Core Insights - The Stibnite Gold Project has received a conditional Notice to Proceed from the U.S. Forest Service, allowing development to commence upon financial assurance posting, marking a significant milestone after over 8 years of permitting review [1][2][16] - The project is expected to produce the only mined reserve of antimony in the U.S., which is critical for military applications, and aims to supply up to 35% of U.S. antimony demand during its first six years of operation [4][5] - The project is positioned to create significant economic benefits, including over 950 jobs during construction and more than 550 jobs during operations, while also addressing environmental contamination from previous mining activities [7][8] Company Overview - Perpetua Resources Corp. focuses on the exploration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of Idaho, with the Stibnite Gold Project being one of the highest-grade open-pit gold deposits in the U.S. [9] - The project is backed by $80 million in Department of Defense funding and is aligned with the U.S. Army's 'Ground-to-Round' strategy to establish a domestic supply chain for critical minerals [1][3] Industry Context - Antimony is classified as a critical mineral essential for technology, defense, and energy applications, with China currently dominating global supply, accounting for about 80% of U.S. imports [5] - The Stibnite Gold Project aims to reduce U.S. reliance on foreign sources for antimony, especially following China's export restrictions in 2024 [5][6] - The project is expected to produce approximately 450,000 ounces of gold annually over its first four years, providing financial support for antimony production [5]

Sticking with that trade front, President Trump says he's spoken to Indian Prime Minister Narendra Modi, in a move that could ease tensions between the two major economies. The call came after the two nations resumed trade negotiations. Let's get more with our senior editor, Derek Wallbank, joining us for more.I mean, Derek, I found it so interesting. You can see in that social media post that he said he had a wonderful call with India's Narendra Modi. But how did that become a wonderful call.When you look ...

Transaction Highlights - Merger of equals to create a leading global critical minerals champion[1, 51, 54] - Anglo American will issue 1.3301 new shares for each outstanding Class A and Class B Teck share[21] - Anglo American shareholders will receive a special dividend of US$4.5 billion, or US$4.19 per share, ahead of closing[21] - Post-dividend ownership: Anglo American shareholders will own approximately 62.4%, and Teck shareholders will own approximately 37.6%[21] Synergies and Growth - The merger is expected to generate $800 million in pre-tax recurring annual synergies[20, 45, 52] - Potential $1.4 billion annual EBITDA uplift from approximately 175kt potential at the adjacent Collahuasi & Quebrada Blanca (100% basis)[20, 38, 52] - Copper portfolio expected to deliver approximately 10% capital-efficient production growth through 2027[28] Asset Portfolio - Expected 2027 production mix: 72% copper, 22% premium iron ore, and 6% zinc[20, 23, 52]

Core Viewpoint - Domestic Metals Corp. has commenced trading on the OTCQB marketplace, enhancing its visibility in the U.S. market, while continuing to trade on the TSX Venture Exchange and Frankfurt Stock Exchange [1][2]. Company Overview - Domestic Metals Corp. is focused on discovering large-scale copper and gold deposits in historically significant mining areas across the Americas [4]. - The company aims to identify new economic mineral deposits in geologically favorable regions, leveraging historical drilling and sampling data [4]. Strategic Initiatives - The company is launching a Geological Mapping program and follow-up geophysical surveys in preparation for a drilling campaign in Q3 to explore multiple copper porphyry and CRD targets [3]. - The Smart Creek Project, located in Montana, is highlighted for its extensive copper mineralization and potential for significant mining opportunities, supported by previous drilling data showing an intercept of 109 meters of 0.75% copper [3][5]. Market Context - The CEO of Domestic Metals Corp. emphasized the current U.S. demand for critical minerals, particularly copper, amid a shortage of domestic production and new tariffs on copper imports, making this an opportune time for the company to increase its exposure to U.S. investors [3].

Group 1 - Vale's primary business is centered around iron ore, with significant profits generated when prices are high. An increase in iron ore prices to $150/ton could enhance revenue and profitability, particularly if driven by increased construction and steel output in China or demand from India [3][5] - The company is also focusing on nickel and copper, which are essential for electric vehicles and clean energy technologies. A considerable growth in demand for these metals could position Vale's base metals division as a key player in the market [4][5] - For Vale's stock to potentially double, a combination of stronger commodity prices and increasing demand from global infrastructure and energy initiatives is necessary. However, risks such as economic issues in China and regulatory challenges in Brazil could impact this outcome [5][6] Group 2 - The Trefis High Quality portfolio, which includes Vale, has outperformed the S&P 500, achieving over 91% returns since its launch. This portfolio offers a less volatile investment alternative compared to individual stocks [3][6] - The performance metrics of the Trefis High Quality portfolio indicate that it has provided stronger returns with reduced risk compared to the benchmark index, suggesting a smoother investment journey [6]

Group 1 - The Metals Company experienced a significant stock increase of 489.3% in the first half of 2025, following a 19.1% gain in 2024 [1] - The new administration under President Trump is focused on securing the supply of critical minerals, which has positively influenced investor sentiment towards The Metals Company [3] - The company is engaged in collecting seabed nodules to produce critical minerals such as cobalt, copper, manganese, and nickel [4] Group 2 - An executive order issued by President Trump in April emphasized the importance of seabed mineral resources, leading to a 45% increase in The Metals Company's stock on the day of the announcement [5] - In June, The Metals Company announced an equity investment of $85.2 million from Korea Zinc, further boosting investor confidence [6] - The company remains in the pre-revenue phase, and potential investors are advised to consider their risk tolerance before investing [8]

US-China Relations & Trade Policy - The US under the Trump administration lacked a clear China strategy, with internal divisions on how to approach the relationship [1][2] - Treasury Secretary's engagement with the Chinese Vice Premier appears to be stabilizing the relationship in the short term [3] - Both US and Chinese leaders recognize their economic interdependence, despite discomfort, making decoupling challenging [4][5] - A truce exists with a desire to maintain stability in the bilateral relationship [5] Rare Earths & Supply Chain - Diversifying rare earths and other supply chains is proving difficult and may take a generation [6] - The US remains reliant on China for materials like magnets [7] - While China has leverage in certain areas, the US can also significantly impact the Chinese economy; both countries are vulnerable and interdependent [7] Economic Impact & Global Implications - Escalation between the US and China would harm both economies and spread to Southeast Asia and the global economy [8]

Tax & Spending Bill & Debt Ceiling - Republicans aim to pass President Trump's tax and spending bill by July 4th, facing challenges in the House and Senate [1] - The debt ceiling will drive the timing of the bill's completion, as it forces action [3] - The framework of the bill will likely remain the same due to reconciliation rules, limiting potential changes [8] Political Dynamics & Negotiation - President Trump's influence is crucial in aligning Republican votes in both the House and Senate [4] - Some Republican senators are outspoken against the bill, seeking leverage to tweak it [5][6] - Speaker Johnson needs to manage Senate changes to ensure the bill's passage in the House [6][7] Deficit & Long-Term Concerns - The speaker is concerned about the deficit, but the real drivers are Social Security and Medicare [10][11] - Bipartisanship is needed to address the long-term drivers of the debt, but public education is lacking [12] - The current bill includes populist giveaways, such as no taxes on tips, which may not significantly impact most servers [15][16] China & Critical Minerals - China has leverage over the US due to dependence on critical minerals [25] - The US needs to speed up the process of developing new mines to reduce China's leverage [26] - China controls 90% of critical minerals and 95% of the processing, posing a national security concern [27]

Group 1: Executive Orders and Industry Support - The CEO of Ramaco Resources, Randall Atkins, will discuss President Trump's recent executive orders that support the U.S. coal industry, emphasizing its importance to national security [2] - The executive orders direct the Department of Energy to promote new technological uses of coal and consider classifying metallurgical coal as a critical mineral [2] - The National Coal Council has been re-established by Secretary of Energy Chris Wright, which had its charter terminated under the previous administration [2] Group 2: Brook Mine Development - Ramaco Resources is developing the Brook Mine in Wyoming, which is the first new critical mineral and rare earth element mine in the U.S. in over 50 years [4] - The Brook Mine is recognized as the largest unconventional deposit of rare earth elements in the United States, containing critical minerals essential for technology and defense [4] - The mine has been highlighted in a Wall Street Journal article, which estimates its potential value at $37 billion [5] Group 3: Company Overview - Ramaco Resources operates and develops high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and is also a developing producer of coal and critical minerals in Wyoming [6] - The company has four active metallurgical coal mining complexes in Central Appalachia and is in the initial stages of production for a coal mine and rare earth development near Sheridan, Wyoming [6] - In 2023, a significant deposit of primary magnetic rare earths and critical minerals was discovered at the Wyoming mine, alongside a carbon research and pilot facility [6]