According to Mining.com, drilling by Canadian exploration enterprise San Lorenzo Gold at the Arco de Oro target within the Salvadora project in Chile indicated that the property may host several copper-gold deposits. San Lorenzo said on Friday (8th) that drill hole SAL-10-25 intersected 102 meters of mineralization at a depth of 153 meters with a gold grade of 1.33 g/mt, including 13 meters at the same depth with a gold grade of 2.21 g/mt. Nearby drill hole SAL-09-25 intersected 59 meters of mineralization at a depth of 238 meters with a gold grade of 1.07 g/mt, including 11 meters at a depth of 270 meters with a gold grade of 3.78 g/mt. "These drill holes indicate a larger mineralization system at Arco de Oro than previously recognized," said Terence Walker, Vice President of Exploration. "We appear to be entering the upper portion of a gold-rich porphyry copper-gold system that requires follow-up drilling." Calgary-based San Lorenzo has become one of the best-performing junior exploration companies on the Toronto Venture Exchange this year, with a series of discoveries at its Salvadora project in the Atacama Region of northern Chile. The project covers more than 90 square kilometers and is located approximately 15 kilometers from Codelco's long-producing El Salvador copper mine. Infrastructure including roads and power is well-established, with access to nearby mining services. Five Targets Arco de Oro is one of five porphyry and epithermal deposit targets at the Salvadora project. Earlier this year, early-stage drilling at the Cerro Blanco target intersected gold mineralization on multiple occasions, attracting investor attention and financing. In March, San Lorenzo raised approximately $20 million through a private placement to fund further exploration at Salvadora. San Lorenzo has been steadily expanding the extent of the deposit. Two months ago, the company added 29 square kilometers near Cerro Blanco by acquiring three nearby Rubi blocks and signing an option agreement. San Lorenzo said the geological setting at Salvadora is similar to other Andean porphyry deposits in Chile. Management noted that the broad mineralization intersections and multiple targets suggest the potential existence of a large-scale copper-gold mineralization system. Assay results from other drill holes at Arco de Oro have not yet been completed, and the company will continue drilling to verify the extension of the ore body, which remains open in all directions.

Meridian Mining (TSX, LSE: MNO) has successfully commenced trading on the London Stock Exchange’s Main Market after raising £25 million ($34 million), a strategic move aimed at securing future inclusion in the FTSE All-Share and FTSE 250 indices. The capital injection will accelerate the development of its Cabaçal gold-copper project in Mato Grosso, Brazil, an advanced-stage open-pit operation with an estimated post-tax IRR of 61% and a net present value of US$984 million. This London listing expands the company's global footprint beyond Toronto and Frankfurt, positioning the Cabaçal volcanogenic massive sulphide deposit as a scalable platform for the company's South American growth strategy.

Copper-silver mine developer Lumina Metals Corp. and Sitka Foundation plan to issue 27.5 million shares at a price of C$12.5 per share, with a planned listing in Toronto.

On December 1st, Endeavour Silver Corp. announced the launch of a private offering of US$300 million in unsecured convertible senior notes due 2031, with an option for initial purchasers to buy an additional US$45 million. The company plans to use the proceeds to repay its senior secured credit facility with ING Capital and Societe Générale, to advance the Pitarrilla silver project in Durango, Mexico, and for general corporate and strategic purposes. The Notes will pay semi-annual cash interest at a fixed rate and will be convertible into Endeavour common shares. They may be redeemed by the company under certain conditions, while holders will also have the right to require repurchase upon specified events. The Offering is subject to customary closing conditions, including approvals from the Toronto Stock Exchange and New York Stock Exchange. The Notes and underlying shares are unregistered under U.S. and Canadian securities laws and will be offered only to qualified institutional buyers (Rule 144A) in the U.S. and non-U.S. investors under Regulation S.

[Surg e Battery Metals PEA Reveals US$9.2 Billion Nevada Lithium Project] Surg e Battery Metals (SBM) has released a Preliminary Economic Assessment (PEA) for its North Nevada Lithium Project (NNLP), outlining the project's potential to become a low-cost, long-life producer of battery-grade materials for the US market. The PEA, jointly completed by M3 Engineering & Technology Corporation and Independent Mining Consultants, is based on a two-phase construction of the lithium plant to support a conventional open-pit mining operation projected to last 42 years. The report indicates that approximately 205 million mt of mineralized material will be mined over this period, with an average lithium grade of 4016 ppm. Mining will commence from the shallow, high-grade portion of the resource, which currently has an estimated lithium carbonate equivalent (LCE) of 8.65 million mt. The lithium plant will initially process ore at a rate of 2.58 million mt per year in Phase 1, doubling to 5.15 million mt per year in Phase 2, which is expected to come online in Year 4, resulting in an average throughput of 4.88 million mt per year over the life of the mine. Over 42 years, NNLP is projected to produce 86,300 mt of LCE per year, with an average recovery rate of 82.8%. Peak production of 109,100 mt is expected to be reached in Year 6. According to the PEA, the construction cost for Phase 1 is approximately US$2.97 billion, including US$23 million in mine capital expenditure, while Phase 2 is expected to cost an additional US$2.35 billion. Adding US$1.51 billion in sustaining capital, the total project cost will reach US$6.86 billion. Using a base case LCE price of US$24,000 per mt, the study results in an after-tax net present value (at an 8% discount rate) of US$9.21 billion and an internal rate of return of 22.8% for the project. Operating costs are set at US$5,097 per mt of LCE, owing to NNLP's near-surface, high-grade mineralization. The report projects a payback period of 4.7 years for the project. Following the release of the PEA, SBM's share price surged 15.8% to reach CAD$0.33 per share by midday Toronto time, giving the company a market capitalization of CAD$59 million (approximately US$43 million). "NNLP has the potential to become a major low-cost producer of battery-grade lithium carbonate for the US battery industry, and our results today take us a significant step closer to achieving that goal," said SBM CEO Greg Reimer in a press release. "Low operating costs, a good return on investment, and the ability to produce significant quantities of battery-grade lithium carbonate, including a peak of 109,100 mt in a single year, all demonstrate NNLP's first-tier status," he added. Source: mining.com [Zimbabwe to Ban Lithium Concentrates Exports from 2027] Zimbabwe's Minister of Mines, Winston Chitando, announced on Tuesday that the country will ban the export of lithium concentrates starting from 2027 to promote the development of more local processing industries. As Africa's largest lithium producer, Zimbabwe's lithium resources are primarily used in batteries that power renewable energy technologies. In 2022, Zimbabwe banned the export of lithium ore and has been encouraging miners to increase domestic processing. Currently, most of Zimbabwe's lithium mining companies are from China, and they previously mainly exported lithium concentrates to China for further processing. Chitando stated that currently, Bikita Minerals (owned by China's Sinomine Resource Group) and Prospect Lithium Zimbabwe (owned by Zhejiang Huayou Cobalt) are actively developing lithium sulfate plants. Lithium sulfate is an important intermediate product that can be further refined into battery-grade materials, such as lithium hydroxide or lithium carbonate, for battery manufacturing. He pointed out, "As the country's relevant capacity gradually improves, we will completely ban the export of lithium concentrates starting from January 2027." In 2023, Zimbabwe required lithium mining companies to submit plans for building local refineries by March 2024, but this requirement was adjusted due to the sharp decline in metal prices. Sinomine Resource Group and Huayou Cobalt are part of a group of Chinese companies. Since 2021, companies including Chengxin Lithium Group, Yahua Group, and Canmax have invested over $1 billion in total to acquire and develop lithium projects in Zimbabwe. Source: mining.com [Volt Lithium to Deploy Mobile Direct Lithium Extraction Unit in Bakken Region, North Dakota] Volt Lithium Group, soon to be renamed LibertyStream Infrastructure Partners, announced that its proprietary mobile direct lithium extraction ("DLE") unit will undergo final assembly and deployment in the Bakken region of North Dakota, with plans to be put into use in the second half of June 2025. This initiative, in collaboration with Wellspring Hydro ("Wellspring"), has received a total of $2.5 million in funding support from the North Dakota Industrial Commission's Clean and Sustainable Energy Authority and Renewable Energy Program. "Wellspring and the North Dakota government are very excited to commence on-site operations with Volt in North Dakota in the second half of June," commented Mark Watson, President and CEO of Wellspring. "Volt is the only DLE company funded in North Dakota to date," added Mr. Watson. "Based on Volt's successful lithium extraction results at its Calgary R&D facility, both parties are confident in the success of Volt's proprietary lithium extraction unit on-site." The upcoming renaming to LibertyStream Infrastructure Partners reflects the company's strategy of continuing to collaborate with major oilfield infrastructure players in the US, aiming to extract valuable lithium, a critical mineral, from the large volumes of produced water associated with oil and gas production. Key Highlights: Proprietary technology and processes adapt to diverse brine chemistries, facilitating Volt's expansion in the Bakken region of North Dakota. Strategically located in two major oil-producing basins in North America (Permian and Bakken). Permian Potential: Up to 170,000 mt LCE per year. Bakken Potential: Up to 50,000 mt LCE per year, with lithium concentrations nearly three times those of the Permian. Actively building lithium chloride inventory and converting it into high-purity lithium carbonate for potential buyers. Within six months of initial deployment, deployed, expanded, and optimized the largest operational DLE system in North America (over 10,000 barrels per day). Source: junior mining network [Q2 Metals Announces Final Analysis Results of 2025 Winter Drilling Program and Initiates Work on Exploration Targets for the Cisco Lithium Project] Q2 Metals is pleased to announce the remaining analysis results of the 2025 Winter Drilling Program (the "2025 Winter Program") for its Cisco Lithium Project (the "Project" or "Cisco Project") located within the traditional territory of Nemaska in the Eeyou Istchee James Bay region of Quebec, Canada. During the 2025 Winter Program, the Company drilled a total of 14 holes for 6,980 meters, and the analysis results reported herein cover 4,409 meters of drilling data from the last 10 holes. "We are extremely pleased with the final results from these widely spaced holes. Not only did they intercept significant widths and grades, but they also provided us with critical information that will guide subsequent drilling activities. The Cisco Project continues to demonstrate immense potential and is emerging as a significant discovery within one of the world's top mining jurisdictions," said Alicia Milne, CEO and President of Q2 Metals. "We look forward to commencing work on exploration targets, which will provide initial guidance on the potential size, grade range, and relative position of the Cisco Project compared to other major hard-rock lithium projects." "Q2 is in for a busy summer at the Cisco Project. Currently, our team is on-site conducting geological mapping and sampling work, with the first hole expected to commence next week," said Neil McCallum, Vice President of Exploration for Q2 Metals. "The information we have gathered through multiple drilling campaigns is currently under review by BBA Engineering, which is developing an exploration target aimed at quantifying the potential of the main mineralized zones at the Cisco Project. Additionally, three composite samples are undergoing testing by SGS to understand the potential for heavy liquid separation processing capabilities." Hole CS25-028 tested the eastern part of the main mineralized zone and provided additional data for this area. Combined with other drillholes previously drilled in the east, the mineralized zone in this area remains open to the east. Drillhole CS25-030 targeted the deep part of the northern extension of the main mineralized zone, and the results indicate that the mineralized zone is also open in this direction. Drillhole CS25-036 was terminated prematurely before the suspension of the current year's goose hunting season, failing to reach the planned final depth. Nevertheless, the objectives of the drillhole were achieved, intercepting multiple wide pegmatite intervals, which will help determine the geometry of the pegmatite and provide guidance for scale-defining drilling. The drillhole will be restarted during the 2025 summer drilling campaign. Drillholes CS25-029, 031, and 033 targeted the southern extension of the main mineralized zone. Due to a drillhole spacing of 200 meters and a limited number of drillholes on each profile line, pegmatite intervals wider than 100 meters were not intercepted. Although wide pegmatite intervals are expected in this area, further testing is required. It is noteworthy that the pegmatite intervals in the southern drillholes are deeper, and further work will be conducted in this area during the 2025 summer exploration season to test the potential location of the pegmatite plunging to the west. Overall, the main mineralized zone remains open to the south. Drillholes CS25-032, 034, 035, and 037 were used to define the subsurface expression of prominent mineralized carbon dioxide veins. There are still multiple potential directions in this area that have not been tested, requiring further follow-up. Source: junior mining network

According to a report from Mining.com, SolGold, a company primarily engaged in exploration and development in Ecuador, announced that it would voluntarily delist from the Toronto Stock Exchange starting June 18. The miner will continue to be listed on the London Stock Exchange and is also considering a secondary listing on the Australian Securities Exchange (ASX). SolGold, founded in Australia and currently headquartered in London, recently appointed Dan Vujcic as its new CEO. The former investment banker at Morgan Stanley and Citigroup, and most recently the CFO of MAC Copper, stated in an interview earlier this year that the ASX was a "natural home" for the company's copper-gold assets. The company is backed by mining giants including BHP and Newmont. It is currently advancing the development of its Cascabel copper-gold project in northern Ecuador. The project is expected to commence development as early as 2028, three to four years ahead of the previous schedule. The latest strategy involves open-pit development initially, followed by a transition to underground mining. SolGold believes that the scale of Cascabel positions it as a multi-generational asset, capable of ranking among the top 20 copper-gold mines in South America. Strategic Adjustments Accelerating the development plan is part of a broader restructuring by the company, which includes establishing a subsidiary to hold its exploration assets. The company claims to hold over 89 licenses within a high-potential copper-gold target area spanning 3,000 square kilometers. This move comes at a time when the global copper market is tightening, driven by growing demand due to copper's critical role in electrification and the scarcity of new discoveries. SolGold hopes that this restructuring and accelerated development will garner greater investor support, especially amid geopolitical instability and tariff fluctuations affecting global supply chains.

Neo Performance Materials, headquartered in Toronto, has sold its assets in China, is expanding its magnet business in Europe, and is exploring a heavy rare earth separation project. In a strategic update, Neo stated that its permanent magnet factory in Estonia is expected to be completed on time and budget and commence commercial production in 2026. Building on its light rare earth production, Neo is designing a pilot heavy rare earth separation production line in Europe and plans to expand capacity in Europe and the United States.

According to a report by Mining Weekly citing Reuters, Canada's new Minister of Natural Resources, Tim Hodgson, recently announced plans to expedite approvals for major projects. Oil and gas executives have welcomed this move, hoping that Canada will re-establish a regulatory framework that supports energy development. This marks Hodgson's first speech in Calgary, the capital of Alberta, a major oil-producing province in Canada, since joining the new cabinet under Prime Minister Justin Trudeau's successor, Pierre Poilievre. The oil and gas industry has had a strained relationship with the previous government led by former Prime Minister Justin Trudeau, which prioritized climate action over economic development. However, Poilievre has pledged to help diversify energy export markets amid strained relations with the US, Canada's largest trading partner. "In the new economy we are building, Canada will no longer be known for delays. We will be known for delivery," Hodgson said at an event hosted by the Calgary Chamber of Commerce. As a former Goldman Sachs banker who won his election in Toronto, Hodgson has promised to advocate for Western Canada and help improve relations between the energy sector and the government. He said he would identify and expedite projects of national interest to help Canada become a superpower in both traditional and clean energy. Canada is the world's fourth-largest oil producer. "There will be no more approval processes that take over five years. All project approvals will be completed within two years," Hodgson said. Hodgson noted that while Canadian oil is produced responsibly, infrastructure is needed to transport energy to ports for export to markets beyond the US. In recent years, major oil pipelines in Canada have faced years of delays and legal challenges, leading to the cancellation of some projects and soaring costs for others, such as the expansion of the Trans Mountain (TM) pipeline. Many CEOs of Canadian oil and gas companies said they were encouraged by Hodgson's banking background and his pro-oil and gas statements. "We welcome and sincerely appreciate this new sense of collaboration," said John Whelan, CEO, President, and Chairman of Imperial Oil, after Hodgson's speech. Hodgson also said that the federal government, the province of Alberta, and industry leaders must work together to establish an oil sands carbon capture and storage project. Six of Canada's largest oil sands companies have proposed investing 16 billion Canadian dollars to build a carbon capture network to reduce the industry's carbon emissions, but negotiations between the two levels of government have stalled. Kendall Dilling, President of the Pathways Alliance, which supports the project, expressed optimism on the 23rd that the project would move forward under Canada's new government. "I think it's the right time now," said Dearing.

[Trilogy Metals Launches $25 Million At-the-Market Equity Program to Fund Alaska Copper Project] On May 27, 2025, Vancouver-based Trilogy Metals Inc. (TSX/NYSE American: TMQ) announced it has entered into an at-the-market equity distribution agreement with subsidiaries of BMO and Cantor Fitzgerald in Canada and the U.S., allowing the company to raise up to US$25 million through the issuance of common shares at prevailing market prices. Under the agreement, Trilogy may, at its discretion, issue shares from time to time on the Toronto Stock Exchange, NYSE American, or other eligible marketplaces. The company is not obligated to sell any shares under the program and will determine issuance based on capital needs. Proceeds from the program will be used to advance development of the company’s Upper Kobuk Mineral Projects (UKMP) in Alaska and for general corporate purposes. The agreement will remain in effect until the earlier of May 14, 2027, or the point at which the full US$25 million has been raised. The ATM program is being offered under a Canadian base shelf prospectus and a U.S. Form S-3 registration statement, both effective as of April 14, 2025, with a prospectus supplement filed on May 27, 2025. U.S. agents will only conduct sales in U.S. markets, while Canadian agents are restricted to Canadian markets. Trilogy emphasized that the announcement does not constitute an offer to sell or solicit the purchase of any securities.

The 2025 SMM (3rd) Wire and Cable Industry Development Conference & Wire and Cable Industry Exhibition concluded successfully! SMM reported on May 26: Metal Market: Overnight, domestic metals generally rose, with only SHFE lead and SHFE nickel declining together. SHFE nickel fell by 0.22%, and SHFE lead by 0.06%. SHFE zinc led the gains with a significant increase of 2.03%, while other metals saw increases within 1%. The main alumina futures contract fell by 3.26%, recording a four-day losing streak. The ferrous metals series collectively declined, with iron ore falling by 0.77% and HRC by 0.67%. In the coking coal and coke segment, coking coal fell by 0.75%, and coke by 1.09%. In the overseas market, the LME metal market was closed for the day due to the Spring Bank Holiday. Precious Metals: As of the overnight close, COMEX gold fell by 0.7%, while COMEX silver rose by 0.11%. Domestically, SHFE gold fell by 0.23%, and SHFE silver rose by 0.29%. Overnight closing market conditions as of 8:16 AM on May 27 》Click to view SMM Futures Data Dashboard Macro Front Domestic Developments: The General Office of the CPC Central Committee and the General Office of the State Council issued opinions on improving the modern enterprise system with Chinese characteristics. The opinions comprehensively and systematically outline measures in areas such as upholding and strengthening the Party's leadership, improving corporate governance structures, enhancing scientific management levels of enterprises, strengthening incentive and innovation systems for enterprises, establishing and improving corporate social responsibility and corporate culture systems, and optimizing comprehensive supervision and service systems for enterprises. The focus is on empowering enterprise development through institutional innovation, further releasing the vitality of micro-entities, and cultivating more dynamic, resilient, and competitive modern enterprises, providing strong support for comprehensively advancing the construction of a strong country and national rejuvenation through Chinese-style modernization. The Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) held an expanded meeting on May 26, mentioning the need to accelerate the cultivation of pioneering enterprises, leading enterprises, and unicorn enterprises. Efforts should be made to greatly enhance the resilience and security of industrial and supply chains, strengthen the construction of computing power infrastructure, deepen the co-chain initiative for the integrated development of industrial chains, and accelerate the formation of strategic safeguard capabilities in areas such as manufacturing equipment, basic materials, and key parts and components. Cui Dongshu, Secretary General of the China Passenger Car Association, wrote that global auto sales reached 7.56 million units in April 2025, up 5% YoY. From January to April 2025, China accounted for 33% of global auto sales, with the lower share of Chinese automakers at the beginning of the year being a normal reflection of the Chinese New Year factor. As the effects of policy stimuli become evident, the Chinese auto market has strengthened since March-April. US Dollar: The US dollar index fell by 0.12% overnight, closing at 98.98. It fell to as low as 98.69 during the session, hitting a new low since April 22. US Fed Governor Christopher Waller recently warned that the current fiscal trend is "simply unsustainable." The bond market has responded accordingly, with long-term Treasury yields breaking through the 5.0% mark, clearly indicating that investors are demanding higher compensation to address perceived US credit risks. The market currently expects mild easing, but the conditional nature of these expectations reflects market skepticism about Washington's ability to effectively coordinate policies. Rising tariffs could simultaneously push up prices and weaken economic growth, a stagflation risk that will limit the Fed's flexibility, despite the current federal funds target rate range of 4.25%-4.50%. In other currencies: The euro hit a one-month high against the US dollar on Monday after US President Trump abandoned his threat to impose 50% tariffs on EU goods starting June 1, with the EU requesting time to "reach a good deal." The US dollar continued to fall against multiple currencies, as Trump's major policy U-turn and the comprehensive spending and tax cut bills he is currently pushing have deterred investors from US assets. Ray Attrill, head of foreign exchange research at National Australia Bank (NAB), said, "The 'sell the US' theme that dominated the market in April has re-emerged. The market may have formed a judgment—and it may be correct—that tariffs between the US and the EU will not ultimately reach 50%, but how this outcome will be achieved is, frankly, anyone's guess at this point." The euro climbed 0.55% earlier against the US dollar to reach $1.1418, the first time since April 29. The euro closed up 0.2% on Monday, closing at $1.1386, with a year-to-date gain of 10%. Over the past few months, the US dollar's decline has largely benefited the euro, as investors have turned their attention to a range of non-US markets. European Central Bank President Christine Lagarde said on Monday that if member governments can strengthen the eurozone's financial and security architecture, the euro could become a viable substitute for the US dollar, bringing significant benefits to the eurozone. In terms of data: Today, data such as China's year-on-year profit growth rate for industrial enterprises above designated size in April (single month), the initial estimate of the month-on-month change in US durable goods orders for April, the US Conference Board's consumer confidence index for May, the eurozone's economic sentiment index for May, the eurozone's industrial sentiment index for May, the final estimate of the eurozone's consumer confidence index for May, Germany's Gfk consumer confidence index for June, the UK's CBI retail sales balance for May, and Australia's ANZ consumer confidence index for the week ending May 25 will be released. Crude oil: Oil prices fluctuated in the two markets overnight, with Brent crude falling by 0.05% and WTI crude closing at $61.53 per barrel. The market is waiting for clarity on OPEC+'s next move. The US market was closed on Monday for the Memorial Day holiday, resulting in sluggish trading. According to RIA Novosti, Russian Deputy Prime Minister Alexander Novak said on Monday that OPEC+ had not yet discussed increasing production by an additional 411,000 barrels per day. Rory Johnston, founder of Commodity Context and a Toronto-based analyst, said that investors and traders are still expecting OPEC to increase production, but they are reluctant to make significant moves until there is substantive progress. Johnston pointed out that despite the original production increase plan taking effect, OPEC's oil production still declined slightly in April, making the overall market more hesitant. "The market's current reaction to them is to wait for any (substantive) action," he said. (Wenhua Comprehensive)