The Conversation (0)
September 15, 2024
True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to announce it is progressing mining activities at the Wallace North deposit, part of its Cloncurry Copper Project (CCP) in Queensland1, on schedule.
HIGHLIGHTS
- Mining activities at TNC’s Wallace North deposit, part of its Cloncurry Copper Project (CCP) in Queensland, continue to successfully ramp up in line with the current CCP mine plan.
- TNC remains on track to become Australia’s next copper producer and critical metals supplier in Q1 2025 via its restart of CCP.
- Circa 155k BCM (Bank Cubic Metres) of overburden has been mined to date with approximately 6,000t of oxide ore mined and placed on the Wallace North RoM.
- Oxide ore is now being transported to the Great Australia Mine (GAM) crusher with stacking on the leach pad to commence October 2024.
- CCP is estimated to generate free cash flow of ~$200 million at current copper spot prices over its initial 4.6-year mine life.
- TNC has binding offtake and toll milling agreements with Glencore International AG (Glencore) for 100% of copper concentrate from CCP and toll milling of up to 1Mt of ore per year.
- TNC is focussed on growing its workforce to support its objectives at CCP including the recruitment of a substantial number of personnel by mid-October for the GAM and Wallace North.
TNC last week commenced transportation of first oxide ore from the Wallace North pit to the Great Australia Mine (GAM) crushing facility. Irrigation of the ore will commence October 2024 and contribute to improved copper production from the Solvent Extraction (SX) plant. This will be the first ore mined by TNC that will be added to the heap leach since commissioning the SX plant in 2023.
In July, TNC announced the commencement of mining activities at Wallace North, one of four open-pit deposits making up CCP. Wallace North has an Ore Reserve totalling 0.7Mt (Probable) grading 1.01% Cu and 0.46g/t Au for 6.8kt Cu and 10.0koz Au2.
TNC has binding offtake and toll milling agreements with global commodity trader Glencore International AG for 100% of copper concentrate produced at CCP and toll milling of up to 1Mt of ore per year3. Under the toll milling agreement, sulphide ore will be transported to a third-party concentrator for toll treatment.
COMMENT
True North Copper’s Managing Director, Bevan Jones said:
“Our team at Wallace North has continued to advance mining activities on schedule with the current CCP mine plan. TNC’s progress towards becoming Australia’s next copper producer has taken significant steps forward since our previous Wallace North update, with 6,000t of oxide ore having now been mined and transportation of this ore to the GAM crusher underway. We expect to commence stacking of this ore on the leach pad in October, the next milestone in this process that we are now targeting. This is the first new copper ore mined and added to the heaps by TNC.
In parallel, TNC is focussed on growing our workforce to deliver on these objectives at CCP. The recruitment process continues for the GAM and Wallace North, with a substantial number of positions to be filled by mid-October.
"This progress on both fronts strengthens TNC’s position not only as an emerging copper and critical metals company, but also as a North Queensland-based company focused on providing opportunities within the communities in which it operates. As mining activities progress further at CCP, we look forward to continuing to provide regular updates.”
Figure 1. First Ore Haulage from Wallace North.
Wallace North Mining Update
Since TNC announced the commencement of mining activities at Wallace North4 (refer ASX Announcement dated 1 July 2024), the Company has mined circa 155k BCM of overburden and is on schedule with the current CCP mine plan. Along with the 155k BCM, approximately 6,000t of oxide ore has been mined and placed on the Wallace North RoM to date.
Since exposing the oxide ore in the Wallace North open cut pit, the Company has been stockpiling ore on the Wallace North RoM for road haulage to commence. TNC has now commenced transportation of the oxide ore by road train to the COH’s heap leach. Sulphide ore will then be transported to a nearby concentrator for toll treatment under TNC's toll-milling agreement with Glencore. Transitional and Sulphide ores are anticipated to be mined and stockpiled in the December quarter.
The COH is 2km from the town of Cloncurry in northern Queensland and will service all four of TNC’s deposits with essential infrastructure, technical systems and support. An active oxide heap leach and solvent extraction (SX) processing plant, mine buildings, site administration facilities, workshops, open pit mine facilities, onsite explosive magazines, site storage, water management systems and existing site power supply are located at the COH.
Click here for the full ASX Release
This article includes content from True North Copper, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
TNC:AU
01 August
Anglo American’s Losses Widen with Diamond Slump, Trade Tensions Mounting
Anglo American (LSE:AAL,OTC Pink:AAUKF) reported a sharp US$1.9 billion net loss for the first half of 2025, deepening from US$672 million a year earlier, as the global miner pushed forward with a sweeping corporate overhaul aimed at focusing on copper and iron ore.
The London-based group’s latest results saw revenue dropping by 7 percent year-on-year to US$8.95 billion, falling short of analyst expectations, while underlying EBITDA fell 20 percent to US$3 billion.
“By focusing on our exceptional copper, premium iron ore and crop nutrients resource endowments, each with significant value-accretive growth options, we are unlocking material value for our shareholders,” Chief Executive Duncan Wanblad assured in the company’s recent performance report.
Anglo American’s portfolio shakeup continued at pace in the first half. Following the May demerger of its platinum unit, now listed as Valterra on the Johannesburg Stock Exchange, the company has now designated its steelmaking coal and nickel operations as discontinued. Sales for both are agreed but not yet finalized.
A major piece of the puzzle remains De Beers, the iconic diamond brand in which Anglo holds an 85 percent stake. The miner confirmed it is pursuing both a trade sale and an IPO option, depending on market conditions and buyer appetite.
Wanblad said that while the company is prioritizing a trade sale for De Beers, it is also preparing the business for a potential IPO should market conditions warrant it.
The diamond market has been a major drag on performance. De Beers posted a US$189 million loss in the half-year period in the midst of a prolonged downturn in global rough-diamond demand and competition from synthetic stones.
Anglo American said it has already recorded US$3.5 billion in impairments related to De Beers over the past two years, valuing the unit at US$4.9 billion. Despite the gloom, Wanblad maintained that De Beers has long-term potential.
“With some of the best diamond mine resources and best marketing capabilities in the world, De Beers, I believe, is well positioned to emerge and thrive as the market recovers.”
Trade frictions causing market volatility
The company’s revenue decline was partly attributed to global trade disruptions.
The US government’s shifting tariff strategy has been particularly impactful. A recent announcement from President Donald Trump spared refined copper imports from sweeping new tariffs, but left semi-processed products exposed, which triggered a sharp 18 percent drop in copper prices and dislocating demand patterns.
Anglo American noted that while it benefited from a 127 percent year-on-year increase in U.S. refined copper imports in the first five months of 2025, this redirected metal away from traditional markets in Asia and Europe.
Copper remains at the center of Anglo’s growth strategy. Post-restructuring, the metal is expected to account for over 60 percent of group EBITDA, according to internal forecasts.
In line with its weaker performance, Anglo American slashed its interim dividend to US$0.07 per share, down from US$0.42 last year. The company cited negative earnings contributions from its platinum and coal divisions and no contribution from De Beers.
De Beers exit timeline and options
The divestment of De Beers is progressing, with Anglo confirming it is now in the second round of its formal sale process, involving what it described as “a credible set of interested parties.”
The company is also in discussions with the government of Botswana, which holds a 15 percent stake and may seek to increase its ownership. If a trade sale fails to materialize, Anglo is preparing for a public listing. Wanblad said exchanges in London, Johannesburg, and New York are all under consideration.
A trade sale could be finalized within six to nine months, he added, while an IPO would likely be delayed until early or mid-2026 depending on a recovery in diamond prices.
De Beers’ Venetia mine in South Africa, one of the country’s largest diamond operations, is undergoing a costly underground expansion aimed at extending its life beyond 2040.
Wanblad said Anglo remains engaged with stakeholders on the mine’s future, regardless of the group’s eventual exit from the diamond sector.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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28 July
Peter Grandich: Copper, Uranium in "Perfect Storm," My Strategy Now
Peter Grandich of Peter Grandich & Co. underscored the fundamentals of the uranium market and his expectations for equities.
"I don't think uranium has to go to US$200 in order to make money,” Grandich said. "I just think it needs to go back to where it was a couple years ago, a little above US$100, and these stocks will quadruple."
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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28 July
Top 5 Junior Copper Stocks on the TSXV in 2025
The copper price climbed to a record high of US$5.64 per pound on the COMEX during Q2.
The rise came on the back of escalating trade tensions and economic chaos caused by US tariffs.
While copper was initially spared from tariffs at the start of the year, US President Donald Trump announced the country would be imposing a 50 percent tariff on all copper products entering the US. The news sparked speculative buying by US metals traders, who sought to position themselves ahead of the yet-to-be-announced tariff deadline.
How has this affected small-cap copper-focused companies on the TSX Venture Exchange? Read on to learn about the five best-performing junior copper stocks since the start of 2025.
Data for this article was gathered on July 17, 2025, using TradingView's stock screener, and copper companies with market caps of over C$10 million at that time were considered.
1. Camino Minerals (TSXV:COR)
Year-to-date gain: 655.56 percent
Market cap: C$13.5 million
Share price: C$0.34
Camino Minerals is a copper explorer and developer with a portfolio of projects in South America.
Among its primary focuses since the start of the year is the construction-ready Puquois copper project in Chile, a 50/50 joint venture with Nittetsu Mining (TSE:1515). The partners jointly acquired Cuprum Resources, the project's owner, via a October 2024 definitive agreement that was completed on April 17, and are now focused on project financing.
Prior to the closing of the acquisition, the partners completed a prefeasibility study for the project in Chile on March 17.
The study results demonstrate a post-tax net present value of US$118 million, with an internal rate of return of 23.4 percent and a payback period of 3.1 years at a fixed copper price of US$4.28.
It also outlines all-in sustaining costs of US$2 per pound for the 14.2 year mine life.
In addition to the economic details, the included mineral resource estimate shows a measured and indicated resource of 149,000 metric tons of copper from 32.16 million metric tons of ore grading 0.46 percent copper.
Camino also owns the Los Chapitos project, located near the coastal town of Chala, Peru, which covers approximately 22,000 hectares and hosts near-surface mineralization. Nittetsu Mining has an earn-in agreement for the project through which it can earn a 35 percent interest in the project for a total investment of C$10 million over three years.
Camino announced on January 22 that it had initiated a discovery exploration program at Los Chapitos, with work funded by Nittetsu. The company said the program would consist of 11 holes and 1,200 meters of drilling along the La Estancia fault, focusing on newly identified copper breccias and mantos to determine their extension at depth.
Camino released results from the program on May 6, reporting continuity of mineralization at depth at the Pampero prospect, with a 0.5 meter interval found 157.6 meters downhole grading an average of 0.5 percent copper and 3.15 grams per metric ton (g/t) silver. Rock chip samples at the prospect graded up to 3.8 percent copper and 4 g/t silver.
The company has continued its exploration efforts at Los Chapitos, with another fully funded campaign running from June 1 to November 30. On July 16, it reported trench results from the newly identified Mirador zone, including 1.07 percent copper over 90 meters, with a 4 meter section grading 3.05 percent copper.
Shares of Camino reached a year-to-date high of C$0.34 on July 16.
2. Finlay Minerals (TSXV:FYL)
Year-to-date gain: 425 percent
Market cap: C$15.84 million
Share price: C$0.105
Finlay Minerals is an exploration company with a portfolio of five projects in BC, Canada. In 2025, it has largely focused on its ATTY and PIL projects, which cover 3,875 hectares and 13,374 hectares respectively in BC’s Toodoggone mining district. The region is known for copper-molybdenum-gold porphyry deposits and gold-silver epithermal deposits.
Finlay’s shares rose sharply early in the year after Amarc Resources announced the AuRORA discovery at its JOY property, located just south of the PIL project in the same porphyry corridor as PIL and ATTY.
On January 20, shortly after the discovery, Finlay announced it would be renewing its focus on its PIL project’s PIL South target, which lies approximately 750 meters from AuRORA.
One month later, Finlay outlined numerous copper targets at both the PIL and ATTY properties after reviewing geological data, and was planning its 2025 exploration program at PIL to delineate drill targets.
Shares surged in Q2 after Finlay announced on April 17 that it had entered into an earn-in agreement with Freeport-McMoRan (NYSE:FCX) for PIL and ATTY. Freeport can earn an 80 percent stake in the properties through a total of C$35 million in exploration expenditures and C$4.1 million in cash payments over the next six years.
In an update on June 18, Finlay reported that it had begun exploration programs at both properties, fully funded by Freeport. At both properties, exploration will include property-wide airborne magnetic surveys, and induced polarization geophysical surveys. It will also include detailed geological and alteration mapping, along with rock and soil sampling, on up to eight targets at PIL and three targets at ATTY.
The most recent news came on July 17, when Finlay announced it had increased the exploration program budget for PIL to C$2.6 million from C$750,000 and the budget for ATTY to C$1 million from C$500,000. The company stated that the additional funding will be utilized to identify and prioritize as many targets as possible for drilling in 2026.
3. King Copper Discovery (TSXV:KCP)
Year-to-date gain: 420 percent
Market cap: C$52.92 million
Share price: C$0.26
King Copper Discovery is a copper, silver and gold explorer that is developing a portfolio of projects in South America. The company changed its name from Turmalina Metals in March.
Its primary focus is the Colquemayo project in Moquegua, Peru. In July 2024, King Copper entered into an option agreement with Compania de Minas Buenaventura (NYSE:BVN) to wholly acquire the property.
The company has been relogging the historic drill core from the site. The 6,600 hectare site has seen more than 20,000 meters of historic core drilling and hosts multiple porphyry targets that have been identified but had gone untested. Highlighted drill samples show results of 2.4 percent copper and 10 grams per metric ton (g/t) silver over 237.3 meters, including 14.8 percent copper and 47 g/t silver over 31.3 meters.
In a broad corporate update on February 12, the company said it was intensifying its focus on the project and rebranding from Turmalina to reflect that. Additionally, it hired Insideo, a Lima-based environmental consulting firm, to help advance baseline studies and the drill permit process. Additionally, CEO Roger James stepped down, maintaining a seat on the board, and was replaced by Jonathan Richards as interim CEO.
On March 11, the company began trading under its new name and ticker.
The company has not provided any updates from its projects in the second quarter of the year, but shares have traded higher alongside a rising copper price. On July 15, it released an updated corporate presentation with plans for a 15,000 meter drill program in Q4 testing porphyry systems at the site with holes over 1,000 meters deep.
Shares of King Copper reached a year-to-date high of C$0.26 on July 16.
4. Amarc Resources (TSXV:AHR)
Year-to-date gain: 251.22 percent
Market cap: C$166 million
Share price: C$0.72
Amarc Resources is a copper explorer primarily focused on advancing its JOY district in Northern BC.
The 495 square kilometer property lies within the Toodoggone region and hosts the AuRORA prospect.
Shares of Amarc surged early in the year after it announced the discovery of AuRORA on January 17. In the release, it outlines the high-grade potential of the deposit, highlighting an assay of 0.63 percent copper over 162 meters, including an 81 meter intersection grading 0.92 percent copper, from near surface depths.
The exploration program was funded as part of a May 2021 earn-in agreement with Freeport McMoran that could see Freeport earn a 70 percent stake in the project once funding milestones are met.
Amarc provided more drill assays from its 2024 program on February 28. One assay graded 0.63 percent copper over 132 meters, including 0.81 percent over a 90 meter segment.
On February 11, Amarc agreed to acquire the Brenda property, which lies directly to the east of the AuRORA discovery, from Canasil Resources. Under the terms of the deal, Amarc has the option to acquire a 100 percent interest in Brenda over five years. Canasil will retain a 2 percent net smelter return.
The most recent news from JOY came on July 16, when the company announced it had commenced drilling at targets including the AuRORA and PINE deposits and the Twins and Canyon discoveries. The announcement also reported the expansion of the JOY district through Freeport’s options on Finlay’s PIL property.
In addition to exploration at JOY, Amarc also released assay results from its 2024 exploration at its IKE copper-gold project in Southern BC on May 14. The company reported copper grades of 0.29 percent copper over 181 meters, including an intersection with 0.56 percent copper over 60 meters.
Shares of Armac reached a year-to-date high of C$0.77 on July 4.
5. C3 Metals (TSXV:CCCM)
Year-to-date gain: 233.33 percent
Market cap: C$74.91 million
Share price: C$0.80
C3 Metals is an exploration firm working to advance its assets in Jamaica and Peru.
The company's primary Jamaican asset is the Bellas Gate project, a 13,020 hectare site featuring 14 porphyry and over 30 epithermal prospects along an 18 kilometer strike. To date, drilling at the site has concentrated on a 4 kilometer zone encompassing the Provost, Geo Hill, Camel Hill and Connors prospects.
Shares of C3 experienced significant gains after it announced on February 11 that it had signed an earn-in agreement with a Freeport-McMoRan subsidiary, which can gain up to a 75 percent interest in the project. Under the agreement, Freeport must contribute US$25 million in exploration and project expenditures over five years to earn the initial 51 percent interest, and an additional US$50 million over the following four years for the remaining 24 percent.
In Peru, C3 has focused on advancing its Jasperoide copper-gold project. The site in Southern Peru spans 30,000 hectares and hosts two porphyry and more than 15 skarn prospects across two 28 kilometer belts.
According to a July 2023 technical report, a resource estimate outlines a measured and indicated resource of 51.94 million metric tons of ore with an average grade of 0.5 percent copper and 0.2 g/t gold for contained metal totaling 569.1 million pounds of copper and 326,800 ounces of gold.
C3 released an exploration update from its Khaleesi copper-gold project area in Jasperoide on February 19, reporting that a soil sampling campaign defined a copper-molybdenum anomaly extending 1,900 meters by up 650 meters. Two zones contain average concentrations of 950 parts per million copper and 650 ppm of copper.
The company said it is working to complete geophysical surveys by the end of March and will use the data to implement a maiden diamond drill program at the target. It closed a US$11.5 million bought-deal private placement on March 19 that will be used in part for exploration and development at the Khaleesi target.
The company has not provided further updates on the project.
Shares of C3 reached a year-to-date high of C$0.80 on July 17.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Finlay Minerals is a client of the Investing News Network. This article is not paid-for content.
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28 July
Barrick Backs Hercules in Leviathan-Linked Copper Expansion
Hercules Metals (TSXV:BIG,OTCQB:BADEF) has entered into a transformative agreement with Barrick Mining (TSX:ABX,NYSE:B) to acquire a vast package of unpatented copper claims surrounding its Leviathan discovery in western Idaho.
Hercules will have the option to acquire a 100 percent interest in more than 74,000 acres of claims, collectively known as the Olympus belt, that flank both sides of the company’s existing Hercules property.
If exercised, the deal would expand Hercules’ total land position from 26,000 acres to over 100,000 acres, granting it control over a 73 kilometer stretch of highly prospective terrain.
The transaction is structured as an option agreement through Hercules’ US subsidiary, Anglo-Bomarc, with Barrick Gold Exploration, a wholly owned subsidiary of Barrick Mining.
In exchange for the land package, Barrick will increase its equity stake in Hercules and retain a 1 percent net smelter return (NSR) royalty on the Olympus claims. That royalty can be reduced to 0.25 percent through a US$7.5 million buyback.
Hercules will pay a total of C$8 million (around US$5.8 million) over three years — either in cash or shares, at its discretion — to complete the earn-in.
Hercules CEO Chris Paul said the consolidation of the Olympus belt marked a “once-in-a-lifetime opportunity” for the company’s shareholders and underscored Barrick’s confidence in the team’s exploration strategy.
“The Leviathan system hosts evidence of a rare and exceptional copper-silver enrichment event formed during a regional tectonic episode that potentially affected the entire Olympus belt,” Paul said in the company press release. “This makes it one of the most compelling new copper projects in the United States today.”
The Olympus claims are understood to contain multiple porphyry targets extending along the same trend as Leviathan. Hercules intends to apply its proprietary geological mapping and deep-penetrating geophysics to accelerate identification and testing of new drill targets across the expanded land package.
The deal continues the company’s aggressive 2025 exploration campaign at Leviathan. As of mid-July, the company had completed seven drill holes and had five more in progress, totaling over 5,500 meters of drilling so far this season.
Initial results have continued to validate a new 3D geological model announced in April, prompting the company to increase its drill rig count from three to five.
The consolidation also comes during a paradigm shift in US federal policy toward domestic mining. Streamlined permitting processes and efforts to secure critical mineral supply chains have bolstered interest in American copper projects, which are increasingly seen as strategically vital.
In that context, the company says that the Hercules project is well-positioned to deliver long-term value given declining reserves, rising prices, and possible trade restrictions on foreign copper.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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25 July
Top 5 Canadian Mining Stocks This Week: St. Augustine Gains 67 Percent
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
Statistics Canada released its monthly mineral production report for May 2025 on Monday (July 21). The data shows that the production of both copper and silver increased from April.
Copper output rose to 36.3 million kilograms from 35.85 million in April, and silver increased to 26,502 kilograms from 25,412. Meanwhile, gold production decreased marginally to 16,518 kilograms from 16,640 the previous month.
However, shipments were up across the board. Copper shipments rose to 34.34 million kilograms compared to 30.01 million kilograms in April. Silver increased to 26,376 kilograms, up considerably from 22,106 kilograms a month earlier. Gold shipments saw a slighter gain, rising to 14,858 kilograms from 14,660 kilograms in April.
The report comes amid heightened uncertainty due to tariff threats from the US.
On Friday (July 25), President Donald Trump stated that the US and Canada may not reach a new trade deal, implying that there may not be further negotiations, and suggested that Canada may “just pay tariffs.”
Earlier in the month, the White House sent letters to several nations, informing them that tariffs would take effect on August 1 if no deal was reached before that time. The US threatened Canada with a 35 percent tariff on all goods not covered under the current Canada-US-Mexico Agreement, which was negotiated during Trump’s first term in office.
The president’s remarks come after Canadian Trade Minister Dominic LeBlanc said that he felt encouraged following meetings earlier in the week with US representatives, including Commerce Secretary Howard Lutnick.
Markets and commodities react
In Canada, equities markets were positive this week.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 0.29 percent to close at 27,494.35 on Friday, setting a new all-time high, while the S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 0.55 percent to 801.13. The CSE Composite Index (CSE:CSECOMP) was the largest gainer, jumping 3.87 percent to 132.89.
As for US equity markets, the S&P 500 (INDEXSP:INX) gained 1.18 percent to 6,388.65 and the Nasdaq 100 (INDEXNASDAQ:NDX) climbed 0.62 percent to 23,285.57, with both closing the week setting new all-time highs.
Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) rose 0.74 percent to 44,901.93, closing in on its record of 45,014 set on December 4, 2024.
In precious metals, the gold price was flat, ending the week down slightly at US$3,337.31 per ounce by Friday at 4:00 p.m. EDT. Meanwhile, silver traded near 11 year highs mid-week, but finished flat at US$38.15 per ounce.
In base metals, copper posted a 3.93 percent gain, trading near all-time highs at US$5.82 per pound. The S&P GSCI (INDEXSP:SPGSCI) registered a 0.75 percent loss to finish the week at 545.08
Top Canadian mining stocks this week
How did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stock data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. St. Augustine Gold and Copper (TSX:SAU)
Weekly gain: 66.67 percent
Market cap: C$414.68 million
Share price: C$0.5
St. Augustine Gold and Copper is a development company focused on its King-king copper-gold project in the Philippines' Davao de Oro province. The project consists of 184 mining claims.
According to the latest preliminary economic assessment from 2013, the company projects an after-tax net present value of US$1.78 billion, with an internal rate of return of 24 percent and a payback period of 2.4 years using a base case scenario of a copper price of US$3.00 per pound and a gold price of US$1,250 per ounce.
The company is currently working toward an update to the study.
On May 30, St. Augustine entered into an agreement with the National Development Corporation (Nadecor) to acquire a 100 percent interest in Nadecor's wholly owned subsidiary Kingking Milling, which holds the development rights to King-king. Under the terms of the deal, Nadecor will receive C$9.02 million convertible into 185 million shares.
The project's exploration and development permits are held by Kingking Mining, which remains a 40/40/20 joint venture between St. Augustine, Nadecor and Queensberry Mining and Development. The release also includes details of new ore sales and royalty agreements between Kingking Milling and Kingking Mining.
The company announced its latest news on Friday, closing a private placement for gross proceeds of C$24.9 million. St. Augustine said it intends to use the funds to advance development at King-king.
Additionally, the company reported on Thursday (July 24) that Nicolaos Paraskevas and Andrew J. Russell have joined its board of directors. Paraskevas has experience in supervising business development activities in the copper industry, while Russell is one of the original founders of St. Augustine and brings two decades of experience in mining management.
Love D. Manigsaca has been appointed as St. Augustine’s new CFO.
2. Kapa Gold (TSXV:KAPA)
Weekly gain: 62.12 percent
Market cap: C$19.66 million
Share price: C$0.30
Kapa Gold is an explorer advancing the past-producing Blackhawk gold mine in San Bernardino County, California.
The project site is composed of seven patented and 178 contiguous federal lode claims covering 1,496.2 hectares. The property hosts multiple mineralized zones and has deposits with high grade gold, silver, lead and zinc. Historic production from ramps and underground mines has graded an average 10 grams per metric ton (g/t) gold.
Kapa’s most recent news from the project was reported on March 5, when it announced it had initiated biological surveys in advance of exploration activities on the site and submitted the requested bonding to San Bernardino County, allowing for drilling on patented claims at Blackhawk.
3. North Peak Resources (TSXV:NPR)
Weekly gain: 47.3 percent
Market cap: C$47.28 million
Share price: C$1.09
North Peak Resources is an exploration company working to advance its Prospect Mountain mine complex in Central Nevada, US. The property comprises 221.9 acres of patented claims and 1,905 acres of unpatented claims, consolidating several historical mines that have hosted operations dating back to the 1870s.
Despite the extensive history of the property, limited modern exploration work has been conducted, and a technical report from April 2023 notes that no mineral resource estimate has been produced.
Part of the property is currently covered by a plan of operation that entitles North Peak to carry out surface exploration, infrastructural works and underground mining of up to 331,000 metric tons per year.
The most recent exploration update from the property was released on May 27, when North Peak announced results from samples collected from underground and surface historical occurrences.
Highlights included grades of 45.6 g/t gold, 569 g/t silver, 4.09 percent lead and 3.12 percent zinc over 15 cm from channel samples of in-situ material from the Dean Cave area; and 5.3 g/t gold, 39 g/t silver, 7.03 percent lead and 1.92 percent zinc from dump grab samples collected from the Kit Carson mine.
The latest news from the company came on Monday, when North Peak announced it had acquired the remaining 20 percent stake in the property from Solarljos in exchange for 3 million common shares. North Peak purchased its original 80 percent interest in the property in August 2023.
4. NextSource Materials (TSX:NEXT)
Weekly gain: 46.15 percent
Market cap: C$92.46 million
Share price: C$0.475
NextSource Materials is a mining and exploration company focused on advancing its Molo graphite mine to Phase 2 production. The mine is located in Southern Madagascar and has a nameplate capacity of 11,000 metric tons per year, with a fixed carbon content between 94 percent and 97 percent.
NextSource is advancing plans for a Phase 2 expansion at its Molo graphite mine to address projected demand growth beyond its current Phase 1 capacity. In 2024, the company completed a Feasibility Study outlining a 150,000 metric ton per annum operation and expects to release an updated version by the third quarter of 2025.
The forthcoming study will reflect operational insights from Phase 1 and outline a revised timeline and phased development strategy. NextSource is also progressing development of battery anode facilities in several regions, with modular designs aimed at scaling production in response to automotive sector demand.
The most recent announcement from NextSource came on June 2, when it announced its withdrawal from its battery anode facility option in Mauritius, instead planning to develop a larger-scale facility in the Middle East, which would help streamline permitting and increase access to EV manufacturers.
The company stated it is advancing discussions with EV manufacturers for potential offtake agreements.
The US government’s 160 percent tariff on Chinese graphite and anode materials has heightened the focus on alternative supply sources, giving rise to increased interest in projects like NextSource’s Molo mine in Madagascar.
5. BeMetals (TSXV:BMET)
Weekly gain: 44.44 percent
Market cap: C$10.3 million
Share price: C$0.065
Bemetals is a gold and copper explorer advancing its Pangeni copper project in Zambia.
The project is located in Northwestern Zambia along the western edge of the Central African Copperbelt. BeMetals has been actively exploring the property since 2020 and identified several areas with copper mineralization.
The most recent uupdate from the property came on March 25 when the company reported that it had commenced a new 2,000 meter to 2,500 meter drilling program to identify additional zones of copper mineralization and expand the existing footprint within the D-Prospect area.
Previous exploration at the site has yielded highlighted assays with up to 0.74 percent copper and 533 parts per million (ppm) cobalt over 16.16 meters, including an intersection of 0.93 percent copper and 701 ppm cobalt over 5.5 meters.
On July 10, BeMetals entered into a non-binding letter of intent with Prospector Metals (TSXV:PPP,OTCQB:PMCOF) to acquire up to a 100 percent stake in the Savant gold project in Northwestern Ontario, Canada. The property covers an area of 232 square kilometers and hosts numerous gold occurrences. Under the terms of the agreement, BeMetals has agreed to meet certain milestones, including the production of a mineral resource estimate.
Final ownership share will be determined by the size of the reported resource. If the reported resource is under 500,000 ounces of contained gold, Prospector will retain full ownership.
If it is between 500,000 and 1 million ounces, Prospector and BeMetals will form a 50/50 joint venture. Lastly, if the resource is over 1 million ounces, with at least 500,000 ounces in the indicated category, BeMetals will earn the full 100 percent interest, with Prospector holding a 0.5 percent net smelter royalty.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: NextSource Materials is a client of the Investing News Network. This article is not paid-for content.
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25 July
Editor's Picks: Miners Rescued, US Mine Waste Strategy, Ontario Expands CIMF
Here's a quick recap of some of the most impactful resource sector news items for the week.
The period saw three miners rescued after 60 hours underground at the Red Chris mine in BC, the US announce a mine waste recovery strategy and the Ontario government add C$7 million to boost critical minerals innovation.
Red Chris rescue: Three miners freed after 60 hours underground
Three miners trapped underground at Newmont's (TSX:NGT,NYSE:NEM) Red Chris copper-gold mine in British Columbia have been safely rescued after more than 60 hours.
The workers were sheltered in a MineARC chamber with access to food, water, and communication, following a series of rockfalls.
The rescue effort, which included drilling a 100-meter access tunnel, concluded successfully, with all miners reported in good health.
We are relieved to share that all three individuals are safe, and in good health and spirits. They had consistent access to food, water, and ventilation whilst they remained in place in a refuge chamber underground over the last two days,” a Newmont statement read. They are now being supported by medical and wellness teams. Their families have been notified.”
Investigations into the cause of the rockfalls are ongoing.
US prioritizes critical mineral recovery from mine waste
The US government is ramping up efforts to recover critical minerals from mine waste, with the Department of the Interior announcing plans to map legacy tailings across federal lands.
The initiative is part of a broader push to secure domestic supplies of essential minerals like lithium, cobalt, and rare earths.
By tapping into existing waste sites, the US hopes to reduce reliance on foreign imports while minimizing new environmental disruptions.
“By streamlining regulations for extracting critical minerals from mine waste, we are unleashing the full potential of America’s mineral resources to bolster national security and economic growth,” said Acting Assistant Secretary of Lands and Minerals Adam Suess. “This proactive approach will attract private investment, support environmental reclamation, and pave the way for mineral independence.”
The move aligns with ongoing federal investment into clean energy and supply chain resilience.
Zijin leads bid for Barrick's Tongon mine in West Africa
Chinese mining giant Zijin Mining Group (OTC Pink:ZIJMF,HKEX:2899,SHA:601899) is reportedly leading the race to acquire Barrick Mining's (TSX:ABX,NYSE:B) Tongon gold mine in Côte d’Ivoire.
Barrick has tapped TD Securities and Australia-based Treadstone Resource Partners to advise on the sale of Tongon. The operation produced 148,000 ounces of gold in 2024.
With resources depleting, the mine is expected to enter care and maintenance by 2027.
Sources say the bid could be valued near US$500 million as Barrick shifts its focus toward copper and lithium assets.
The potential deal signals ongoing Chinese interest in African gold assets and underscores Barrick's strategic pivot toward energy transition materials.
No final agreement has been announced.
Panther Minerals exits Boulder Creek uranium project in Alaska
Panther Minerals (CSE:PURR,OTC:GLIOF,FWB:2BC) has officially ended its option to acquire the Boulder Creek uranium project in Alaska’s Cape Nome District.
The company chose not to proceed with its next annual payment, leading to the automatic termination of the agreement signed in April 2024.
All 140 associated mining claims have been returned to Tubutulik Mining Company LLC via a quitclaim deed.
While Panther completed preliminary assessments and a site review, it opted not to advance the project further, citing seasonal, logistical, and capital constraints.
The project had drawn criticism from local Indigenous groups concerned about environmental impacts.
Ontario adds C$7 million to Critical Minerals Innovation Fund
The Ontario government is committing over C$7 million to expand its Critical Minerals Innovation Fund (CMIF), aiming to boost research, development and commercialization across the province’s mining sector.
The new funding round—open for applications from July 23 to October 1—targets innovation in deep exploration, mineral recovery, battery supply chains and mining technologies.
This latest investment brings total CMIF funding to C$27 million since its 2022 launch, supporting more than two dozen projects to date.
The CIMF also aligns with Ontario’s broader Critical Minerals Strategy, which seeks to strengthen domestic supply chains and reduce reliance on foreign sources, especially amid growing global demand and looming US tariffs.
“With global demand for critical minerals soaring – and new US tariffs targeting Canada’s mining and manufacturing sectors – Ontario is taking action to accelerate growth and innovation in Ontario’s mining sector," said Stephen Lecce, Minister of Energy and Mines.
He added: “Through the Critical Minerals Innovation Fund, we are putting Ontario first, building a made-in-Canada supply chain that attracts investment and creates good-paying jobs here at home.”
Looking down the supply chain, the Ontario government is also investing C$500 million in the creation of a new Critical Minerals Processing Fund to “provide financial support for projects that accelerate the province’s critical mineral processing capacity and made-in-Ontario critical minerals supply chain.”
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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