EXTRA EXTRA

Good Morning All,

This email will be sent two times today, once at 8:30am EST and once at 11:30am EST. I’m sorry-ish. Canada is big and this is a big enough deal that I need it to land in your inbox when you’re at your desk, which ever side of the country you’re on.

You may have seen the interview this week with Alex Deluce, well, that article has been read nearly 40k times since it went live just three days ago. The new guide on the Churchill Falls project is now being cited in many news articles around the world.

I’ve spent the last year working really hard on the nerdy stuff that platforms like Google and AI Tools rely on.

As a result, daily traffic and article citations are growing and I really want to put that to work for you.

About twelve thousand people a day come through the site now, and a growing share of them land here because an AI sent them. Somebody asked what to buy, who supplies it, or who is actually worth investing in, and the answer got assembled out of pages a machine could read. Our site is built to be read that way. Let's get you into the next answer AI gives.

AI isn’t going anywhere, the only question is if you’re showing up in it or not. I’ve worked really hard to make sure that M&E shows up in AI search.

The new site stands on the Canadian People, Projects and Products the world needs to know about. And I would rather fill the run fast than wait politely for it to fill itself.

So until end of day Friday this package is $999.
After that it is $1,750 and stays there.

How it works. 
I interview you, and that part is free. You get a permanent product/project page for the thing you actually sell, built so the AI tools can read it, quote it and hand your name back to whoever asked.

Then your ad runs in the Dispatch Newsletter, out to a list that goes from government ministers through the C-suite down to the people running the equipment.

Do I have to get the interview done right away?
Nope. Buy it now to lock the price and we can do the interview any time in the next year. Some of you will book it in month eleven. I have made my peace with that.

Can I transfer this to someone else?
Enterprising question. Yes, you could buy this and resell, ahem, transfer it to someone else down the road. I do reserve the right to refuse unrelated or irrelevant topics, products and projects, so please do not send me your cousin's supplement brand.

Is the interview actually free?
Always. Interviews are not for sale here. The $999 buys the product page and the newsletter ad. The interview is the part that makes the other two worth reading.

Who does the work it?
We do. You answer the questions, we do the work, and nothing publishes until you have seen it.

What if I miss Friday?
You pay $1,750, which is the real price, and I will think no less of you.

Refunds?
If you buy this today and decide to not use it, or hate what I built for you, I’ll give you your money back.

If you need a sales sheet to hand off to finance/accounting, here you go!

TL;DR

• The new Website is live, I’m really proud of it Check it out!

• The new interview format is live

• Today is like Christmas Eve for Tariffs

• Carney announced a Dam Good Deal for Newfoundland

MEET

Meet: Alex Deluce

Meet Alex Deluce, the founder of Gold Telegraph, who has built one of the resource sector’s biggest audiences without a degree, a newsroom or a traditional media machine. From Junior B hockey to Bay Street and eventually Vancouver’s mining scene, his path is anything but conventional.

Now reaching tens of millions of people each month, Deluce has turned complex ideas about gold, copper, mineral security and the future of mining into content that gets attention. We sat down with him to talk about the talent problem facing Canadian mining, copper’s role in the economy, and why the industry needs a serious rethink of how it attracts the next generation.

NOTE FROM LEE

This story based content is the primary change you’ll see in the new editions. Each week I want to tell the story of a Person, Place or Thing that makes up the fabric that makes our industry the best thing going.

And if you’ve been a reader for sometime now, you’ll know how much it pained me to use the cliché “fabric” in that previous sentence. Really though, it’s the only thing that works. We’re a small, yet vast industry and nation.

Time to tell our stories.

THE DIRT

Churchill Falls and Labrador

• N.L. and Quebec sign new Churchill Falls deal, Ottawa adds $10 billion Carney, Wakeham and Fréchette announced it on Pier 17 in St. John's Monday. Upgrades to the 5,428 MW station, a 2,700 MW Gull Island project, new transmission and 2,000 MW of Labrador onshore wind. Federal value on the whole package is roughly $70 billion.

• The $1 billion line nobody is writing about Buried in the provincial release is $1 billion for a Labrador West transmission line, stated purpose being to open new mining and industrial projects in the Labrador Trough. Ottawa also takes up to 40 per cent equity in the adjoining wind project and guarantees Gull Island construction debt.

• Still non-binding, and Quebec is in an election The binding paperwork has to close while Quebec runs a campaign. The last version of this deal died when Newfoundland changed governments in October 2025.

• Up to 14,000 MW on the table Hydro-Québec's math puts about 6,915 MW coming from Churchill Falls and Gull Island combined, with another 3,850 MW parked for study.

Tariffs and Trade

• Fifty per cent tariffs land after midnight tonight US$20 billion of Canadian goods in scope unless negotiators close something today. Reuters reports the two sides working to cut the vehicle tariff from 25 per cent to 15 per cent, with a sticking point unresolved.

• What is already in place Fifty per cent on steel and aluminum, 25 per cent on autos, 10 per cent on lumber, 25 per cent on wooden furniture, all under Section 232.

• The shape of the deal being discussed Trump eases the 232 tariffs on autos, steel, aluminum and forest products in exchange for Canadian concessions on alcohol, dairy and procurement. Carney called the talks very intense and delicate.

• Ottawa puts $100 million behind steel shipping Transport Canada's new Commodities Sectoral Support Program rebates half the cost of interprovincial rail and marine shipping for eligible Canadian steel products. Runs until the fund empties or August 2027. It is a shipping subsidy, not tariff relief.

Power and Data Centres

• Ontario releases its Data Centre Playbook Facilities drawing more than 1 MW go into a new rate class paying above other large industrial users. No cash incentives, and the province is pushing developers to build their own generation.

• Seven thousand megawatts in the connection queue Double what the IESO reported in March. Data centres are projected to be about 13 per cent of new Ontario electricity demand by 2035.

• Municipalities are not waiting Oakville imposed a one-year moratorium this week, Mississauga votes on a pause next month, and Toronto and Hamilton have both pressed the province for rules.

• Consultation closes in 30 days Comment period opened August 13, final playbook expected this fall alongside the province's AI Industrial Strategy. Worth a submission if you run large-load industrial in Ontario.

Commodities

• Gold up 5.85 per cent on the week, silver up 7.65 Gold closed Friday at US$4,343.33 and silver at US$63.53. One analyst described it as the handbrake finally coming off.

• Venture markets ran with it TSX Venture Composite rose 8.78 per cent to 954.90 and the CSE Composite gained 8.32 per cent, against 2.56 per cent for the TSX Composite. Expect a wave of private placements.

• Copper is BHP's engine CEO Brandon Craig's framing. The current supply crunch is being fed by a rush of shipments into the US ahead of possible tariffs.

Oil and Gas

• Canadian producers are dropping their hedges Q2 calls show Alberta operators reducing or abandoning hedges for the back half after getting burned as prices hit multiyear highs. More cash for capex and returns, and more exposure.

• US refiners expect the heavy differential to widen Their reasoning on Q2 calls was competition between Canadian and Venezuelan heavy barrels plus the eventual return of Middle East production.

• Kino Aski LNG targets Europe out of Baie-Comeau Kino Aski Inc. and Marinvest Energy Canada announced joint development of a First Nations-led energy corridor and LNG project moving western Canadian gas to Europe from Quebec.

• Ensign closes Citadel Drilling, CanAsia sells Sawn Lake, Enterprise Group becomes Evolution PowerX Three service-side moves in one week. Rig consolidation, a heavy oil exit and a rebrand that tells you where the company thinks the money is.

Mining Deals

• Barrick and Newmont settle the Nevada JV Amended August 10 to fold in Barrick's Fourmile and Newmont's Fiberline and Mike projects, with Newmont paying US$1.95 billion for Fourmile. Clears the way for Barrick's North American gold spin-off and IPO.

• Fortuna buys a Barrick and Iamgold project for $200 million Reported August 11.

• McEwen raises Fox Complex guidance Timmins output now expected at 20,000 to 23,000 gold-equivalent ounces for the year.

• First Phosphate works New York Management and the board were in the city Thursday morning, weeks after NRCan's nearly $5 million First and Last Mile investment for Bégin-Lamarche infrastructure in Saguenay-Lac-Saint-Jean.

Drills

• BCM cuts 550 metres of mineralization at Thompson Knolls Including 155.4 metres of 0.66 per cent copper, 0.12 g/t gold and 7.4 g/t silver from 588 metres. Hole still open at 1,238.4 metres. Stock up 59 per cent after 229 per cent the week before.

• Antimony Resources reports visible gold at Bald Hill Portable XRF read 285 g/t gold at 165.85 metres in New Brunswick, days after 0.65 metres of 13 per cent antimony and 2.22 g/t gold from the Main Zone.

• American Eagle drills a kilometre of copper-gold from surface at NAK 1,001 metres of 0.46 per cent CuEq in British Columbia, including 218 metres of 1.01 per cent.

THE DISPATCH

Photo by WORKSITE Ltd. on Unsplash

The Friday Dispatch

Hey Everyone,

This is the last one of these. Tonight the new site goes live, and the way I do this changes with it. The week didn't slow down to mark the occasion, so here are the notes one more time, roughly in the order I wrote them.

• Oil ran the tape backwards this week. Last Friday Brent closed above $90. Monday, Trump said he'd called off a planned strike after a request from Tehran, and Brent lost 4.7% to settle at $83.77. (CNBC) Then losses of more than 5% in each of the next two sessions. Thursday it snapped back more than 4% to $82.8. Brent is sitting near $82 to $83 as I write this. Second week running that the market fully priced a peace and then unpriced it. CNBC + 2

• The Hormuz terms are the story, not the headline. The draft in front of Iran's parliament would bar US and Israeli vessels from the strait, require countries deemed hostile to pay compensation before passage, and impose penalties equal to 20% of a vessel's cargo value. Full reopening stays contingent on the US lifting its maritime blockade. (Trading Economics) The Iran-Oman route on the table is temporary, two to four months. Nobody is reopening anything. They're renting it out. TRADING ECONOMICSTRADING ECONOMICS

• Suncor, Monday. Matched its record adjusted funds from operations at $5.3 billion, set an all-time per-share record of $4.52, generated $4.0 billion in free funds flow at a per-share record of $3.38, more than quadruple last year. Returned nearly $1.8 billion, and is taking monthly buybacks from $350 million to $500 million starting this month. (BOE Report) Third buyback increase since December. BOE Report

• Canadian Natural, Thursday. Eight new operational and financial records. Production around 1.68 million BOE/d, up 18%. Adjusted net earnings of $4.6 billion, adjusted funds flow of $6.9 billion, roughly $4.0 billion returned, and 2026 guidance raised for the second time on the back of a $761 million Peace River buy without touching the capital budget. (CNRL) Twenty-six consecutive years of dividend growth. Nobody in Calgary is going to say the quiet part about why, so I won't either. TipRanksCnrl

• Equinox closed Orla and immediately spent money. Board approved a $436 million Phase 2 at Valentine in central Newfoundland, taking the mill to about 13,700 tonnes a day and average production to roughly 223,000 ounces a year, complete late 2028. (Northern Miner) The dividend went up 50% the same day. Two weeks from shareholder vote to shovels-and-cheque. Somebody had that decision drafted. The Northern MinerGlobeNewswire

• Washington banned exports of tungsten scrap and black mass. Effective August 27, US sellers must allocate 100% of monthly sales domestically, under the Defense Production Act, for about a year. (Resource Recycling) The problem is capacity: the US can't recycle everything it produces, and Li-Cycle and Ascend Elements both went bankrupt in the last 18 months. Watch where the redirected material goes, because some of it goes north. Resource RecyclingWSAU

• Gold went the other way from oil, again. Spot touched $4,295 Thursday, the highest since June, on soft payrolls and Hormuz deal hopes. (CNBC) Up about 4% on the week. Peace is bad for oil and good for the metal, which tells you what gold has actually been pricing all year. CNBCForbes

• Jobs, this morning. Canada added 75,000 in July against a 15,000 consensus, and unemployment fell to a two-year low. Down to 6.4%, though wage growth decelerated to 2.8%, roughly the rate of inflation. (BNN Bloomberg) A recovery that pays the same as standing still is still a recovery. Barely. Yahoo!BNN Bloomberg

• August 19 is twelve days away. The Section 338 tariffs hit nearly $20 billion in Canadian goods at 50%, including USMCA-compliant ones, using a law that hasn't been touched in seventy years. (Wiley) Oil, gas, critical minerals and potash are exempt. They built the wall around everything except the part of the economy this list covers. Draw your own conclusion about leverage. WileyAl Jazeera

• Watch item. It is August. Marten Falls Community Access Road was supposed to see shovels "as soon as August 2026." The federal comment period on the draft Impact Assessment Report closed July 6 and the agency is still finalizing. (IAAC) I'll be tracking that on the new site. Superior North NewsCanadian Impact Assessment Registry

// Drill Results

• [TSX.V GTC] Getty Copper Commences Trading On Otcqx Best Market

• [TSX.V EAU] Camp Rehabilitation At Both Engineer And Tag Begins

• [TSX.V DLTA] Delta Resources Completes Acquisition Of 100 Interest In The Gold Creek Property Hosting The High Grade I Zone Gold Prospect Thunder Bay Ontario

• [TSX.V DEC] Decade Mobilizes Drill For Phase I Drilling At The Bonaparte Property

• [TSX.V WINS] Winshear Reports Drill Results From The Rodburn Target Portsoy Project Ne Scotland

• [CSE SASQ.CN] Sasquatch Resources Provides Results From Geophysical Survey At Copper Road

• [TSX.V OGW] Ongwe Minerals Provides Update On Its Newly Discovered Nguni Prospect Namibia

• [TSX.V OMM] Omineca Announces Hard Rock Gold Discovery At Wingdam Exploration Project Including 4.84 G T Gold Over 1.07 Meters And 1.25 G T

• [TSX.V NEXG] Nexgold Intersects 61 22 G T Gold Over 12 0 Metres And 5 85 G T Gold Over 13 0 Metres During Infill Drill Program At The Goldboro Gold Project In Nova Scotia 14

• [TSX.V NEXG] Nexgold Intersects 12 06 G T Gold Over 6 0 Metres And 3 84 G T Gold Over 18 0 Metres During Infill Drill Program At Goldboro 15

// Resource & Studies

• [TSX.V KNOX] War Bond Tungsten Project Drone Survey 2026

• [TSX.V NCX] Northisle Announces Significant Increase To North Island Resource Estimate

• [TSX.V NEXG] Nexgold Continues To Advance Key Development Activities At The Goldboro Gold Project In Nova Scotia 15

• [TSX.V NTH] Emerging Growth Research Initiates Coverage With A Buy Emerging Rating And C0 30 Price Target

• [TSX.V COS] Windfall Geotek Delivers Final Ai Driven Nickel Copper And Cobalt Targets On The Graal Project In Quebec

• [TSX.V COS] Windfall Geotek Presente Les Cibles Finales Definies Par Ia Pour Le Nickel Le Cuivre Et Le Cobalt Sur Le Projet Graal De Coniagas Battery Metals Au Quebec

• [TSX.V CGD] Ivy Copper Gold Property

• [TSX.V WINS] Winshear Portsoy Project Successful Metallurgical Testwork Produces Marketable Copper And Hightly Attractive Nickel Concentrates

• [TSX.V CKG] Chesapeake Gold Announces Stock Option Grant 9

• [TSX.V SKEL] Skeleton Coast Uranium Files Ni 43 101 Technical Reports For Namibia Exclusive Prospecting Licences 8208 9727 And 8617

// M&A & Deals

• [TSX.V PML] Panoro Minerals Ltd Announces Receipt Of Us 2.0 Million Payment From The Sale Of Noncore Asset

• [TSX.V WINS] Winshear Provides Update On Thunder Bay Project Purchases Assessment Credit And Relinquishes Selective Ground

• [TSX.V RDG] Ridgeline Minerals Converts Exploration Success Into All Cash C32 7 Million Sale Of Carlin Cortez Trend Gold Portfolio To Nevada Gold Mines

• [TSX.V NOB] Noble Acquires North Bradshaw Property In Northern Ontario And Provides Final Information On Arrangement

• [TSX.V COSA] Cosa Resources Closes Acquisition Of Polaris Uranium Corp

• [TSX.V COSA] Cosa Resources Acquires Polaris Uranium Corp

• [TSX.V COSA] Cosa Resources Exercises Option To Acquire A 100 Interest In The Heron Copper Project

• [TSX.V MKA] Tr 1 Standard Form For Notification Of Major Holdings 2026 08 03

• [TSX.V LMR] Lomiko Metals Conclut Une Entente Definitive En Vue De Son Acquisition Par Global Battery Materials

• [TSX.V LMR] Lomiko Metals Enters Into Definitive Agreement To Be Acquired By Global Battery Materials

// Financing

• [TSX COPR] Coppernico Metals Secures Approximately C1 Million Strategic Financing

• [TSX.V ABI] Abcourt Announces Proposed Us10m Increase To Debenture Financing With Glencore

• [TSX.V UCU] Ucore Announces 60 Million Bought Deal Public Offering Of Common Shares

• [TSX.V SMN] Sun Summit Announces Non Brokered Private Placement Of Up To 4 Million

• [TSX.V NEXG] Nexgold Announces Equity Grants 18

• [TSX.V NEXG] Nexgold Announces Closing Of C10 Million Private Placement Of Flow Through Shares 15

• [TSX.V COS] Coniagas Annonce Les Modifications Proposees Aux Bons De Souscription

• [TSX.V IMR] Imetal Resources Confirms Private Placement Is Fully Subscribed

• [TSX.V EMPR] Empress Announces Closing Of Acquisition Of North American Royalty Portfolio

• [TSX ARIS] Aris Mining Files Wksi Base Shelf Prospectus 15370

// Production & Operations

• [TSX IVN] Kamoa Kakula Mining Complex

• [TSX.V AGX] Silver X Mining Corp Reports Record 2q26 Revenue Of 17 3m Up 29 Over 1q26 And 7 7m Of First Half Net Income

• [TSX.V UCU] Ucore Verifies Louisiana Rapidsx Equipment Scale Up Configurations

• [TSX VZLA] Vizsla Silver Appoints Luis Lazaro As President Mexico

• [TSX.V SCZ] Santacruz Silvers Wholly Owned Bolivian Subsidiary San Lucas Successfully Completes Fourth Tranche Of 70 Million Bolivian Bolivianos Promissory Note In The Bolivian Market Further Advancin

• [TSX OR] Or Royalties Reports 62 Year Over Year Increase In Revenues And Cash Flows From Operations In Q2 2026 And Continued Share Repurchases Under The Normal Course Issuer Bid

• [TSX.V LPK] Arbitration Award Update August 2026

• [TSX.V NMC] Nomination David Palmer Michael Sutton

• [TSX.V RCK] Rock Tech Lithium Strengthens Made In Ontario Lithium Supply Chain With Binding Spodumene Offtake Agreement Securing Up To Us80 Million Prepayment Facility For Georgia Lake Project

• [TSX NCF] Northcliff Announces C 7 349 Million Loan Funding

// Permitting & ESG

• [TSX.V NTH] Mecp Pre Submission Consultation For Gowganda Silver Tailings Recovery Program

• [TSX.V GPG] Grande Portage Resources Announces Acceptance Of The New Amalga Gold Project To The Covered Projects Fast 41 Program

• [TSX CNL] Collective Mining Partners In Solar Energy Initiative To Benefit The Guamal Afro Colombian Community In Caldas

• [TSX.V NOB] Noble Mineral Reports Canada Nickel Secures Federal Approval For Crawford Nickel Project

• [TSX.V LVG] Lake Victoria Gold Commences Phase 3 Land Programme To Advance Imwelo Toward Construction

• [TSX RUA] Rua Golds Auld Creek Project Qualifies For New Zealands 6 Month Fast Track Approvals Process

• [TSX CNL] Collective Mining Publishes Its 2025 Sustainability Report

• [TSX PAAS] Pan American Silver Releases 2025 Sustainability Report

• [TSX.V SCZ] Santacruz Silver Announces Publication Of 2025 Sustainability Report For Mexican Operations

• [TSX.V LVG] Lake Victoria Gold Commences Phase 1 Earthworks At Fully Permitted Imwelo Gold Project

// Corporate

• [TSX ELR] Eastern Platinum Limited Announces Ceo Transition

• [TSX.V LMR] Lomiko Metals Provides Update On Arrangement With Global Battery Materials Loan Facility And Funding Of The Yellow Fox Project

• [TSX NTR] Nutrien Continues Help Build Stronger Communities Saskatchewan

• [TSX NTR] Bank Of America Merrill Lynch 2018 Global Agriculture And Materials Conference

• [TSX NTR] Bofa Securities 2022 Global Agriculture And Materials Conference

• [TSX NTR] 2025 Q2 Earnings Conference Call

• [TSX NTR] 2019 Q4 Earnings Conference Call

• [TSX NTR] Bmo 15th Annual Farm To Market Conference

• [TSX NTR] Bmo 2023 Farm To Market Conference

• [TSX NTR] Stronger Together Spaces That Connect Generations And Build Community

// General

• [TSX ARIS] Aris Mining Updates Early Warning Report In Respec 15376

• [TSX SBI] Navigating Brazils Mining Boom Inside The Shift To A Brazil Premium

• [TSX ARIS] Aris Mining Reports Q2 2026 Results 15365

• [TSX.V FMS] Focus Graphite Obtient Un Concentre Atteignant Jusqua 987 De Carbone Par Traitement Mecanique Et Lance Sa Plateforme De Qualification En Aval

• [TSX.V RCK] Rock Tech Lithium Festigt Lithium Lieferkette In Ontario Mit Verbindlicher Spodumen Abnahmevereinbarung Und Sichert Vorauszahlungsfinanzierung Von Bis Zu 80 Mio Us Dollar Fuer Das Georgia Lake Projek

• [TSX.V LEM] Leading Edge Materials Welcomes Swedish Mineral Strategy And Potential Measures To Accelerate Strategic Projects

• [TSX.V NCX] Amvest Michael Gentile Mining Investor Forum London Uk

• [TSX.V NCX] Mining Forum Americas Colorado Springs Co

• [TSX.V NCX] Precious Metals Summit Beaver Creek Co 2

• [TSX.V HAR] Harfang Annonce La Cloture Dun Placement Prive Sans Courtier

// NOTES FROM THE NORTH

New site comes online tonight, for those looking to score a last minute deal on a Patron spot, or want to know what a Patron spot is, hit reply.

-Lee

THE DISPATCH

This may or may not be a photo of him when he was first getting started 😄 

Photo by Yle Archives on Unsplash

The Tuesday Dispatch

Hey Everyone,

A few weeks ago another Canadian newsroom ran another round of layoffs. One of the people who walked out is a friend from The Good Work Club network. Thirty years in technical writing and editorial. The kind of Canadian journalist who's covered everything from new-business features to junior hockey wins.

Now their entire career is in a bankers box of stuff they grabbed on the way out of the office, mainly a handful of coffee pods and sugar packets from the break room I’m sure.

Meanwhile, I'm heading into the launch of the new MiningandEnergy.ca, and I'm trying to share some work around to people I know.

So we came up with something.

The new site has a People section, and it's exactly what it sounds like. This is about the humans behind the work. Without the humans, goals are never dreams, and dreams are what make this interesting. Otherwise, it's all just dirt.

You know how important it is to have your story told. Plenty of you have had stories written about you before. Drill results, contract wins, the new facility. That's the company's story. It's probably been a while since anyone told yours. Let's fix that.

And the profile doesn't have to be about you. Some ways to use it:

• Introduce the geologist you just hired and show that they know their stuff.

• Give your new sales rep a face and a story so their cold calls are little more warm and less faceless outreach.

• Showcase the experience of your leadership team beyond a short bio on your site. After all, your team is who investors are really betting on.

For $650, here's what happens.

Whoever we're writing about answers five questions. Email, or a short call if they'd rather talk.

My journalist friend writes their story.

I edit it and publish it in the People section on the new MiningandEnergy.ca, with a mention in the Friday Dispatch when it's live.

You get a permanent page. Indexed, linkable, something you'll be proud to send around. One of the first profiles on the new site.

Live within 30 days of interview.

$650, one time. No retainer, no discovery call, no deck. Buy one, or buy a few so you can showcase each member of your team…

And the guarantee is unconditional. 100%. Any reason, any time, every dollar back. I believe in it that much.

One small catch. Journos like him don’t remain “freelance” very long. Somebody is going to hire this person, and when they do, this offer goes with them. No countdown timer or BS like that. It will literally be a “Hey Lee, that’s it.“ text once they hit capacity.

Click this link to pay with your Credit Card and we’ll look after all the hard work.

Buy Now => https://link.waveapps.com/3ux6ny-us4qba

Lee

PS: You can buy this today and sort out the interview next week, no rush for today. Just need it on the books.

// Drill Results

• [TSX.V DLTA] Delta Resources Announces Start Of 2026 Till Sampling Program At Delta 1 Gold Project Thunder Bay Ontario

• [TSX STLR] Stllr Gold Intersects 3.11 G T Au Over 15.70 M At The Jonpol Deposit Of The Tower Gold Project And Announces Board Change

• [TSX RUA] Rua Gold Receives Approval To Commence Exploration Drilling At The Glamorgan Project On New Zealands North Island

• [TSX.V PTU] Utilities Are Quietly Securing Long Term Supply As Prices Trend Higher

• [TSX.V PINN] Pinnacle Reopens Additional Historic Mine Workings At El Potrero And Samples Up To 26 1 G T Au And 511 G T Ag

• [TSX.V NTH] Gold Potential Outlined Along The Ridout Tyrrell Corridor At Castle Gowganda

• [TSX.V NTH] Clarification Announced To Investor Relations Agreements

• [TSX.V COS] Graal Copper Nickel Cobalt Property Doubles Following Htdem Survey

• [TSX.V COS] Coniagas Battery Metals Double La Propriete De Cuivre Nickel Cobalt Graal A La Suite Dun Leve Htdem

• [TSX.V PTU] Purepoint Intersects 5 6 Metres Of Continuous Radioactivity At Nova Peaking At 53300 Cps

// Resource & Studies

• [TSX.V CKG] Chesapeake Gold Announces Stock Option Grant 9

• [TSX.V SKEL] Skeleton Coast Uranium Files Ni 43 101 Technical Reports For Namibia Exclusive Prospecting Licences 8208 9727 And 8617

• [TSX.V NTH] Emerging Growth Research Initiates Coverage With A Buy Emerging Rating And C0 30 Price Target

• [TSX.V COS] Windfall Geotek Delivers Final Ai Driven Nickel Copper And Cobalt Targets On The Graal Project In Quebec

• [TSX.V COS] Windfall Geotek Presente Les Cibles Finales Definies Par Ia Pour Le Nickel Le Cuivre Et Le Cobalt Sur Le Projet Graal De Coniagas Battery Metals Au Quebec

• [TSX.V MQM] Metalquest Mining Completes Site Visit At Lac Otelnuk And Superior Iron Projects Advances Preparations For Metallurgical Testwork And Phase 2 Site Visit 2

• [TSX.V GIG] Xau Resources Inc Announces Filing Of Ni 43 101 Technical Report For The Quartzstone Gold Project Guyana

• [TSX.V DLTA] Delta Resources Uplists To The Otcqb Venture Market

• [TSX ELE] Elemental Royalty Notes Increase In Reserves At Karlawinda

• [TSX PAAS] Pan American Announces Revised Pea For The La Colorada Skarn Project Positions La Colorada As A Future Top Tier Silver Mine

// M&A & Deals

• [TSX.V RDG] Ridgeline Minerals Converts Exploration Success Into All Cash C32 7 Million Sale Of Carlin Cortez Trend Gold Portfolio To Nevada Gold Mines

• [TSX.V NOB] Noble Acquires North Bradshaw Property In Northern Ontario And Provides Final Information On Arrangement

• [TSX.V MKA] Tr 1 Standard Form For Notification Of Major Holdings 2026 08 03

• [TSX.V COSA] Cosa Resources Closes Acquisition Of Polaris Uranium Corp

• [TSX.V COSA] Cosa Resources Acquires Polaris Uranium Corp

• [TSX.V COSA] Cosa Resources Exercises Option To Acquire A 100 Interest In The Heron Copper Project

• [TSX.V LMR] Lomiko Metals Conclut Une Entente Definitive En Vue De Son Acquisition Par Global Battery Materials

• [TSX.V LMR] Lomiko Metals Enters Into Definitive Agreement To Be Acquired By Global Battery Materials

• [TSX.V RKR] Rokmaster Acquires Additional Mineral Titles At The Revel Ridge Project

• [TSX.V HMR] Homerun Resources Inc Advances Solar Glass Project Financing With Letter Of Intent From Leading European Project Finance Bank For Up To E170 Million

// Financing

• [TSX ELR] Eastern Platinum Limited Secures Additional Credit Facility

• [TSX.V COS] Coniagas Annonce Les Modifications Proposees Aux Bons De Souscription

• [TSX.V AIR] Clean Air Metals And Fiore Backed Springbok Ventures Announce Strategic Business Combination

• [TSX.V ABA] Abasca Resources Closes Non Brokered Private Placement Of 3 0 Million And Applauds The Targeted Mineral Exploration Incentive Of The Government Of Saskatchewan

• [TSX.V TUF] Honey Badger Silver Closes Transformative Acquisition Of The Pc Silver Mine In The Northwest Territories

• [TSX.V EPL] Eagle Plains Announces Approval Warrant Expiry Extension

• [TSX ARIS] Aris Mining Files Wksi Base Shelf Prospectus 15370

• [TSX.V COSA] Cosa Resources Completes Geophysical Surveys At Heron Copper Project

• [TSX.V COSA] Cosa Resources Closes Non Brokered Private Placement

• [TSX.V COSA] Cosa Resources Announces Increase In Private Placement

// Production & Operations

• [TSX.V NMC] Nomination David Palmer Michael Sutton

• [TSX.V RCK] Rock Tech Lithium Strengthens Made In Ontario Lithium Supply Chain With Binding Spodumene Offtake Agreement Securing Up To Us80 Million Prepayment Facility For Georgia Lake Project

• [TSX NCF] Northcliff Announces C 7 349 Million Loan Funding

• [TSX.V GGM] Granada Gold Mine Enters Into Two Debt Conversion Agreements In An Aggregate Amount Of 4 Million

• [TSX.V GRD] Grounded Lithium Announces June Oil Sales And Secures Loans To Fund Oil Gas Facility Improvements

• [TSX FURY] Fury Resumes Activities At Eau Claire

• [TSX IVN] Kamoa Kakula Mining Complex

• [TSX.V CDA] Optiseis Solutions Ltd Successfully Completes Innovative Ultra Low Impact Seismic Survey Along The Mclaren Lake Fault Zone Of Canucs Esp East Sudbury Project In Greater Sudbury Ontario

• [TSX.V SCZ] Santacruz Silver Achieves Strong Q2 2026 Production Results Producing 1573100 Ounces Of Silver And 23240 Tonnes Of Zinc

• [TSX.V PTU] Demand Growth Is Outpacing Mine Development

// Permitting & ESG

• [TSX.V GPG] Grande Portage Resources Announces Acceptance Of The New Amalga Gold Project To The Covered Projects Fast 41 Program

• [TSX CNL] Collective Mining Partners In Solar Energy Initiative To Benefit The Guamal Afro Colombian Community In Caldas

• [TSX.V NOB] Noble Mineral Reports Canada Nickel Secures Federal Approval For Crawford Nickel Project

• [TSX.V LVG] Lake Victoria Gold Commences Phase 3 Land Programme To Advance Imwelo Toward Construction

• [TSX RUA] Rua Golds Auld Creek Project Qualifies For New Zealands 6 Month Fast Track Approvals Process

• [TSX CNL] Collective Mining Publishes Its 2025 Sustainability Report

• [TSX PAAS] Pan American Silver Releases 2025 Sustainability Report

• [TSX.V SCZ] Santacruz Silver Announces Publication Of 2025 Sustainability Report For Mexican Operations

• [TSX.V LVG] Lake Victoria Gold Commences Phase 1 Earthworks At Fully Permitted Imwelo Gold Project

• [TSX CCM] Canagold Vice President Permitting

// Corporate

• [TSX.V FPX] Fpx Nickel Begins Inaugural Drill Program At The Advocate Nickel Property In Newfoundland

• [TSX.V SLG] San Lorenzo Gold Appoints Brandon Gaspar As Ceo And Provides Exploration Update

• [TSX.V NMC] Appointment David Palmer Michael Sutton

• [TSX.V NTH] Presentation At The Otcqb Virtual Investor Conference On August 5 6th

• [TSX CNL] Collective Mining To List Its Shares On The Nasdaq

• [TSX.V NTH] Zak Mir Announced As New Independent Board Member

• [TSX.V NTH] Nord Precious Metals To Participate In Cems 100th Capital Event Presented In Partnership With Tmx Group

• [TSX.V NTH] Nord Precious Metals To Present In The Emerging Growth Virtual Conference At 11 25 Am Et July 16 2026

• [TSX NTR] Nutrien Continues Help Build Stronger Communities Saskatchewan

• [TSX NTR] Bank Of America Merrill Lynch 2018 Global Agriculture And Materials Conference

// General

• [TSX SBI] Navigating Brazils Mining Boom Inside The Shift To A Brazil Premium

• [TSX ARIS] Aris Mining Reports Q2 2026 Results 15365

• [TSX.V FMS] Focus Graphite Obtient Un Concentre Atteignant Jusqua 987 De Carbone Par Traitement Mecanique Et Lance Sa Plateforme De Qualification En Aval

• [TSX.V RCK] Rock Tech Lithium Festigt Lithium Lieferkette In Ontario Mit Verbindlicher Spodumen Abnahmevereinbarung Und Sichert Vorauszahlungsfinanzierung Von Bis Zu 80 Mio Us Dollar Fuer Das Georgia Lake Projek

• [TSX.V LEM] Leading Edge Materials Welcomes Swedish Mineral Strategy And Potential Measures To Accelerate Strategic Projects

• [TSX.V NCX] Amvest Michael Gentile Mining Investor Forum London Uk

• [TSX.V NCX] Mining Forum Americas Colorado Springs Co

• [TSX.V NCX] Precious Metals Summit Beaver Creek Co 2

• [TSX.V HAR] Harfang Annonce La Cloture Dun Placement Prive Sans Courtier

• [TSX PMET] Pmet Signe Une Lettre Dintention Non Contraignante Avec La Nation Crie De Chisasibi Afin De Soutenir Le Processus De Concertation Et Devaluation

// NOTES FROM THE NORTH

The new site is shaping up slick, I’m excited to share it. Friday’s Dispatch is the new format! Can’t wait to share it.

-Lee

THE DISPATCH

Photo by Lesly Derksen on Unsplash

The Friday Dispatch

Hey Everyone,

It is nearly 30° and cloudless here in Toronto and I am at a desk. On the Friday of a long weekend. There's no version of this where I'm the smart one.

So no essay. Here are the notes, roughly as they exist in my notebook. Save it for Sunday, when the forecast says 85% rain and you'll be looking for something to read indoors anyway.

• Oil ran the whole emotional range in five days. Monday the US paused its strike campaign and Brent shed $8.42 to settle at $88.36. Wednesday Iran hit a US base in Jordan, CENTCOM answered across dozens of IRGC sites, crude jumped 6.6%. This morning Iran says it hit two tankers transiting Hormuz under US naval escort. Brent $90.36, strait back to 30-35% of pre-war traffic. (CNBC) WTI is up about a fifth on the month. Peace lasted 48 hours and the market bought it anyway. BOE Report + 3

• Fed held at 3.5 to 3.75, on a 9-3 vote. Hammack, Kashkari and Logan all dissented for a hike, the most dissents pointing the same direction since 2016. (Federal Reserve) Warsh: "I asked for a good family fight, and I got one." Careful what you ask for, Kevin. CNNCNBC

• Cenovus. About $5.0B adjusted funds flow, $3.8B free funds flow, upstream 970.4 MBOE/d. July was the first month the company has ever cleared 1 million BOE/d. Stock up 4.48%. (Cenovus) A war premium is a terrible thing to build a quarter on and a wonderful thing to report. CenovusInvesting.com

• Agnico. Record quarterly free cash flow and a record $625 million back to shareholders in one quarter, plus the Finland consolidation closed. (PR Newswire) Gold near $4,000 and they're still minting it. PR Newswire

• Cameco, this morning. 3.9 million pounds, hurt by spring road conditions on the northern Saskatchewan supply routes, annual outlook unchanged, long-term uranium price strengthening. (Cameco) World-class orebody, defeated again by gravel. Cameco

• Copper is doing this without a decision. COMEX settled $6.376/lb on July 29, up 43.6% year to date, despite Washington blowing the June 30 tariff deadline. The COMEX-LME premium sits at 19.2 cents/lb, roughly 8.4 times its twenty-year average. (FXEmpire) The Section 232 report went in on time recommending 15% from 2027 and 30% from 2028. There's no timeline for a decision. The market has priced a policy that does not exist. FX EmpireTacto

• Canada Nickel's Crawford cleared federally, today. Ontario still wants construction started by year end and the mine open Q4 2028. (Northern Miner) 1P1P produced an actual decision. Somebody frame it. The Northern Miner

• AME wrote to Champagne. Expand CEE eligibility to project-advancement work, or build a new credit. More than 65 signatories including PDAC, MAC and Newmont. (Canadian Mining Journal) The gap was never finding the deposit. Canadian Mining Journal

• Also, quietly useful: NRCan wants feedback on its new Mine Permit Navigator. (CMJ) If you've ever complained about permitting, this is the part where they ask. Canadian Mining Journal

• Next week: Suncor reports August 4. (BOE Report) Tuesday. Because of course it's Tuesday. BOE Report

// Drill Results

• [TSX.V GGO] Galleon Gold Intersects 6.8 G T Au Over 19.45 M At West Cache Confirming The High Grade Core Of Zone 9

• [TSX.V DLTA] Delta Resources Advances Systematic Evaluation Of High Priority Targets At The I Zone Delta 1 Gold Project Thunder Bay Ontario

• [TSX.V PEAK] Sun Peak Metals Advances Multi Project Exploration Program In Saudi Arabia Drill Programs Complete On First Two Projects Assays Pending

• [TSX.V TRR] Terra Rossa Gold Ltd Announces Phase 1 Drilling Campaign And Announcement Of Agm Results

• [TSX SAM] Starcore Stakes New Claims At The San Martin Property Mexico

• [TSX.V DRY] Dryden Gold Discovers Two New Gold Bearing Structures Further Expanding The Mineralized Footprint At Gold Rock

• [TSX.V CQR] Conquest Resources Identifies Multiple Gold In Till Geochemical Anomalies At The Valimaki Gold Project Finland

• [TSX.V BUFF] Buffalo Potash Completes Initial Drill Hole And Spuds Second Well At Initial Production Module

• [TSX.V FOXT] Fox Tungsten Intersects Multiple New Mineralized Zones At Fox North

• [TSX.V EAU] Engineer Gold Mines Exploration Program Underway

// Resource & Studies

• [TSX.V DLTA] Delta Resources Uplists To The Otcqb Venture Market

• [TSX ELE] Elemental Royalty Notes Increase In Reserves At Karlawinda

• [TSX PAAS] Pan American Announces Revised Pea For The La Colorada Skarn Project Positions La Colorada As A Future Top Tier Silver Mine

• [TSX NEXT] Nextsource Materials Announces Updated Feasibility Study Results For Molo Mine Expansion To 150k Tpa Of Superflake Graphite Concentrate

• [TSX.V WINS] Winshear Portsoy Project Successful Metallurgical Testwork Produces Marketable Copper And Hightly Attractive Nickel Concentrates

• [TSX NUAG] New Pacific Metals Reports Results Of Updated Carangas Preliminary Economic Assessment Post Tax 2 65 Billion Npv 5 And 35 9 Irr 339 0 Million Oz Of Silver Equivalent Produced

• [TSX.V NTH] Otcqb Us Symbol Change To Npmmf Announced

• [TSX.V NEXM] Nexmetals Increases Selkirk Mineral Resource By 70 Establishing 1 1 Billion Pounds Of Copper Equivalent In The Indicated Category And 200 Million Pounds In Inferred Category

• [TSX.V NEXG] Nexgold Continues To Advance Key Development Activities At The Goldboro Gold Project In Nova Scotia 13

• [TSX.V NEXG] Nexgold Continues To Advance Key Development Activities At The Goldboro Gold Project In Nova Scotia 14

// M&A & Deals

• [TSX.V COSA] Cosa Resources Closes Acquisition Of Polaris Uranium Corp

• [TSX.V COSA] Cosa Resources Acquires Polaris Uranium Corp

• [TSX.V COSA] Cosa Resources Exercises Option To Acquire A 100 Interest In The Heron Copper Project

• [TSX.V HMR] Homerun Resources Inc Advances Solar Glass Project Financing With Letter Of Intent From Leading European Project Finance Bank For Up To E170 Million

• [TSX.V EPL] Eagle Plains And American Eagle Gold Corp Execute Option Agreement Hearne Hill South Jinx And

• [TSX.V RKR] Rokmaster Options Undrilled Porphyry Copper Target In Northern Chile

• [TSX.V LIO] Lion One Acquires New Lm90 Drill To Target Zone 500 And West Zone From Underground

• [TSX.V GGL] Ggl Resources Corp Options Copper Gold Projects In Sw Yukon And Consolidates Common Shares

• [TSX.V HAR] Harfang And Eramet Sign Loi To Advance The Serpent Project In Quebec

• [TSX.V TUF] Honey Badger Silver To Acquire Important High Grade Permitted1 Canadian Silver Project Launches 10 Million Financing

// Financing

• [TSX.V ABA] Abasca Resources Closes Non Brokered Private Placement Of 3 0 Million And Applauds The Targeted Mineral Exploration Incentive Of The Government Of Saskatchewan

• [TSX.V EPL] Eagle Plains Announces Approval Warrant Expiry Extension

• [TSX ARIS] Aris Mining Files Wksi Base Shelf Prospectus 15370

• [TSX.V COSA] Cosa Resources Completes Geophysical Surveys At Heron Copper Project

• [TSX.V COSA] Cosa Resources Closes Non Brokered Private Placement

• [TSX.V COSA] Cosa Resources Announces Increase In Private Placement

• [TSX.V COSA] Cosa Resources Announces Private Placemen

• [TSX.V COSA] Cosa Resources Completes Initial Public Offering And Lists On The Canadian Securities Exchange

• [TSX.V KFR] Kingfisher Announces Closing Of Strategic Investment From Barrick

• [TSX.V GEN] Generation Closes Non Brokered Flow Through Private Placement

// Production & Operations

• [TSX.V GGM] Granada Gold Mine Enters Into Two Debt Conversion Agreements In An Aggregate Amount Of 4 Million

• [TSX.V GRD] Grounded Lithium Announces June Oil Sales And Secures Loans To Fund Oil Gas Facility Improvements

• [TSX.V CDA] Optiseis Solutions Ltd Successfully Completes Innovative Ultra Low Impact Seismic Survey Along The Mclaren Lake Fault Zone Of Canucs Esp East Sudbury Project In Greater Sudbury Ontario

• [TSX FURY] Fury Resumes Activities At Eau Claire

• [TSX IVN] Kamoa Kakula Mining Complex

• [TSX.V SCZ] Santacruz Silver Achieves Strong Q2 2026 Production Results Producing 1573100 Ounces Of Silver And 23240 Tonnes Of Zinc

• [TSX.V PTU] Demand Growth Is Outpacing Mine Development

• [TSX DML] Denison Announces Completion Of Site Preparation A 122849

• [TSX.V RCK] Rock Tech Lithium Strengthens Made In Ontario Lithium Supply Chain With Binding Spodumene Offtake Agreement Securing Up To Us80 Million Prepayment Facility For Georgia Lake Project

• [TSX.V MKA] Hypromag Usa To Establish Early Magnet Finishing Capability As Part Of Phased Texas Hub Development

// Permitting & ESG

• [TSX.V LVG] Lake Victoria Gold Commences Phase 3 Land Programme To Advance Imwelo Toward Construction

• [TSX RUA] Rua Golds Auld Creek Project Qualifies For New Zealands 6 Month Fast Track Approvals Process

• [TSX CNL] Collective Mining Publishes Its 2025 Sustainability Report

• [TSX.V SCZ] Santacruz Silver Announces Publication Of 2025 Sustainability Report For Mexican Operations

• [TSX.V LVG] Lake Victoria Gold Commences Phase 1 Earthworks At Fully Permitted Imwelo Gold Project

• [TSX PAAS] Pan American Silver Releases 2025 Sustainability Report

• [TSX CCM] Canagold Vice President Permitting

• [TSX CCM] Taku River Tlingit Collaboration

• [TSX CCM] New Polaris Environmental Application

• [TSX CCM] New Polaris Gold Antimony Project

// Corporate

• [TSX.V GEL] Graphano Energy Appoints Andrew Gainsbury As Cfo And Director Announces Passing Of Director Jay Richardson And Provides Update On Proposed Earn In Transaction

• [TSX EQX] Equinox Gold And Orla Mining Complete Business Combination Creating North Americas New Senior Gold Producer

• [TSX CS] Capstone Copper Reports Second Quarter 2026 Results

• [TSX CS] Capstone Copper Reports Second Quarter 2026 Results

• [TSX.V MOON] Blue Moon Announces Voting Results From Annual General And Special Meeting

• [TSX SAM] Robert Eadie C E O And President To Present At The Otc Markets Conference February 17 At 10am

• [TSX.V LEGY] Legacy Gold Announces Change Of Auditor

• [TSX CNL] Collective Mining To List Its Shares On The Nasdaq

• [TSX.V AEF] Ae Fuels Stakes Sadler Mine Consolidating Fluorite Ridges Two Largest Historic Fluorspar Producers

• [TSX.V SML] Southstone Provides Financial And Corporate Update

// General

• [TSX SBI] Navigating Brazils Mining Boom Inside The Shift To A Brazil Premium

• [TSX ARIS] Aris Mining Reports Q2 2026 Results 15365

• [TSX.V FMS] Focus Graphite Obtient Un Concentre Atteignant Jusqua 987 De Carbone Par Traitement Mecanique Et Lance Sa Plateforme De Qualification En Aval

• [TSX.V RCK] Rock Tech Lithium Festigt Lithium Lieferkette In Ontario Mit Verbindlicher Spodumen Abnahmevereinbarung Und Sichert Vorauszahlungsfinanzierung Von Bis Zu 80 Mio Us Dollar Fuer Das Georgia Lake Projek

• [TSX.V LEM] Leading Edge Materials Welcomes Swedish Mineral Strategy And Potential Measures To Accelerate Strategic Projects

• [TSX.V NCX] Amvest Michael Gentile Mining Investor Forum London Uk

• [TSX.V NCX] Mining Forum Americas Colorado Springs Co

• [TSX.V NCX] Precious Metals Summit Beaver Creek Co 2

• [TSX.V HAR] Harfang Annonce La Cloture Dun Placement Prive Sans Courtier

• [TSX PMET] Pmet Signe Une Lettre Dintention Non Contraignante Avec La Nation Crie De Chisasibi Afin De Soutenir Le Processus De Concertation Et Devaluation

// NOTES FROM THE NORTH

New site goes live next week. Hit reply if you want to see the slick ways to have your operation featured.

The Civic Holiday isn't technically a statutory holiday in Ontario. Nobody has ever cared less about a technicality.

No one at their desk today is happy about it, unless they can see the door and no one will notice them slipping through it.

Happy long weekend everyone.

-Lee

THE DISPATCH

Photo by Karl Moore on Unsplash

The Tuesday Dispatch

Hey Everyone,

In today’s edition I could have talked about oil breaking $100 and then falling off a cliff inside the same week and Equinox and Orla shareholders green-lighting Canada's new number two gold producer or even the TSX printing another record high while gold slumps toward $4,000 or B.C. handing FortisBC a permit exemption for a $2 billion LNG expansion this week and that would have been perfectly fine.

But then I was thinking that I should probably cover the copper tariff decision that's now a month past due, which would have easily lead to Teck's quarter landing with the Anglo merger still stuck in the regulatory queue, and then I worried that I'd be missing out on the Marten Falls road breaking ground in a matter of days.

You see the problem here, when you're chasing a fast moving industry is that it’s never enough. Couple that with the numerous emails I get every day from PR firms looking to land some coverage for their clients and I always feel like I’m behind.

That’s just it though, I’m not behind, my expectations are too high for what I should actually be delivering. I’m sure many of you feel the same. You look at your output, compare that to your projections and Q2 results and try to eek out another marginal increase to show progress and improvement. Q3 must improve at all costs after all…

The new format of Canadian Mining & Energy is just 4 days away. I’m planning for my Q3 to be slower, much much slower and that will result in far greater value being delivered to my “shareholders” (that means reader) even though it looks less busy.

I’m very proud of what you’ll be receiving very soon from this publication.

Here’s to a return to slow.

// Drill Results

• [TSX.V LEGY] Legacy Gold Extends Zone 150m 492ft South And Proves Mineralization In 150m 492ft Gap In The North At The Baner Gold Mine Property Idaho

• [TSX.V GPS] Great Plains Metals Confirms Pencil Porphyry Discovery With A 128 Meter Intercept At Goodrich Project Nsw

• [TSX PAAS] Pan American Silver Discovers New High Grade Veins At The La Colorada Mine

• [TSX.V PML] Cotabambas Project Ndash Growth In Exploration Activities

• [TSX.V NAM] New Age Metals Advances 2026 Field Exploration Program Across Its Kenora Gold And Critical Metals Division In Northwestern Ontario

• [TSX.V NTH] Gold Potential Outlined Along The Ridout Tyrrell Corridor At Castle Gowganda

• [TSX.V NTH] Robinson Zone Extended With 13 620 G T Silver And 1 84 Cobalt Over 0 6m Including 25 803 G T Silver 752 7 Oz Ton And 3 60 Cobalt Over 0 30m

• [TSX.V NTH] Clarification Announced To Investor Relations Agreements

• [TSX.V NEXG] Nexgold Intersects 12 06 G T Gold Over 6 0 Metres And 3 84 G T Gold Over 18 0 Metres During Infill Drill Program At Goldboro 13

• [TSX.V NEXG] Nexgold Intersects 61 22 G T Gold Over 12 0 Metres And 5 85 G T Gold Over 13 0 Metres During Infill Drill Program At The Goldboro Gold Project In Nova Scotia 13

// Resource & Studies

• [TSX PAAS] Pan American Announces Revised Pea For The La Colorada Skarn Project Positions La Colorada As A Future Top Tier Silver Mine

• [TSX NEXT] Nextsource Materials Announces Updated Feasibility Study Results For Molo Mine Expansion To 150k Tpa Of Superflake Graphite Concentrate

• [TSX.V WINS] Winshear Portsoy Project Successful Metallurgical Testwork Produces Marketable Copper And Hightly Attractive Nickel Concentrates

• [TSX NUAG] New Pacific Metals Reports Results Of Updated Carangas Preliminary Economic Assessment Post Tax 2 65 Billion Npv 5 And 35 9 Irr 339 0 Million Oz Of Silver Equivalent Produced

• [TSX.V NTH] Otcqb Us Symbol Change To Npmmf Announced

• [TSX.V NEXM] Nexmetals Increases Selkirk Mineral Resource By 70 Establishing 1 1 Billion Pounds Of Copper Equivalent In The Indicated Category And 200 Million Pounds In Inferred Category

• [TSX.V NEXG] Nexgold Continues To Advance Key Development Activities At The Goldboro Gold Project In Nova Scotia 13

• [TSX.V NEXG] Nexgold Continues To Advance Key Development Activities At The Goldboro Gold Project In Nova Scotia 14

• [TSX.V CPAU] Kinsley Mountain Gold Project

• [TSX.V GGM] Granada Gold Announces 64 Increase In Measured And Indicated Mineral Resources To 890 600 Oz Au 15 982 000 Tonnes At 1.73 G T

// M&A & Deals

• [TSX.V HMR] Homerun Resources Inc Advances Solar Glass Project Financing With Letter Of Intent From Leading European Project Finance Bank For Up To E170 Million

• [TSX.V EPL] Eagle Plains And American Eagle Gold Corp Execute Option Agreement Hearne Hill South Jinx And

• [TSX.V LIO] Lion One Acquires New Lm90 Drill To Target Zone 500 And West Zone From Underground

• [TSX.V GGL] Ggl Resources Corp Options Copper Gold Projects In Sw Yukon And Consolidates Common Shares

• [TSX.V HAR] Harfang And Eramet Sign Loi To Advance The Serpent Project In Quebec

• [TSX.V FMS] Focus Graphite Souligne Lalignement Strategique De Sa Strategie Avec Le Decret De La Maison Blanche Visant A Securiser Les Chaines Dapprovisionnement De La Defense Americaine

• [TSX PMET] Pmet Signs Non Binding Letter Of Intent With The Cree Nation Of Chisasibi To Support Engagement And Assessment Process

• [TSX.V GGA] Eric Sprott Announces Acquisition Of Common Shares Of Goldg 2026 07 20 Qm 6380896101489645

• [TSX.V MDM] Madoro Metals Corp Announces Signing Of Definitive Agreement For Proposed Reverse Takeover With Narrow River Resources

• [TSX.V SSV] Southern Silver Engages Icp Securities For Automated Market Making Services

// Financing

• [TSX.V IMR] Imetal Resources Provides Update On Private Placement

• [TSX.V NEXG] Nexgold Announces Equity Grants 16

• [TSX.V NEXG] Nexgold Announces Equity Grants 17

• [TSX.V NEXG] Nexgold Announces Closing Of C10 Million Private Placement Of Flow Through Shares 14

• [TSX.V HAR] Harfang Completes Non Brokered Private Placement

• [TSX.V GAL] Galantas Announces Amendment To A Dragones Share Purchase Agreement

• [TSX.V NEV] Nevada Sunrise Closes 1.055 Million Private Placement

• [TSX.V LIO] Lion One Announces Forbearance Agreement With Senior Lender Including Extension Of Repayment Date

• [TSX.V SALT] Atlas Salt Receives Letter Of Interest From Export Developm 2026 07 23 Qm 7869349248373602

• [TSX.V ALDE] Aldebaran Resources And Centauri Minerals Announce Closing Of 25 Million Subscription Receipt Financing In Connection With Centauri Spin Out

// Production & Operations

• [TSX.V PTU] Demand Growth Is Outpacing Mine Development

• [TSX DML] Denison Announces Completion Of Site Preparation A 122849

• [TSX.V MKA] Hypromag Usa To Establish Early Magnet Finishing Capability As Part Of Phased Texas Hub Development

• [TSX FURY] Fury Resumes Activities At Eau Claire

• [TSX CLCH] Clinch Resources Ltd Announces First Production Train Sold From Lanes Branch Property First Vessel To Be Shipped In Early September

• [TSX USA] Americas Gold And Silver Corporation Announces Second Quarter Production

• [TSX.V DMX] District Reports On Viken Deposit Economic Impact Study That Delivers Us7 66 Billion 74 33 Billion Sek Economic Contribution

• [TSX CCM] Taku River Landing Craft Trials

• [TSX.V BUFF] Buffalo Potash Commences Drilling At Initial Production Module

• [TSX.V PTU] Utilities Are Quietly Locking In Supply Well Into The Next Decade

// Permitting & ESG

• [TSX PAAS] Pan American Silver Releases 2025 Sustainability Report

• [TSX CNL] Collective Mining Publishes Its 2025 Sustainability Report

• [TSX.V OMM] Ominecas Mining Partner Psi Submits Application To Dewater The Fraser Canyon Placer Gold Recovery Project

• [TSX.V BRW] Brw Dans Les Medias

• [TSX.V BRW] Killian Charles Chef De La Direction Dexploration Brunswick Figure Dans Le Rapport Canadas Next Chapter De Newsweek

• [TSX.V GGA] Canadian Investment Regulatory Organization Trading Halt Gg 2026 07 17 Qm 9004822285817220

• [TSX.V GGA] Canadian Investment Regulatory Organization Trade Resumptio 2026 07 17 Qm 5848497974775859

• [TSX.V TVI] Environmental Management And Protection

• [TSX.V AEF] Aef Launches Integrated Technical Program To Advance Fluorite Ridge For Potential Us Domestic Fluorspar Supply

• [TSX.V PTU] Updates Fire Eye Project

// Corporate

• [TSX PAAS] Pan American Silver To Host Investor Day On June 1 2026

• [TSX PAAS] Pan American Silver Reports First Quarter 2026 Financial Results Strong Mine Operating Earnings Lead To Record Cash Balance And An Enhanced Shareholder Return Framework

• [TSX PAAS] Pan American Silver Targets Up To 1 Billion In Shareholder Returns In 2026 Through Enhanced Shareholder Return Framework

• [TSX PAAS] Pan American Silver Announces Results Of Annual General And Special Meeting 15

• [TSX PAAS] Pan American Silver To Announce First Quarter 2026 Unaudited Results On May 5 And Host Annual General And Special Meeting Of Shareholders On April 30

• [TSX NTR] Nutrien Continues Help Build Stronger Communities Saskatchewan

• [TSX NTR] Bank Of America Merrill Lynch 2018 Global Agriculture And Materials Conference

• [TSX NTR] Bofa Securities 2022 Global Agriculture And Materials Conference

• [TSX NTR] 2025 Q2 Earnings Conference Call

• [TSX NTR] 2019 Q4 Earnings Conference Call

// General

• [TSX.V LEM] Leading Edge Materials Welcomes Swedish Mineral Strategy And Potential Measures To Accelerate Strategic Projects

• [TSX.V HAR] Harfang Annonce La Cloture Dun Placement Prive Sans Courtier

• [TSX PMET] Pmet Signe Une Lettre Dintention Non Contraignante Avec La Nation Crie De Chisasibi Afin De Soutenir Le Processus De Concertation Et Devaluation

• [TSX.V LEM] Leading Edge Materials Advances Midstream Processing Strategy For The Norra K%c3%a4rr Heavy Rare Earth Elements Project

• [TSX.V RDG] Ridgeline Files Early Warning Report In Respect Of Spartan Metals Corp

• [TSX IE] Ivanhoe Electric Announces Promotion Of Alex Neufeld To Senior Vice President Exploration

• [TSX.V AZM] Azimut Mise A Jour Sur Le Programme Dexploration 2026

• [TSX.V RCK] Rock Tech Lithium Awarded 262500 From Ontarios Critical Minerals Innovation Fund To Advance Made In Ontario Lithium Supply Chain

• [TSX.V RCK] Rock Tech Lithium Erhaelt 262 500 Kanadische Dollar Aus Dem Critical Minerals Innovation Fund Ontario Zur Staerkung Der Lithium Lieferkette In Ontario

• [TSX.V LMR] 3e Trimestre Avril 2026

// NOTES FROM THE NORTH

Quick follow up from the post last week about The Good Work Club.

If you have an operation in Mexico I’d love to connect you with a friend of mine. He’s likely going to be in country this winter and does amazing work. He’s worked for car companies you know of and travels the world doing this sort of thing. We were talking this morning and he’d be keen to head to your site, take photos and videos and give you a package that sets you up for a year; media, posts, calendar - everything.

The best part is that because he’s already in country you’re not on the hook to fly someone there, pay for hotels and per diem +++ etc.

Hit reply if you want an intro and I’ll connect you, no obligation.

-Lee

THE DISPATCH

Photo by Brad Switzer on Unsplash

The Friday Dispatch

That's not me. That's Wab Kinew, Premier of Manitoba, summing up the week on his way into the First Ministers' Meeting in Charlottetown.

No communique language, no "deeply concerned," no measured disappointment. Dumb. And the second half of his sentence is the part Washington should care about but doesn’t. This only makes things more expensive for Americans.

Kinew has been on a run lately. He's also the guy who answered the smoke-fee talk by pointing out that Manitoba sent wildfire fighters south to fight American fires this season and will keep doing it no matter what Washington says, because that's what decent people do. Hard to tariff that.

Quick recap for anyone who spent the week underground, which for this readership is not a figure of speech. On Monday the White House signed three proclamations under a Depression-era tariff law, putting 50 percent duties on about $20 billion of Canadian goods effective August 19. Wine, cream, cement, electrical equipment, hockey gear. The exemption list, as noted here Monday, was the real meat of it: energy, potash, critical minerals, and fish all carved out. They tariffed what they can live without and spared what they can't.

By Thursday, Ottawa had its answer: nothing. Yet. On purpose. Carney came out of Charlottetown saying everything is on the table if there's no deal by August 19, but responding in advance would be counterproductive. Talks are intensifying instead. Sometimes the fastest move is the deliberate one.

Doug Ford, as usual, skipped the deliberate part and went straight to the interesting question. He wants Canada to withhold potash and oil. Danielle Smith wants no retaliation at all. So Ontario is proposing to weaponize the exact commodities the White House just exempted while Alberta proposes the opposite, which is about the most Canadian federation you can draw on a napkin.

But let's take Ford's idea seriously for a minute, because the math is worth seeing.

How expensive could it get, exactly?

Kinew says the tariffs make life more expensive for Americans. Correct. Now run the thought experiment: what happens if Canada did what Ford suggests and went after the categories Washington deliberately excluded?

// Oil. 
Canada now supplies 64 percent of American crude oil imports, about 1.4 billion barrels a year, up from 41 percent a decade ago. They didn't reduce their dependence during this trade war. They deepened it. And it's not swappable supply. Midwest refineries spent billions on equipment built specifically to process Canadian heavy crude. You can't run West Texas light through a machine tuned for Alberta bitumen without writing a very large cheque and going dark while you do it. A supply disruption doesn't mean inconvenience at those refineries. It means gas prices across the Midwest doing things that end political careers.

// Potash. 
Canada supplies 85 to 90 percent of American potash imports. Washington put potash on its own Critical Minerals List last year, which is government-speak for "we checked and we cannot live without this." The backup supplier is Russia, at around 9 percent. So the contingency plan for losing Canadian fertilizer is calling Moscow. American corn and soybean farmers, a constituency the White House allegedly cares about, would feel that within one planting season.

// Uranium. 
American reactors sourced a third of their uranium from Canada in 2024, more than from any other country, right as nuclear demand climbs on the back of AI data centres. The clean energy comeback runs through Saskatchewan.

// Electricity. 
Canada is the largest supplier of US energy imports, full stop, and that includes the power itself. Ontario and Quebec keep the lights on for a meaningful chunk of the northeastern grid.

Add it up and Ford's napkin isn't a bluff. It’s Pandora’s Box sitting in a drawer both capitals know about.

Which is exactly why Carney won't touch it in advance.

Leverage like that is worth the most while it's still theoretical. The moment you use it, you've spent it, and Americans at the pump and the grain elevator pay the bill Kinew is describing. The premier called the tariffs dumb because he's read the same math. The dumbest part is that Washington wrote it down for us, in the exemption schedule, and signed it.

Twenty-six days to August 19.

// NOTES FROM THE NORTH

Something new at the top of the page

You may have noticed a new name in the ad spot this week: The Good Work Club.

That one's mine, so let me tell you what it is.

Twenty-plus years in this industry leaves you with two things: opinions and a contact list. The Good Work Club is the contact list, put to work. It connects companies with a curated network of experienced public relations professionals, designers, developers, marketers and more. People I know. People whose work I've seen hold up.

I’ve been building this list and community for more than a decade, it used to be called Offload and here’s an article about it from 2014… I’ve been running this for a long time.

Every week someone in here asks me if I know a designer who won't make their site look like a template, or a PR person who understands the difference between a drill result and a press release about a drill result.

Well, the thing is that many of the best I know are finding themselves being made redundant, or at at the very least they can see the writing on the wall as they train their AI replacement.

Right now, for a lot less than you would expect, I can connect you with a friend of mine who was just laid off from Meta or another friend who works as a media buyer at a national agency who could use some extra work during maternity leave.

When you need Good Work done, I'll help you find someone who knows what they're doing. 

That's the whole pitch. No platform, no algorithm, no marketplace with 4,000 freelancers and a star rating system.

A phone call with someone you know (me) to scope out your needs and then a match with a curated set of options from people who know their craft and have results to prove it.

If that sounds useful, I'd love to chat with you about what this would look like for your operation.

Hit reply. It comes straight to me, because there is no one else here.

-Lee

THE DISPATCH

Photo by Taylor Friehl on Unsplash

The Tuesday Dispatch

Yesterday the White House signed three proclamations imposing a fresh 50 percent tariff on about $20 billion worth of Canadian goods, effective August 19. To do it, they dusted off Section 338 of the Tariff Act of 1930, a Depression-era statute that has spent nearly a century in a drawer waiting for someone to get mad enough at milk.

The list is a poem. Wine. Cream. Cement. Electrical equipment. And hockey sticks. They put a 50 percent tariff on hockey sticks. A country that has spent two years lecturing us about national security just declared economic war on the Sher-Wood. Somewhere in Ohio a beer leaguer is about to learn what a twig actually costs, and he is going to blame the wrong government.

Read the exemptions, though, because that's where the truth lives. Energy, potash, critical minerals, and fish are all carved out. They tariffed the things they can live without and exempted the things they cannot. The proclamation is not a trade policy. It is an inventory of dependence, signed and dated. Our readers dig, pump, and crush every item on the protected list. Congress can come for the hockey sticks. It cannot come for the potash, and both capitals know it.

The stated grievance is that Canadian provinces pulled American booze off the shelves and it worked. US alcohol shipments to Canada dropped about 81 percent in a year. Turns out the LCBO is a more effective trade weapon than anything in the Tariff Act. Trump announced all this Monday, one day after sitting near Carney at the World Cup final. Nothing says "great seeing you" like a proclamation.

What the summer taught me

I'm not going to tell you what we've been building this summer. That's deliberate, and you'll soon see why. But the summer itself taught me something worth writing down, and it applies whether you run a mine, a mill, or a one-man publishing operation.

Sometimes you need to go slow to go fast.

Chasing something at full sprint often makes you slower. You skip the survey work. You build on ground you never tested. You mistake motion for progress and spend the next year paying for the shortcut. The act of being slow and deliberate, on purpose, at the right stage, is what makes you the fastest you've ever been when it counts.

This is not a self-help theory. It is the most Canadian operating principle there is. We've run this play before, and it works every time we remember to run it.

Insulin, 1921. Fred Banting had one idea and a borrowed lab at the University of Toronto. He and Charles Best spent a brutal summer doing tedious, unglamorous extraction work while the rest of medicine chased everything at once. By January 1922 a dying boy named Leonard Thompson got the first dose. By 1923 Banting had a Nobel Prize, the fastest turnaround from discovery to Nobel anyone had seen. The slow summer produced the fastest translation in medical history. Then they sold the patent for a dollar, because the point was the problem, not the payday.

The CPR, 1885. The railway looks like a speed story. It isn't. It's a patience story with a speed ending. Sandford Fleming's crews spent the 1870s surveying tens of thousands of kilometres of the worst terrain on the continent before serious track went down. Then, because the thinking was finished, Van Horne's crews laid roughly 500 miles of prairie main line in a single season. The last spike went in at Craigellachie years ahead of the deadline. The fast part was only possible because somebody had been willing to be slow first.

The Canadarm, 1981. When the shuttle program came around, Canada did not try to build a spaceship. The NRC and Spar Aerospace picked one component, the arm, and made it perfect. It flew on Columbia in 1981 and performed across 90 missions without a failure. We didn't do everything. We did one thing so well that every photo of the shuttle has a maple leaf in it.

Standard time, 1884. Fleming again, because the man was a pattern. He missed a train in Ireland in 1876 over a schedule error and decided the entire planet's approach to time was the problem. He then spent eight years methodically pushing one idea through conferences and committees until the world adopted standard time zones. One man, one problem, no hurry. Now every clock on Earth runs on his patience.

In every case, the breakthrough wasn't talent or luck or budget. It was the decision to narrow down and stay narrow. One lab. One route. One arm. One clock.

The Americans are sprinting right now. Proclamations on Monday, exemptions by Friday, a new grievance every news cycle. Fine. Let them.

We’re over here being slow and deliberate.

More when there's more. There will be more.

// NOTES FROM THE NORTH

Lee

THE DISPATCH

Photo by kyle lvpc on Unsplash

The Friday Dispatch

Senator Bernie Moreno of Ohio announced this week that he is introducing a bill to sanction Canada over wildfire smoke. He is calling it the CANADA FIRE Act, and I want to address his concerns directly, exporter to customer.

Senator. Buddy. Let me explain how we got here.

For decades, Canada has attempted to ship you trees the normal way. By rail. By truck. Sawn, planed, kiln-dried, stamped, and stacked on flatcars pointed politely south. Your response was to tax them. The current bill on Canadian softwood runs about 45 percent, once you stack the anti-dumping duties, the countervailing duties, and the fresh 10 percent tariff your president added last October on national security grounds. National security. The threat assessment concluded that two-by-fours from Chetwynd endanger the republic. Your builders' association is begging you to stop. You have collected more than eight billion dollars protecting America from framing lumber.

So the market adapted. You wouldn't take our trees by rail, so this year they are arriving by air. Unsawn. Some assembly required.

I'll grant the logistics need work. Delivery windows are vague. The product arrives pre-carbonized. But note what does not appear on the invoice: no stumpage disputes, no Commerce Department administrative review, no Section 232. Smoke is the only Canadian forest product that crosses your border tariff-free. You built that incentive structure yourselves, gentlemen. We just watched.

Now, the bill. It is a genuine piece of work. It would freeze the assets of Canadian officials, revoke their visas, and declare our ambassador persona non grata until the President personally certifies that American air quality has held below an AQI of 100 for 90 consecutive days. Ninety days of certified air. Congressman John James of Michigan, who happens to be running for governor, adds that he wants compensation. Not apologies. Compensation. He is invoicing us for the wind while his customs service invoices us for the wood. Pick a lane, John. Preferably a rail lane.

Some context from the supplier side. Northwestern Ontario has about 148 active fires right now. One of them, Fort Frances 14, is past 55,000 hectares. Canada has more than 800 burning nationally. Ontario has asked Ottawa for help evacuating remote First Nations communities by air. Moreno's office says we failed at forest thinning, prescribed burns, and "enforcement against arson," which suggests he believes the boreal forest is a municipal park with insufficient patrols. It is a landmass the size of Western Europe and the lead suspect is lightning. Good luck serving the warrant.

And my favourite line item in the whole file: part of the smoke over the Midwest this week is coming from the Thumb Fire. The Thumb Fire is in Minnesota. That is domestic supply, Senator. American smoke, produced by American forests, moving in interstate commerce. If it's compensation you're after, Duluth is closer than Ottawa and the AQI there hit 682.

Prime Minister Carney responded to all this in French, which is the diplomatic equivalent of putting the call on hold, and noted the nerve of being lectured on emissions by a government banning wind farms.

The offer stands. Drop the duties and we will happily go back to shipping the trees horizontal, on steel wheels, at posted rates, with paperwork. It's a better product. It holds up a house. The airborne version holds up nothing but your legislative calendar.

Until then, the boreal will keep filling orders the only way your tariff schedule allows. Rail or air, gentlemen. Your choice. It always was.

Filed from under an orange sky in Ontario, where the export numbers have never looked hazier.

// Drill Results

• [TSX PAAS] Pan American Silver Discovers New High Grade Veins At The La Colorada Mine

• [TSX.V W] Spartan Metals Expands Past Producing Tungstonia Mine Mineralization Footprint More Than 13 Fold Defining 5 7 Km2 Of Tungsten Silver Veins With Assays Up To 5 18 Wo%e2%82%83

• [TSX.V ONYX] Onyx Gold Extends Argus North To More Than 700 Metres Depth With 3 5 G T Gold Over 28 1 Metres

• [TSX.V NOBL] Noble Plains Uranium Launches Geophysics Program Through University Of Wyoming To Detect Buried Uranium Mineralization

• [TSX.V DRY] Dryden Gold Receives Drill Permit To Test High Priority Mud Lake Discovery Target

• [TSX.V NTH] Gold Potential Outlined Along The Ridout Tyrrell Corridor At Castle Gowganda

• [TSX.V NTH] Robinson Zone Extended With 13 620 G T Silver And 1 84 Cobalt Over 0 6m Including 25 803 G T Silver 752 7 Oz Ton And 3 60 Cobalt Over 0 30m

• [TSX.V NTH] Clarification Announced To Investor Relations Agreements

• [CSE UG] Upside Gold Reports Drilling Underway At The Kena Gold Copper Project And Receives Mines Act Permit Extension

• [CSE PRIZ] Prismo Metals Assay Results At Silver King Show Highs Of 1 73 Copper 30 Ppm Molybdenum 1362 G T Silver 4 1 Lead And 1 3 G T Gold

// Resource & Studies

• [TSX PAAS] Pan American Announces Revised Pea For The La Colorada Skarn Project Positions La Colorada As A Future Top Tier Silver Mine

• [TSX.V NTH] Otcqb Us Symbol Change To Npmmf Announced

• [TSX.V KNOX] War Bond Ni 43 101 Technical Report Nevada

• [TSX.V SRL] Salazar Resources Reports El Domo After Tax Npv 8 Discount Rate Of Us 573 Million Representing A 121 Increase Compared To The

• [TSX CLCH] Clinch Resources Completes Debt Settlement

• [TSX.V SKP] Strikepoint Gold Files Updated Technical Reports For Its Hercules And Cuprite Projects

• [TSX RIO] Rio2 Files Ni 43 101 Technical Report For The Kalzas Tungsten Project Yukon Canada

• [TSX.V NPR] North Peak Announces Proposed Extension Of Warrant Expiry Date

• [TSX.V MGG] Minaurum Engages Sgs To Complete Mineral Resource Update On The Alamos Silver Project

• [TSX.V NTH] Original Technical Team Secured To Update Historic Silver Tailings Resource At Gowganda

// M&A & Deals

• [TSX.V MDM] Madoro Metals Corp Announces Signing Of Definitive Agreement For Proposed Reverse Takeover With Narrow River Resources

• [TSX.V SSV] Southern Silver Engages Icp Securities For Automated Market Making Services

• [TSX.V NICU] Bnn Bloomberg Interview Jason Jessup On Strong Q2 Results Strategic Investments And Safety Excellence

• [TSX.V EPL] Eagle Plains And Pacific Bay Minerals Execute Option Agreement Haskins Critical Minerals

• [TSX.V GAL] Galantas Gold To Acquire 20 000 Tpd Crushing Plant For Andacollo Gold Project Chile

• [TSX.V NOB] Noble Mineral Exploration Inc To Acquire Lucas Gold Project From Canada Nickel

• [TSX.V ESK] Eskay Mining Corp Updates Early Warning Disclosur 15337

• [TSX.V EMPR] Empress Announces Acquisition Of North American Royalty Portfolio

• [TSX.V SML] Southstone Announces Mutual Termination Of Afrium Energy Term Sheet

• [TSX.V HAR] Harfang Et Eramet Signent Une Lettre Dintention Visant A Faire Avancer Le Projet Serpent Au Quebec

// Financing

• [TSX.V GEN] Generation Uranium Announces Cse Listing And Voluntary Tsxv Delisting

• [TSX OM] Metaux Osisko Annonce La Conversion De La Debenture Convertible De 25 M Us Detenue Par Glencore Canada

• [TSX.V HMR] Homerun Resources Wtr Small Cap Spotlight Podcast

• [TSX.V PTU] Purepoint Closes Private Placement

• [TSX OM] Osisko Metals Announces Conversion Of Glencore Canadas Us25 Million Convertible Debenture

• [TSX.V PINN] Pinnacle Arranges Non Brokered Private Placement 3

• [TSX.V LEM] Leading Edge Materials Announces C%24 6%2c000%2c000 Non Brokered Private Placement With Binding Standby Subscription And Commitment Of Cornerstone Shareholder

• [TSX.V TUF] Honey Badger Silver Provides Update On Non Brokered Private Placement

• [TSX.V TUF] Honey Badger Silver Upsizes Non Brokered Private Placement

• [TSX.V TUF] Honey Badger Silver Announces Non Brokered Private Placement

// Production & Operations

• [TSX.V TVI] Agata Nickel Laterite Dso

• [TSX.V TVI] Agata Nickel Processing Project

• [TSX.V TVI] Tvird Group Reports Steady Q1 And Q2 2026 Production

• [TSX.V ABI] Abcourt Mines Reports Record Development For Q4 2026 At Its Sleeping Giant Mine Followed By A 160 Increase In Tonnage Processed

• [TSX.V OMM] Omineca Continues Operations Underground At Wingdam Paleoplacer Gold Project Receives First Nations Letter Of Support

• [TSX.V PTU] Term Market Is Where The Real Demand Signal Lives

• [TSX.V PTU] Btv Features Purepoint Uranium

• [TSX.V PTU] Purepoint Uranium Project Update

• [TSX.V NICU] Q2 Operations Review Key Strategic Investment By Alpayana Brings In C140million

• [TSX LUC] Lucara Announces Recovery Of Tenth Diamond Over 1 122938

// Permitting & ESG

• [TSX PAAS] Pan American Silver Releases 2025 Sustainability Report

• [TSX.V TVI] Environmental Management And Protection

• [TSX.V PTU] Updates Fire Eye Project

• [TSX.V LVG] Lake Victoria Gold Mobilizes Senior Project Manager To Imwelo As Construction Readiness Advances

• [TSX.V SALT] Atlas Salt Provides Construction Permitting And Corporate Update On The Great Atlantic Salt Project

• [TSX.V BRW] Exploration Brunswick Lance Son Programme De Forage Dete Ciblant Mirage Et Anatacau

• [TSX.V NFG] New Found Gold Provides Queensway And Pine Cove Update

• [TSX.V LVG] Lake Victoria Gold Formalizes Tanzanian Led Epcm Team Advancing The Fully Permitted Imwelo Gold Project Toward Construction

// Corporate

• [TSX PAAS] Pan American Silver To Host Investor Day On June 1 2026

• [TSX PAAS] Pan American Silver Reports First Quarter 2026 Financial Results Strong Mine Operating Earnings Lead To Record Cash Balance And An Enhanced Shareholder Return Framework

• [TSX PAAS] Pan American Silver Targets Up To 1 Billion In Shareholder Returns In 2026 Through Enhanced Shareholder Return Framework

• [TSX PAAS] Pan American Silver Announces Results Of Annual General And Special Meeting 15

• [TSX PAAS] Pan American Silver To Announce First Quarter 2026 Unaudited Results On May 5 And Host Annual General And Special Meeting Of Shareholders On April 30

• [TSX NTR] Nutrien Continues Help Build Stronger Communities Saskatchewan

• [TSX NTR] Bank Of America Merrill Lynch 2018 Global Agriculture And Materials Conference

• [TSX NTR] Bofa Securities 2022 Global Agriculture And Materials Conference

• [TSX NTR] 2025 Q2 Earnings Conference Call

• [TSX NTR] 2019 Q4 Earnings Conference Call

// General

• [TSX.V RDG] Ridgeline Files Early Warning Report In Respect Of Spartan Metals Corp

• [TSX IE] Ivanhoe Electric Announces Promotion Of Alex Neufeld To Senior Vice President Exploration

• [TSX.V AZM] Azimut Mise A Jour Sur Le Programme Dexploration 2026

• [TSX.V RCK] Rock Tech Lithium Awarded 262500 From Ontarios Critical Minerals Innovation Fund To Advance Made In Ontario Lithium Supply Chain

• [TSX.V RCK] Rock Tech Lithium Erhaelt 262 500 Kanadische Dollar Aus Dem Critical Minerals Innovation Fund Ontario Zur Staerkung Der Lithium Lieferkette In Ontario

• [TSX.V LMR] 3e Trimestre Avril 2026

• [TSX.V PTU] Spot Market Is Quiet

• [TSX PMET] Pmet Demontre Un Taux Dextraction Du Cesium De 97 A Partir De Concentre De Pollucite

• [TSX PMET] Pmet Demonstrates 97 Caesium Extraction From Pollucite Concentrate

• [TSX.V NICU] Jason Jessup Podcast With Mining Stock Daily On On The Companys New Strategic Investor

// NOTES FROM THE NORTH

Lee

THE DISPATCH

Photo by Artyom Korshunov on Unsplash

The Tuesday Dispatch

Every email I send right now feels like a coin toss.

Will it reach the person I sent it to?

Or will it come bouncing back with a vacation autoresponder telling me they are somewhere beyond the reach of email, returning at a date that may or may not be accurate?

Sometimes there is an alternate contact.
Sometimes there is a cellphone number for emergencies.
Sometimes the message amounts to: I am gone. Figure it out.

It is the dog days of summer.

The weeks when inboxes slow down, calendars develop holes and getting three people onto the same call starts to feel like coordinating a major infrastructure project.

That does not mean the mining and energy sectors have stopped moving.

Far from it.

For many of you, summer is when the real work gets done.

The roads are open. The snow is gone. The daylight stretches into the evening. Exploration crews are in the field. Contractors are moving equipment. Construction teams are trying to complete twelve months of work inside a weather window that may only last four.

There are drills turning in places most Canadians could not find on a map.

There are helicopters moving people and supplies into camps with no road access.

There are maintenance crews working through shutdowns while everyone else is posting photos from the cottage.

Summer may be quiet in the office, but it is rarely quiet in the field.

Many of you are also spending more time in remote areas, for work and for play.

Sometimes both.

A site visit turns into an extra night at the lake.

A drive to a project includes a fishing rod in the back of the truck.

A few days at camp are followed by a few more days somewhere nearby where the phone barely works and nobody seems particularly upset about it.

Your work takes you into places other people save all year to visit.

Northern lakes.
Mountain passes.
Logging roads.
Small towns.

Places where the nearest traffic light might be hours away and the view from the jobsite is better than anything hanging on the wall of a downtown office.

It is easy to romanticize that, of course.

Remote work also means bugs, dust, heat, long days, unreliable internet, mechanical problems and the occasional meal that reminds you the camp cook is also working through a staffing shortage.

Still, there is something good about this part of the year.

People disappear for a week and return slightly sunburned, pretending they did not check their email even once.

Maybe that is not a bad thing.

Mining and energy are industries built around long timelines, complicated projects and people who spend much of the year solving problems that cannot be fixed with another meeting.

Summer creates a little breathing room.
Not everywhere and not for everyone.

But enough to step back, get outside and remember there is a world beyond the next deadline.

So, should you email me this week, I will probably respond.
Should I email you, there is a reasonable chance I will hear back from a robot.
Either way, I hope many of you are getting some time away.

And for those spending the summer in the field, on the road or somewhere well beyond reliable cellphone service, I hope the work is going well and the mosquitoes are feasting on someone else.

Enjoy the dog days.

They never seem to last as long as we think they will.

// Drill Results

• [TSX.V BEM] Brasnova Energy Materials Inc Capela Gold Project Returns Up To 4 13 G T Gold From Rock Chip Sampling

• [TSX.V ABA] Abasca Increases Loki Flake Graphite Resource And Confirms Second Mineralized Trend At Thor Zone

• [TSX.V SMN] Sun Summit Provides Exploration Update From The Jd Project In Bcs Toodoggone District

• [TSX.V SPA] Spanish Mountain Gold Expands Orca Fault Mineralization Intersecting 80.15 Metres Of 0.83 G T Gold Including 27.2 Metres Of

• [TSX.V NEV] Nevada Sunrise Completes Soil Survey Program At The Fivemile Gold Project Cortez Mining District Nevada

• [TSX.V GPS] Update On Gps Drilling Programs

• [TSX DBG] Doubleview Advances 2026 Drill Program At Hat Three Independent Target Methods Converge On Four Priority Locations Pad 1 Mineralization Intersected Drilling Advances To Pad 2

• [TSX.V DBG] Doubleview Advances 2026 Drill Program At Hat Three Independent Target Methods Converge On Four Priority Locations Pad 1 Mineralization Intersected Drilling Advances To Pad 2

• [TSX.V CAM] Cascadia Completes Regional Qmagt Full Tensor Magnetic Gradiometry Survey At Carmacks

• [TSX.V AZM] Azimut Provides 2026 Summer Exploration Update

// Resource & Studies

• [TSX.V NTH] Otcqb Us Symbol Change To Npmmf Announced

• [TSX PAAS] Pan American Announces Revised Pea For The La Colorada Skarn Project Positions La Colorada As A Future Top Tier Silver Mine

• [TSX.V NTH] Original Technical Team Secured To Update Historic Silver Tailings Resource At Gowganda

• [TSX.V GWM] Galway Metals Reports Updated Clarence Stream Mineral Resource Estimate

• [TSX.V GR] 2026 Exploration Program Flume Ridge Claim Southwest New Brunswick Tin Tungsten Project

• [TSX.V GR] 2026 Exploration Program Flume Ridge Claim Southwest New Brunswick Tin Tungsten Project

• [TSX DBG] Otc Markets Group Welcomes Doubleview Gold Corp To Otcqx

• [TSX.V DBG] Otc Markets Group Welcomes Doubleview Gold Corp To Otcqx

• [TSX TXG] Torex Gold Releases Results Of Los Reyes Prelimina 15331

• [TSX.V BUFF] Buffalo Potash Details Roadmap To First Production At Disley Project Targeting Early 2027

// M&A & Deals

• [TSX.V EPL] Eagle Plains And Pacific Bay Minerals Execute Option Agreement Haskins Critical Minerals

• [TSX.V NOB] Noble Mineral Exploration Inc To Acquire Lucas Gold Project From Canada Nickel

• [TSX.V ESK] Eskay Mining Corp Updates Early Warning Disclosur 15337

• [TSX.V EMPR] Empress Announces Acquisition Of North American Royalty Portfolio

• [TSX.V SML] Southstone Announces Mutual Termination Of Afrium Energy Term Sheet

• [TSX.V HAR] Harfang Et Eramet Signent Une Lettre Dintention Visant A Faire Avancer Le Projet Serpent Au Quebec

• [TSX.V HAR] Harfang And Eramet Sign Loi To Advance The Serpent Project In Quebec

• [TSX.V GGO] Galleon Gold Awards Underground Development To Aki Dumas Advancing West Cache Bulk Sample Program

• [TSX.V FOR] Goldfields First Partner Funded Uranium Optionality Fortune Bay

• [TSX.V FYL] Report Of Acquisition Of Common Shares Of Finlay Minerals Ltd

// Financing

• [TSX.V PTU] Purepoint Closes Private Placement

• [TSX OM] Osisko Metals Announces Conversion Of Glencore Canadas Us25 Million Convertible Debenture

• [TSX.V PINN] Pinnacle Arranges Non Brokered Private Placement 3

• [TSX.V LEM] Leading Edge Materials Announces C%24 6%2c000%2c000 Non Brokered Private Placement With Binding Standby Subscription And Commitment Of Cornerstone Shareholder

• [TSX.V HMR] Homerun Resources Inc Formally Included In Programa Desenvolve Tax Incentive Program To Support Industrial Development And Economic Integration In The State Of Bahia Brazil

• [TSX.V BCU] Bell Copper Announces First Tranche Closing Non Brokered Private Placement

• [TSX.V BCU] Bell Copper Announces Updated To Non Brokered Convertible Debenture Financing With Crescat Capital

• [TSX.V BCU] Bell Copper Announces Closing Of Non Brokered Private Placement

• [TSX.V BCU] Bell Copper Announces Closing Of Non Brokered Convertible Debenture Financing With Crescat Capi

• [TSX.V BCU] Bell Copper Announces Non Brokered Private Placement Big Sandy

// Production & Operations

• [TSX.V PTU] Term Market Is Where The Real Demand Signal Lives

• [TSX.V PTU] Btv Features Purepoint Uranium

• [TSX.V PTU] Purepoint Uranium Project Update

• [TSX.V NICU] Q2 Operations Review Key Strategic Investment By Alpayana Brings In C140million

• [TSX LUC] Lucara Announces Recovery Of Tenth Diamond Over 1 122938

• [TSX.V PER] Peruvian Metals Production Update For The First Half Of 2026 At Aguila Norte Processing Plant

• [TSX OLA] Orla Reports Strong Q2 Operating Results

• [TSX LUG] Lundin Gold Reports Q2 2026 Production Of 118 994 122852

• [TSX EQX] Equinox Gold Reports 176836 Ounces Of Gold Production In Q2 2026 Canadian Gold Production Increased 11 Quarter Over Quarter

• [TSX KNT] K92 Mining Announces Strong Q2 Production Results 15332

// Permitting & ESG

• [TSX PAAS] Pan American Silver Releases 2025 Sustainability Report

• [TSX.V PTU] Updates Fire Eye Project

• [TSX.V LVG] Lake Victoria Gold Mobilizes Senior Project Manager To Imwelo As Construction Readiness Advances

• [TSX.V SALT] Atlas Salt Provides Construction Permitting And Corporate Update On The Great Atlantic Salt Project

• [TSX.V BRW] Exploration Brunswick Lance Son Programme De Forage Dete Ciblant Mirage Et Anatacau

• [TSX.V NFG] New Found Gold Provides Queensway And Pine Cove Update

• [TSX.V LVG] Lake Victoria Gold Formalizes Tanzanian Led Epcm Team Advancing The Fully Permitted Imwelo Gold Project Toward Construction

• [TSX DML] Peter Ballantyne Cree Nation Withdraws Judicial Re 122848

• [TSX OLA] Orla Mining Releases 2025 Sustainability Report

// Corporate

• [TSX.V RUSH] Carolina Rush Appoints Patrick Quigley Vice President Of Exploration Grants Rsus And Options Extends Warrants

• [TSX.V SF] Safi Silver Announces Repricing Of Warrants And Director Resignation

• [TSX.V MAI] Mining Americas Inc Reports Second Quarter 2026 Gold Production

• [TSX KNT] K92 Mining Announces 2026 Second Quarter Financial 15340

• [TSX.V NTH] Nord Will Present At Energy And Precious Metals Virtual Investor Summit On June 16 2026

• [TSX.V NTH] Investor Relations Agreements Announced With Red Chip And Emerging Growth

• [TSX PAAS] Pan American Silver To Host Investor Day On June 1 2026

• [TSX PAAS] Pan American Silver Reports First Quarter 2026 Financial Results Strong Mine Operating Earnings Lead To Record Cash Balance And An Enhanced Shareholder Return Framework

• [TSX PAAS] Pan American Silver Targets Up To 1 Billion In Shareholder Returns In 2026 Through Enhanced Shareholder Return Framework

• [TSX PAAS] Pan American Silver Announces Results Of Annual General And Special Meeting 15

// General

• [TSX.V AZM] Azimut Mise A Jour Sur Le Programme Dexploration 2026

• [TSX.V RCK] Rock Tech Lithium Awarded 262500 From Ontarios Critical Minerals Innovation Fund To Advance Made In Ontario Lithium Supply Chain

• [TSX.V RCK] Rock Tech Lithium Erhaelt 262 500 Kanadische Dollar Aus Dem Critical Minerals Innovation Fund Ontario Zur Staerkung Der Lithium Lieferkette In Ontario

• [TSX.V LMR] 3e Trimestre Avril 2026

• [TSX.V PTU] Spot Market Is Quiet

• [TSX PMET] Pmet Demontre Un Taux Dextraction Du Cesium De 97 A Partir De Concentre De Pollucite

• [TSX PMET] Pmet Demonstrates 97 Caesium Extraction From Pollucite Concentrate

• [TSX.V NICU] Jason Jessup Podcast With Mining Stock Daily On On The Companys New Strategic Investor

• [TSX.V HMR] Homerun Resources Inc Confirms Optimized 4n Purification Plant Pathway And Advances Capex Configurations For The Sme High Purity Silica

• [TSX.V CNRI] Power Bank Restrictions On Canadian North Flights

// NOTES FROM THE NORTH

Lee

THE DISPATCH

Photo by Marc-Antoine Déry on Unsplash

The Tuesday Dispatch

Canada just committed to up to twelve submarines, and not one gram of the pressure hull will be rolled in this country. That fact has been reported as an insult to Algoma Steel. It isn't. It's a specification problem, and the specification is worth understanding before anyone writes another angry letter to Ottawa.

What amagnetic steel actually is

The 212CD hull is austenitic stainless steel. Austenite is a face-centred cubic crystal structure, and steel that holds it is essentially non-magnetic. You get there by loading the alloy with austenite stabilisers: nickel, manganese and nitrogen, in quantities well past anything in a structural grade. Then you cold-work it, because austenitic alloys are not hardenable by heat treatment, and cold-working is the only way to get the yield strength a pressure hull needs. It costs more. That's the trade.

The point of all this is that a magnetic anomaly detector cannot see the boat and an influence mine will not fire under it. Everything non-magnetic that can be, is. Fixtures, fittings, the lot.

There is no mill in Canada that makes this plate. There is no mill in Canada that has ever made this plate.

The nickel we mine and the steel we don't

Read the ingredient list again. Nickel and manganese.

Canada holds roughly 2.2 million tonnes of nickel reserves, concentrated in Ontario and Manitoba. We are one of the world's serious nickel jurisdictions. Manganese, we produce commercially at zero. It sits on NATO's list of twelve defence-critical raw materials and it is one of the two on that list Canada does not supply.

So the alloy that keeps a Canadian submarine invisible is built partly out of a metal we dig up in Sudbury and Thompson, shipped out, combined with a metal we don't produce at all, and rolled into plate in Germany. Then we buy the boat.

That is the Canadian resource sector in a single supply chain.

Correcting the Algoma story

Most of this week's coverage has it backwards.

Hanwha's pledge to Algoma, worth $345 million all-in with roughly US$200 million against the mill itself, was for a structural steel beam mill in Sault Ste. Marie plus purchases of Algoma product. It was never a submarine hull contract. Sault MP Terry Sheehan confirmed it directly after the announcement: nobody in Canada made the steel for the submarine itself, and Hanwha would have used its own steel too. Algoma CEO Rajat Marwah told him the in-boat Canadian steel content under Hanwha was a smaller amount, very similar to what the German program offers.

Ottawa said a Sault beam mill could have brought back around 500 of the roughly 1,000 workers Algoma laid off in March. Losing that hurts, and it should be said out loud. But it was a beam mill tied to a bid, not a hull order, and TKMS was back on the phone with Algoma the night after it won. Sheehan set up a second meeting the following day.

The steel Canada does get

Here is where the tonnage actually lives.

TKMS's submission projects roughly 15,000 short-term jobs from constructing new submarine maintenance facilities in Halifax and Esquimalt. EllisDon has the agreement to build the maintenance and training facilities. Seaspan is standing up a maintenance, repair and overhaul enterprise on both coasts. Marmen in Trois-Rivières produces selected segments of the boats in Canada.

Jetties, dry docks, dockside cranes, module halls, training centres, ammunition and support infrastructure, on two coasts, over decades. That is structural steel, plate, beam, rebar and fabricated assemblies, and it is the kind of steel Canada is very good at making.

Two policy levers point directly at it. Ottawa's December 2025 Policy on Prioritizing Canadian Materials in Federal Procurements mandates Canadian steel, aluminum and wood in federal defence procurements valued at $25 million or more. The Defence Industrial Strategy targets 70 percent of federal defence contracts going to Canadian firms within a decade, and commits Ottawa to helping steel and aluminum producers pivot and retool to make the grades the defence sector needs. Sheehan is already invoking buy-Canadian on the submarine docks specifically.

None of that requires a beam mill in the Sault. All of it makes one easier to justify.

What TKMS still owes

A federal official told CTV that TKMS will invest in the Canadian steel industry another way. Four days on, there are no details. TKMS has said several partnerships in its confidential bid remain unannounced, and that it signed agreements with steel companies for materials other than the hull.

That's the gap. TKMS is contractually on the hook for economic benefits equal to 100 percent of Ottawa's investment, contracting is meant to close by the end of 2027, and the steel component of that obligation is currently a sentence with no number attached to it.

What to watch

Does Algoma get a defence-grade line, or a construction contract? Those are different things. A construction contract is a good year. A specialty plate capability, backed by the retool commitment in the Defence Industrial Strategy, is a decade.

Do the Halifax and Esquimalt facility packages carry Canadian steel conditions? They clear the $25 million threshold by a wide margin. Watch how the tender language is written.

Does anyone in Ottawa say the word manganese out loud? We cannot build amagnetic plate without it and we do not have it. Every conversation about a domestic defence steel capability runs into that wall eventually.

Canada is going to build a great deal of steel around these submarines. Docks, halls, jetties, cranes. What it will not build, unless something changes in the next eighteen months, is the steel that goes in the water.

// Drill Results

• [TSX PAAS] Pan American Silver Discovers New High Grade Veins At The La Colorada Mine

• [TSX.V NOBL] Noble Plains Uranium Completes Shirley Central Historical Drill Database Unlocking 341 Uranium Intercepts

• [TSX.V NEXG] Nexgold Intersects 12 06 G T Gold Over 6 0 Metres And 3 84 G T Gold Over 18 0 Metres During Infill Drill Program At Goldboro

• [TSX.V LEGY] Legacy Gold Starts Rc Drilling At The Baner Gold Mine Property And Is On Target To Complete Its 40000 Foot 2026 Program Mt Geo Survey Flown

• [TSX.V GR] Gr Partner Expands Newly Discovered Blind Massive Sulphide Lens At Pilleys Island Project Newfoundland

• [TSX.V GR] Gr Partner Expands Newly Discovered Blind Massive Sulphide Lens At Pilleys Island Project Newfoundland

• [TSX.V IDEX] Idex Metals Confirms Significant Tungsten Enrichment At Freeze Including 180 5 Metres Of 0 11 Wo%e2%82%83 72 2 Metres Of 0 13 Wo%e2%82%83 And 1 2 Metres Of 1 55 Wo%e2%82%83 In 2025 Drilling At Kismet

• [TSX.V EXCL] Excalibur Releases Remainder Of Drilling Results From Spyglass Ridge

• [TSX.V NPR] North Peak Secures On Site Water Supply And Installs Pump Clearing The Way For Diamond Drilling Of The Prospect Mountain Sulphide Anomaly

• [TSX.V MGG] Minaurum Extends High Grade Quintera Vein At Depth With 5.95 M Of 1 117 G T Silver Equivalent Europa Sur Returns 3.65 M Of 888

// Resource & Studies

• [TSX PAAS] Pan American Announces Revised Pea For The La Colorada Skarn Project Positions La Colorada As A Future Top Tier Silver Mine

• [TSX DBG] Otc Markets Group Welcomes Doubleview Gold Corp To Otcqx

• [TSX.V DBG] Otc Markets Group Welcomes Doubleview Gold Corp To Otcqx

• [TSX TXG] Torex Gold Releases Results Of Los Reyes Prelimina 15331

• [TSX.V BUFF] Buffalo Potash Details Roadmap To First Production At Disley Project Targeting Early 2027

• [TSX FURY] Fury Announces Metallurgical Test Results For The Ninaaskumuwin Lithium Discovery With Potential Direct Shipping Ore Concentrate Of 6 0 Li%e2%82%82o%e2%82%85 And 77 Recovery

• [TSX.V NTH] Otcqb Us Symbol Change To Npmmf Announced

• [TSX.V NTH] Historic Feasibility Study 325 000 Ounces Of Silver Per Year Production Over Seven Years At Gowganda

• [TSX.V NTH] Original Technical Team Secured To Update Historic Silver Tailings Resource At Gowganda

• [TSX.V W] Spartan Metals Identifies 537 Feet 163 7 Meters 0 23 Wo3eq Or 0 31 Moeq During Historic Drilling Validation At Its Victorio Tungsten Molybdenum Project New Mexico

// M&A & Deals

• [TSX.V EMPR] Empress Announces Acquisition Of North American Royalty Portfolio

• [TSX.V SML] Southstone Announces Mutual Termination Of Afrium Energy Term Sheet

• [TSX.V HAR] Harfang Et Eramet Signent Une Lettre Dintention Visant A Faire Avancer Le Projet Serpent Au Quebec

• [TSX.V HAR] Harfang And Eramet Sign Loi To Advance The Serpent Project In Quebec

• [TSX.V GGO] Galleon Gold Awards Underground Development To Aki Dumas Advancing West Cache Bulk Sample Program

• [TSX.V FOR] Goldfields First Partner Funded Uranium Optionality Fortune Bay

• [TSX.V FYL] Report Of Acquisition Of Common Shares Of Finlay Minerals Ltd

• [TSX EQX] Equinox Gold Announces Sale Of Shares Of Versamet Royalties

• [TSX.V DRY] Dryden Gold Acquires Additional Property In The Gold Rock Camp

• [TSX.V NMC] Nuvau Minerals Fait Avancer Le Projet Du District Minier De Matagami Au Quebec

// Financing

• [TSX.V RTH] Rathdowney Reports Additional Information On Private Placement Financing

• [TSX.V RYR] Royal Road Minerals Announces Brokered Life Offering

• [TSX.V LIO] Lion One Announces Upsize Of Units Private Placement Offering For Gross Proceeds Of Up To 3.5 Million

• [TSX.V HMR] Homerun Resources Inc Announces Up To 15 Million Convertible Security Financing With Lind Partners Under Engagements With Benchmark Stonex

• [TSX.V BRAU] Big Ridge Announces Closing Of 7.0 Million Non Brokered Private Placement Supported By Strategic Shareholders With Michael

• [TSX.V AIS] Figure 2 Central Pocologan Combined Cu Au Prospectivity Map

• [TSX.V AIS] Figure 1 Saint John And Frenchmans Creek Combined Cu Au Prospectivity Map

• [TSX.V NEV] Nevada Sunrise Closes First Tranche Of Private Placement

• [TSX.V GPG] Grande Portage Closes C 6 Million Equity Financing

• [TSX.V AIS] Ais Resources Closes Private Placement Financing With Strategic Investor

// Production & Operations

• [TSX.V PER] Peruvian Metals Production Update For The First Half Of 2026 At Aguila Norte Processing Plant

• [TSX OLA] Orla Reports Strong Q2 Operating Results

• [TSX EQX] Equinox Gold Reports 176836 Ounces Of Gold Production In Q2 2026 Canadian Gold Production Increased 11 Quarter Over Quarter

• [TSX LUG] Lundin Gold Reports Q2 2026 Production Of 118 994 122852

• [TSX KNT] K92 Mining Announces Strong Q2 Production Results 15332

• [TSX TXG] Torex Gold Reports Q2 2026 Production Results 15330

• [TSX ARIS] Aris Mining Reports Q2 2026 Production 15329

• [TSX.V UCU] Ucore Produces 99 9 Dysprosium Oxide Sample Material For Japanese South Korean And Us Customer Qualifications

• [TSX.V NICU] Q1 Operations Financials More High Grade Results Returned From R2 Zone At Levack

• [TSX.V KNOX] Vault Strategic Mining Us Subsidiary Historical Mines

// Permitting & ESG

• [TSX PAAS] Pan American Silver Releases 2025 Sustainability Report

• [TSX.V LVG] Lake Victoria Gold Mobilizes Senior Project Manager To Imwelo As Construction Readiness Advances

• [TSX.V SALT] Atlas Salt Provides Construction Permitting And Corporate Update On The Great Atlantic Salt Project

• [TSX.V BRW] Exploration Brunswick Lance Son Programme De Forage Dete Ciblant Mirage Et Anatacau

• [TSX.V NFG] New Found Gold Provides Queensway And Pine Cove Update

• [TSX.V LVG] Lake Victoria Gold Formalizes Tanzanian Led Epcm Team Advancing The Fully Permitted Imwelo Gold Project Toward Construction

• [TSX DML] Peter Ballantyne Cree Nation Withdraws Judicial Re 122848

• [TSX OLA] Orla Mining Releases 2025 Sustainability Report

• [TSX.V NFG] New Found Gold Receives Conditional Approval To Gr 15310

• [TSX CS] Capstone Copper Publishes 2025 Sustainability Report

// Corporate

• [TSX OLA] Independent Proxy Advisory Firms Recommend Orla Shareholders Vote For Proposed Combination With Equinox Gold

• [TSX EQX] Independent Proxy Advisory Firms Recommend Equinox Gold Shareholders Vote For Share Issuance Resolution In Connection With Proposed Business Combination With Orla Mining

• [TSX PAAS] Pan American Silver To Host Investor Day On June 1 2026

• [TSX PAAS] Pan American Silver Reports First Quarter 2026 Financial Results Strong Mine Operating Earnings Lead To Record Cash Balance And An Enhanced Shareholder Return Framework

• [TSX PAAS] Pan American Silver Targets Up To 1 Billion In Shareholder Returns In 2026 Through Enhanced Shareholder Return Framework

• [TSX PAAS] Pan American Silver Announces Results Of Annual General And Special Meeting 15

• [TSX PAAS] Pan American Silver To Announce First Quarter 2026 Unaudited Results On May 5 And Host Annual General And Special Meeting Of Shareholders On April 30

• [TSX NTR] Nutrien Continues Help Build Stronger Communities Saskatchewan

• [TSX NTR] Bank Of America Merrill Lynch 2018 Global Agriculture And Materials Conference

• [TSX NTR] Bofa Securities 2022 Global Agriculture And Materials Conference

// General

• [TSX.V NICU] Jason Jessup Podcast With Mining Stock Daily On On The Companys New Strategic Investor

• [TSX.V HMR] Homerun Resources Inc Confirms Optimized 4n Purification Plant Pathway And Advances Capex Configurations For The Sme High Purity Silica

• [TSX.V CNRI] Power Bank Restrictions On Canadian North Flights

• [TSX.V EMR] Copy Of 2025 News Releases

• [TSX.V AZM] Azimut Mise A Jour Sur Le Programme Dexploration 2026

• [TSX.V AZS] Arizona Gold Silver Reports Up To 99 Gold Recovery From Agitation Leach And 84 Gold Recovery From Heap Leach Cyanide Processing Of Bulk Sample From The Philadelphia Project Arizona

• [TSX.V NIM] Nicola Mining Confirms Porphyry Potential In The Jotun Target Area

• [TSX.V LEM] Leading Edge Materials Granted 25 Year Mining Lease For Norra K%c3%a4rr Heavy Rare Earth Elements Project

• [TSX.V NIM] Nicola Minings Nicm Nim Multi Asset Strategy For Self Funded Growth

• [TSX.V NIM] Nicola Mining Provides Update On Exploration Activities And Successfully Confirms New Porphyry Target At Its New Craigmont Copper Project

// NOTES FROM THE NORTH

Wrapping this edition up with 1 minute to spare.
If you leave everything until the last minute, it only takes a minute.

Have a great weekend all!

Lee

THE DISPATCH

Photo by Marc-Antoine Déry on Unsplash

The Tuesday Dispatch

Quick note: Having email issues today, so if you want to reply, please send your reply to lee@7am.ca

Mark Carney flew into Halifax on Monday, named Germany's ThyssenKrupp Marine Systems the preferred builder for up to twelve new submarines, called it the largest defence procurement in Canadian history, and then flew off to a NATO summit in Turkey before the ink was anywhere near dry. TKMS beat South Korea's Hanwha in a ten-month bidding war that turned, in the end, less on the boats than on the balance sheet. Both platforms could do the job. The question Ottawa actually asked was: what do you leave behind for Canadians?

Here is what TKMS says it leaves behind, and here is where the mining and energy sector should be paying attention.

The headline number, and the asterisk

Carney stood in Halifax and said the deal will directly create and sustain an ecosystem of well over 100,000 well-paying jobs. TKMS, for its part, is pledging up to 50,000 jobs in the first five years and more than 650,000 job-years over the life of the program, alongside $86 billion in GDP and $167 billion in total economic activity across the country.

Big numbers. Now read the unit. A job-year is one job for one year. Spread 650,000 job-years across a program that runs 30 to 50 years and the picture is a sustained industrial base, not 650,000 people getting hired next spring. That is not a knock on the deal. Sustained is exactly what you want from a multi-decade sovereign program. It is a knock on how these figures get read at a glance, and how they will get repeated on the campaign trail. Anyone budgeting real capital off the top-line number is budgeting off a headline.

The one figure with teeth is the offset condition. Carney confirmed that 100 percent of the value of Ottawa's investment has to be matched in economic benefits to Canada. That is the lever that turns a foreign purchase into a domestic industrial program, and it is the number worth holding TKMS to.

Where the work actually goes

This is where it stops being a Halifax story and starts being a national one, with a surprising amount of it landing in our sector's backyard.

Manitoba. Carney singled out Winnipeg's aerospace technicians to build the torpedoes the fleet will carry. Behind that, the Germans have floated turning the Port of Churchill into an export hub for LNG and critical minerals off Hudson Bay, the same expansion Premier Wab Kinew has been pushing for. If that moves, it is a genuine energy-corridor play dressed up as a defence offset.

Alberta. The German government proposed a carbon capture facility deploying TKMS technology, tied into Ottawa's LNG ambitions.

The coasts. Halifax gets the shipbuilding and maintenance work, with Carney predicting substantial activity there for decades. On the West Coast, Seaspan Shipyards is among the 19 memorandums of understanding TKMS says it has signed, alongside EllisDon and Quebec's Marmen.

The wider basket. Carney described tens of billions flowing into space, munitions, autonomous technology, critical minerals, and R&D. Critical minerals showing up by name in a submarine announcement tells you the government is treating this as industrial strategy first, naval hardware second.

The parts that don't add up yet

A trade publication's job is to read the whole page, so here is the fine print.

The steel isn't Canadian. Hanwha's losing bid was built partly on Algoma Steel, a $200 million steel-beam mill in the Soo and $50 million in steel purchases. TKMS's 212CD needs a magnetic-grade steel Canada doesn't produce, so there will be no Canadian steel in these hulls. TKMS says it will support the domestic steel industry another way. No details yet. For Sault Ste. Marie, Monday landed as a loss.

The trades are already spoken for. Irving Shipbuilding, running Halifax Shipyard and ramping up fifteen River-class destroyers, has warned Ottawa that a separate submarine maintenance facility in the area risks poaching from a skilled-trades pool that is already stretched thin. New jobs are only new if there are new people to fill them. Otherwise the sub program and the destroyer program are bidding against each other for the same welders.

We haven't built a sub since the First World War. TKMS has floated some domestic construction, but late in the contract if at all. Tooling up a shipyard to build submarines is expensive, and twelve boats may be too few to make it pencil out. Most of the near-term build stays in Kiel.

And it isn't signed. Preferred bidder is not a contract. Negotiations are meant to wrap by the end of 2027, and Hanwha sits in reserve if they fall apart. Every number above is a pledge, not a purchase order.

The pitch TKMS kept repeating was "submarine building is nation building." It might be. The industrial logic is real, the critical-minerals and LNG hooks are more than window dressing, and a matched-dollar offset is a serious commitment if Ottawa enforces it. But nation building shows up in signed teaming agreements, tooled facilities, and apprentices on payroll, not in job-year math and MOUs. The story this week is a good one for Canadian industry. The story next year, once the negotiating is done and the details are public, is the one that actually pays.

We'll be watching the offset.

// Drill Results

• [TSX PAAS] Pan American Silver Discovers New High Grade Veins At The La Colorada Mine

• [TSX.V ALDE] Aldebaran Reports 1339 30 M Of 0 45 Cueq 0 38 Cu 0 14 G T Au 2 54 G T Ag Including 500 M Of 0 71 Cueq 0 58 Cu 0 35 G T Au 1 42 G T Agat The Altar Copper Gold Project In San Juan Argentina

• [TSX.V NTH] Robinson Zone Extended With 13 620 G T Silver And 1 84 Cobalt Over 0 6m Including 25 803 G T Silver 752 7 Oz Ton And 3 60 Cobalt Over 0 30m

• [TSX.V NTH] Clarification Announced To Investor Relations Agreements

• [TSX.V NTH] Castle East High Grade Silver Extended With An Intersection Of 6 65m Returning 2 848 G T Ag Including 61 389 G T 1 790 8 Oz Ton Silver Over 0 30 Metres

• [TSX.V SSV] Southern Silver Reports 2.8m Of 757g T Ageq And 3.2m Of 479g T Ageq From Underground Channel Sampling At The Puro Corazon Mine

• [TSX.V RAK] Lentung Project Progress Update

• [TSX.V PA] Palamina Magnetic Gravity Surveys Identifies Near Surface Drill Targets At The Galena Silver Copper Project

• [TSX.V NEXM] Copper Exploration In Botswana

• [TSX.V GR] Partner Discovers New Blind Massive Sulphide Lens At Optioned Pilleys Island Project Newfoundland

// Resource & Studies

• [TSX PAAS] Pan American Announces Revised Pea For The La Colorada Skarn Project Positions La Colorada As A Future Top Tier Silver Mine

• [TSX FURY] Fury Announces Metallurgical Test Results For The Ninaaskumuwin Lithium Discovery With Potential Direct Shipping Ore Concentrate Of 6 0 Li%e2%82%82o%e2%82%85 And 77 Recovery

• [TSX.V NTH] Otcqb Us Symbol Change To Npmmf Announced

• [TSX.V NTH] Historic Feasibility Study 325 000 Ounces Of Silver Per Year Production Over Seven Years At Gowganda

• [TSX.V NTH] Original Technical Team Secured To Update Historic Silver Tailings Resource At Gowganda

• [TSX.V W] Spartan Metals Identifies 537 Feet 163 7 Meters 0 23 Wo3eq Or 0 31 Moeq During Historic Drilling Validation At Its Victorio Tungsten Molybdenum Project New Mexico

• [TSX.V REG] Regulus Announces Completion Of Mineral Resource Estimate For Integrated Coimolache Sulphide Antakori Copper Gold Project

• [TSX.V AZT] Aztec Minerals Engages Apex Geoscience Ltd To Commence Maiden Mineral Resource Estimates On The Tombstone And Cervantes Projects

• [TSX.V EMN] Euro Manganese Announces Filing Of Ni 43 101 Technical Report And The Jorc Code Report For The Preli

• [TSX HSLV] Highlander Silver Provides Update On Timing For Closing The San Luis Transaction With Ssr Mining

// M&A & Deals

• [TSX.V TSLV] Tier One Silver Signs Letter Of Intent To Option 70 Of Compania Minera Ruta De Cobre S.a Holder Of Copper Molybdenum Project

• [TSX.V GEL] Graphano Energy Announces Strategic Earn In Into Graphite Enabled Metal Additive Manufacturing Technology

• [TSX.V GIGA] Giga Metals Engages Icp Securities Inc For Automated Market Making Services

• [TSX.V ETF] Eastfield Resources Ltd To Sell Zymo And Indata Properties Eastfield To Receive 10.0 Million Shares Of Star Copper

• [TSX.V RCK] Rock Tech Lithium Expands Made In Ontario Lithium

• [TSX HSLV] Highlander Silver To Acquire The Bonanza Grade San Luis Epithermal Gold Silver Project In Peru

• [TSX.V ABM] Aben Gold Receives Second Payment Of Option Agreement

• [TSX.V NAM] New Age Metals Enters Into Memorandum Of Understanding With Liberate Minerals To Evaluate Critical Minerals Processing Opportunities 2

• [TSX.V ABZ] News %2f Press Releases

• [TSX.V GRG] Golden Arrow Resources Announces Us 25 Million Sale Of 75 Owned Copper Assets At San Pietro Project Secures Capital And Retains

// Financing

• [TSX.V NEXG] Nexgold Announces Equity Grants 4

• [TSX.V GIGA] Giga Metals Announces Final Closing And Increase Of Non Brokered Private Placement

• [TSX.V FFOX] Firefox Gold Finalizes Finders Fees On Recent Offering

• [TSX.V SF] Safi Silver Announces Proposed Extension Of Warrants

• [TSX.V OGW] Ongwe Minerals Closes Life Offering And Concurrent Private Placement

• [TSX.V LIO] Lion One Announces Closing Of First Tranche Of Non Brokered Private Placement Of Convertible Debenture Units And Units For

• [TSX.V KIP] Kiplin Metals Announces Closing Of Non Brokered Private Placement Of 500000

• [TSX.V GIGA] Giga Metals Announces Non Brokered Private Placement Of Flow Through Shares

• [TSX.V GIGA] Giga Metals Completes Non Brokered Private Placement Of Flow Through Shares

• [TSX.V GIGA] Giga Metals Announces Non Brokered Private Placement

// Production & Operations

• [TSX.V KNOX] Vault Strategic Mining Us Subsidiary Historical Mines

• [TSX OR] Canadian Malartic Barnat Pit Update

• [TSX NEXT] Nextsource Materials Provides Clarification On A Prior News Release

• [TSX AII] Almonty Commences Processing Operations At Sangdong Mine

• [TSX.V GIGA] Arca And Giga Metals Sign Exclusive Agreement To Explore Carbon Removal At B C Nickel Project With Potential To Remove 220 Million Tonnes Of Atmospheric Carbon Dioxide

• [TSX.V SCZ] Santacruz Silver Reports Fatality At Bolivian Operation 3

• [TSX.V NICU] Magna Mining Achieves Record Quarterly Tonnage At Mccreedy West Mine In Sudbury And Provides Q2 Operational Update

• [TSX.V OGN] Orogen Reports Strong Q1 2026 Results With 144 Growth In Net Income

• [TSX.V OGN] Orogen Reports Strong Q1 2026 Results With 144 Growth In Net Income

• [TSX.V CAN] Canadian Gold Resources Announces 2026 Exploration Program Across Three Quebec Properties Provides Lac Arsenault Operational Update

// Permitting & ESG

• [TSX.V LVG] Lake Victoria Gold Formalizes Tanzanian Led Epcm Team Advancing The Fully Permitted Imwelo Gold Project Toward Construction

• [TSX DML] Peter Ballantyne Cree Nation Withdraws Judicial Re 122848

• [TSX OLA] Orla Mining Releases 2025 Sustainability Report

• [TSX.V NFG] New Found Gold Receives Conditional Approval To Gr 15310

• [TSX CS] Capstone Copper Publishes 2025 Sustainability Report

• [TSX CS] Capstone Copper Publishes 2025 Sustainability Report

• [TSX.V SCZ] Santacruz Silver Announces Publication Of 2025 Sustainability Report For Mexican Operations

• [TSX.V LVG] Lake Victoria Gold Advances Tanzanian Regulatory Process For Monetary Metals Gold Loan Facility

• [TSX.V MOON] Blue Moon Metals Awards Epc Contract For Nussir Processing Plant And Receives Approval Of Waste Management Plan Final Mine Plan And Extended Discharge Permit

• [TSX.V ALDE] Spin Out From Aldebaran Centauri Minerals Announces Approval Of Drilling Permit For The Rio Grande Gold Copper Project And Team Additions

// Corporate

• [TSX PAAS] Pan American Silver To Host Investor Day On June 1 2026

• [TSX PAAS] Pan American Silver Reports First Quarter 2026 Financial Results Strong Mine Operating Earnings Lead To Record Cash Balance And An Enhanced Shareholder Return Framework

• [TSX PAAS] Pan American Silver Targets Up To 1 Billion In Shareholder Returns In 2026 Through Enhanced Shareholder Return Framework

• [TSX PAAS] Pan American Silver Announces Results Of Annual General And Special Meeting 15

• [TSX PAAS] Pan American Silver To Announce First Quarter 2026 Unaudited Results On May 5 And Host Annual General And Special Meeting Of Shareholders On April 30

• [TSX PAAS] Pan American Silver Announces Renewal Of Normal Course Issuer Bid

• [TSX NTR] Nutrien Continues Help Build Stronger Communities Saskatchewan

• [TSX NTR] Bank Of America Merrill Lynch 2018 Global Agriculture And Materials Conference

• [TSX NTR] Bofa Securities 2022 Global Agriculture And Materials Conference

• [TSX NTR] 2025 Q2 Earnings Conference Call

// General

• [TSX.V AZM] Azimut Mise A Jour Sur Le Programme Dexploration 2026

• [TSX.V AZS] Arizona Gold Silver Reports Up To 99 Gold Recovery From Agitation Leach And 84 Gold Recovery From Heap Leach Cyanide Processing Of Bulk Sample From The Philadelphia Project Arizona

• [TSX.V NIM] Nicola Mining Confirms Porphyry Potential In The Jotun Target Area

• [TSX.V LEM] Leading Edge Materials Granted 25 Year Mining Lease For Norra K%c3%a4rr Heavy Rare Earth Elements Project

• [TSX.V NIM] Nicola Minings Nicm Nim Multi Asset Strategy For Self Funded Growth

• [TSX.V NIM] Nicola Mining Provides Update On Exploration Activities And Successfully Confirms New Porphyry Target At Its New Craigmont Copper Project

• [TSX ERD] Erdene Announces Intention To Launch Normal Course Issuer Bid

• [TSX.V NIM] Nicola Mining Inc Webinar Replay

// NOTES FROM THE NORTH

The New Site

If you haven't seen it yet, MiningandEnergy.ca has a brand new look, live for a few days now, and already tracking well. I'm not moving everyone over to daily updates automatically. If that's your speed, go opt in and get the Dispatch every day instead of once a week.

Signup is on the homepage and you can set your ideal delivery time and cadence one you’re in.

Again, I’m having email issues today, so if you want to reply to this, please send your reply to lee@7am.ca

Have a great week all.

Lee

THE DISPATCH

Photo by zhao chen on Unsplash

The Friday Dispatch

It's been a busy week for Canadian resource news, and there's a lot to get into, so let's start with the good stuff.

First Mining Gold closed out June with the kind of announcement a junior gold developer waits years for. On June 30, the company got federal environmental approval for its Springpole project in Ontario. $957 million in capital investment, one of the largest undeveloped gold resources left in the country, and eight years of review to get there.

The review pulled in Indigenous communities, the public, and a full slate of federal agencies, Environment and Climate Change Canada, Natural Resources Canada, Transport Canada, and Fisheries and Oceans among them. Springpole is planned as an open-pit gold and silver mine with an on-site mill, and First Mining is now moving into engineering and design work toward construction.

Canada's Minister of Energy and Natural Resources, Tim Hodgson, put it plainly:

Nice line. But here's the question worth sitting with. Eight years is a long time to wait on an approval, even a positive one. Is Springpole proof the system works, or proof it's just slow and occasionally generous? I'd argue it's a bit of both, and that's the uncomfortable part.

The Other Side of the Ledger

For every Springpole, there's a project stuck in the mud, and the best example is still sitting exactly where it was in April. Up in BC's Golden Triangle, Seabridge Gold's KSM project hit a wall over its Mitchell Treaty Tunnels this spring. The province postponed a ruling on permit modifications, indefinitely, because roughly 12.5 kilometres of the planned tunnel route crosses mineral claims held by Tudor Gold on its neighbouring Treaty Creek project, and Tudor has taken the fight to court. Seabridge has already put C$1.2 billion into KSM, including more than C$650 million since 2021 on roads, camps, and infrastructure. Months later, nothing has moved.

Tudor's CEO, Joseph Ovsenek, has warned that without predictable permitting, clear land access, and workable infrastructure:

That's the quiet part of the permitting reform conversation nobody likes to say out loud. You can fix government timelines all you want, but what happens when the holdup isn't Ottawa or Victoria, it's two companies who can't agree on whose ground the tunnel runs under? How many other projects are sitting in that same kind of limbo, waiting not on a ministry, but on each other?

Eby, Smith, and Carney Make Their Move

The bigger story this week might be the one with no shovel in the ground yet at all. On Thursday, Alberta Premier Danielle Smith announced her government has submitted a formal route for a new pipeline running from Bruderheim, northeast of Edmonton, to a terminal in Delta, BC. It has a name now, the West Coast Pipeline, with Trans Mountain Corp. and Pembina signed on as partners. The proposal calls for more than one million barrels per day, with tankers moving the oil to Asian markets, and a price tag Alberta pegs between $35.2 billion and $43.7 billion, contingency fees included.

What made it possible was a separate deal Prime Minister Mark Carney struck with BC Premier David Eby earlier the same day. Ottawa agreed to keep the northern tanker ban in place, take on financial risk for any environmental issues or spills, and make sure BC gets compensated for the risk it's carrying. Eby was careful with his words, saying the agreement doesn't force him to support the pipeline, but conceding his province won't fight it in court either.

Carney called the arrangement more than just an accord, framing it as:

Smith, for her part, said the pipeline would enrich Indigenous communities that choose to partner in it and generate billions in government revenue over the coming decades.

Not everyone's convinced. Conservative leader Pierre Poilievre used the announcement to take a shot at Carney over the tanker ban itself, calling it a policy that's standing in the way of the whole project.

So here's the question for the weekend. Is this the start of the federal-provincial cooperation the industry has been asking for, or just the newest chapter in a fight that's been going for a decade? Watch this one. It'll tell us a lot about how the next round of nation-building projects actually gets built, or doesn't.

The New Site

If you haven't seen it yet, MiningandEnergy.ca has a brand new look, live for a few days now, and already tracking well. I'm not moving everyone over to daily updates automatically. If that's your speed, go opt in and get the Dispatch every day instead of once a week. Signup is on the homepage and you can set your ideal delivery time and cadence one you’re in.

// Drill Results

• [TSX PAAS] Pan American Silver Discovers New High Grade Veins At The La Colorada Mine

• [TSX.V AZT] Aztec Drilling Expands Oxide Gold Silver Zone Step Outs At Tombstone Intersecting 231 Gpt Au And 4323 Gpt Ag Over 274 M Within 669 M Of 105 Gpt Au And 2321 Gpt Ag

• [TSX.V NTH] Castle East High Grade Silver Extended With An Intersection Of 6 65m Returning 2 848 G T Ag Including 61 389 G T 1 790 8 Oz Ton Silver Over 0 30 Metres

• [TSX.V MOON] Blue Moon Reports Assay Of 0 180 Germanium 0 0273 Gallium And 1 96 Copper From Bulk Sample At Apex And Provides Apex Project Update

• [TSX.V COS] Graal Copper Nickel Cobalt Property Doubles Following Htdem Survey

• [TSX.V COS] Coniagas Battery Metals Double La Propriete De Cuivre Nickel Cobalt Graal A La Suite Dun Leve Htdem

• [TSX.V CCB] Oct 23 2014 News

• [TSX.V ADZ] Adamera Minerals Establishes Washington Tungsten Hub To Advance Domestic U.s Supply

• [TSX.V RUSH] Carolina Rush Intersects Copper Gold Mineralization Below Lithocap At Brewer Confirming Copper Gold Porphyry System

• [TSX.V BRW] Brunswick Exploration Doubles Extent Of Lithium Corridor At Nuuk Lithium Project

// Resource & Studies

• [TSX PAAS] Pan American Announces Revised Pea For The La Colorada Skarn Project Positions La Colorada As A Future Top Tier Silver Mine

• [TSX.V NTH] Historic Feasibility Study 325 000 Ounces Of Silver Per Year Production Over Seven Years At Gowganda

• [TSX.V NTH] Original Technical Team Secured To Update Historic Silver Tailings Resource At Gowganda

• [TSX.V NEXM] Nexmetals Increases Selkirk Mineral Resource By 70 Establishing 1 1 Billion Pounds Of Copper Equivalent In The Indicated Category And 200 Million Pounds In Inferred Category

• [TSX.V COS] Windfall Geotek Delivers Final Ai Driven Nickel Copper And Cobalt Targets On The Graal Project In Quebec

• [TSX.V COS] Windfall Geotek Presente Les Cibles Finales Definies Par Ia Pour Le Nickel Le Cuivre Et Le Cobalt Sur Le Projet Graal De Coniagas Battery Metals Au Quebec

• [TSX SVM] Silvercorp Announces Filing Of Updated Technical Reports

• [TSX.V MQM] Lac Otelnuk Iron Project Reaches An Important Milestone With The Completion Of A Technical Gap Analysis

• [TSX.V BAY] Update On The Storm Copper Project Advancing Towards Development

• [TSX.V NCAU] Newcore Gold Announces Robust Pre Feasibility Study For The Enchi Gold Project Ghana

// M&A & Deals

• [TSX.V ABM] Aben Gold Receives Second Payment Of Option Agreement

• [TSX.V NAM] New Age Metals Enters Into Memorandum Of Understanding With Liberate Minerals To Evaluate Critical Minerals Processing Opportunities 2

• [TSX.V ABZ] News %2f Press Releases

• [TSX.V GRG] Golden Arrow Resources Announces Us 25 Million Sale Of 75 Owned Copper Assets At San Pietro Project Secures Capital And Retains

• [TSX OLA] Orla Announces Receipt Of Interim Order And Filing Of Special Meeting Materials

• [TSX EQX] Equinox Gold Announces Filing And Mailing Of Meeting Materials For Thespecial Meeting Of Shareholders To Approve Business Combination With Orla Mining

• [TSX.V GEN] Generation Uranium Signs New Agreement On The Yath Extension Project

• [TSX.V WINS] Winshear Provides Update On Thunder Bay Project Purchases Assessment Credit And Relinquishes Selective Ground

• [TSX.V PML] Panoro Minerals Ltd Announces Receipt Of Us 5.2 Million Payment From The Sale Of Non Core Asset

• [TSX.V DLP] Dlp Earns 100 Ownership Of Aurora Project And Secures Six Year Community Land Use Agreement

// Financing

• [TSX.V BUFF] Buffalo Potash Announces Closing Of Second And Final Tranche Of Oversubscribed And Upsized C14 85 Million Non Brokered Private Placement

• [TSX.V AMCO] 20260629 Americore Announces Update To Life Offering

• [TSX.V ADZ] Adamera Closes First Tranche Of Flow Through Private Placement For 312 500

• [TSX.V COS] Coniagas Annonce Lannulation Du Placement En Vertu De La Dispense Fec

• [TSX.V COS] Coniagas Annonce Les Modifications Proposees Aux Bons De Souscription

• [TSX.V SOMA] Soma Gold Closes 7 5 Million Life Offering

• [TSX.V EDM] Edm Strengthens Treasury With %241.5 Million Of Warrant Exercises By Directors%2c Insiders And Major Shareholders

• [TSX.V BUFF] Buffalo Potash Announces Closing Of C14 01 Million First Tranche Of Oversubscribed And Upsized C14 85 Million Non Brokered Private Placement

• [TSX.V BRAU] Big Ridge Gold Corp Announces 7.0 Million Non Brokered Private Placement Supported By Existing Strategic Shareholders With

• [TSX.V KIRO] Kairos Gold Announces Proposed Private Placement

// Production & Operations

• [TSX.V CAN] Canadian Gold Resources Announces 2026 Exploration Program Across Three Quebec Properties Provides Lac Arsenault Operational Update

• [TSX USA] Americas Gold And Silver Completes Phase 2 Of No 3 Shaft Upgrades At Galena Increasing Current Hoisting Capacity By 100 And

• [TSX OLA] Orla Mining Reaches Agreement On Camino Rojo Productivity Bonus

• [TSX AII] Putting Montanas Tungsten District Back To Work

• [TSX.V NBY] Niobay Announces The Commencement Of Summer Field Programs Across Its Projects

• [TSX.V BOGO] Borealis Reports Record Quarterly Revenue Of Us61 Million And Continued Operational Growth At The Borealis Mine

• [TSX.V AIS] Ais Resources Engages Icor Drilling Services For Summer Drilling Program

• [TSX OLA] Orla Mining Reports Resumption Of Operations At Camino Rojo

• [TSX SVM] Silvercorp Announces The Construction Plan And Schedule For The Development Of The Chaarat Zaav Project

• [TSX.V WAM] Alaska Silver Announces Shareholder Meeting Results And Summer Exploration Program Update

// Permitting & ESG

• [TSX.V SCZ] Santacruz Silver Announces Publication Of 2025 Sustainability Report For Mexican Operations

• [TSX.V MOON] Blue Moon Metals Awards Epc Contract For Nussir Processing Plant And Receives Approval Of Waste Management Plan Final Mine Plan And Extended Discharge Permit

• [TSX.V ALDE] Spin Out From Aldebaran Centauri Minerals Announces Approval Of Drilling Permit For The Rio Grande Gold Copper Project And Team Additions

• [TSX.V LVG] Lake Victoria Gold Clears Path For Construction At Imwelo Following Successful Sterilization Drilling

• [TSX EQX] Equinox Gold Publishes 2025 Sustainability Report

• [TSX CS] Capstone Copper Announces Labour Agreements At Mantos Blancos Operation

• [TSX CS] Capstone Copper Announces Labour Agreements At Mantos Blancos Operation

• [TSX III] Red Chris Mine Receives Major Regulatory Authorizations For Block Cave Project

• [TSX CS] Capstone Copper Submits Environmental Permit For Mantos Blancos Phase Ii

• [TSX CS] Capstone Copper Submits Environmental Permit For Mantos Blancos Phase Ii

// Corporate

• [TSX PAAS] Pan American Silver To Host Investor Day On June 1 2026

• [TSX PAAS] Pan American Silver Reports First Quarter 2026 Financial Results Strong Mine Operating Earnings Lead To Record Cash Balance And An Enhanced Shareholder Return Framework

• [TSX PAAS] Pan American Silver Targets Up To 1 Billion In Shareholder Returns In 2026 Through Enhanced Shareholder Return Framework

• [TSX PAAS] Pan American Silver Announces Results Of Annual General And Special Meeting 15

• [TSX PAAS] Pan American Silver To Announce First Quarter 2026 Unaudited Results On May 5 And Host Annual General And Special Meeting Of Shareholders On April 30

• [TSX PAAS] Pan American Silver Announces Renewal Of Normal Course Issuer Bid

• [TSX NTR] Nutrien Continues Help Build Stronger Communities Saskatchewan

• [TSX NTR] Bank Of America Merrill Lynch 2018 Global Agriculture And Materials Conference

• [TSX NTR] Bofa Securities 2022 Global Agriculture And Materials Conference

• [TSX NTR] 2025 Q2 Earnings Conference Call

// General

• [TSX.V EMR] Copy Of 2025 News Releases

• [TSX.V AIS] Lithium Exploration And Production

• [TSX.V AIS] The Chase For A Lucrative Minerals Deposit Near Saint John Cbc Interview

• [TSX.V IVS] Looking Beyond The Numbers

// NOTES FROM THE NORTH

If you missed the Canada Sale, there are 6 placements left.

This was the post from Monday

Ad placements are now open on our highest-intent pages, like drill results, where investors and executives are actively hunting for news.

$325 gets you 3 months:

• Two ad slots directly below the top results on investor pages

• Homepage rotation

• Your logo, title, short text, direct link

• Bonus: one future newsletter placement, whenever you want to use it

(Link not working? https://wise.com/pay/r/LO_f4Ur2tCBGif8)

Quick note!You don’t need a Wise account to pay, just click on the “Card” button and you can pay with Credit Card

No-risk guarantee: If it sucks after 3 months, tell me and I'll refund you. Full stop.

Have a good weekend all!

Lee

THE DISPATCH

The one year I got my own cake… That’s Kristian in the back, peeking over a shoulder.

The Tuesday Dispatch

Today is my Birthday and my younger brother Kristian’s birthday is tomorrow.

We’re 3 years and 1 day apart.

Our birthdays, since he was born, have been shared and always celebrated on his birthday. With his birthday being Canada day it meant most people had the day off so it was easier for everyone to get together. I get it, now.

Apart from the odd year our cake was a slab/sheet cake from Safeway that read “Happy Birthday Lee & Kristian”. Our shared birthday parties were full of the cool kids from my class, obviously, and the common assortment of peers from his.

I still vividly remember driving home from the Canada Day Celebrations one year, I was 8 and he was 5, and he was having a meltdown because he learned that the fireworks were not for him.

Nor was the giant “could feed a village” sized birthday cake.

Or the bands.

His world came crashing down and while he sat there in the seat sobbing, I stared gleefully out the window with a smirk on my face.

He found out because I had told him.

Now, many years later, I sit at my computer this morning reminiscing just how good those days were. The 80s and 90s were amazing. Maybe it’s just youthful naivety but the world seemed slower and more meaningful then.

Family gatherings where everyone came. BBQ hot dogs, cases of Kokanee, green Super Soakers, Gi Joes and Power Rangers.

Topics of discussion lasted longer than a fleeting moment in an algorithmic driven conversation. People would formulate opinions slower, I’m sure they dug in just as hard once formed, as humans do, but I can’t help that think that it was different.

That’s a real problem now, these fast ideas, and how we chase them. Nothing is slow.

So today as I sit in a coffee shop writing this newsletter and I’m grateful for the moments I get like these to slow down and think. I’m going to tuck my computer away for a few hours after this, make a waffle and probably watch a movie while I wait for the family to wake up.

Oh, and one more thing! I’d like to use this opportunity to wish Canada a very happy birthday tomorrow. It’s your day, just for you. I hope you, Canada, enjoy it and spend it celebrating with all the cool people that will undoubtably be at your party.

And if you’re at a Canada Day celebration in Kamloops and some good looking guy shows up claiming it’s also his birthday… he’s due for 41 birthday bumps.

See to it that he gets them for me, would ya?

// Drill Results

• [TSX.V RUSH] Carolina Rush Intersects Copper Gold Mineralization Below Lithocap At Brewer Confirming Copper Gold Porphyry System

• [TSX PAAS] Pan American Silver Discovers New High Grade Veins At The La Colorada Mine

• [TSX.V BRW] Brunswick Exploration Doubles Extent Of Lithium Corridor At Nuuk Lithium Project

• [TSX.V BRW] Exploration Brunswick Double Letendue Du Corridor De Lithium Dans Le Cadre Du Projet Nuuk Lithium

• [TSX.V SGN] Scorpio Gold Drills 2 56 G T Gold Over 13 38 Metres From 293 28 Metres Within Manhattan Caldera At Black Mammoth

• [TSX FDY] Faraday Copper Reports Drill Results Including Near Surface Copper Mineralization In The American Eagle Area

• [TSX.V EDG] Endurance Reports First 2026 Drill Results At Reliance Gold Project 7.67 Gpt Gold Over 14.7 Metres Including 11.01 Gpt Gold

• [TSX.V SNG] Silver Range Expands Alamo Gold Copper Target

• [TSX.V IDEX] Idex Metals Commences Drilling Completes Expanded Ip Survey At The Freeze Property Idaho

• [TSX.V HAR] Harfang Annonce Les Resultats De Forage A Mista Au Quebec

// Resource & Studies

• [TSX PAAS] Pan American Announces Revised Pea For The La Colorada Skarn Project Positions La Colorada As A Future Top Tier Silver Mine

• [TSX SVM] Silvercorp Announces Filing Of Updated Technical Reports

• [TSX.V MQM] Lac Otelnuk Iron Project Reaches An Important Milestone With The Completion Of A Technical Gap Analysis

• [TSX.V NEXM] Nexmetals Increases Selkirk Mineral Resource By 70 Establishing 1 1 Billion Pounds Of Copper Equivalent In The Indicated Category And 200 Million Pounds In Inferred Category

• [TSX.V BAY] Update On The Storm Copper Project Advancing Towards Development

• [TSX.V NCAU] Newcore Gold Announces Robust Pre Feasibility Study For The Enchi Gold Project Ghana

• [TSX SVM] Silvercorp Reports Updated Mineral Reserves And Resources At The Gc Mine

• [TSX RIO] Rio2 Updates Condestable Mine Resources Reserves

• [TSX.V GEN] Generation Uranium Integrates Mmt Survey Into Historic Targets And Investigates Ai Targeting

• [TSX.V GGM] Granada Gold Announces 64 Increase In Measured And Indicated Mineral Resources To 890 600 Oz Au 15 982 000 Tonnes At 1.73 G T

// M&A & Deals

• [TSX.V NAM] New Age Metals Enters Into Memorandum Of Understanding With Liberate Minerals To Evaluate Critical Minerals Processing Opportunities 2

• [TSX.V ABZ] News %2f Press Releases

• [TSX.V GRG] Golden Arrow Resources Announces Us 25 Million Sale Of 75 Owned Copper Assets At San Pietro Project Secures Capital And Retains

• [TSX OLA] Orla Announces Receipt Of Interim Order And Filing Of Special Meeting Materials

• [TSX EQX] Equinox Gold Announces Filing And Mailing Of Meeting Materials For Thespecial Meeting Of Shareholders To Approve Business Combination With Orla Mining

• [TSX.V GEN] Generation Uranium Signs New Agreement On The Yath Extension Project

• [TSX.V WINS] Winshear Provides Update On Thunder Bay Project Purchases Assessment Credit And Relinquishes Selective Ground

• [TSX.V PML] Panoro Minerals Ltd Announces Receipt Of Us 5.2 Million Payment From The Sale Of Non Core Asset

• [TSX.V DLP] Dlp Earns 100 Ownership Of Aurora Project And Secures Six Year Community Land Use Agreement

• [TSX.V BGD] Olympio To Resume Drilling At Bousquet Gold Project Earns 51 Interest

// Financing

• [TSX.V SOMA] Soma Gold Closes 7 5 Million Life Offering

• [TSX.V EDM] Edm Strengthens Treasury With %241.5 Million Of Warrant Exercises By Directors%2c Insiders And Major Shareholders

• [TSX.V BUFF] Buffalo Potash Announces Closing Of C14 01 Million First Tranche Of Oversubscribed And Upsized C14 85 Million Non Brokered Private Placement

• [TSX.V BRAU] Big Ridge Gold Corp Announces 7.0 Million Non Brokered Private Placement Supported By Existing Strategic Shareholders With

• [TSX.V KIRO] Kairos Gold Announces Proposed Private Placement

• [TSX.V CTN] Centurion Announces Fully Subscribed 1000000 Private Placement

• [TSX.V BUFF] Buffalo Potash Announces Second Upsize Of Non Brokered Private Placement To C13500000

• [TSX GENM] Generation Mining Secures Cad 200 Million Subordi 15299

• [TSX COPR] Coppernico Metals Announces Upsized Life Offering

• [TSX.V BGD] Bullion Announces 1 5 Million Private Placement

// Production & Operations

• [TSX OLA] Orla Mining Reaches Agreement On Camino Rojo Productivity Bonus

• [TSX AII] Putting Montanas Tungsten District Back To Work

• [TSX.V NBY] Niobay Announces The Commencement Of Summer Field Programs Across Its Projects

• [TSX.V BOGO] Borealis Reports Record Quarterly Revenue Of Us61 Million And Continued Operational Growth At The Borealis Mine

• [TSX.V AIS] Ais Resources Engages Icor Drilling Services For Summer Drilling Program

• [TSX OLA] Orla Mining Reports Resumption Of Operations At Camino Rojo

• [TSX SVM] Silvercorp Announces The Construction Plan And Schedule For The Development Of The Chaarat Zaav Project

• [TSX.V WAM] Alaska Silver Announces Shareholder Meeting Results And Summer Exploration Program Update

• [TSX.V MKA] Hypromag Usa Advances Texas Hub And U.s Magnet Platform

• [TSX.V GIGA] Giga Metals Launches Summer Geophysics Program To Advance Attic Zone

// Permitting & ESG

• [TSX.V MOON] Blue Moon Metals Awards Epc Contract For Nussir Processing Plant And Receives Approval Of Waste Management Plan Final Mine Plan And Extended Discharge Permit

• [TSX.V ALDE] Spin Out From Aldebaran Centauri Minerals Announces Approval Of Drilling Permit For The Rio Grande Gold Copper Project And Team Additions

• [TSX.V LVG] Lake Victoria Gold Clears Path For Construction At Imwelo Following Successful Sterilization Drilling

• [TSX EQX] Equinox Gold Publishes 2025 Sustainability Report

• [TSX CS] Capstone Copper Announces Labour Agreements At Mantos Blancos Operation

• [TSX CS] Capstone Copper Announces Labour Agreements At Mantos Blancos Operation

• [TSX III] Red Chris Mine Receives Major Regulatory Authorizations For Block Cave Project

• [TSX CS] Capstone Copper Submits Environmental Permit For Mantos Blancos Phase Ii

• [TSX CS] Capstone Copper Submits Environmental Permit For Mantos Blancos Phase Ii

• [TSX.V DMX] District Receives Drill Permit For The Osterkalen Mineral License At The Alum Shale Properties In Sweden

// Corporate

• [TSX PAAS] Pan American Silver To Host Investor Day On June 1 2026

• [TSX PAAS] Pan American Silver Reports First Quarter 2026 Financial Results Strong Mine Operating Earnings Lead To Record Cash Balance And An Enhanced Shareholder Return Framework

• [TSX PAAS] Pan American Silver Targets Up To 1 Billion In Shareholder Returns In 2026 Through Enhanced Shareholder Return Framework

• [TSX PAAS] Pan American Silver Announces Results Of Annual General And Special Meeting 15

• [TSX PAAS] Pan American Silver To Announce First Quarter 2026 Unaudited Results On May 5 And Host Annual General And Special Meeting Of Shareholders On April 30

• [TSX PAAS] Pan American Silver Announces Renewal Of Normal Course Issuer Bid

• [TSX NTR] Nutrien Continues Help Build Stronger Communities Saskatchewan

• [TSX NTR] Bank Of America Merrill Lynch 2018 Global Agriculture And Materials Conference

• [TSX NTR] Bofa Securities 2022 Global Agriculture And Materials Conference

• [TSX NTR] 2025 Q2 Earnings Conference Call

// General

• [TSX.V AIS] Lithium Exploration And Production

• [TSX.V AIS] The Chase For A Lucrative Minerals Deposit Near Saint John Cbc Interview

• [TSX.V IVS] Looking Beyond The Numbers

• [TSX.V KRY] Koryx Copper Provides Update On Zambia Projects Results Of Regional Surface Geochemistry And Planning For The Upcoming Field Season

• [TSX.V PTU] Spot Market Remains Well Supported Even During A Seasonal Slowdown

• [TSX.V BEEP] Fig 5 June 22 2026

// NOTES FROM THE NORTH

If you missed the announcement yesterday, I’ve launched _ BEDROCK, a tool for companies that are engaging with PR Companies to see in ways your investors can understand where your efforts are going.

Take a look and let me know if you’d like a demo, I can show you this in about 7 minutes.

Have a great week all,

Lee

THE DISPATCH

The Friday Dispatch

Happy Friday.

The week's nearly behind us, and from where I sit it was a good one.

A quick word on DirtPays before the bigger thing on my mind. On Tuesday I told you the big job boards were broken and that I'd put your roles in front of the people who can actually fill them.

Since then the roles have been arriving. Operators, dealers, fabricators, service shops. One at a time, from people who gave up on LinkedIn and Indeed a while ago and never made a fuss about it.

None of that surprised me. You already knew. The good people in our industries aren't refreshing a feed, they're working, and the boards stopped reaching them a long time ago. So if you've got a role you need filled, send it my way. I'll get it in front of the right people and show you how this works differently with me. Just reply to this and we'll sort it out.

Now the bigger thing.

July 1 is five days away. CUSMA's first joint review. A lot of folks are bracing for it like bad weather coming up the coast. I'm not, and here's why.

Just because CUSMA is on the table doesn't mean we are. We dig the critical minerals the whole world suddenly can't get enough of. We build the machines, run the projects, and fix what breaks at forty below without being asked twice. For a long time the world took all of that for granted. Lately I get the sense they're starting to see we're worth chatting with.

That's not a weak hand. That's a good one.

I won't pretend the noise makes planning easy. Tariffs come off one week and get bolted back on the next, and nobody can tell you with a straight face which lines hold through the summer. But I've watched Canadians solve harder problems than this with less to work with, and come out the other side better for it. So I'm betting on us. I usually do, and it usually pays.

Keep making calls and keep showing up.
That part has never once let me down.

Which has me curious where your head's at. If you're buying equipment right now, that uncertainty lands square on your capital budget.

Are you pulling purchases forward to get ahead of July 1, sitting tight until the picture clears, or building the unknown into the number and getting on with it?

// Drill Results

• Pan American Silver Discovers New High Grade Veins At The La Colorada Mine

• Silver Range Expands Alamo Gold Copper Target

• Idex Metals Commences Drilling Completes Expanded Ip Survey At The Freeze Property Idaho

• Harfang Annonce Les Resultats De Forage A Mista Au Quebec

• Harfang Announces Drill Results From Mista In Quebec

• District Commences Drilling At The Osterkalen Mineral License Within The Alum Shale Properties In Sweden

• Spartan Metals Exploration Program Confirms Tungsten Skarn Discoveries At Past Producing Mine At Eagle Project Nevada

• Talisker Intersects 85 00 G T Au Over 0 5 M Within 15301

• Luca Intersects 28 4 Metres Of 2 3 G T Gold 135 G T Silver 0 6 Copper 1 Lead And 3 7 Zinc At The El Rey Zone Campo Morado Mine

• Kirkland Lake Discoveries Extends Mirado System 120 M South Step Out Hits 79 63 G T Au Over 2 1 M

// Resource & Studies

• Pan American Announces Revised Pea For The La Colorada Skarn Project Positions La Colorada As A Future Top Tier Silver Mine

• Lac Otelnuk Iron Project Reaches An Important Milestone With The Completion Of A Technical Gap Analysis

• Nexmetals Increases Selkirk Mineral Resource By 70 Establishing 1 1 Billion Pounds Of Copper Equivalent In The Indicated Category And 200 Million Pounds In Inferred Category

• Update On The Storm Copper Project Advancing Towards Development

• Newcore Gold Announces Robust Pre Feasibility Study For The Enchi Gold Project Ghana

• Rio2 Updates Condestable Mine Resources Reserves

• Generation Uranium Integrates Mmt Survey Into Historic Targets And Investigates Ai Targeting

• Granada Gold Announces 64 Increase In Measured And Indicated Mineral Resources To 890 600 Oz Au 15 982 000 Tonnes At 1.73 G T

• Ae Fuels Achieves 95 99 Manganese Recovery And Produces Battery Grade Hpmsm Crystals From Continuous Mini Pilot Testing

• Fury Announces Metallurgical Test Results For The Ninaaskumuwin Lithium Discovery With Potential Direct Shipping Ore Concentrate Of 6 0 Li%e2%82%82o%e2%82%85 And 77 Recovery

// M&A & Deals

• New Age Metals Enters Into Memorandum Of Understanding With Liberate Minerals To Evaluate Critical Minerals Processing Opportunities 2

• News %2f Press Releases

• Orla Announces Receipt Of Interim Order And Filing Of Special Meeting Materials

• Equinox Gold Announces Filing And Mailing Of Meeting Materials For Thespecial Meeting Of Shareholders To Approve Business Combination With Orla Mining

• Generation Uranium Signs New Agreement On The Yath Extension Project

• Winshear Provides Update On Thunder Bay Project Purchases Assessment Credit And Relinquishes Selective Ground

• Panoro Minerals Ltd Announces Receipt Of Us 5.2 Million Payment From The Sale Of Non Core Asset

• Dlp Earns 100 Ownership Of Aurora Project And Secures Six Year Community Land Use Agreement

• Olympio To Resume Drilling At Bousquet Gold Project Earns 51 Interest

• Past Producer High Grade Silver Boundary Areas Targeted For Next Phase Of Drilling

// Financing

• Big Ridge Gold Corp Announces 7.0 Million Non Brokered Private Placement Supported By Existing Strategic Shareholders With

• Centurion Announces Fully Subscribed 1000000 Private Placement

• Buffalo Potash Announces Second Upsize Of Non Brokered Private Placement To C13500000

• Generation Mining Secures Cad 200 Million Subordi 15299

• Coppernico Metals Announces Upsized Life Offering

• Bullion Announces 1 5 Million Private Placement

• Rathdowney Announces Private Placement Financing

• Baru Gold Closes Private Placement

• Aben Gold Corp Closes 1.3 Million Private Placement Of Flow Through Units

• Ais Resources Announces Private Placement Financing With Strategic Investor

// Production & Operations

• Orla Mining Reaches Agreement On Camino Rojo Productivity Bonus

• Putting Montanas Tungsten District Back To Work

• Ais Resources Engages Icor Drilling Services For Summer Drilling Program

• Orla Mining Reports Resumption Of Operations At Camino Rojo

• Hypromag Usa Advances Texas Hub And U.s Magnet Platform

• Giga Metals Launches Summer Geophysics Program To Advance Attic Zone

• Ucore Produces Ndpr Oxide And Ships Qualification Samples To Major Rare Earth Magnet Manufacturers

• Enduro Metals Outlines 2026 Exploration Program On Newmont Lake Project British Columbia

• Hypromag Usa Advances Texas Hub And U.s Magnet Platform

• Silver Spruce Resources Announces Resumption Of Exploration At Its Melchett Lake Au Ag Zn Pb Cu Volcanogenic Massive Sulphide

// Permitting & ESG

• Spin Out From Aldebaran Centauri Minerals Announces Approval Of Drilling Permit For The Rio Grande Gold Copper Project And Team Additions

• Lake Victoria Gold Clears Path For Construction At Imwelo Following Successful Sterilization Drilling

• Equinox Gold Publishes 2025 Sustainability Report

• Capstone Copper Announces Labour Agreements At Mantos Blancos Operation

• Capstone Copper Announces Labour Agreements At Mantos Blancos Operation

• Capstone Copper Submits Environmental Permit For Mantos Blancos Phase Ii

• Capstone Copper Submits Environmental Permit For Mantos Blancos Phase Ii

• District Receives Drill Permit For The Osterkalen Mineral License At The Alum Shale Properties In Sweden

• Pan American Silver Releases 2025 Sustainability Report

• Nr June 8 2028

// Corporate

• Pan American Silver To Host Investor Day On June 1 2026

• Pan American Silver Reports First Quarter 2026 Financial Results Strong Mine Operating Earnings Lead To Record Cash Balance And An Enhanced Shareholder Return Framework

• Pan American Silver Targets Up To 1 Billion In Shareholder Returns In 2026 Through Enhanced Shareholder Return Framework

• Pan American Silver Announces Results Of Annual General And Special Meeting 15

• Pan American Silver To Announce First Quarter 2026 Unaudited Results On May 5 And Host Annual General And Special Meeting Of Shareholders On April 30

• Pan American Silver Announces Renewal Of Normal Course Issuer Bid

• Nutrien Continues Help Build Stronger Communities Saskatchewan

• Bank Of America Merrill Lynch 2018 Global Agriculture And Materials Conference

• Bofa Securities 2022 Global Agriculture And Materials Conference

• 2025 Q2 Earnings Conference Call

// General

• Lithium Exploration And Production

• The Chase For A Lucrative Minerals Deposit Near Saint John Cbc Interview

• Aspen Trailers is looking for a Mining Product Manager for the Sudbury Region

// NOTES FROM THE NORTH

There will be an irregular email from me on Monday inviting you to something I know you’ll find value in. Please give it a read when it arrives.

Have a great weeked all!

THE DISPATCH

The Tuesday Dispatch

Today is a huge day for me!

Forgive the self congratulatory tone here here, but I have to tell someone who'll actually get it.

A few weeks ago I launched DIRT PAYS, and it's already pulling its weight. It's early, but the momentum has me stoked, mostly because it solves a problem I know many of you have been living with.

Hiring on the big boards is broken. LinkedIn and Indeed handed the world an "Easy Apply" button, and now one posting buries your HR team under hundreds of applications, most of them nowhere near qualified. The good ones get lost in the pile, and the role never gets filled.

So a lot of companies did the smart thing and walked away.

They went back to posting on their own sites. Less noise, fewer tire-kickers. But here's the catch: the people you actually need, the ones running the mill, driving haul trucks, turning wrenches, tripping pipe, they couldn't give two shits about a LinkedIn or Indeed profile. They're not refreshing a feed. They're working. So your perfectly good job sits on a careers page nobody's watching.

That's the gap DIRT PAYS fills. I pull together the scattered, self-posted roles from across mining, energy and the trades and put them in front of the qualified people who can actually fill them. Straight from your site to their inbox, often before it hits a big board, if it ever does.

Three quick ways you can help, and get helped:

1. Got self-posted jobs? Send them my way and I'll get them on the site.

2. Know someone looking for work? Point them to DirtPays.com.

3. Just want to cheer us on? Create a free account and get my daily email. It's free, and it's the best seat in the house to watch this thing grow.

That's it. Thanks for reading, and thanks for building the industries the rest of us get to write about.

💥 Fast Movers

These are the Canadian listed companies with the most active releases this week.

🟡 Drill Results

⛽ M&A Deals

🍁 Resources & Studies

🔋 Financing Announcement

🌍 Corporate Updates

🧭 General Updates

// NOTES FROM THE NORTH

Today is the first day of summer for the kids, school and hockey is done for a bit.
Time to do some exploring.

Have a great week all!

THE DISPATCH

Photo by Vishal Butolia on Unsplash

The Friday Dispatch

Good morning.

Happy Friday everyone, the work week is nearly over - now for the fun part, Saturday Morning Cartoons, Sugary Breakfast Cereals and a day at the beach.

Have you been following FIFA? As you know, Hockey is my family’s game, but holy heck if they haven’t made FIFA fun to follow this year.

Canada is in with a chance! If you’re in Vancouver and have a chance to go, do it. We have a Canadian team right now who can compete.

And this is the huge part, 21 of the 26 players on the World Cup team this year were born in Canada. An investment made 20 years ago is now paying dividends. 

In 2007 (yes, that was almost 20 years ago… ) the Vancouver Whitecaps started the Whitecaps Academy and sent coaches all across Canada to run regional programs. This was a fully funded program, these kids had access to top tier talent when they needed it most.

For years Canada hasn’t been a force in international Football and when we had decent years it was through importing talent.

Now we’re seeing kids that grew up playing in leagues and programs who showed them what it was like to believe in their future, regardless of where they’re from, and chase something better for themselves.

21 of 26 were born in Canada and we’re in with a chance!

Long bets are not always made in the markets, sometimes the best bet you can make is on that summer student or that kid you see picking balls at the course on weekends. You all run real companies who do real things, give that kid a job this summer that gives them a leg up and a shot at something bigger.

Believe in someone, bet your own money and time on a human, who’s future is entirely unknown to anyone ,and steward them the best you can. For you it’s not a forever hire, for them it might just be the summer that shapes their lives in ways you could never imagine.

Here’s to Long Bets and the Summer Jobs worth remembering for a lifetime.

💥 Fast Movers

These are the Canadian listed companies with the most active releases this week.

🟡 Drill Results

⛽ M&A Deals

🍁 Resources & Studies

🔋 Financing Announcement

🌍 Corporate Updates

🧭 General Updates

// NOTES FROM THE NORTH

I’m taking the kids into Toronto to check out FIFA events - loads of free activities to take in. One of the kids just wrapped up their finals and it’s looking like a great time to hit the train.

Have a great weekend all!

THE DISPATCH

Photo by Sandro Moser on Unsplash

The Tuesday Dispatch

Good morning.

It’s finally starting to feel like summer here in the centre of the universe, and the city is alive with the sound of FIFA. Actually, the city is bustling with the sounds of summer drill results, financing rounds, road construction, and the usual background hum of everyone trying to figure out what comes next.

When I look back over the past four months, the headlines have been ruled by oil, the Strait of Hormuz, and a growing list of conflicts: U.S./Iran, Israel/Iran, Israel/Hezbollah, Russia/Ukraine, China/Taiwan, U.S./Argentina, and on and on.

You get the idea. Right now, it feels like everyone is lined up against everyone.

Driving the kids this morning, I heard an ad from BDC talking about investing in Canadian defence companies and how now is a great time to get into that space.

Space.

That word stuck with me.

SpaceX is trading at $225 in pre-market this morning, and it is becoming very clear where its future valuation comes from: reliable access to space for defence, communications, intelligence, and the companies that serve those markets.

We now have the world’s first trillionaire. And like many magnates before him, that fortune has been built, at least in part, on the back of global conflict.

It is not just space that Elon holds the golden keys to. It is also AI, communications, information, and influence. The battlefield has always been ruled by those with the most information, and by those with the power and means to act on it.

Before I go further, this is not a pro-Elon or anti-Elon post. It is an observation. And I think it introduces an interesting divergence in human history.

Think about what Elon controls right now:

• A significant foothold in space and access to it

• Global communications through Starlink

• Information through xAI, Grok, X, and various investments

• Huge amounts of buying power.

That last one is what has me thinking.

Elon’s next major foray has to be resources.

Back to his childhood roots as the son of an emerald mine owner, Elon has to make plays to control the materials his empire requires: the critical minerals needed for his equipment, the fuels and energy resources required to power his companies, and the strategic leverage that comes from controlling access to those same resources for others.

Elon’s next big play has to be in mining and energy.

Make no mistake, and this pains me to write because I’m sure it only feeds the ego, Elon is no longer just a person.

Elon is a nation.

His net worth is now roughly half of Canada’s GDP. His empire, his machine, and his legacy all require enormous resources to run. And I think we are well past the point where any of these companies need to ask permission to exist or to decide what they do next.

While the U.S. administration takes passing shots at Canadian sovereignty, I have to wonder if Canada is the golden goose waiting to be tucked under the arm of cash-rich suitors who take our resources one by one by one.

You only have to look at Alberta in the 1980s to see what fat wallets can buy.

Albarrie

Connect with the latest news, companies, jobs, and opportunities in the mining and energy industry. Your source for industry insights and connections.

Canadian Mining & Energy

Verecan

Connect with the latest news, companies, jobs, and opportunities in the mining and energy industry. Your source for industry insights and connections.

Canadian Mining & Energy

💥 Fast Movers

These are the Canadian listed companies with the most active releases this week.

🟡 Drill Results

⛽ M&A Deals

🍁 Resources & Studies

🔋 Financing Announcement

🌍 Corporate Updates

🧭 General Updates

// NOTES FROM THE NORTH

I wanted to show you some of the ways that you can use DirtPays. In particular, Scout, the tool that is built on the underlying data. Scout is like your own junior analyst that you can ask human questions to. Click on any of these to see what it came back with and create a free trial while you’re there to have a play for yourself.

• Show me the companies that have raised in the last 90 days and commenced drilling

• Who was inactive for significant time and then suddenly became active again?

• Who has recently spun out projects?

• Who's had board or director changes lately?

• Recent discoveries and high-grade hits

This is wildly flexible and getting better everyday. Which is more than I can say for myself some days.

Have a great week all!

THE DISPATCH

Photo by Ben Neale on Unsplash

The Friday Dispatch

Dig Dug. 1982. Little guy in a white suit, digging tunnels underground, pumping up monsters twice his size.

I loved that game because you scored points just for digging. Not the monsters, not the bonus veggies. The dirt itself paid. And the deeper you dug, the more it was worth.

Namco understood Canadian resources before most of Bay Street did.

That's the thinking behind DirtPays.com, and it's what I've been heads down building. Here's what's live today:

Every relevant issuer on the TSX, TSXV and CSE. 1,084 companies, each with their own page. Every press release they put out, flowing into one feed, all day long. Topic pages by commodity and region, so anyone hunting gold companies in Ontario or uranium plays in Saskatchewan can actually find them. And a ranking called Who's Moving the Most Dirt, built on 90 days of real activity. It can't be bought at any price. That's the point of it.

Why build it? Go back to my last email. The liquidity is out there. Retail is coming. Attention is a fight won by jabs, landed often. But a jab can't land if nobody can find you.

Investors are digging. DirtPays is the ground.

Go check and see if your company is already on there. Go look. Hit reply if it’s not. If you'd rather your page tell your story than a database tell it, claim it. Your logo, your pitch in your words, your deck, a verified badge. Five minutes, and the page is yours.

The dirt always paid. Keep digging!

Albarrie

Connect with the latest news, companies, jobs, and opportunities in the mining and energy industry. Your source for industry insights and connections.

Canadian Mining & Energy

Verecan

Connect with the latest news, companies, jobs, and opportunities in the mining and energy industry. Your source for industry insights and connections.

Canadian Mining & Energy

💥 Fast Movers

These are the Canadian listed companies with the most active releases this week.

🟡 Drill Results

⛽ M&A Deals

🍁 Resources & Studies

🔋 Financing Announcement

🌍 Corporate Updates

🧭 General Updates

// NOTES FROM THE NORTH

For my Loyal M&E Dispatch readers: create your DirtPays account today and the free credits are yours, same as everyone.

Get it done before 8pm PST tonight and I'll triple your free credits! Think of it as me dropping a couple quarters in the slot for you.

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Have a great weekend all!