U.S. Tells Quad: Less Talk, More Action on Critical Minerals

Copper is testing highs again while Meeka and B2Gold enjoy first gold pours

July 02, 2025

The Pre-Start

  • B2Gold has poured first gold at Goose Mine in Nunavut, Canada, making it the company’s 4th producing mine (BTO.TO)

  • Meeka has poured first gold at the Murchison, opn schedule (MEK)

  • Ramaco shared a PEA summary for the Brook mine, with an NPV10 of US$898m, IRR of 38% and initial capex of US$579m. It outlined plans for 1.24ktpa of TREO over 42-years, assuming $130/kg NdPr (METC.NAS) Stock fell 24%

  • Gorilla shared that Mulwarrie drilling is complete, with rigs sent to Comet Vale, while resource estimation work is on track for Q3 (GG8)

  • Collective Mining released drilling that intercepted a narrow high-grade vein system, returning 0.65m @ 534g/t gold from 274m (CNL.NY)

  • Warriedar shared that a limited trial pulp re-assay program undertaken at Azure Coast (near Ricciardo) demonstrated antimony mineralisation (WA8)

  • Sun Silver released assays from Maverick Springs, hitting 70.1m at 160g/t AgEq from 255m (SS1)

  • Lake Resources completed a power FEED study to provide a solution for Kachi’s electrical interconnection to the Argentine grid (LKE)

  • Horseshoe has received DSO mining proposal approval from DEMIRS (HOR)

  • Southern Palladium advised that the granting of environmental authorisation approval for a mining right received no objections (SPD)

High Grade It

  • Vitol & Breakwall Capital have formed a credit fund targeting miners in the Americas, as competition for copper & other metals contracts rises (Bloomberg)

  • US Secretary of State Marco Rubio told the Quad alliance to prioritise critical minerals mining & refining for defence, technology and clean energy equipment (AFR)

  • India has sent geologists to Zambia to explore copper & cobalt deposits, as New Delhi steps up efforts to secure critical mineral supplies (Reuters)

  • Copper rose to a 3-month high on an ongoing supply squeeze and as risk sentiment improved due to optimism the US will reach trade deals (Bloomberg)

  • China's Ganfeng has said current lithium prices may not be sustainable, as the costs of multiple projects are hard to support (SMM)

  • Chile's congress approved long-awaited legislation to speed up the permitting process for investment projects (Reuters) Reducing permitting times 30-70%!

  • The Chilean Nuclear Commission approved a proposal for a major lithium expansion, letting SQM & Codelco increase output to 330ktpa LCE (Bloomberg)

  • Roadblocks by informal miners are disrupting transport of copper from some mines in Peru, including those owned by MMG and Hudbay (Bloomberg)

Over 12,000 industry’s eyes read this daily, including the mining sector’s biggest decision-makers. Want their attention? This is your front-row seat.

Wheelin’ n Dealin’

  • Santana has entered an agreement to acquire outright Ardgour Station land, which has competing land uses over part of its project. The staged acquisition is for a total of NZ$25m (SMI)

  • Late yesterday Anson released an announcement on its MoU agreement with POSCO, with plans for a DLE demo plant to be built in Green River, Utah (ASN)

  • Kinterra lodged a Takeovers Panel application alleging New World and CAML frustrated a control auction by proceeding with a $10m placement despite a higher Kinterra bid (NWC) Kinterra is seeking final order for CAML to dispose its NWC shares

Rattlin’ the Tin

  • Blackstone Minerals has fielded a cornerstone commitment from Macquarie Bank for its $25m share placement & SPP (AFR)

  • Battery Age received firm commitments for a $3m raising (BM8)

Word on the Decline

  • Sandfire’s market cap: $5.1B and producing 150 kt CuEq per annum

  • Atalaya’s market cap: ~$1.4B and producing 50kt copper per annum

  • How many bankers have pitched Iberian copper consolidation already?

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In the Weeds

  • Mark Barnaba, Elizabeth Gaines pocketing millions as Greatland surges (Australian)

  • Leigh Goehring interview (Spotify, Apple) Outlines why he’s long-term bullish on energy, gold and PGM’s

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Devil’s in the Detail

Compare Albemarle’s capex guidance in their latest presentation to that from 12 months ago - what do you notice?

And what does that indicate about the long-term health of that business if capex is being strangled beneath ‘minimum required sustaining’ because of the state of their balance sheet?

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