Mining Industry Impact - Zimbabwe's new gold royalty linked to bullion price is expected to negatively impact the profits of large miners [1] - The policy is implemented in a mineral-rich nation currently benefiting from a precious metal market rally [1]

Core Insights - Tether remains the largest stablecoin by market cap and trading volume, with over $183 billion in circulation, indicating its significant influence on the cryptocurrency market [2] - Tether's reserves are primarily backed by US Treasuries, accounting for over 74% of its assets, positioning it as the 17th largest holder of US Treasuries globally [2] - Tether is actively investing in gold, holding nearly $13 billion, which represents approximately 7.1% of its reserves, and aims to increase its gold holdings [3][4] Tether's Investment Strategy - Tether's strategy includes acquiring gold, which may elevate its status among the largest gold holders, potentially surpassing some sovereign nations [4] - The company has significant stakes in gold royalty companies, owning over 50% of Elemental Altus Royalties and 4.6% of Metalla Royalty, providing exposure to mining production without operational risks [5] - Tether's recent acquisition of shares in GROY Gold Royalty Corp has raised concerns regarding its ambitions for control, as it increased its stake to over 10% [6][7]

Core Viewpoint - Elemental Altus Royalties Corp. has received regulatory approval for the Karlawinda Expansion Project, which is expected to increase annual gold production by approximately 25% to 150,000 ounces per annum, benefiting the company through its 2% net smelter return royalty [1][3][6]. Group 1: Project Details - The Karlawinda Expansion Project includes expanded mining activities at the existing Bibra pit and further development at the Southern Corridor and Berwick open pits [3][6]. - Capricorn Metals plans to increase mill throughput from 4 million tonnes per annum (Mtpa) to 6.5 Mtpa, which will lift gold production to approximately 150,000 ounces per year [6]. - Construction of a second tailings storage facility and a parallel crushing and milling circuit is part of the expansion, designed to maximize the use of existing infrastructure [3][6]. Group 2: Financial and Operational Impact - The expansion is expected to be completed over a 12-month development timeline, with procurement and early site works already underway [4][6]. - The announcement of the expansion follows a 15% increase in Mineral Reserves to 1,428 thousand ounces of gold, with a total of 57.7 million tonnes at a grade of 0.8 g/t Au [5][6]. - Indicated Resources have increased to 1,965 thousand ounces of gold in 85 million tonnes at a grade of 0.7 g/t Au, while Inferred Resources include an additional 287 thousand ounces of gold [5].