According to foreign media reports, Chilean state-owned copper producer Codelco has acknowledged that it is unlikely to achieve its long-standing goal of restoring annual copper production to 1.7 million metric tons within the next four to five years, reflecting the operational challenges facing the world's largest copper producer. Codelco Chairman Bernardo Fontaine said the company expects another difficult year for production, noting that output targets have consistently been missed over the past seven years due to delays in major projects and operational setbacks. The company previously issued 2026 production guidance of 1.331-1.357 million metric tons and is now prioritizing realistic performance expectations over ambitious volume targets. Fontaine said Codelco plans to unveil a recovery strategy in October or November, with greater emphasis on improving profitability and capital efficiency rather than maximizing production. As part of the review, approvals for new investment projects have been suspended while the company reassesses capital allocation to ensure acceptable returns. He also indicated that Codelco intends to expand partnerships with private mining companies to advance projects that it cannot fully finance on its own. Options for the company's 49% stake in the El Abra copper mine, including a potential reduction of its holding, remain under evaluation. Codelco's revised outlook highlights the structural challenges confronting global copper supply, including aging mines, declining ore grades and rising development costs. With demand from electrification, electric vehicles and data centers continuing to grow, persistent production constraints at a major supplier could reinforce expectations of a tighter global copper market and provide continued support for long-term copper prices.

Around July 20, 2026, June import and export data for cobalt and lithium battery industry chain related products were released in a concentrated manner. The data showed that China's spodumene imports reached 768,000 mt in physical content, up 13% MoM and surging 33% YoY, equivalent to approximately 72,000 mt of LCE. For lithium carbonate, China imported 25,861 mt in June, down 31% MoM but up 46% YoY. Cumulative lithium carbonate imports from January to June reached 179,000 mt, up 52% YoY... SMM compiled the H1 import and export situation of battery materials as follows: Upstream Lithium Concentrates In June 2026, China's spodumene imports reached 768,000 mt in physical content, up 13% MoM and surging 33% YoY, equivalent to approximately 72,000 mt of LCE. By source country: The effect of concentrated shipments from Australia at its fiscal year-end manifested, with port arrivals exceeding 370,000 mt in June, up 12% MoM. Mali: Port arrivals increased significantly MoM to 60,000 mt. South Africa and Nigeria maintained stable output, with port arrivals staying above 110,000 mt. Among them, the share of high-grade ore from Nigeria increased, with concentrates accounting for over 65%. Zimbabwe, affected by transportation efficiency earlier, saw arrivals of 42,000 mt in June, which pulled back MoM. Based on SMM's data screening, the total LCE equivalent of incoming ore in June was 72,000 mt. Notably, the proportion of lithium concentrates in total incoming ore fell to 72%, a MoM decline, mainly because most of the 65,000 mt from Brazil was previously traded lithium raw ore powder, which dragged down the overall concentrate share. In June 2026, China's total imports of lithium raw materials (spodumene + lithium sulfate) approached 80,000 mt of LCE, staying in a high range and providing a solid raw material base for the continuously climbing domestic lithium chemical production. Spodumene: Import Volume Continues to Rise, Australian Fiscal Year-End Push Contributes Significantly In June, China's spodumene imports reached 768,000 mt in physical content, up 13% MoM and surging 33% YoY, equivalent to approximately 72,000 mt of LCE. The import volume has maintained high growth for several consecutive months, reflecting that domestic lithium chemical plants' rigid demand for upstream ore remains strong. Source: China Customs, Compiled by SMM From a grade structure perspective, based on SMM's data screening, the proportion of lithium concentrates in total incoming ore in June fell to 72%, a MoM decline. The main drag was Brazil—its arrivals of 65,000 mt that month were mostly previously traded lithium raw ore powder; the concentrated arrivals of such low-grade minerals directly pulled down the overall proportion of concentrates. Besides spodumene, the import performance of another lithium raw material, lithium sulfate, is also worth noting. In June, China's lithium sulfate imports reached 13,500 mt, up 12% MoM, equivalent to over 7,700 mt of LCE. From the source perspective, Chile continued to dominate the supply landscape of this product with an absolute volume of 13,400 mt. Meanwhile, lithium sulfate imports from Zimbabwe also quietly rose to over one hundred mt. Although the absolute volume is still small, as the first batch shipment of lithium sulfate to China from the country, it marked the first step for subsequent regular supply growth from Zimbabwe. Summary: Raw material support was solid in June, but tightening expectations for the availability side are rising in July. In terms of total volume, combined imports of spodumene and lithium sulfate in June were equivalent to nearly 80,000 mt of LCE. Together with domestic lithium concentrate production of over 30,000 mt, total domestic lithium raw material supply reached over 110,000 mt of LCE in the month, providing ample and relatively solid raw material support for lithium chemical production fluctuating at highs in June. However, beneath the relatively optimistic aggregate data, one key variable deserves attention: Most of the June arrivals had their destinations locked in through orders weeks or even months earlier, with only a low proportion of cargo actually entering the freely tradeable circulation of traders. The continuation of this pre-locked structure means that entering July, the available volume for spot lithium ore in the spot market will remain tight. If downstream just-in-time procurement pace stays unchanged, the tightening of circulating supply will constrain lithium chemical plants' flexibility in securing raw materials to some extent, thereby limiting the further room for lithium carbonate production growth in July—a transmission effect already reflected in SMM's recent weekly lithium carbonate production data. Regarding spot prices for spodumene concentrates (CIF China), SMM data showed that the overall trend in June was a decline. As of June 30, the average spot price for spodumene concentrates (CIF China) was $2,260/mt, down $328/mt from $2,588/mt at the beginning of the month, representing a 12.67% decline. According to SMM, in June, enterprises extracting lithium from externally purchased spodumene saw their spot profits fall into deep losses. The losses continued to widen during the month, mainly because spodumene concentrate prices pulled back along with lithium carbonate but to a limited extent. In June, the decline in spodumene concentrate prices was less than that of lithium chemicals, leading to deepening losses in the processing segment. For externally purchased lepidolite, the immediate profit margin of enterprises extracting lithium from externally purchased lepidolite narrowed in June compared to May, but they still maintained positive immediate profits for the full month. The resumption of production at a leading mine in Jiangxi strengthened market expectations for longer-term supply release, and lithium carbonate futures plummeted 6.58% on the day. Additionally, the lithium carbonate market experienced an extreme trend of "sharp decline—weak rebound—further bottoming" in the fourth week of June, further squeezing the profit margins of enterprises relying on externally purchased ore. Lithium Carbonate According to customs data, China imported 25,861 mt of lithium carbonate in June, down 31% MoM but up 46% YoY. Of this, imports from Chile reached 16,037 mt, accounting for 62% of the total; imports from Argentina were 8,403 mt, representing 32% of the total; and imports from Indonesia stood at 500 mt, making up 2% of the total. China's cumulative imports of lithium carbonate from January to June totaled 179,000 mt, up 52% YoY. In May, China exported 261 mt of lithium carbonate, up 30% MoM but down 39% YoY. Cumulative exports from January to June reached 2,348 mt, down 5.6% YoY. According to SMM spot price data, the spot price of lithium carbonate generally declined in June. As of June 30, the spot price of battery-grade lithium carbonate fell to 156,500 yuan/mt, a drop of 22,500 yuan/mt from 179,000 yuan/mt at the beginning of June, representing a decline of 12.57%. SMM understands that the price center of spot lithium carbonate in China drifted lower in June. From a fundamental perspective, the supply side was disrupted by news of mine license renewals in Jiangxi, and China's lithium carbonate imports reached historic highs in May, while GFEX warrants remained elevated around 50,000 mt. The demand growth expectations were within market expectations, leading to a drift lower in prices. Upstream lithium chemical plants showed weak willingness to sell spot orders, maintaining an attitude of holding prices firm and holding back from selling; downstream material plants and battery cell manufacturers adopted a buy-the-dip strategy, engaging in substantial dip-buying for stockpiling when prices fell below 160,000 yuan/mt. As of July 23, the spot price of battery-grade lithium carbonate rose 3,500 yuan/mt from the previous trading day, reaching 142,000-151,000 yuan/mt, with an average price of 146,500 yuan/mt. Lithium Hydroxide According to customs data, in June 2026, China imported 4,400 mt of lithium hydroxide, up 12% MoM and surging nearly 2-fold YoY. By source country, imports from South Korea were 1,159 mt (26% of total), Chile ranked second with 993 mt, and notably, imports from Indonesia remained low at only 774 mt in June. In exports, China’s lithium hydroxide exports in June reached 6,018 mt, up 70% MoM, mainly driven by concentrated quarter-end shipments and a modest recovery in overseas demand. Of this total, exports to South Korea were 5,032 mt, and to Japan 679 mt. Overall, exports significantly exceeded imports during the month, and China's lithium hydroxide trade temporarily returned to a net export position after many months. Battery Materials LFP In June 2026, China’s LFP cathode export market experienced an "explosive" growth with both volume and price rising. June total exports reached 15,379.6 mt, surging 101.7% MoM from May, setting a new monthly record high. Along with the jump in export volume, the average monthly export price rose to $9,125.1/mt, an increase of about 11.1%. Price side, generally, raw material exports would see price declines due to scale effects, but in June, the average LFP export price ($9,125.1/mt), compared with May’s $8,210/mt, rose by $915/mt, mainly driven by cost pass-through: domestic lithium carbonate and iron phosphate prices both rose in June, directly pushing up export prices. June exports doubling MoM confirmed our assessment in last month’s flash report — “overseas demand remained robust, with several-fold YoY growth.” Overseas battery capacity is in a critical transition phase from “start-up” to “ramp-up,” creating a “rising volume and price” dividend period for the industry. For domestic material enterprises, locking in long-term contracts with core clients in North America, Europe, and Southeast Asia, and enhancing technological barriers, will be key to capturing high-premium overseas market share in H2. (Data sources: SMM and customs import/export statistics) [SMM Analysis] Volume and Price Both Surge! China’s LFP Exports Soared 101% MoM in June, Average Price Exceeded $9,100/Mt, Hitting a New High for the Year LiPF6 According to China Customs data, in June 2026, China’s cumulative LiPF6 exports were approximately 1,104.4 mt, down about 26.4% MoM, and cumulative LiPF6 imports were around 24.4 mt. In exports, China’s LiPF6 exports in June 2026 were about 1,104.4 mt, down about 26.4% MoM from May and down about 21.4% YoY. Specifically, major destinations included Poland (336.8 mt, down 25.47% MoM), South Korea (319.738 mt, down 45.9% MoM), Malaysia (113.211 mt, down 28.03% MoM), the US (157.601 mt, up 103.62% MoM), and Japan (115.56 mt, up 5.2% MoM). Overall, procurement volume of LiPF6 from outside China edged down in June. Artificial Graphite In June 2026, China's artificial graphite imports stood at 1,002 mt, up 2.3% MoM and up 3.3% YoY. As for import average price, in June 2026, the average import price of China's artificial graphite was 59,596 yuan/mt, down 0.9% MoM but up 16.6% YoY. Data sources: China Customs, SMM In June 2026, China's artificial graphite exports stood at 41,601 mt, down 16.9% MoM and down 18.7% YoY. As for export average price, in June 2026, the average export price of China's artificial graphite was 9,080 yuan/mt, up 17.5% MoM and up 13.9% YoY. Import side, volume and price fluctuations were relatively mild, and overall operations were stable. Export side, however, showed a 'volume down, price up' differentiation characteristic: the decline in export volume may be related to the high base in May and adjustments in overseas procurement pace at a certain stage; the rise in export average price was mainly driven by the continued pass-through of high domestic costs. Notably, although total exports declined, shipments of artificial graphite for lithium batteries from major exporting provinces showed a rebound, with one province's exports surging about 50% MoM and another province's MoM growth approaching 25%. Flake Graphite In June 2026, China's flake graphite imports stood at 4,147 mt, down 30% MoM and down 12% YoY. Data sources: China Customs, SMM In June 2026, China's flake graphite exports stood at 5,089 mt, down 33% MoM and down 5% YoY. In June, both imports and exports of flake graphite saw significant MoM declines, primarily due to the high base effect in May and seasonal demand adjustments in and outside China, with relatively mild YoY declines. Phosphoric Acid According to China Customs data, in Q2 2026, China's phosphoric acid exports exhibited a clear retreat after rapid rise, with exports shooting up to 40,200 mt in May before pulling back to 29,500 mt in June, down 26.5% MoM, but still achieved positive YoY growth compared to June last year (up 3,500 mt), as the continued expansion of rigid demand for new energy outside China offset the short-term pacing pullback. Based on the full-year policy pace and industry fundamentals, China's phosphoric acid trade is now displaying the distinct characteristics of zero imports, pure exports, strong policy-driven volatility, and continuous structural upgrade , with annual exports being influenced by both the agricultural input supply assurance policies and the seasonal cycles in and outside China, leading to an overall pattern of regular consolidating movements. ....... Based on the operating pace in H1 and considering the current policy cycle, overseas demand rhythm, and domestic spot fundamentals, in H2 2026 (July–August), the phosphoric acid industry remains in the window period for phosphate fertiliser export controls, with agricultural crude phosphoric acid exports restricted and the overall export volume subject to a natural ceiling. Supported by the release of off-season restocking demand from overseas food and energy storage enterprises, phosphoric acid exports are expected to recover slightly from the June low, returning to above the monthly average of 30,000 mt, slightly offsetting the pressure of inventory buildup during the domestic agricultural off-season and using the resilience of external demand to firm up the market bottom. Entering September–December, the industry fundamentals and foreign trade landscape will see significant improvement. On August 31, the phosphate fertiliser export control policy officially expires. Coupled with concentrated restocking by overseas agricultural input companies in Q4, year-end capacity sprint by domestic LFP enterprises, and concentrated delivery of overseas lithium battery long-term contract orders, phosphoric acid exports will enter the peak period of the year, with monthly export volume expected to exceed 40,000 mt and hit a new high for the year. The industry’s overall export volume and trade surplus will rise simultaneously. The dual boost from domestic and external demand will drive the industry’s market conditions into an upward inflection point, with not only wet process phosphoric acid demand continuing to recover, but thermal process phosphoric acid also benefiting from concentrated stockpiling in food and electronic fine chemicals, strengthening simultaneously, ushering in a peak season where both wet and thermal processes thrive. Phosphate Ore In H1 2026 (January–June), China’s phosphate ore imports stood at 998,200 mt, up 29.66% YoY; exports at 133,900 mt, up 225.91% YoY; net imports at 864,300 mt. Four Key Changes 1. Imports Recovered to the 2024 High Level . H1 2026 imports of 998,200 mt grew 29.66% from 769,800 mt in H1 2025, recovering to the level of 986,600 mt in H1 2024. In 2026, the single-month high was 243,900 mt in January, followed by secondary peaks of 206,600 mt in April and 182,100 mt in March. The import side rebounded significantly from the trough of 769,800 mt in H1 2025, confirming that the "high import" center has been established since 2024. 2. Exports Tripled, Hitting a Nearly 4-Year High . H1 2026 exports of 133,900 mt surged 225.91% from 41,100 mt in H1 2025, the highest level since H1 2023 (191,300 mt). In June alone, imports reached 50,900 mt, followed by 32,200 mt in May and 11,100 mt in April, forming a volume expansion structure in Q2, which closely aligns with the event window of Egypt's announcement on May 13 to halt new phosphate ore export contracts (shifting to higher value-added phosphate fertiliser exports). 3. Net imports remain high but narrowed . In 2026 H1, net imports stood at 864,300 mt, significantly higher than 942,800 mt in 2024 H1 (historical peak) and 728,700 mt in 2025 H1, reflecting the persistent supply gap of phosphate ore in China and continued high external dependence. 4. The seasonal pattern between H1 and H2 was disrupted. Historically, H1 imports were typically lower than H2 (cumulative H2 imports from 2020 to 2025 reached 2.7531 million mt, significantly higher than H1), but 2026 H1 imports of 998,200 mt already approached 2025 H2's 949,900 mt—the traditional winter stockpiling season in Q3-Q4 was delayed, and the import pace became more evenly distributed throughout the year. ......... Outlook for H2: Imports: H1 imports already reached 998,200 mt , and with winter stockpiling procurement + LFP cathode material stockpiling (preparing for the NEV peak season in Q3-Q4), 2026 H2 imports are expected to reach 1.1-1.3 million mt, with full-year imports at 2.1-2.3 million mt, up 15%-25% YoY, marking a historical high since 2023. Exports : June's 50,900 mt already showed signs of acceleration, with July-September exports projected at 100,000-200,000 mt. In Q4, driven by overseas demand (India, Southeast Asia, Brazil) + export competition restructuring among Egypt/Jordan/Morocco, full-year exports are expected at 200,000-300,000 mt, up 200%-300% YoY. Net imports: 2026 net imports are projected at 1.7-2 million mt, remaining at historically high levels, reflecting the persistent undersupply of phosphate ore in China and continued rising dependence on overseas sources (Egypt/Jordan/Morocco/Kazakhstan/Peru/Algeria). Sulphur & Sulphuric Acid China's Monthly Sulphur Imports (2025 H1 vs. 2026 H1) In 2026 H1, China's sulphur imports showed a "monthly accelerating contraction" trend. Cumulative imports from January to June were approximately 2.26 million mt , a sharp decline of 57.7% compared to 5.34 million mt in the same period of 2025, with average monthly imports plummeting from around 800,000 mt in 2025 to about 380,000 mt. On a monthly basis, imports in January–March stayed around 500,000 mt (496,000/538,000/516,000 mt); from April, they plunged off a cliff , with April plunging to 296,000 mt and May to 268,000 mt, and June hitting 147,000 mt (down 85.1% YoY) — June monthly imports fell to less than 20% of the same period in 2025 (988,000 mt). Historically, total imports in 2025 were about 9.61 million mt , with a monthly average of about 800,000 mt and stable volume, while the 147,000 mt in June 2026 marked a rarely seen low in recent years . If geopolitical conflicts and Kazakhstan's export ban persist, H2 imports may face further pressure, with the full-year total expected to be only about 40% of the 2025 level . ....... Sulphur Imports: Volume Plunge and Source Restructuring — In H1 2026, imports were about 2.26 million mt, down 57.7% YoY (June down 85% YoY); the share of four Middle Eastern countries was cut in half (from ~35% to ~20%), with South Korea, Oman, and Canada filling the gap (combined ~58%). Sulphuric Acid Exports: Ban Leads to Zero Clearance — In H1 2026, exports were about 780,000 mt, down 64% YoY; June exports were only about 980 mt, down 99.7% YoY , plunging out of the global market; Indonesia emerged as the top destination. Common Logic: The dual effects of geopolitical conflict and export controls have pushed China from a global sulphur resource hub towards self-preserving contraction. In terms of cobalt, Cobalt Hydrometallurgy Intermediate Products In June 2026, China's imports of cobalt hydrometallurgy intermediate products totaled about 10,961 mt in physical content, up 324% MoM and down 42% YoY, of which imports from the DRC were about 10,815 mt in physical content, up 423% MoM and down 43% YoY. The average import price of cobalt hydrometallurgy intermediate products in June 2026 was $16,352/mt, down 1.54% MoM. Out of the monthly imported intermediate products, about 7,561 mt in physical content entered Zhejiang and Guangdong provinces via Entrepot Trade by Customs Special Control Area, accounting for 69% of total imports; ordinary trade accounted for about 2,849 mt in physical content, or 26%; and processing trade with imported materials accounted for about 550 mt in physical content, or 5%. Unwrought Cobalt In June 2026, China's imports of unwrought cobalt were about 1,120 mt, up 66% MoM and up 105% YoY. In June, by country, the top three sources of refined cobalt imports were Indonesia, Russia, and Madagascar, with imports of 476 mt, 293 mt, and 148 mt, respectively. Although China's refined cobalt price pulled back significantly in June, the import and export windows remained fully closed. However, due to weak ex-China refined cobalt demand, some overseas traders still chose to ship refined cobalt to China, leading to a significant increase in imports. China's average unwrought cobalt import price in June 2026 was $52,228/mt, down 4.27% MoM. Cumulative imports in January-June 2026 were 7,709 mt, up 118% YoY. On the export side, China's unwrought cobalt exports in June 2026 were approximately 503 mt, up 36% MoM and down 46% YoY. By country, the top three export destinations were the US, Taiwan, China, and the Netherlands, with exports of 132 mt, 125 mt, and 66 mt, respectively. The average export price of unwrought cobalt from China in June 2026 was $59,579/mt, up 11.56% MoM. Cumulative exports in January-June 2026 were 2,664 mt, down 76% YoY.

Chile could install between 27GW and 58GW of new PV capacity over the next 30 years, according to the Ministry of Energy’s preliminary Long-Term Energy Planning report for 2028-2032. The projection is based on different scenarios for economic growth, fuel costs, technology development and energy policy, using existing solar capacity of around 12.02GW as the starting point. The report says future expansion of the National Electric System will rely mainly on solar PV in northern Chile and onshore wind in central-southern regions. PV growth is closely linked to battery storage, especially under scenarios involving higher fossil fuel prices, coal retirements and carbon costs, with six- and eight-hour storage expected to play a growing role in shifting solar generation into nighttime hours. SMM believes Chile’s long-term solar growth potential remains strong, but deployment will depend heavily on storage integration, 500kV and 220kV transmission expansion, and new demand from electrification and data centers.

MMG Limited, a subsidiary controlled by state-owned China Minmetals Corp., has completed the $1.875 billion acquisition of the Khoemacau copper mine in Botswana. Situated in the Kalahari Copper Belt, the asset features copper reserves exceeding 6 million metric tons and mining rights spanning over 4,000 square kilometers. The project marks the largest overseas copper mine acquisition by a Chinese company since 2018 and stands as the single largest investment by a Chinese enterprise in Botswana to date. First commissioned in June 2021, Khoemacau currently targets an annual production baseline of 60,000 tons of copper and 1.6 million ounces of silver in concentrate, with near-term expansion plans positioned to scale output toward 130,000–155,000 tons of copper annually. China currently maintains a domestic copper resource dependency rate exceeding 70%, importing over 60% of its copper ore from Chile and Peru. This strategic transaction diversifies Chinese supply channels beyond South America, bolstering raw material security amidst accelerating demand driven by global decarbonization, electric vehicles, power grid infrastructure, and emerging clean technologies.

The first half of 2026 is already in the past. At the start of H2, industry chain enterprises have begun to release their H1 2026 performance forecasts collectively. Notably, against the backdrop of a significantly higher YoY lithium price center, stable demand in the NEV industry, and a continuously booming energy storage sector, most enterprises in the lithium industry chain expect varying degrees of performance improvement. SMM has compiled the performance forecast situations of some enterprises in the industry chain, as follows:

[SMM Analysis: High Imports Yet Lower TCs: Why China’s Copper Concentrate Market Is Getting Tighter amid Rising Purchases] In H1 2026, China’s copper concentrate imports stayed high but edged down YoY, with the pace of imports slowing noticeably in Q2 compared with Q1. At the same time, new and expanded smelting capacity continued to come onstream, and growth in copper concentrate demand outpaced the increase in import supply, driving spot TCs further down. On July 24, the SMM Imported Copper Concentrate Index (weekly) fell to -$154.76/dmt, further highlighting the contradiction of high imports coexisting with deeply negative TCs. Looking ahead to H2, stockpiling, feeding, and production ramp-up at three new smelting projects in China will add to rigid procurement demand. Higher production from Oyu Tolgoi, a seasonal recovery in South American mine output, and shipments of some stockpiled ore are expected to support a QoQ increase in China’s copper concentrate imports. However, the resumption of production at Grasberg will still take time, and local smelting capacity in Indonesia and Africa continues to absorb domestically produced concentrates, meaning that increases in overseas mine production may not proportionally translate into accessible supply for China. China’s copper concentrate imports are expected to remain high in H2 and rebound somewhat from H1, but the global supply-demand “hard deficit” for copper concentrates is unlikely to ease in the short term, and freely tradable, suitable supply will stay tight. In the absence of large-scale, sustained production cuts on the smelting side, spot TCs are more likely to show an L-shaped pattern of low-level operation with intermittent rebounds, and the configuration of rising imports alongside negative TCs will persist.

Barrick Mining said it has safely evacuated workers who had been stranded at its Barriales camp in northern Chile after severe storms blocked road access. The company said all evacuated personnel are in good health. Rescue operations began on Friday and resumed on Saturday after weather conditions improved enough to allow helicopter flights. Chile’s Economy and Mining Minister Daniel Mas also confirmed the successful evacuation. Barrick said it will keep a helicopter available to local authorities until July 29 to support further rescue and logistics operations. Three workers remain at the Potrerillos camp while access roads are being cleared. Barrick said they have adequate electricity, water and food and remain safe and in good health. The severe storms have killed more than a dozen people and caused hundreds of millions of dollars in damage. Earlier rescue efforts had been delayed by poor weather and blocked roads.

American Mineral Resources (AMR) is expanding a geographically diversified portfolio of mining projects as it prepares for a planned Nasdaq listing, arguing that access to financing has become one of the biggest challenges facing junior mining companies. The company currently holds polymetallic, placer gold and silver projects across seven jurisdictions, including Quebec, British Columbia, Yukon, Chile, New Zealand, Western Australia and Tanzania. AMR said the diversified portfolio helps reduce permitting and development risks while balancing projects at different stages of advancement. AMR also highlighted Canada's flow-through share financing system as a key advantage for junior miners. The company noted that while U.S. capital markets remain heavily focused on artificial intelligence and technology investments, many mining companies continue to raise exploration funding in Canada before pursuing a Nasdaq listing

Zambia will hold presidential and parliamentary elections on August 13. The market widely expects that incumbent President Hichilema Hakainde will win reelection. For investors, the core concern is whether his second term can transform the economic stabilization after the sovereign debt default into robust, mining-led, job-creating growth.

Chilean copper miner Antofagasta said production has resumed at its Los Pelambres copper mine, north of Santiago, after it was halted by heavy rains and a power outage. The London-listed miner on Friday maintained its full-year production expectations despite the brief disruption, saying there was no significant damage to equipment or critical infrastructure.