| The Sunday Wrap |
| Canada Courts C$1 Trillion With Mining At Centre Of Pitch |
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| Prime Minister Mark Carney is putting mining at the centre of a bid for C$1 trillion, about US$721 billion, of global investment, with more than a third of the 167 projects pitched at the first Canada Investment Summit in Toronto this week involving minerals and mining. Carney invited 100 investors overseeing more than US$70 trillion, with BlackRock chairman Larry Fink, Temasek chief executive Dilhan Pillay, managers of Norway's government pension fund and Abu Dhabi National Oil Co expected. The slate includes Troilus Mining (TLG), seeking US$1.43 billion for its Quebec gold-copper project, and a nuclear fuel services plant billed as Canada's first uranium refining and conversion facility in more than 40 years. |
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| EU Scrutiny Of Anglo-MMG Nickel Deal Tests China Stance |
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| MMG is pressing the European Commission to clear its US$500 million purchase of Anglo American's Brazilian nickel business, two ferronickel operations and two greenfield projects agreed in February 2025, with a formal warning expected next week. Brussels is weighing whether MMG, controlled by state-owned China Minmetals, could divert Brazilian ferronickel away from European stainless steel producers. Brazil's competition authority is running its own investigation after a complaint from regional competitor CoreX Holding. |
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| MINING.com |
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| Glencore Faces US$2bn Lawsuit As It Alleges Radiant World Fraud |
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| Iron ore trader Radiant World, joined by Sapphire Minmetals, is seeking more than US$2 billion from Glencore, alleging the Swiss group deliberately kept the true nature of the partnership out of its audited books and pushed business into face-to-face meetings and WhatsApp rather than paper trails, driven by the compliance scrutiny that followed the US Department of Justice investigation. Glencore calls the claims meritless and says Radiant and related firms circulated falsified invoices, contracts and emails wrongly attributed to its staff to a number of banks. It has taken a US$480 million provision on the exposure, one of its largest trading losses as a public company, and is reviewing its historic dealings with Radiant, Sapphire Minmetals and associated companies. |
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| Miningmx |
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| Nornickel Seeks Chinese Partner To Move Copper Processing Out Of Russia |
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| Nornickel is negotiating with China's North Copper to process its copper concentrate at facilities in Houma, Shanxi province, an arrangement that would let it shut the heavily polluting smelter at Norilsk, Bloomberg reported on 15 September. North Copper would need to rebuild and upgrade plant to handle Nornickel material, which carries more nickel than Chinese copper smelters typically treat, a process that could run as long as two years, with recovered nickel products shipped back to Russia. The talks follow the stalling of Nornickel's earlier plan for copper capacity at Fangchenggang after its Chinese partner withdrew late last year. |
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| NV |
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| Tether Provides US$1.5B Gold Financing To US Dealer, Accumulates Major Gold Reserves |
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| Gold.com Inc's annual report shows Tether provided roughly US$1.5 billion in financing to the US precious metals dealer as at 30 June, the majority of Gold.com's US$1.7 billion in outstanding precious metals loans. Gold.com owed Tether US$1.45 billion in payables and advances at the report date. Tether also acquired equity in the company earlier this year. |
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| Gate |
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| Behind Lithium's Price Swing: What The Supply Chain Is Actually Signalling |
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| Datt Capital's Tony Gu puts the move in Guangzhou Futures Exchange lithium carbonate from about 140,000 yuan a tonne in early August to over 153,000 yuan by mid-month down to Chinese industrial restart, September and October auto demand, and orders pulled forward ahead of the new lithium-ion battery consumption tax from 1 September. Permitting delays at CATL's Jianxiawo mine, designed for 100kt LCE or roughly 10% of Chinese domestic production, have cut near-term supply expectations. Datt projects a slim FY2027 surplus against S&P Global's 109,000t surplus call and deficit forecasts of up to 80,000t from UBS and Morgan Stanley. |
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| Livewire Markets |
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| Lundin Gold Tax Fight Tests Ecuador Mining Rules |
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| Ecuador's Internal Revenue Service has assessed Lundin Gold US$154 million for the 2023 fiscal year under the sovereign adjustment mechanism, comprising US$73 million plus US$81 million in potential fines and penalties, excluding interest. The mechanism requires Ecuador's share of cumulative benefits from Fruta del Norte to stay at or above 50%. CEO Jamie Beck says the assessment stems from a misinterpretation of the calculation methodology set out in the Exploitation Agreement and the company will escalate. |
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| The Northern Miner |
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THEME: WHERE THE STATE CAPITAL LANDED
State Cheques Went Into Processing While Ottawa Asked The Market For The Rest
The largest commitments this week came off government balance sheets, and most of them landed at the processing layer. Elmet's US$150M into Springer is drawn from a US$450M US Department of War investment, and US$75M of it goes into the ammonium paratungstate plant while the mine and mill stay with Blue Moon. Canada's money moved the same way, with C$190M of Marathon's C$340M final tranche coming from the Canada Growth Fund and the Canada Infrastructure Bank to close a C$1.3B construction package.
That layer is also where the friction sits. Brussels is weighing MMG's US$500M purchase of Anglo American's Brazilian nickel business on whether ferronickel gets diverted away from European stainless producers, which is an offtake question wearing a merger review. Nornickel is negotiating with North Copper to move concentrate processing to Shanxi so it can close Norilsk. The DFC's US$414.2M for Dasa is upstream money, but its conditions are downstream, starting with a viable export route for yellowcake out of Niger.
Only one of this week's packages is genuinely funded. Generation Mining closed with two Canadian state institutions in the book and a 14-year Glencore offtake attached. Global Atomic holds a board approval carrying five unresolved conditions, Emerald holds a mandate subject to conditions precedent, and Springer runs on a binding letter agreement pending definitive documents. Meanwhile Ottawa spent the week asking 100 investors with more than US$70 trillion under management to fund 167 projects. Capital is clearing fastest for companies that can put a permitted asset and a named counterparty on the same page, and that is the test worth applying to every development story from here.
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| Global Atomic (GLO) secures US International Development Finance Corporation board approval for a debt facility of up to US$414.2M for the Dasa uranium project, Republic of Niger |
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| The DFC board approved the facility on 16 September 2026, but entry and any disbursement remain conditional on identifying a viable yellowcake export route, negotiating a direct agreement with the government of Niger, extending the Project Mining Convention and Mining Permit on satisfactory terms, receiving loan repayment assurances and completing definitive documentation. Dasa is operated through SOMIDA, an 80/20 joint venture between Global Atomic and the government of Niger, permitted in 2020 and actively mined since 2022, with commercial production scheduled for the second half of 2028. |
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| Generation Mining (GENM) secures C$340M (~US$243M) in final funding, completing an approximately C$1.3B fully financed construction package for the 100% owned Marathon copper-palladium project, Northwestern Ontario |
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| The Canada Growth Fund anchors with approximately C$140M across equity and note allocations, alongside C$50M from the Canada Infrastructure Bank through the note, with a special shareholder meeting set for the fourth quarter of 2026 to approve the note financing. Generation has separately agreed terms with Glencore AG for a life-of-mine offtake over polymetallic concentrate containing copper, palladium, platinum, gold and silver, running a minimum 14 years from first commercial production scheduled for 1 September 2028 and feeding Glencore Canada's Horne smelter at Rouyn-Noranda and its CCR refinery in Québec. |
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| Emerald Resources (EMR) signs a mandate with Sprott Resource Lending and Macquarie Bank for a US$200M corporate acquisition facility, scalable to US$400M through an accordion feature |
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| The facility runs a five-year term with funds available for drawdown over a 36-month availability period and is strictly restricted to funding new asset acquisitions and associated advancement costs, with implementation still subject to conditions precedent including satisfactory legal due diligence and definitive documentation. Emerald holds approximately A$500M in cash and cash equivalents, which it says fully funds development of the 100% owned Dingo Range gold project in Western Australia and the Memot gold project in Cambodia. Managing Director Morgan Hart set the facility against a stated ambition of 600,000oz to 800,000oz of annual gold production. |
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| Blue Moon Metals (MOON) to vend its Springer ammonium paratungstate plant into a joint venture with The Elmet Group (ELMT) and EQ Resources (EQR) under a US$150M to US$175M investment package, Nevada |
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| Under a binding letter agreement dated 11 September 2026, Elmet injects US$75M into a JV holding the APT plant, owned 70% Elmet, 20% Blue Moon and 10% EQ, with Blue Moon contributing the plant and its offtake commitment and retaining the mine and mill outright. Elmet also provides a US$50M tungsten prepayment facility repaid through a 25% credit against Springer concentrate sales, and subscribes US$25M of Blue Moon units at C$10.00, a 31.8% premium to the 11 September close, with a further US$25M set aside by Elmet and EQ for restart standby. The US$150M is earmarked from a US$450M US Department of War investment into Elmet announced the same day, and EQ takes an eight-year offtake for 4,000 tonnes of contained WO3. |
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| Luca Mining (LUCA) to acquire 100% of the El Barqueño gold-silver-copper project in Jalisco, Mexico from Agnico Eagle (AEM) for up to US$60M |
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| The only committed component is US$10M in Luca shares on closing, followed by up to US$30M in milestone payments, US$15M three months after the first drilling programme begins and US$15M on commercial production, plus up to US$20M tied to gold-equivalent ounces produced, with Luca electing cash or scrip on the contingent legs. Agnico Eagle also takes a 2.0% net smelter return over areas hosting defined resources, half of which Luca can repurchase for US$12.5M, and becomes a significant Luca shareholder. The 32,000ha property carries a historical estimate of 399,265oz gold equivalent at 1.47 g/t indicated and 650,046oz at 1.43 g/t inferred, which Luca treats as historical rather than a current resource, with closing targeted for Q4 2026 subject to Mexican competition and TSXV approval. |
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| First Au (FAU) to acquire Javelin Minerals (JAV) in a recommended all-scrip takeover valued at approximately A$46.5M (~US$33M) |
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| Javelin holders receive 11.7647 new First Au shares for each share held, adjusting to 0.5882 after a proposed 20:1 consolidation, implying an offer value of A$0.1153 per Javelin share. The combination brings together four brownfields gold projects in Western Australia's Eastern Goldfields near Kalgoorlie for a resource base of approximately 350,600oz of gold, comprising Gimlet at 112,900oz, Coogee at 126,685oz plus 4,122 tonnes of copper, and Eureka at 110,687oz. First Au holders would retain 51.3% of the combined group and Javelin holders 48.7%, with the offer conditional on 50.1% minimum acceptance. |
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| Encounter Resources (ASX:ENR) |
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| 51m at 5% Nb2O5 from 63m |
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| Aileron, Western Australia, Australia |
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| Norsemont Mining (CSE:NOM) |
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| 41m at 4.59 g/t Au from 1m |
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| Choquelimpie, Chile |
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| Toubani Resources (ASX:TRE) |
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| 28m at 8.86 g/t Au from 188m |
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| Kobada, Mali |
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| Fireweed Metals (TSXV:FWZ) |
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| 64m true width at 8.35% ZnEq from 982.3m |
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| Macpass, Yukon, Canada |
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| Boab Metals (ASX:BML) |
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| 12.6m at 204 g/t AgEq from 23m |
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| Sorby Hills, Western Australia, Australia |
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| Week-on-Week |
Price |
% |
| Gold | US$4,348.60/oz | +0.02% |
| Silver | US$65.74/oz | +1.92% |
| Platinum | US$1,780.00/oz | -0.67% |
| Palladium | US$1,279.00/oz | -0.08% |
| Rhodium | US$9,150.00/oz | -6.87% |
| Copper | US$14,400.50/t | +1.14% |
| Nickel | US$16,170.00/t | -0.61% |
| Zinc | US$3,941.00/t | -1.84% |
| Lead | US$1,862.00/t | +0.43% |
| Aluminium | US$3,303.50/t | +0.90% |
| Tin | US$53,000.00/t | -1.40% |
| Iron Ore | US$97.42/t | -0.61% |
| Manganese | US$4.33/dmtu | +0.10% |
| Uranium | US$90.15/lb | +0.45% |
| WTI Crude* | US$99.53/bbl | -0.52% |
| Lithium | US$21,789.31/t | -7.93% |
| Cobalt | US$40,675.00/t | -5.27% |
| Molybdenum | US$92,594.02/t | +0.70% |
| Antimony | US$15,705.42/t | +0.34% |
| Tungsten | US$156,548.54/t | +0.02% |
| Niobium‡ | US$958.71/t | -0.30% |
| Neodymium | US$155.56/kg | -0.45% |
| Praseodymium† | US$178.90/kg | -1.45% |
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Prices sourced from Pulse Intelligence, week-on-week to Friday 18 September 2026. *WTI Crude sourced from Investing.com. †This price feed updated fewer than five times in the preceding two months; the change shown reflects a small number of discrete repricings rather than continuous movement. ‡Quoted basis under review.
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This newsletter is for general information, education and entertainment. Kamoa Capital is not licensed and does not know your circumstances. Nothing here is financial, legal or tax advice. Seek professional advice and read any PDS before acting. We aim for accuracy but make no guarantees and accept no liability. Views are opinions only and may include forward-looking statements that may not occur.
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