Today on The Mining Insider:

Gold fell sharply on Friday, dropping more than 3% to $4,530 per ounce — its lowest since mid-March — as April US consumer prices rose 3.8% year-over-year, wholesale inflation hit its fastest pace since 2022, and bond yields surged globally. Markets have now fully priced out Fed rate cuts in 2026 and are placing better than 50% probability on a rate hike by January. The Trump-Xi Beijing summit yielded no breakthrough on the Strait of Hormuz, where the US-Iran conflict continues to disrupt energy shipments and fuel the inflation that's pressuring gold. Edward Meir of Marex attributed the selloff to "a strong dollar as well as global increases in bond yield rates." Gold is now 13% below its January all-time high of $5,589/oz.

Cornish Metals announced a £52 million credit facility from its two largest shareholders — the UK National Wealth Fund (up to £35 million) and Vision Blue Resources (up to $22.75 million) — providing the bridge financing needed to reach a final investment decision on the South Crofty tin mine in Cornwall. The facility is critical because Cornish Metals' $210 million Nordic bond is conditional on completing a minimum $161 million equity raise by May 21. CEO Don Turvey said the facility provides "the financial runway to progress through to the final investment decision." The National Wealth Fund has now committed over £63 million total to South Crofty, which is permitted for underground mining until 2071 and would create more than 300 direct jobs.

Nouveau Monde Graphite confirmed a final investment decision for its Phase-2 Matawinie Mine in Quebec on May 14-15, following the closing of a $309.5 million equity financing package. Combined with $335 million in committed project debt from Export Development Canada and the Canada Infrastructure Bank, the total financing commitment exceeds $644 million. The Matawinie Mine is expected to produce approximately 106,000 tonnes of graphite concentrate annually over a 25+ year mine life, with production targeted for approximately mid-2028 — making it the G7's largest graphite project. China controls roughly 70% of global graphite mining; Canada has committed to purchase 30,000 tonnes per year on a take-or-pay basis.

Sherritt International confirmed on Friday it is relinquishing its interests in the Moa Joint Venture Cuba Corporations, ending more than three decades as Canada's largest foreign investor in Cuba. The move follows US Executive Order 14404 (signed May 1), which expanded sanctions against Cuba and left Sherritt no viable legal path to continue. The Moa JV produced roughly 33,000 tonnes per year of finished nickel and cobalt. Sherritt's Fort Saskatchewan refinery in Alberta continues on existing feed inventory through approximately mid-June, after which permanent decisions about the refinery's future must be made.

Sources: The Northern Miner, Trading Economics, MFN / Cornish Metals AIM, National Wealth Fund, NMG via Morningstar / Business Wire, Sherritt International via Morningstar / Business Wire, International Tin Association.

Today on The Mining Insider:

Argentina's government approved two major mining projects under its RIGI large-investment incentive program on Thursday. The Cauchari-Olaroz lithium expansion, backed by China's Ganfeng Lithium Group and Lithium Argentina AG, will invest $1.24 billion to add 45,000 tonnes per year of lithium carbonate equivalent capacity. The San Jorge copper project in Mendoza will invest $891 million — the first large metal mine in Argentina's wine country. RIGI now has 16 approved projects with total pledged investment approaching $30 billion. Economy Minister Luis Caputo confirmed another 20 projects are under evaluation.

Copper is pulling back. After an eight-day rally that took LME futures to $14,106 per tonne — within 3 percent of the January all-time high — prices fell 1.5 percent on Thursday as Chinese purchasing activity slowed. The retreat is a reminder that the copper rally has been partly financial-flows driven, not purely physical shortage.

The Metals Company released its Q1 2026 results Wednesday afternoon. The headline number from the earnings call was the Allseas cost-sharing structure: Allseas has agreed to fund a significant portion of pre-production costs, with repayment scheduled after production commences — materially reducing TMC's near-term cash burn. TMC also disclosed an exclusive negotiation right at the Port of Brownsville in Texas for a processing and refining hub, and a new partnership with Mariana Minerals to advance feasibility work.

And the countdown is on at South Crofty. Cornish Metals needs to complete an equity raise of at least $161 million before the May 21 bond settlement — six days from today. Without it, the $210 million bond does not close, the project cannot make a Final Investment Decision this summer, and the restart of Britain's historic tin mine is delayed again.

Sources: Buenos Aires Times, Mining.com, Bloomberg, Lithium Argentina AG investor release, The Metals Company Q1 earnings call transcript (MarketBeat), Cornish Metals / International Tin Association.

Today on The Mining Insider:

Agnico Eagle has announced a C$14 billion (~US$10 billion) investment in Ontario gold operations by 2030, including C$2 billion for the Detour Lake underground expansion and the Upper Beaver gold-copper project. It is one of the largest private sector mining capital commitments in Ontario's history.

The Metals Company signed a commercial agreement with Dutch offshore contractor Allseas to design and deploy the first commercial deep-sea nodule recovery system in the Clarion-Clipperton Zone. TMC stock rose 13.9% on the news. NOAA has confirmed full compliance on TMC's 65,000 km2 application and a final permit is expected before end of Q1 2027. TMC Q1 2026 results call is today at 4:30 PM Eastern.

Copper broke through $14,106 per tonne on the London Metal Exchange as sulfuric acid shortages — caused by the Strait of Hormuz closure — now directly hit DRC and Zambian copper producers. China's April refined copper output fell 3% month-over-month. Scotiabank revised its 2027 global copper deficit forecast to 350,000 tonnes.

The Yindjibarndi Aboriginal Corporation is considering an appeal of the Federal Court ruling ordering Fortescue to pay A$150 million (~US$108M). Legal experts called the award — just 8 cents on the $1.8B sought — methodologically flawed. The WA Mining Act confirmed tenement holders, not the state, bear full liability. Parties reconvene June 22.

Sources: Mining.com, Seeking Alpha, The Metals Company investor releases, TradingKey, FX Leaders, Bloomberg, Scotiabank, ABC Australia, Waatea News.

Today on The Mining Insider:

The April Consumer Price Index came in at 3.8 percent year-over-year — one tenth above consensus — driven by energy costs surging 17.9 percent annually. Gold fell below $4,700 an ounce after the release and Fed rate hike odds climbed to roughly 30 percent by year-end per CME Group. For miners, the print confirms input cost pressures are not easing.

Copper briefly touched $14,000 per tonne on the London Metal Exchange on Monday, within 3.5 percent of the January all-time high. The International Copper Study Group now forecasts a 150,000-tonne deficit for 2026 — driven by Grasberg delays, Escondida and Collahuasi disruptions, and ongoing sulfuric acid shortages.

In Peru, leftist Roberto Sanchez is heading into a June 7 runoff against Keiko Fujimori after the first-round vote. Sanchez has pledged to rewrite the constitution, raise mining taxes, and phase out open-pit mining. Business confidence has fallen to a two-year low; Barclays has turned underweight on Peruvian bonds. Mining investment at roughly $6 billion per year is at risk.

And in Australia, a Federal Court ordered Fortescue to pay $108 million to the Yindjibarndi people of Western Australia for damage to sacred sites — described by legal experts as the largest native title compensation ruling in Australian mining history.

Sources: Bureau of Labor Statistics, CNBC, Kitco, Reuters, Mining.com, International Copper Study Group, Barclays, GEM Mining Consulting, US News and World Report.

Today on The Mining Insider:

Fertilizer giant Mosaic has pulled nearly two million tonnes of US phosphate production off the market and withdrawn its full-year output forecast, citing runaway input costs driven by the ongoing closure of the Strait of Hormuz. The company posted a Q1 net loss of $258 million — well below the $71.5 million profit analysts had expected.

Meanwhile, the US Bureau of Labor Statistics releases April CPI at 8:30 AM Eastern today. Markets are pricing in a 3.7 percent year-over-year print. Gold closed Monday at $4,748 an ounce after a 3.7 percent weekly rally — this single number could decide whether that momentum holds or reverses.

And in Britain, Cornish Metals is in a race against the clock. The company secured $210 million in bonds to restart the South Crofty tin mine — the highest-grade undeveloped tin deposit in the world. That bond only settles if Cornish raises at least $161 million in equity by May 21.

Sources: Bloomberg, Mining.com, The Western Producer, FX Empire, International Tin Association, Bureau of Labor Statistics.

Today on The Mining Insider: Barrick Mining released Q1 2026 results before market open — one of its strongest quarters on record. Gold production of 719,000 oz beat guidance of 640,000–680,000 oz by 5.7%. Three drivers: Nevada Gold Mines strong underground performance, Veladero higher throughput/grades, and Loulo-Gounkoto in Mali ramping faster than guided. Revenue $5.22B (+67% YoY). Adjusted EPS $0.98 (consensus was $0.74 — 32% beat). Operating cash flow $2.55B. Attributable free cash flow $1.21B (+195% YoY). Gold AISC $1,708/oz (below guidance mid-point of $1,760–$1,950). Board authorized $3B share buyback, citing value ahead of planned North American Barrick IPO. Quarterly dividend $0.175/share. Q2 guidance: 730,000–770,000 oz. Full-year guidance unchanged.

On Iran: Trump called Iran's latest peace response "totally unacceptable." Iran rejected US demands to dismantle its nuclear program or cease enrichment for 20 years, instead offering gradual Hormuz reopening while keeping nuclear program and demanding blockade removal. Brent crude surged 2.69% to $104/bbl. Gold fell 0.6% to $4,689. Silver -0.8%. Ceasefire technically intact but drones struck cargo vessel in Qatari waters, UAE intercepted Iranian drones, Kuwait activated defenses. For miners: diesel still up 30–70%, LNG +30%, freight +40%, explosives/cyanide +10%. April CPI Tuesday.

And Bloomberg reported Sunday that China's domestic gold production fell 3.27% YoY in Q1 2026, even as investor bar/coin demand surged. Aging mines, grade depletion, rising extraction costs, tighter permitting. China becoming more import-dependent — a demand anchor for non-Chinese producers.

NOTE: Audio not available for this episode due to ElevenLabs quota exhaustion (35 credits remaining, 1,973 required). This is the third consecutive day with quota failure. Narration text saved in package file.

Stories Covered:

1. Barrick Q1 2026 — 719,000 oz gold, $0.98 EPS, $1.21B FCF (+195%), $3B buyback, North American IPO progressing

2. Iran talks collapse — Trump "totally unacceptable," Brent $104, gold $4,689, Hormuz closed

3. China gold output -3.27% YoY Q1 2026 while investor demand surges

Commodities: Gold, copper, oil, silver

Jurisdictions: Global (Barrick), Iran/Middle East, China

Today on The Mining Insider: The week ended with Iran still reviewing a 14-point US peace proposal submitted through Pakistani intermediaries. Trump said Friday the conflict "is not over yet" and the US Navy fired on Iranian ships attempting to breach the Hormuz blockade, pushing oil prices higher. Gold closed above $4,700/oz and silver above $80/troy oz. For miners, the equation is direct: Hormuz closed means diesel +30-70%, LNG +30%, freight +40%, and Gold Fields put a $40-50/oz AISC hit at $100/bbl oil. A Hormuz deal would reverse that chain — lower oil, cooler inflation, room for Fed rate cuts, compressed real yields, and restored gold upside. Barrick reports Q1 Monday and April CPI arrives Tuesday.

Separately, The Metals Royalty Company (Nasdaq: TMCR) — a royalty spinoff from The Metals Company — has agreed to buy a 1% gross overriding royalty on Mesabi Metallics' iron ore project in Nashwauk, Minnesota for $132.5 million. The project is 93% complete, carries a $10 billion US Export-Import Bank commitment, and is targeting first output of direct-reduction-grade steel pellets in H2 2026. Full capacity: up to 8.5 million tonnes per year, 23-year mine life. TMCR expects up to $13M in annual royalty income at full production. Essar Group (India) has invested $2 billion+ to date.

And Argentina's government has published a 10-year minerals export target of $32.7 billion in combined lithium and copper revenues, with a 49% jump in mining exports projected for 2026 alone. Argentina is now the world's third-largest lithium producer. President Milei's elimination of capital controls, permitting streamlining, and area openings have accelerated investment. Copper projects Josemaria Resources and MARA (backed by Glencore and Newmont) carry $4-6 billion in capex each and represent supply the market is counting on in the late 2020s.

NOTE: Audio not available for this episode due to ElevenLabs quota exhaustion (56 credits remaining, 2,237 required). Narration text saved in package file. Audio can be added manually once credits are restored.

Stories Covered:

1. US-Iran standoff — 14-point proposal pending, gold $4,700+, silver $80+, Hormuz confrontation

2. TMCR $132.5M Minnesota iron ore royalty — Mesabi Metallics, DR-grade pellets, 93% complete, Ex-Im Bank backed

3. Argentina $32.7B minerals decade — lithium/copper, 49% 2026 jump, Milei deregulation, Josemaria + MARA copper

Commodities: Gold, silver, oil, iron ore, lithium, copper

Jurisdictions: United States (Minnesota), Argentina, Iran

Today on The Mining Insider: PT Freeport Indonesia has confirmed the full restart of the Grasberg Block Cave copper mine in Central Papua has been pushed to early 2028 — a full year later than prior guidance. Operations are currently running at 40-50% of capacity. The company is targeting 65% in H2 2026, 80% by mid-2027, near-full by end-2027, and full capacity in early 2028. 2026 copper guidance for Grasberg has been cut from 1 billion pounds to 700,000 pounds. The September 2025 mudflow that killed seven workers and deposited 800,000 metric tons of wet material into the underground mine workings remains the root cause of the extended recovery.

Separately, China Railway Resources Universal Limited (CRRU) has presented a proposal to the DRC government to develop a major new copper-cobalt complex in the Grand Kasai region using assets held by state miner MIBA. Projected capacity: 200,000-500,000 tonnes of copper per year with a 250-500 MW integrated energy component. Presented to the DRC Mines Ministry on May 6 and described by Minister Kabamba as a major strategic project receiving the personal attention of President Tshisekedi. Key parameters — resource estimates, capex, timeline — remain undisclosed.

And the United States and South Africa held their highest-level bilateral minerals meeting of the year in Johannesburg on Wednesday, with ~25 officials from both sides present alongside ~20 mining and banking executives. The US delegation included officials from Treasury, State, Commerce, Defense, and Energy, plus the Ex-Im Bank and DFC. The focus was on PGMs, chromium, manganese, vanadium, and rare earths — South Africa is the US's dominant supplier of platinum, rhodium, chromium, and military-grade vanadium. The Phalaborwa rare earths project (DFC-backed, $50M equity) was cited as a priority. A project priority list is being developed.

NOTE: Audio not available for this episode due to ElevenLabs quota exhaustion. Episode published as text-only. Resume audio production when credits are topped up.

Stories Covered:

1. Freeport Grasberg — full restart pushed to early 2028, production at 40-50%, 2026 copper guidance cut from 1B to 700,000 lb

2. China Railway / MIBA — 200,000-500,000 t/yr copper-cobalt proposal, Grand Kasai, DRC

3. US-South Africa minerals talks — Johannesburg, highest-level bilateral meeting 2026, PGMs, rare earths, Phalaborwa

Commodities: Copper, cobalt, platinum group metals, rhodium, chromium, manganese, vanadium, rare earths

Jurisdictions: Indonesia, DRC, South Africa, United States, China

Today on The Mining Insider: Cornish Metals has closed a $210 million Nordic bond offering to fund construction of South Crofty in Cornwall, England — the highest-grade undeveloped tin deposit in the world. The six-year bonds carry a 13.5% fixed coupon and were significantly oversubscribed. CEO Don Turvey says the company expects to be fully funded and to announce a final investment decision this summer, with first tin concentrate production targeted for mid-2028. The project would be potentially the first primary tin producer in Europe or North America, at a time when approximately two-thirds of global tin supply comes from China, Myanmar, and Indonesia. The US Export-Import Bank has issued a non-binding letter of interest for up to $225 million tied to future US tin exports.

Separately, mining has resumed at Guinea's Simandou Blocks 1 and 2 after the Baowu Winning Simandou Consortium ended a labor dispute by agreeing to apply Guinea's national mining pay framework. Talks on worker classifications continue through May 20. Simandou, the world's largest untapped high-grade iron ore deposit, delivered its first shipment to China in April.

And Gold Fields reported Q1 2026 all-in sustaining costs of $1,829/oz — up 13% — as the Iran war drives diesel prices up 30-70%, LNG up 30%, and freight costs up 40% across its global operations. The company estimates a $40-$50/oz portfolio impact at $100/bbl oil and maintained full-year guidance while warning costs could exceed the range if oil rises further. Gold prices rebounded toward $4,700/oz on reports of a potential US-Iran peace memorandum.

Stories Covered:

1. Cornish Metals — South Crofty $210M bond, FID summer 2026, production mid-2028, 4,700t tin/yr, 14-year mine life, AISC lowest quartile ($14,461/t)

2. Simandou Blocks 1 & 2 — Labor stoppage ends, Guinea national pay framework accepted, talks through May 20

3. Gold Fields Q1 2026 — AISC $1,829/oz (+13%), Iran war energy shock, $40-50/oz impact at $100 oil, gold rebounds on deal hopes

Commodities: Tin, iron ore, gold, oil

Jurisdictions: United Kingdom, Guinea, South Africa, United States, China, Myanmar, Indonesia

Today on The Mining Insider: Ivanhoe Mines released its Q1 2026 financial results after market close on Wednesday. Kamoa-Kakula delivered $862 million in revenue and $397 million in EBITDA — a 46% EBITDA margin — and beat the low end of its C1 cash cost guidance at $2.58 per pound, compared with guidance of $2.60 to $3.00. The headline net loss of $2 million was driven entirely by a $183 million DRC tax settlement, not operating performance. Kipushi produced a record 65,044 tonnes of zinc in Q1. Platreef secured financial close on its $700 million Phase 2 project finance facility on April 30. And founder Robert Friedland described the Makoko copper discovery in the Western Forelands as "an emerging giant in the making." Separately, G7 trade ministers concluded a two-day meeting in Paris on May 6 with a joint communiqué pledging to ensure that attempts to "weaponize" critical mineral dependencies will fail — while underlying differences between the EU, US, and Japan on approach remain visible. And on the US copper tariff front, the Commerce Department faces a June 2026 deadline to deliver its report on the domestic copper market to the President — a prerequisite for a proposed 15% copper tariff set to take effect in January 2027, rising to 30% in January 2028.

Stories Covered:

- Ivanhoe Q1 2026: Kamoa $862M revenue, $397M EBITDA (46% margin), C1 $2.58/lb (below guidance), $183M DRC tax write-down drives headline loss, Kipushi record 65,044t zinc, Platreef $700M Phase 2 close, Makoko "emerging giant"

- G7 Paris communiqué: minerals weaponization pledge, EU vs US vs Japan approach divergence, Canada C$18B in 12 countries

- US copper tariff: Commerce report due June 2026, 15% tariff January 2027, 30% January 2028

Commodities: Copper, zinc, platinum group metals, sulphuric acid, gold

Jurisdictions: DRC, South Africa, Canada, France, United States, Germany, Japan, Italy, UK