Core Viewpoint - Lion Copper and Gold Corp. has secured a US$30.5 million investment from Nuton LLC, a subsidiary of Rio Tinto, to advance the Yerington Copper Project in Nevada, marking a significant milestone for the company [1][3]. Funding and Project Advancement - The funding is part of Stage 3 of the earn-in agreement and will be allocated towards the Definitive Feasibility Study (DFS) and related permitting activities, including technical optimization and environmental studies [2][5]. - This investment allows the company to progress the DFS and permitting work without significant dilution and execution risk for shareholders [3]. Strategic Importance of the Project - The Yerington Copper Project is located in a Tier-1 U.S. jurisdiction and is seen as crucial for increasing domestic copper cathode production, which is essential due to rising demand from sectors like electrification and electric vehicles [3][4]. - The project aims to qualify under the U.S. federal FAST-41 permitting framework, enhancing transparency and predictability in the permitting process for critical mineral projects [4]. Technological Advancements - The Nuton® Technology will be further refined during the DFS work program, aiming to improve copper recoveries and reduce capital intensity and environmental impact compared to conventional methods [5][7]. - Nuton focuses on producing low-footprint copper while ensuring positive impacts across various environmental and societal pillars [8]. Company Overview - Lion Copper and Gold Corp. is a junior mining company advancing its projects in Nevada through an earn-in agreement with Nuton, emphasizing modern processing technologies to accelerate production [6].

Core Viewpoint - Meridian Mining plc has announced updated Mineral Resource Estimates for the Cabaçal and Santa Helena Central deposits, indicating significant resource potential and advancing towards a Definitive Feasibility Study (DFS) expected in Q4 2026 [2][7]. Group 1: Cabaçal Deposit - The updated Measured and Indicated (M&I) resource for Cabaçal is reported at 70.1 million tonnes (Mt) grading 0.6 g/t Au, 0.3% Cu, and 1.3 g/t Ag, totaling 1.3 million ounces (Moz) of Au, 0.5 billion pounds (Blbs) of Cu, and 3.0 Moz of Ag [3][8]. - The resource shows increases of 39.2% for Au, 14.2% for Cu, and 19.3% for Ag compared to the previous estimate [8]. - The Cabaçal deposit's M&I resources total 1.4 Moz Au, 0.6 Blbs Cu, 5.6 Moz Ag, 217.4 million pounds (Mlbs) Zn, and 49.9 Mlbs Pb [8]. Group 2: Santa Helena Central Deposit - The maiden open-pittable resource for Santa Helena Central is reported at 5.3 Mt grading 0.6 g/t Au, 0.4% Cu, 15.5 g/t Ag, 1.9% Zn, and 0.4% Pb, totaling 95.8 thousand ounces (Koz) of Au, 50.4 Mlbs of Cu, 2.6 Moz of Ag, 217.4 Mlbs of Zn, and 49.9 Mlbs of Pb [4][8]. - The resource remains open in all directions, indicating further exploration potential [4][8]. Group 3: Exploration and Development - Meridian has expanded its granted mineral rights across the Cabaçal, Jauru, and Araputanga Greenstone Belts, doubling its exploration portfolio [5]. - The company plans to initiate exploration activities across the Jauru and Araputanga Belts in 2026 while continuing to expand exploration programs along the Cabaçal Belt [5][7]. - The DFS for Cabaçal is on track, with metallurgical studies optimizing recoveries of Au, Cu, and Ag [8][51]. Group 4: Market Context and Commodity Prices - The updated resource estimates are based on CIBC Analyst Consensus Commodity prices of November 2025: Au at USD 3,103/oz, Ag at USD 35.34/oz, and Cu at USD 4.39/lb [6][44]. - The effective date of the Mineral Resource Estimates is December 31, 2025, reflecting current market conditions [32][42].

Core Viewpoint - Millennial Potash Corp. has initiated a Definitive Feasibility Study (DFS) for its Banio Potash Project in Gabon, marking a significant transition from exploration to development stage [1][2]. Group 1: Project Development - The DFS will be conducted by ERCOSPLAN, a leading global potash consulting firm, and will assess a solution mining operation with a base production scenario of 800,000 Tonnes Per Year (TPY) [1][3]. - The company has recently completed a Mineral Resource Estimate indicating Measured + Indicated Mineral Resources of 2,453 billion tonnes at a grade of 16.6% KCl, and Inferred Resources of 3,559 billion tonnes at a grade of 15.6% KCl [2]. - The DFS is expected to be completed in the second half of 2026, alongside an Environmental and Social Impact Assessment (ESIA), both of which will be submitted to the Gabonese government as part of the Mining License application [3]. Group 2: Financial and Strategic Partnerships - The company is fully funded to complete the DFS, with the US International Development Finance Corporation (DFC) committing US $3 million to cover the feasibility study costs [2]. - Ongoing technical studies include dissolution tests, hydrogeological studies, and evaluations of various leaching methods, which are crucial for the project's development [3].

Core Viewpoint - Astral Resources NL has secured $65 million through a placement to support the development of the Mandilla Gold Project and ongoing exploration in Western Australia, with a focus on finalizing the Definitive Feasibility Study (DFS) and expanding drilling programs [1][3]. Funding and Financial Strategy - The funds will be allocated to complete the DFS, expand drilling programs, and support early development works at Mandilla, with additional drilling planned at Kamperman and Feysville [1][6]. - The DFS is on schedule for completion in the June 2026 quarter, with a final investment decision expected by September [2][8]. - The peak funding requirement for the Mandilla project is estimated at $227 million, with the company exploring a potential 60:40 or 70:30 debt-to-equity structure to close the funding gap [3][11]. Project Development and Approvals - The company is progressing with environmental and operational approvals, including the mine development and closure plan, aiming to secure these approvals by the September quarter [2][9]. - The funding will also support early works at Mandilla, with a significant portion expected to go towards project development costs [7][10]. Market Position and Future Outlook - The Managing Director indicated that the market may be surprised by how close the company is to full funding, with further updates anticipated before the end of the year [3][11]. - Revenue from a proposed joint venture at Think Big is expected to contribute to closing the funding gap for Mandilla [3][10].

Core Insights - Euro Sun Mining Inc. has announced the establishment of a national regulatory framework in Romania to implement the EU's Critical Raw Materials Act, aimed at expediting permitting for strategic projects [1][4] - The company has completed its environmental impact assessment and updated definitive feasibility study (DFS) for the Rovina Valley Copper-Gold Project, highlighting significant economic potential [2][5] Regulatory Developments - The Romanian Government has created a Single Point of Contact under the Emergency Ordinance to facilitate the implementation of the CRMA, which will streamline the permitting process for strategic projects [1][4] - This regulatory framework is expected to enhance the company's ability to advance its mining projects in Romania [4] Economic Modelling and Feasibility Study - The updated DFS indicates a pre-tax net present value (NPV) of $1.77 billion, reflecting a 173% increase, with a pre-tax internal rate of return (IRR) of 39.7% based on projected prices of $4.5 per pound of copper and $3,300 per ounce of gold [7][5] - The project is estimated to produce 403 million pounds of copper and 1.472 million ounces of gold over its life, with all-in sustaining costs (AISC) of $1,206.3 per gold equivalent ounce [7][12] Project Details - The Rovina Valley Project consists of two open-pit deposits, Colnic and Rovina, and an underground deposit, Ciresata, which is expected to be developed later [11][16] - The project will utilize responsible mining practices, including dry stacking and a cyanide-free processing facility [10][11] Financial Developments - The company has successfully repaid a debenture of $350,000, releasing all security interests and encumbrances associated with it [6] - Euro Sun has engaged Cantor Fitzgerald Canada Corp. as its exclusive financial advisor to explore strategic transactions, including mergers and acquisitions [7][8] Environmental Impact Assessment - The environmental impact assessment technical report has been completed, and the company plans to submit it to Romanian officials [9][14] - This milestone, along with the strategic asset designation under the CRMA, is expected to facilitate the advancement of the Rovina Valley Project towards construction [9][21]

Core Viewpoint - Allied Critical Metals Inc. has successfully closed a non-brokered private placement offering, raising gross proceeds of approximately $16.25 million through the issuance of 27,083,266 common shares at a price of $0.60 per share [1][2]. Group 1: Offering Details - The offering resulted in gross proceeds of $16,249,960 from the issuance of 27,083,266 common shares at $0.60 each [1]. - The net proceeds will be allocated for ongoing exploration and development activities on the Borralha Tungsten Project and Vila Verde Tungsten Project, as well as for additional working capital [2]. - The shares issued are exempt from a hold period under Canadian securities laws, allowing for immediate trading [3]. Group 2: Financial Arrangements - The company paid finder's fees totaling $1,042,997 in cash and issued 1,738,328 finders warrants, each exercisable for one additional share at $0.60 for 24 months [4]. - The financing is expected to fully fund the completion of a mineral resource estimate (MRE) and a preliminary economic assessment (PEA) for the Borralha project, as well as technical preparation work for the Vila Verde project [5]. Group 3: Company Overview - Allied Critical Metals Inc. is focused on the expansion and revitalization of its 100% owned Borralha and Vila Verde Tungsten Projects in northern Portugal, with tungsten being designated a critical metal by the U.S. and other western countries [8]. - The global tungsten market is valued at approximately $5 to $6 billion, with significant applications across various industries including defense, automotive, manufacturing, electronics, and energy [9].

Core Insights - St. Augustine Gold and Copper Limited has engaged Stantec Consulting Ltd. and Independent Mining Consultants, Inc. to conduct a Definitive Feasibility Study (DFS) for the Kingking Copper-Gold Project, following positive Pre-Feasibility Study (PFS) results that indicate strong economic potential [1][4] Financial Metrics - The PFS indicates exceptional financial metrics for the Kingking Project, with a projected post-tax NPV (7%) of $4.18 billion and an IRR of 34.2%, alongside a payback period of 1.9 years [5] - The project is expected to have a mine life of 31 years, with an additional seven years for low-grade or stockpile milling, and average annual production in the first five years projected at 129,000 tonnes of payable copper and 333,000 ounces of payable gold [2][5] Project Development - The St. Augustine Board has approved the advancement to the DFS phase on an accelerated timeline, with Stantec overseeing the study to ensure compliance with relevant regulations [3] - The DFS is scheduled for completion in Q4 2026 and will optimize key recommendations from the PFS, including the development of a Project Execution Plan and procurement strategies [3][4] Strategic Outlook - The project is positioned to deliver significant value to shareholders and stakeholders, with management expressing confidence in the expertise of Stantec and IMC to optimize the project [4]

Core Insights - Canyon Resources Limited has released an updated Definitive Feasibility Study (DFS) for the Minim Martap Bauxite Project, confirming strong economics and a phased development pathway for a major new bauxite producer [14][15]. - The Ore Reserve estimate has increased by 33% to 144 million tonnes (Mt) of Direct Shipping Ore (DSO) at 51.2% Al2O3 and 1.7% SiO2, which supports the long-term future of the project [8][15]. - The project is expected to have a pre-tax Net Present Value (NPV) of US$835 million and an Internal Rate of Return (IRR) of 29%, indicating a compelling investment opportunity [5][21]. Project Economics - The project has low capital expenditure (CAPEX) requirements, with Stage 1 CAPEX estimated at US$96 million and total project CAPEX projected at US$446 million [6][21]. - C1 operating costs are estimated at US$34.71 per wet metric tonne (wmt), with a long-term average cash cost forecasted at US$35/wmt [3][21]. - The project aims to produce approximately 10 million tonnes per annum (Mtpa) of bauxite, with a production target of 1.2 million tonnes in Year 1, ramping up to 10 million tonnes by Year 6 [8][24]. Production and Development Timeline - First ore production is planned for Q1 2026, with the first bauxite shipment expected in H1 2026 [15][48]. - The project will utilize a staged development approach, with production targets scheduled around the upgrade of the rail infrastructure [8][9]. - Existing rail capacity will allow for low CAPEX and fast-tracked development, with the World Bank committing US$818 million to upgrade the rail corridor by 2030 [3][8]. Community and Economic Impact - The local community supports the project, recognizing its potential for significant long-term economic benefits, including job creation with a workforce expected to be 97% local [36][37]. - The project is anticipated to contribute to the development of new economic infrastructure and improvements to existing facilities, including roads and rail links [37][45]. Resource and Reserve Details - The Ore Reserve classification includes 133.3 million tonnes of Proved reserves and 10.7 million tonnes of Probable reserves, with a total Mineral Resource estimate of approximately 1.1 billion tonnes [19][62]. - The project will target high-grade bauxite with a minimum of 51% Al2O3 and a maximum of 2% SiO2, ensuring a premium pricing position in the market [5][62]. Funding and Financial Strategy - The project is supported by a US$140 million debt facility from AFG Bank Cameroon and existing cash reserves exceeding Stage 1 capital development costs [17][40]. - Canyon Resources has a strategic partnership with Eagle Eye Asset Holdings, which has invested significantly in the company and continues to support its funding needs [40].

Core Viewpoint - Canyon Resources Limited is advancing the Minim Martap Bauxite Project in Cameroon, showcasing strong economic metrics with a pre-tax NPV of US$835 million and an IRR of 29%, supported by a 33% increase in ore reserves to 144 million dry metric tonnes (DMT) at a high grade of 51.2% Al2O3 [1][5][17]. Ore Reserves Estimate Upgrade - The updated ore reserve estimate for Minim Martap has increased by 33% to 144 million DMT, with an alumina grade of 51.2% and silica content of 1.7% [6][17][22]. - The project is expected to maintain a long-term price premium of up to US$11 per tonne over Guinea standard bauxite due to its high alumina grade and low silica content [6][17]. Production and Development Plans - The project will adopt a staged development approach, with initial capital expenditure (CAPEX) of US$96 million and a target of 1.2 million wet metric tonnes (WMt) in the first year, ramping up to 10 million WMt per annum by Year 6 [6][17][23]. - First ore production is planned for Q1 2026, with the first bauxite shipment expected in H1 2026 [6][17][19]. Economic Metrics - The project has a low average operating cost of US$34.71 per wet metric tonne (wmt) and a total project CAPEX of US$446 million [2][23][38]. - The project is projected to generate 20-year undiscounted free cash flows of US$1.989 billion, with a post-tax project payback period of 8 years [23][26]. Infrastructure and Financing - Canyon has secured a US$140 million debt facility from AFG Bank Cameroon and has existing cash reserves to cover initial development costs [19][46]. - The project benefits from existing rail capacity and port infrastructure, which supports a low capital cost development strategy [6][7][19]. Community and Economic Impact - The local community supports the project, recognizing its potential for significant long-term economic benefits, with an expected workforce comprising 97% local people [40][41]. - The project is anticipated to contribute to the development of new economic infrastructure and improvements to existing facilities in Cameroon [41][50].