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April 06, 2025
Mystique Project, Fraser Range, WA
West Cobar Metals Limited (ASX:WC1) (“West Cobar”, “WC1” or “Company”) has previously announced3 the conditional 100% acquisition of an exploration licence E28/2513 in the Fraser Range Province of Western Australia, highly prospective for orogenic gold deposits.
Highlights
- Progress towards completion of recent agreement for acquisition of IGO Limited’s 100% interest in tenement E28/2513 (“Mystique Project”)
- Highly prospective for gold in the Fraser Range, Western Australia, with exciting targets emerging
- Exceptional gold intercepts at the nearby Themis Prospect (250m outside of, and north of, the Mystique Project boundary), reported by Rumble Resources Limited, includes intersections of:
- 18AFAC307711 - 25m @ 2.42g/t Au from 42m, including 5m @ 10.85g/t Au from 49m
- 20AFAC113212 - 16m @ 6.69g/t Au from 42m, including 4m @ 22.2g/t Au from 50m
- Immediate targets at Mystique, supported by widespread drill intersected gold anomalism in transported cover and saprolite, are:
- to drill test the saprolite gold mineralisation
- to drill test and define significant gold mineralisation targets in the basement rocks
- Exploration drill programme now planned to follow up key targets on the Mystique Project
- Further acquisition of 70% joint venture interest from IGO Limited in three adjoining tenements (E28/2528, E28/2529 and E28/2595, “Thunderstorm Project”) will not proceed after notification that joint venture partner Rumble Resources Limited will pre-empt the acquisition
Exploration licence E28/2513, known as the Mystique Project covers 35km2 within the Albany-Fraser Province and is located approximately 225km SSE of Kalgoorlie.
While exploring the adjoining tenements for nickel-copper mineralisation, the IGO Limited / Rumble Resources Limited joint venture encountered outstanding gold intercepts in saprolite and bedrock, in particular at the Themis prospect, just outside of, and north of, the E28/2513 tenement boundary.1,2
West Cobar Metals’ Managing Director, Matt Szwedzicki, commented: “We are excited to progress the acquisition of the Mystique Project, which is highly prospective for gold.
The tenement comprises a key land area with exceptional and immediate potential for both shallow saprolite hosted and large-scale basement hosted gold deposits. We have identified two high priority targets which warrant immediate attention.
Themis South, on E28/2513, has the potential of being a large mineralised system, with thick, high-grade gold zones intercepted just outside the tenement boundary.
In addition, the Torquata prospect is a very large calcrete gold anomaly which contains a number of areas that require testing.
We look forward to completing this acquisition and to begin exploring.”
Figure 1: Location of Mystique Project and West Cobar’s Salazar Project in the Fraser Range
Exploration to Date
The Mystique Project remains relatively unexplored as most of the area is covered by 30m or more of transported Eocene sediments and there is little surface expression of geology or mineralisation.
Exploration work by IGO included gravity surveying, MLEM (Moving Loop EM – ground survey along lines 400m apart) and air core drilling (nine holes for 630m). Prior to IGO’s involvement, the licence area E28/2513 had been explored for mineral sands and for gold, notably by Iluka Resources Ltd, Homestake Gold of Australia Ltd, SIPA Resources NL and Blackfire Resources Ltd who drilled 165 air core, seven RC and three diamond holes. The result is a data set which includes geophysics and a drill database, that enables West Cobar to concentrate initially on well-defined high priority gold prospects. The historical exploration covering EL28/2513 has been reported previously in the West Cobar release to the ASX of 5 March 2025.3
Figure 2: Themis South and Torquata Prospects – possible extension of gold mineralisation intersected in air core drilling, just to north of tenement boundary along structural corridor interpreted from aeromagnetics (intersections outside of E28/2513, see references 1 and 2)
Click here for the full ASX Release
This article includes content from West Cobar Metals Limited, 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.
11 September
LKY Doubles Landholding Abutting MP Materials in Mojave Hub
Locksley Resources (LKY:AU) has announced LKY Doubles Landholding Abutting MP Materials in Mojave Hub
10 September
EV Resources Acquires 100% of High-Grade Dollar Antimony Project in Nevada, USA
EV Resources Limited (ASX:EVR) (“EVR” or “the Company”) is pleased to announce it has secured 100% ownership of the historic Dollar Antimony Project, located in Nye County, Nevada – a Tier-1 mining jurisdiction strategically located near Military Metals Corp’s Last Chance Project. The project is comprised of 8 unpatented mining claims totalling 160 acres.
The acquisition underscores EVR’s strategy to secure critical mineral assets in North America, strengthening its position as a future supplier of antimony, a designated critical mineral in the United States essential for energy storage, and defence applications.
Acquisition Terms
- EVR acquires 100% ownership of the Dollar Project from Strategic Minerals Inc, a Nevada-based mining investment group.
- Consideration comprises US$50,000 refund of staking and administration fees and a 2% net smelter royalty (NSR) retained by the vendor.
Project Highlights
- High-Grade Potential: Historical assays returned up to 40.63% Sb, with USGS modern sampling confirming values up to 10,000 ppm Sb (1.0%), alongside silver, lead, and copper credits.
- Historic Workings: Development includes three adits (>400 ft total) and a 30 ft inclined shaft, providing direct access for future exploration.
- Favourable Geology: Located on the eastern slope of the Toiyabe Range at the contact of Tertiary volcanics and Paleozoic sediments – a structural setting highly prospective for antimony mineralisation.
- Proven District: Only 9 km south of Military Metals Corp’s Last Chance Antimony Project, highlighting a developing antimony camp in close proximity to US defence installations and Nevada’s military testing ranges.
- Strategic Location: Road accessible, close to Nevada State Route 376, and within one of the world’s most mining-friendly jurisdictions.
EVR Non-Executive Chairman, Shane Menere, commented:
“The acquisition of the Dollar Antimony Project provides EVR with a 100% owned, high- grade, strategically located asset in the heart of Nevada’s Great Basin. With assays up to 40% Sb and a geological setting comparable to other world-class antimony deposits, Dollar represents an exceptional opportunity for EVR to position itself as a key player in the development of critical mineral supply chains in the United States. Its proximity to Military Metals Corp’s Last Chance Project underscores the emerging potential of the district as a new antimony hub.”
Click here for the full ASX Release
This article includes content from EV Resources Limited, 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.
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09 September
Navigating Uncertainty: How to Manage Jurisdictional Risk for Mining Stocks
In the high-stakes world of resource extraction, a nation's mineral wealth is a powerful magnet for investment, fueling economic growth and national prosperity. But not all countries are created equal.
For investors in the mining sector it's key to understand that jurisdictional risk can be profoundly impacted by political changes, as new administrations can swiftly alter the regulatory landscape. These policy shifts can present both opportunities and setbacks, introducing a complex layer of uncertainty to even the most promising ventures.
At the same time, regions traditionally seen as stable and secure for resource development can face their own challenges, including rigorous permitting regimes that can slow mine development activity.
Read on for three case studies on jurisdictional risk and how to navigate this type of complexity.
Case study: First Quantum's Cobre Panama mine
Perhaps the most notable example in recent years of how politics can affect operations is the closure of First Quantum Minerals' (TSX:FM,OTC Pink:FQVLF) Cobre Panama mine in Panama.
As with many mining operations, Cobre Panama took decades to bring into production. First Quantum received approval to begin work at the site in February 1997; however, it would take 22 years and US$10 billion to build the mine and the required infrastructure before production commenced in September 2019.
When it was placed on care and maintenance in November 2023, the mine was one of the largest in the world, accounting for approximately 1 percent of total copper supply.
The closure came after Panama's government faced intense public backlash for granting First Quantum a 20 year mining contract; it was quickly declared unconstitutional by the Supreme Court.
The Panamanian government also introduced an indefinite moratorium on all mining concessions. The move put the country's mining sector in a state of limbo and led other companies to cease activities in Panama. For example, Orla Mining (TSX:OLA,NYSEAMERICAN:ORLA) decided to halt funding of its Cerro Quema project until it had “greater certainty with respect to the mining concessions, as well as fiscal and legal stability in Panama.”
Cobre Panama's closure and the subsequent moratorium led Fitch to downgrade its investment outlook for Panama in March 2024, from BBB- to BB+. The credit agency cited fiscal governance challenges that arose following the mine's closure, noting that Cobre Panama accounted for 5 percent of the nation’s GDP.
Although the International Monetary Fund expects Panama's GDP to rebound to 4.5 percent in 2025 as non-mining sectors of the nation's economy grow, the changes have already had a significant impact on the national economy, with GDP growth slowing to 2.9 percent in 2024, from 7.4 percent in 2023.
Case study: Barrick Mining's Loulo-Gounkoto complex
Another recent example is the impact of unrest on Barrick Mining's (TSX:ABX,NYSE:B) operations in Mali.
The African nation has experienced a prolonged period of instability, with the government being overthrown in three coup d’états within a 10 year span, in 2012, 2020 and 2021.
The most recent two came following months of turmoil after election irregularities and accusations of corruption in 2020, then calls for a more legitimate government to be installed in 2021.
Ultimately, the government was replaced by a military junta, and in 2022, it was announced that elections would be held in 2024. However, these were delayed until early 2025, at which time they were again postponed.
This past July, Malian military authorities granted current leadership a five year mandate, renewable as many times as necessary without requiring an election, which guarantees control of the government until 2030.
The impact on the mining sector has been notable. In 2022, the new government ordered an audit of the mining sector, which led to Mali adopting a new mining code in 2023 after limited industry consultation.
The code aims to generate more revenue for the government from mining operations by increasing government ownership to 35 percent from 20 percent and removing tax-exempt status for some operations.
Existing mining contracts were also reviewed, which limited the ability to renegotiate, leading to a protracted negotiation process between the Malian government and Barrick over its Loulo-Gounkoto complex.
While Barrick has said its commitment to Mali remains firm, going so far as to make a good-faith payment of US$83 million, the two parties were unable to reach an agreement. The stalled negotiations led the government to arrest or issue arrest warrants for key personnel over unpaid taxes and contract disputes, including Barrick CEO Mark Bristow.
With no resolution, Barrick was ultimately forced to shut down the mine in January of this year. Although arbitration proceedings continue, the operation was placed under provisional administration on June 16, and government helicopters were seen onsite removing more than 1 metric ton of gold on July 10.
According to the Extractive Industry Transparency Initiative, the mining sector makes a significant contribution to the nation’s economy, representing 79 percent of exports and 9.2 percent of GDP. Although other companies haven’t ceased operations in the country, the government’s action has created tensions for investors, with CEOs suggesting that the new rules make it economically unfeasible for new mines or takeovers in the country.
The Fraser Institute gave Mali a policy perception score of 14.94 in its 2024 Annual Survey of Mining Companies, a significant decrease from 2023, when it achieved 33.34, and a precipitous decline from 2020’s score of 78.18. In the overall ranking, Mali fell to 74 out of 82 countries included in the survey, down from 37 out of 77 in 2020.
The institute notes that companies say policy accounts for about 40 percent of their decision when choosing where to establish operations. The other 60 percent is based on the mineral potential. In this regard, Mali improved to 55.26 from 41.18 in 2023; however, it remains in the bottom half of all jurisdictions, ranking 40 out of 58.
The institute uses these scores to determine the overall investment attractiveness of jurisdictions. In 2024, Mali scored 39.13 and ranked 72 out of 82. Respondents to the survey suggested that the rejection of gold mining permits and the lack of transparency created uncertainty and deterred investment.
Even when investment is in the national interest, underlying issues can be hard to overcome.
Case study: The DRC's Lobito Corridor
The Democratic Republic of the Congo (DRC) is endowed with a vast wealth of minerals, ranging from copper to cobalt and diamonds, but a lack of infrastructure and geopolitical instability have hindered investment.
However, the mining sector has seen steady growth in recent years as the government looks to attract investment. One project is the construction of the Lobito Corridor, Africa's first open-access transcontinental rail link. It connects Zambia and the DRC with the port of Lobito in Angola, providing improved shipping opportunities for producers.
Among the operations that have signed on to use the rail link is Ivanhoe Mines' (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula mine. The asset is one of the world’s largest copper mines, producing 964 million pounds in 2024.
In February 2024, the company signed a term sheet to access the corridor, allowing it to transport between 120,000 and 240,000 metric tons of copper concentrates per year for a five year term, commencing in 2025.
In a press release, Robert Friedland, Ivanhoe's founder and executive co-chair, said the corridor is “fast becoming one of the most important trade routes for vital copper metal in the world.”
He added that the rail link will unlock projects due to the lower logistical costs.
While development in the DRC is moving in the right direction, it’s not without its problems. Tensions remain with neighboring Rwanda, as Rwanda has backed anti-government M23 rebels. The groups have been warring since 2022, with much of the violence occurring in the Eastern DRC, a mineral-rich area of the country.
In April 2024, M23 seized the town of Rubaya, the center of coltan production in the DRC; coltan is a critical mineral for the tech sector. While Ivanhoe’s mine has avoided the violent uprisings elsewhere in the country, it still highlights key security challenges for operations in the country and underscores the fragility of stability.
Like Mali, the DRC declined in the Fraser Institute’s survey last year.
It dropped to 12.97 on policy, down from 24.93 in 2023, ranking 77 out of 82. However, its mineral potential ranked much higher, scoring 73.53 — that's up from 55 in 2023 and a rank of 14 out of 58.
On overall investment attractiveness, the DRC was middling, scoring 49.31 and ranking 58 out of 82. The report points to issues such as disputes over land tenure ownership, which have led to uncertainty and deterred investment.
Is there any truly safe mining jurisdiction?
The mining community has looked mainly to North America, Europe and Australia to minimize jurisdictional risk.
Canada, the US and Australia are widely considered safe places to invest in due to the stability of their governments and the absence of cross-border conflicts. Despite changes in government, political parties in these nations tend to support extractive industries through tax credits and investment programs.
As a whole, challenges in these jurisdictions tend to be more regulatory than geopolitical in nature, with strict environmental and social regulations adding years to development timelines.
Recently, however, there have been some moves to break down these barries.
The US and Canada have both made promises to streamline the permitting process to decrease timelines for critical minerals. Additionally, under the Biden administration, the US Department of Defense, increased funding for projects deemed critical to national interests, including those involving Canadian companies Fortune Minerals (TSX:FT,OTCQB:FTMDF) and Lomiko Metals (TSXV:LMR,OTC Pink:LMRMF).
The program has continued under US President Donald Trump, with the most recent award being announced on July 22, for US$6.2 million in funding for Guardian Metal Resources (LSE:GMET,OTCQX:GMTLF).
Although challenges in these regions still exist, in general they remain stable. For investors, it can help to de-risk portfolios and avoid the geopolitical tensions and uncertainty that arise elsewhere.
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.
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04 September
Report: US$800 Billion in Mining Finance Could Derail Clean Energy Transition
A new report from the Forests & Finance Coalition warns that nearly US$800 billion in mining finance is accelerating extraction practices that could undermine global climate goals.
The study, titled "Mining and Money: Financial Faultlines in the Energy Transition," highlights what the organization calls “dangerously weak” safeguards in the sector.
Between 2016 and 2024, commercial banks extended US$493 billion in credit to companies mining copper, lithium, cobalt, nickel and other key transition minerals, according to the group.
By mid-2025, global investors held an additional US$289 billion in bonds and shares across 111 mining firms operating in environmentally and socially sensitive regions.
“The energy transition must not be built upon the same extractive model that created today’s planetary crises,” the report emphasizes. “We cannot fight climate change and biodiversity loss by scaling up systems which displace communities, pollute and destroy ecosystems, exploit workers and entrench injustice.”
Concentrated financial power
The research shows a highly concentrated sector, with just 10 mining companies receiving 53 percent of all bank credit and 10 investors holding 82 percent of all equity and debt in transition minerals producers.
Glencore (LSE:GLEN,OTC Pink:GLCNF) tops the list, securing US$64 billion in financing from 2016 to 2024; that's double the amount received by Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), the second largest recipient.
Aluminum Corporation of China (HKEX:2600,SHA:601600), US-based Freeport-McMoRan (NYSE:FCX) and Brazil’s Vale (NYSE:VALE) round out the top five for the period.
On the investment side, US funds dominate. As of June of this year, BlackRock held US$29 billion worth of mining securities, followed by Vanguard (US$27 billion) and Capital Group (US$21 billion).
Together, the top 10 investors controlled US$118 billion.
Banks in just five countries — China, the US, France, Canada and Japan — accounted for 63 percent of all lending.
“This geographic concentration reinforces existing imbalances in who controls and profits from the energy transition,” the report explains.
Weak safeguards and mounting risks
Despite their central role in mining, the report says most financial institutions have inadequate or vague policies.
In an assessment of 30 banks and investors, the average score was just 22 percent against international benchmarks for environmental, social and governance (ESG) standards.
For instance, the Norwegian Government Pension Fund, often cited as a global leader in sustainability, scored highest at 48 percent, but still lacks policies on mine reclamation, tailings waste and Indigenous land rights.
At the bottom were Vanguard and China’s CITIC, each scoring just 3 percent.
Eighty percent of institutions have no safeguards for human rights defenders, despite documented violence against activists opposing mining projects. No institution have protections for Indigenous peoples living in voluntary isolation.
Since 2010, researchers have logged 835 allegations of abuse tied to transition mineral mining, from pollution to attacks on environmental defenders.
Case studies: Indonesia, Brazil and the DRC
The report from the Forests & Finance Coalition connects these financial flows to real-world harms by highlighting regions where investments are driving severe consequences.
For example, in Indonesia, a surge of nickel projects financed largely by Chinese capital has transformed regions such as Obi Island and Sulawesi. These operations have cleared forests, polluted rivers and entrenched dependence on coal-powered smelters, undermining the promise of a “green” supply chain.
Harita Group, cited in the report as receiving US$5.1 billion in bank credit, has faced allegations of attempting to conceal water contamination containing carcinogenic chromium.
In Brazil, mining giant Vale was at the center of two of the country’s worst industrial disasters.
The 2015 Samarco dam failure and the 2019 Brumadinho collapse together claimed nearly 300 lives and caused devastation across surrounding communities. In Pará state, home to the world’s largest open-pit iron mine, local residents continue to grapple with pollution and social conflict.
The Democratic Republic of Congo (DRC), which supplies roughly 70 percent of the world’s cobalt, is another region that illustrates the problem. Communities living near major mining operations report polluted waterways, declining fish stocks and widespread health problems tied to industrial activity.
Investment without accountability
The International Energy Agency estimates that meeting projected mineral demand could require US$800 billion in new mining investment by 2030. Forests & Finance Coalition warns that without stronger regulation, this capital will fuel more “high-risk, environmentally destructive and socially harmful practices.”
South America has already emerged as the top destination for mineral finance, attracting 30 percent of all credit (US$151 billion) and 36 percent of investment (US$105 billion), largely for copper and lithium projects.
Oceania ranks second, driven by Australia’s role in supplying iron, copper, and lithium.
The findings echo concerns raised last month by the Fraser Institute, whose 2024 survey of mining executives cites policy instability, regulatory burdens and social conflict as growing deterrents to investment.
Civil society groups argue that reforming mining finance is as critical as reforming mining itself.
They call for binding safeguards on deforestation, tailings, Indigenous rights and human rights defenders, alongside greater transparency in how banks and investors allocate capital.
The United Nations (UN) has also weighed in. In 2024, the UN secretary-general convened a high-level panel on critical energy transition minerals, urging states and companies to align mineral supply chains with human rights and sustainability standards. However, the Forests & Finance Coalition argues the bar must be raised further.
"A truly just energy transition depends on just finance that reduces harm, upholds rights, protects nature and supports equitable clean energy access,” the report concludes.
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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04 September
LKY Frankfurt Listing & Strategic US Expansion
Locksley Resources (LKY:AU) has announced LKY Frankfurt Listing & Strategic US Expansion
03 September
ICMM: These 3 Nations Control Nearly Half the World's Mining Footprint
The world’s mining industry may be spread across over 150 countries, but new data reveals that almost half of all large-scale mining and processing facilities are concentrated in just three: China, Australia and the US.
That's according to the International Council on Mining and Metals' (ICMM) Global Mining Dataset report. Released on Wednesday (September 3), it is a sweeping compilation of 15,188 mines and processing plants.
According to ICMM, 45 percent of all mines, smelters, refineries and steel plants are clustered in China, Australia and the US — an uneven distribution that has key implications for supply chains and the pace of the clean energy transition.
“ICMM's foundational Dataset shows that over 75 percent of national economies have at least some connection to large-scale mining or mineral processing,” said Rohitesh Dhawan, ICMM’s president and CEO.
“Having a global view of the location, type, commodity and footprint of these facilities is essential to inform the right public and policy debates for this critical sector. With minerals and metals at the heart of the energy transition and geopolitical shifts, robust, global, industry-wide data has never been more critical," he added in a press release.
The dataset identifies 12,876 mines, 1,980 standalone processing facilities and 332 co-located sites where extraction and processing happen together. As mentioned, while operations stretch across more than 150 countries, ICMM’s analysis shows that China in particular dominates the processing stage of the supply chain.
ICMM records 426 metallurgical facilities in China — by far the most worldwide — compared with 120 in the US, 87 in India and 65 in Brazil. That asymmetry between mining and refining presents a challenge facing local supply chains.
While resource deposits are scattered globally, the industrial capacity to convert ores into usable metals is more centralized and heavily tilted toward China. Europe, for instance, suffers from this vulnerability. Despite having strong demand from its automotive, aerospace and electronics industries, the continent’s mining base has shrunk.
What's more, the dataset shows a greater density of metallurgical facilities in Europe compared with mines.
This imbalance is not limited to Europe. Across the globe, many economies have significant mineral deposits, but lack the facilities to process them. This structural gap cements the dominance of China, which has invested heavily in refining capacity and controls much of the midstream in critical minerals supply chains.
Coal remains dominant
Although the dataset highlights the role of critical minerals in the energy transition, it also shows that coal remains the single most common mined commodity by number of facilities. Coal accounts for a whopping 42 percent of all mines, followed by gold at 17 percent, copper at 12 percent and iron ore at 9 percent.
The prevalence of coal mines contrasts with global climate goals, but also reflects the legacy infrastructure of energy systems and the uneven pace of transition. Overall, Asia hosts the largest number of coal, copper and iron ore mines, while North and Central America contain the highest number of gold mines.
Playing the long game
ICMM stresses that the release of the dataset is the first step in a multi-year effort to improve transparency and support evidence-based policymaking in the resource sector. Alongside the full dataset, which draws on proprietary sources, ICMM has published a public version covering 8,508 facilities.
Dhawan said the council hopes the data will “continue to expand and improve through partnerships,” while building on key sustainability indicators in the coming months. More crucially, industry observers have long criticized the scarcity of comprehensive, public data on the sector. Without standardized information, they argue, it is difficult to evaluate the social and environmental impacts of mining or even craft effective regulations.
ICMM believes its initiative, though still limited by licensing restrictions on some proprietary datasets, represents one of the most ambitious attempts to date to assemble a global picture of the industry. The council said it will work with partners to expand the dataset and incorporate indicators on sustainability performance.
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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