According to Mining.com, BMC Minerals has intersected high-grade massive sulphide mineralization in drilling at the Krakatoa zone of its Kudz Ze Kayah (KZK) copper-lead-zinc project in Canada's Yukon Territory, while government permitting has also made positive progress. BMC reported on Monday that the first hole to verify Krakatoa, K26-560, intersected 25.1 meters of mineralization at a depth of 327.5 meters, grading 180 g/mt silver, 9.7% zinc, 1 g/mt gold, 0.3% copper, and 3.4% lead. The Krakatoa zone is adjacent to the ABM main deposit of the KZK project, located approximately 260 kilometers southeast of Whitehorse. "The K26-560 intersection reinforces our confidence that the Krakatoa zone hosts thick, high-grade mineralization that extends beyond the limits of our current mineral resource estimate," said BMC CEO Michael McClelland in a press release. "This strengthens our conviction that Krakatoa has sufficient potential to add resources to the mine plan and extend the mine life of the KZK project." Government Green Light The company's 20,000-meter drilling program yielded significant results just one week after the Yukon territorial and federal governments announced positive decisions on the development of the KZK project. In 2020, the Yukon Environmental and Socio-economic Assessment Board recommended approval of the project, and this document carried forward the 2022 and 2024 decisions. Indigenous Opposition However, the KZK project now faces opposition from the Kaska Indigenous groups. According to the Canadian Broadcasting Corporation (CBC), last week the RRDC (Ross River Dena Council) expressed disappointment with the government's decision, stating that the project was in the wrong location and should not be allowed to proceed. In previous objections, the Indigenous peoples claimed that the federal and Yukon governments had not addressed their concerns about the mine's potential impact on wildlife — particularly caribou migration — and the environment. On April 13, BMC President Steven Michael stated in a release that the government decision allowed the company to continue advancing its permit applications. "We will continue to work toward our ultimate goal — to build and deliver a successful, long-life project that brings lasting, tangible benefits to the Kaska Nation while creating significant, long-term value for shareholders and all Yukon residents," he said. BMC plans to obtain a quartz mining license and a water license, and hopes to make a final investment decision on the project by the end of 2027. Confirming Historical Grades Hole K26-560 at the Krakatoa zone was drilled between two holes completed in 2016, both of which intersected similar grades. Hole K16-369 intersected 8 meters of mineralization at a depth of 385 meters, grading 102 g/mt silver, 12.2% zinc, 0.8 g/mt gold, 1.5% copper, and 0.5% lead. Hole K16-363 intersected 20.8 meters of mineralization at a depth of 323.2 meters, grading 218 g/mt silver, 8.6% zinc, 2 g/mt gold, 0.3% copper, and 3.7% lead. Although the Krakatoa zone is not included in the KZK reserves, the 2025 indicated mineral resource totaled 18.3 million mt grading 148 g/mt silver, 6.3% zinc, 1.4 g/mt gold, 0.9% copper, and 1.9% lead, representing 87 million ounces of silver, 1.1 million mt of zinc, 827,000 ounces of gold, 164,000 mt of copper, and 346,000 mt of lead; the inferred mineral resource totaled 800,000 mt grading 143 g/mt silver, 7.2% zinc, 1.2 g/mt gold, 1% copper, and 1.7% lead, representing 4 million ounces of silver, 58,000 mt of zinc, 30,000 ounces of gold, 8,000 mt of copper, and 13,000 mt of lead. Probable Reserves Based on the 2023 estimate, the ABM deposit had probable reserves of 15.7 million mt grading 138 g/mt silver, 5.8% zinc, 1.3 g/mt gold, 0.9% copper, and 1.7% lead, representing 70 million ounces of silver, 915,000 mt of zinc, 666,000 ounces of gold, 136,000 mt of copper, and 266,000 mt of lead. KZK could rank among the largest zinc mines in the Yukon. While Fireweed Metals' Macpass project has a larger resource base with an indicated mineral resource of 56 million mt grading 5.49% zinc, representing 6.7 billion pounds of zinc, the KZK project is more advanced. A 2023 feasibility study showed the KZK project had a net present value of $835 million (at a 7% discount rate), a pre-tax internal rate of return of 42%, and a mine life of 9 years. The pre-production capital cost for this open-pit project was $492 million, with a payback period of two years. This study was based solely on the reserve estimate of the ABM deposit.

[Harmony to Acquire MAC Copper for $1.03 Billion, Expands High-Grade Copper Portfolio in Australia] On May 27, JSE-listed Harmony Gold Mining announced that its Australian subsidiary will acquire 100% of MAC Copper in a deal valued at approximately $1.03 billion, or $12.15 per share. MAC, registered in Jersey and listed on the NYSE, holds full ownership of the CSA copper mine in the Cobar region of New South Wales, Australia. The CSA mine produced 41,000 tonnes of copper in concentrate in 2023 and is one of the highest-grade underground copper mines in Australia. It has a current mine life of 12 years, a C1 cash cost of $1.93/lb, and an all-in sustaining cost of $2.92/lb, delivering a 36% operating free cash flow margin. MAC is also advancing the nearby Merrin copper-zinc project, targeting first ore production by year-end. Harmony CEO Beyers Nel said the acquisition adds a high-quality, established underground copper asset to the group’s portfolio, enhancing free cash flow and margins in line with Harmony’s long-term capital allocation strategy. The transaction will be implemented via a scheme of arrangement under Jersey law and requires approval by MAC shareholders (at least 75% of voting rights) and regulatory clearance in South Africa and Australia. The MAC board and key shareholders, including Osisko, Sprott, and the Victor Smorgon Group, have expressed support for the deal.

[Foran Mining to Raise C$350 Million for McIlvenna Bay Copper-Zinc Project] Canadian miner Foran Mining has announced a C$350 million non-brokered private placement to fund the development of its McIlvenna Bay copper-zinc project in Saskatchewan and exploration in the surrounding district. The financing is led by the Canada Growth Fund (CGF), which is contributing C$156 million, with participation from Agnico Eagle, Fairfax, and others. The project is expected to create around 400 permanent jobs and boost Canada’s copper and zinc output by approximately 4% and 22%, respectively. Foran has also revised the Phase 1 capital cost to C$1.08 billion, up from C$886 million, due to delays in construction, increased labor costs, and other factors. Despite this, construction progress remains steady, with about 32% already completed. The company maintains its target of achieving commercial production by mid-2026.

According to a report from Mining.com, the Trump administration announced on the 2nd that, to expand the production of critical minerals in the US, it would add 10 more domestic mining projects to its expedited approval list. The 10 newly added mining projects involve copper, palladium, and other minerals, and will be eligible for FAST-41 treatment, a policy implemented by the US government in 2015 to expedite the approval of critical infrastructure projects. Last month, the US government had already preliminarily included 10 projects on the list, and more projects may be added in the future. All these projects will be publicly listed on the US federal government website, and their approval processes can be publicly tracked. The authorities claim that this will enhance transparency and expedite the approval process. The latest 10 projects include: a joint copper-nickel mine venture between Glencore and Teck Resources in Minnesota, a uranium mine by Energy Fuels in New Mexico, a palladium mine by Sibanye Stillwater in Montana, a silver mine by Hecla Mining Company in Alaska, and a titanium dioxide project by Chemours in Georgia. South32's Hermosa manganese-zinc project in Arizona, which had received expedited approval under former President Biden, is also the first mine to be eligible for FAST-41 treatment. In addition, President Trump ordered an investigation last month into the import of critical minerals into the US, with the aim of assessing the possibility of imposing tariffs.

In 2025Q1 , the recovery of global lead concentrate supply has been slow, particularly as production in major mining countries failed to meet expectations. Meanwhile, the resumption of refined lead smelter after technological transformation and maintenance further exacerbated the supply-demand imbalance.Mar-25, the MOM in lead concentrate supply lagged behind that of refined lead, and the supply gap for lead concentrates is expected to widen. On the supply side of lead concentrates, multiple factors imposed constraints. On one hand, stricter environmental protection policies slowed down mining progress at numerous small mines. On the other hand, in newly commissioned lead-zinc projects aimed at expanding capacity, the growth in lead concentrates was far less than that of zinc concentrates. Due to the scarcity of new silver-lead mining projects, the strengthening of gold and silver prices led holders of already scarce silver-lead resources to offer lower RCs or further reduce Pb50 and Pb60 TC. The insufficient supply of lead concentrates drove up raw material procurement costs for smelters. According to SMM, despite a significant decline in operating rates at domestic smelters in February, their raw material inventories were moderate enough to sustain March production. In stark contrast to lead concentrate supply, the supply of refined lead from primary lead smelters stabilized and recovered in March. Large smelters in Hunan, Yunnan, and Jiangxi completed their production cuts and maintenance in February, with an expected increase of approximately 65,000 mt in metal content on a MoM basis. The mild increase in lead concentrate supply, combined with insufficient replenishment of recycled materials and the anticipated production increase in primary lead smelting in 2025Q2, makes Pb50 and Pb60 TC prices more likely to fall than rise. Some small-scale smelters have already delayed shutdowns due to tight raw material supply, and further restrictions on raw material supply may limit the release of additional refined lead capacity in the future.

[SMM Analysis: Silver By-Product Production at Smelters to Rise Steadily in 2024, Cumulative Increase Exceeds 7% YoY] According to SMM, the production of silver by-products at primary lead smelters is expected to rise steadily in 2024, with a cumulative total exceeding 8,000 mt, up over 7% YoY. The increase in silver production at lead smelters in 2024 will mainly occur in H2.