased certainty for workers, suppliers and the northern Tasmanian community. Bell Bay Aluminium, 100 percent owned by Rio Tinto, began operating in 1955 as the first aluminium smelter in the Southern Hemisphere and produces about 190,000 tonnes of aluminium a year, supporting about 550 full-time employees and more than 1200 indirect jobs while spending about A$260 million annually with 180 suppliers. The smelter's current power supply arrangement with Hydro Tasmania was due to end on 31 December 2026.

United States Antimony Corporation announced an update on its third quarter delivery of Military Specification antimony ingot shipments to the Defense Logistics Agency under its existing $245 million sole-source supply contract. USAC is the sole producer of MIL-SPEC antimony ingots, which are more than 99.6% pure, in the Western Hemisphere. Antimony flake feedstock from the company's joint partner's Bolivian Hydrometallurgical facility landed at the Thompson Falls smelters during the third quarter, and its roughly 99% purity is expected to significantly improve the efficiency of the company's gas-fired furnaces. Chairman and CEO Gary C. Evans said the company is fulfilling the first significant delivery of a finished product in its nearly 60 year history, and that processing has begun on Stibnite Hill, Montana, antimony material mined late last year and this year, which now totals in excess of 400,000 pounds and is stockpiled at Radersburg, Montana.

The Metals Company has appointed former ExxonMobil upstream executive Liam Mallon to its board of directors as the company moves toward potential commercial seabed mining. Mallon spent 35 years with Mobil and ExxonMobil and served as President of ExxonMobil Upstream Company before retiring in 2025, overseeing a global exploration, development and production portfolio with annual capital spending of roughly $20 billion to $30 billion. His tenure included ExxonMobil's Guyana offshore development program and the company's $60-billion acquisition of Pioneer Natural Resources. At TMC, Mallon will also chair the board's Sustainability and Innovation Committee, with a remit covering offshore project economics, operational scaling and environmental management, and he replaces Brendan May, who is stepping down after two years on the board. The appointment comes as TMC seeks to shift from exploration and technology development to commercial recovery of polymetallic nodules containing nickel, copper, cobalt and manganese, pursuing U.S. authorization through the Deep Seabed Hard Mineral Resources Act, with its U.S. subsidiary seeking exploration and commercial recovery approvals from NOAA, which in August published TMC USA's consolidated application for the USA-A area and has begun environmental review of a separate exploration license application for the USA-B area.

TMC the metals company Inc. announced that Liam Mallon, former President of ExxonMobil Upstream Company, has been appointed to its Board of Directors. Mallon brings more than four decades of global energy and offshore operating experience, including 35 years with Mobil and ExxonMobil, where he oversaw $20–30 billion in annual capital deployment and led major growth projects such as ExxonMobil's Guyana development and the $60 billion acquisition of Pioneer Natural Resources. He will lead the Board's Sustainability and Innovation Committee, with a focus on innovations that improve offshore project economics and enable rapid scaling of offshore operations. The appointment comes as TMC prepares to launch the world's first commercial-scale deep seabed mineral operations, following NOAA's August publication of TMC USA's consolidated application for an exploration license and commercial recovery permit over the USA-A area and a Notice of Intent to develop an Environmental Impact Statement for the USA-B area. Brendan May will step down from the Board as Mallon joins.