Precious Metals & Minerals

Guardian Metal Resources plc has signed a collaboration agreement with Oritain Global Limited to develop a database of origin fingerprints for tungsten, supporting provenance verification for governments, industry and end consumers. The inaugural database will include tungsten from Guardian Metal's co-flagship Tempiute and Pilot Mountain projects in Nevada, with the company delivering initial samples from both sites to Oritain. The agreement is particularly timely ahead of January 1, 2027, when U.S. defense procurement restrictions under Section 854 of the FY2024 National Defense Authorization Act, implemented through DFARS 252.225-7052, are expected to drive tighter traceability requirements across the tungsten supply chain. Those requirements were further reinforced by Executive Order 14415, signed on July 20, 2026, which restricts sourcing waivers for covered-country materials and directs comprehensive supply chain mapping and traceability across U.S. defense procurement. Oritain CEO Alyn Franklin said forensic origin verification is becoming a necessary ingredient for durable critical minerals supply chains, while Guardian Metal CEO Oliver Friesen called the agreement a meaningful step toward building a fully transparent and verifiable tungsten supply chain entirely on U.S. soil.

Impala Platinum Holdings reported record financial results for fiscal year 2026, with revenue surging 58% to ZAR 135.1 billion and EBITDA margin expanding from 12% to 32%. The company generated free cash flow of ZAR 22 billion, enabling it to return approximately 90% of second-half free cash flow to shareholders, including a final dividend of ZAR 14.45 per share totaling ZAR 13.1 billion. Headline earnings reached ZAR 22.9 billion, or ZAR 25.48 per share, while basic earnings were ZAR 31 billion, supported by a ZAR 8.1 billion after-tax reversal of impairment losses. The company ended the period with net cash of ZAR 22 billion and liquidity headroom of ZAR 37 billion. Looking ahead, management guided for flat production in fiscal 2027, with a 60,000-ounce impact from a safety reset at Rustenburg and unit costs expected to rise 4-8% due to inflation and planned maintenance. CEO Nico Muller noted that the Styldrift 2 project is in the concept study phase, with a typical timeline of five years to completion, and confirmed the company is not currently considering diversification into metals beyond PGMs.

Furuya Metal's operating profit for the full fiscal year ending June 2026 reached 24.7 billion yen, a 2.6-fold increase from 9.5 billion yen in the previous fiscal year. Net sales rose 74.5% year on year to 100.1 billion yen, and net profit increased 147.9% to 16 billion yen. The weaker yen boosted precious metal prices and improved export profitability, while the company also advanced the high value-added of products for the digital and green sectors. The stock price rose more than 40% in one month from early August, closing at 9,670 yen on September 2. For the fiscal year ending June 2027, the company plans net sales of 101 billion yen (up 0.9%) and operating profit of 26.5 billion yen (up 6.9%), with sales nearly flat while profits grow. It also plans to raise the dividend from 165 yen to 180 yen per share.

Sino-Platinum Metals released its 2026 interim report, with net profit attributable to the parent company of 350 million yuan, up 7.63% from the same period last year, marking four consecutive years of growth. Total operating revenue was 22.652 billion yuan, down 23.36% year on year. Net cash inflow from operating activities was 717 million yuan, down 34.50% year on year. The latest gross margin was 4.43%, rising for four consecutive quarters and up 2.24 percentage points from a year earlier. The latest return on equity was 3.87%, down 0.51 percentage points from a year earlier. Diluted earnings per share were 0.45 yuan, up 4.65% year on year, marking three consecutive years of growth.

Sino-Platinum Metals released its 2026 interim report, with net profit attributable to the parent company of 350 million yuan, an increase of 24.788 million yuan compared with the same period last year, up 7.63% year on year, marking four consecutive years of growth. The company's total operating revenue was 22.652 billion yuan, and net cash inflow from operating activities was 717 million yuan. The latest asset-liability ratio was 62.49%, down 2.42 percentage points from the previous quarter; the gross margin was 4.43%, up 0.80 percentage points from the previous quarter, achieving four consecutive quarters of increase. Diluted earnings per share were 0.45 yuan, up 4.65% year on year.

Sino-Platinum Metals released its half-year report on the evening of August 20. First-half operating revenue was 22.652 billion yuan, down 23.36% year on year, while net profit attributable to the parent company was 350 million yuan, up 7.63% year on year. The profit growth mainly came from alloy functional materials, semiconductor materials, electronic materials and industrial catalysts in the new materials manufacturing segment, while platinum group metals and silver recycling in the precious metals secondary resources segment continued to grow steadily. On the same day, the company disclosed its 2026 interim equity distribution plan, proposing a cash dividend of 0.67 yuan per 10 shares, with total cash dividends of 55.1596 million yuan. Driven by demand from computing power and AI industries and voltage platform upgrades, electric vacuum silver-copper solder grew 22% year on year, and the emerging electrical contact track grew 244% year on year. Sales volume from core semiconductor customers rose 6% year on year, orders for low-temperature silver paste rose 391% year on year, orders for high-temperature paste rose 230% year on year, and orders for specialty paste rose about 130% year on year.

Gold Royalty Corp. reported record financial results for the first half of 2026, with total revenue, land agreement proceeds, and interest rising 116% to $17.3 million and adjusted EBITDA more than tripling to $12.6 million. For the second quarter, total revenue, land agreement proceeds, and interest reached $7.9 million, an 80% increase, while adjusted EBITDA more than doubled to $5.6 million from $2.4 million a year earlier. The company produced 1,757 gold equivalent ounces in the quarter, bringing the first-half total to 3,677 ounces, or 44% of the midpoint of its full-year guidance of 7,500 to 9,300 GEOs. Gold Royalty also announced two acquisitions: an additional 0.1875% NSR royalty on the Ren project for $6.25 million, which is in addition to the existing 1.5% NSR and 3.5% NPI royalties it already holds, and two Nevada royalties for $800,000, including a 2% NSR on the Sterling property and a 0.5% NSR on portions of Granite Creek. The company ended the quarter with $11.3 million in cash and a fully undrawn $150 million credit facility, and management said the board is considering a capital return policy as the portfolio generates consistent positive free cash flow.

Gold Royalty reported record first-half results with total revenue, land agreement proceeds and interest of $17.3 million, up 116% year over year, and adjusted EBITDA surging 212% to $12.6 million. Gold equivalent ounces increased more than 40% to 3,677. The company reaffirmed its 2026 production guidance of 7,500 to 9,300 GEOs, with volumes expected to be more heavily weighted to the second half as the Vareš and County Line operations ramp up. Gold Royalty ended the quarter with $11.3 million in cash, no debt and an undrawn $150 million credit facility, and highlighted upcoming catalysts including Vareš reaching commercial production, REN's expected first production by year-end, and studies at Borborema, Granite Creek, Jerritt Canyon and Odyssey.

Fresnillo reported a 227.6 percent jump in first-half profit from continuing operations before income tax to $2.16 billion, driven by sharply higher silver and gold prices. Revenues surged 74.7 percent to $3.38 billion, with the average realised silver price more than doubling to $78.9 per ounce and the average realised gold price climbing 47.3 percent to $4,666.8 per ounce. The company declared an increased interim dividend of 43.4 US cents per share and confirmed its full-year production guidance, while noting that attributable silver production fell 11.4 percent and attributable gold production declined 7.3 percent. For fiscal 2026, Fresnillo continues to expect attributable silver production of 42.0 to 46.5 million ounces and attributable gold production of 500,000 to 550,000 ounces, with production outlook for 2027 and 2028 also unchanged.

Sino-Platinum Metals announced that its wholly-owned subsidiary, Sino-Platinum Metals Resources Yimen Company, plans to invest 104 million yuan to build a pilot project for recycling decommissioned photovoltaic modules, with a construction period of about 12 months. The project will construct a new decommissioned photovoltaic recycling and processing plant within the existing factory area, covering a total land area of approximately 9,030 square meters. Once completed, it will have an annual processing capacity of 15,000 tonnes of decommissioned photovoltaic modules and 5,000 tonnes of externally purchased battery cells. The company stated that this project is an important practice in serving the national dual carbon strategy and promoting green circular economy. Leveraging the accumulation of Sino-Platinum Metals Resources in the field of precious metal recycling, it focuses on the refining and recovery of valuable metals such as silver from decommissioned photovoltaic modules, creating a full-process industrial chain loop. This will accumulate technical reserves and operational experience for future capacity expansion and fill the company's gap in the photovoltaic recycling sector.

Sino-Platinum Metals wholly-owned subsidiary Sino-Platinum Resources Yimen Company plans to invest 104 million yuan to build a pilot base for recycling decommissioned photovoltaic modules. The project is located in Yimen County, Yuxi City, Yunnan Province, with a construction period of about 12 months. Once completed, it will have an annual processing capacity of 15,000 tonnes of decommissioned photovoltaic modules and 5,000 tonnes of purchased battery cells.

Guardian Metal Resources has released a Preliminary Feasibility Study for its Pilot Mountain tungsten project in Nevada, showing an after-tax internal rate of return of 59.6% and a capital payback period of just one year at the base-case tungsten price. At current spot prices, the after-tax net present value rises to more than US$1.3 billion and the payback period shortens to approximately six months. The company says Pilot Mountain is the only US tungsten project with a prefeasibility-level study completed in the last decade, giving it a unique leadership position as Western governments seek to reduce dependence on China, Russia, and North Korea, which supply about 90% of global mine output. Guardian is now advancing toward a Definitive Feasibility Study, permitting, and detailed engineering, with CEO Oliver Friesen emphasizing speed of execution to meet growing defence and technology demand. The planned open-pit operation is expected to offer lower costs and greater flexibility compared with underground deposits.

SRX Global has made a strategic investment in Greenland Mines, a Nasdaq-listed critical and precious minerals development company advancing a portfolio of strategic assets in Greenland. Greenland Mines is focused on building a multi-asset platform with exposure to rare earth magnet materials, precious metals, and selected midstream processing opportunities, while advancing its broader North Atlantic Critical Metals Corridor vision. SRX Global is an AI-driven platform that invests in high-conviction operating companies and assets, leveraging proprietary technology and data analytics. The financial terms of the investment were not disclosed.

Greenland Mines has engaged Tetra Tech Canada and GeoSim Services to prepare an updated SEC S-K 1300-compliant mineral resource estimate for its Sarfartoq neodymium-praseodymium rare earth project in southwest Greenland. The updated estimate, expected to be substantially completed this summer, will incorporate historical NI 43-101 resource work along with drilling and technical studies completed by Neo Performance Materials between 2023 and 2025. GeoSim, led by Ronald G. Simpson, has been appointed as the qualified person for the resource estimate, while Tetra Tech will provide engineering, mine planning, and metallurgical support. Greenland Mines also reappointed WSP Danmark to continue environmental baseline work at the project.

Greenland Mines has engaged Tetra Tech and GeoSim to prepare an updated mineral resource estimate for the Sarfartoq neodymium-praseodymium rare earth magnet project in southwest Greenland, targeting completion this summer. The S-K 1300 compliant estimate will integrate historic NI 43-101 resource work from 2011 and 2012 with drilling and technical studies completed by Neo Performance Materials between 2023 and 2025, and is expected to form the basis for an updated preliminary economic assessment. GeoSim's Ronald G. Simpson, who served as qualified person on the historic estimates and 2011 PEA, will lead the resource estimation, while Tetra Tech provides engineering, mine planning, and metallurgical support. The company has also reappointed WSP Denmark to continue environmental baseline data collection, and is in active dialogue with Greenland authorities to transfer the exploration licenses. Greenland Mines views Sarfartoq as a central part of a broader multi-asset strategy, with the project's Nd-Pr content representing approximately 25 to 40 percent of the total rare earth oxide basket, which the company believes is one of the higher ratios reported globally.

Guardian Metal Resources has finalized the acquisition of Lincoln Estates Group LLC, securing 841 acres of real property and 2,540 acre-feet of annual water rights in south-central Nevada. The total transaction cost is US$1.3 million, paid in cash through its wholly-owned subsidiary Golden Metal Resources, LLC. The property is located less than 10 miles from the company's flagship Tempiute Tungsten Project, a past-producing domestic asset last operational in the 1980s. The acquisition includes water rights spread across three permits banked with the Lincoln County Water District, which Guardian Metal can assign and transfer directly into the Tempiute project service area, and mixed-use real property zoned for commercial, industrial, and single-family uses with direct transport access off Highway 375. The company says this infrastructure acquisition materially de-risks the project and advances its goal of building a resilient domestic U.S. tungsten supply chain to reduce reliance on foreign sources while enhancing national economic and defense security.

Greenland Mines has departed Reykjavik for the Skaergaard project in southeast Greenland, launching its 2026 field season with a team of more than 40 experts and a comprehensive program of drilling, bulk sampling, geophysical surveys, and environmental and engineering work. The support vessel Argus is carrying drill rigs, bulk-sampling machinery, drone survey equipment, and environmental monitoring gear, and will serve as the primary offshore logistics and accommodation hub. A dedicated advance survey vessel, MS Byr, is already on-site acquiring seabed and coastal mapping data to identify an optimal anchoring location. The program is designed to support resource upgrading, metallurgical test work, environmental baseline studies, and geotechnical data collection to advance Skaergaard toward its next phase of development, including evaluation of a potential initial open-pit mining scenario. Greenland Mines holds an 80% interest in the project and an option to acquire the remaining 20%.

Malaysia is considering relaxing its ban on the export of unprocessed rare earth minerals to strengthen its role in the global supply chain amid intensifying resource competition. Deputy Minister of Natural Resources and Environmental Sustainability Syed Ibrahim Syed Noh revealed that the government is studying the feasibility of easing the restrictions after facing pressure from local governments and foreign investors, with Malaysia attracting interest from the United States, Australia, France, and India. Malaysia announced a halt to raw rare earth exports in 2024 to spur domestic processing investment, but after China imposed export controls in response to the trade war with the US, many countries are accelerating the search for alternative mineral sources. If raw mineral exports are allowed again, the government will impose strict conditions, such as requiring investors to bring in capital and transfer technology, and exports must be for research and development purposes abroad. Malaysia aims to develop the country into a regional strategic mineral hub by 2030, seeking to attract investment across the entire supply chain, from mining and processing to downstream industries. Although Malaysia holds only about 1% of the world's rare earth reserves, compared to China's dominant share of over 50%, the country continues to draw interest from foreign operators, such as Australia's Lynas Rare Earths, which has a separation plant in Malaysia, and France's Carester SAS, which is preparing to build a separation plant in Perak state through a joint venture with Malaco Mining Group. The Malaysian government estimates that the country has approximately 16.1 million tonnes of rare earth resources, potentially worth up to 970 billion ringgit, or about 237 billion US dollars. However, many deposits are located in protected forest areas, prompting the government to explore and develop mining approaches that do not harm biodiversity.

Pentagon suppliers warn that the United States will not have sufficient domestic processing and magnet manufacturing capacity by the January 1, 2027 deadline, potentially forcing the Trump administration to extend access to Chinese rare earth materials. Industry executives told Reuters that despite billions of dollars in federal support for new mines, separation facilities, and downstream manufacturing, U.S. capacity remains insufficient to meet military and commercial demand. The shortage centers on neodymium-iron-boron and samarium-cobalt magnets, which rely on rare earth supply chains still dominated by China. Companies including MP Materials, USA Rare Earth, Lynas Rare Earths, Energy Fuels, and REalloys are investing heavily, with several projects expected to begin commercial production within 18 months, but executives say they cannot fully replace Chinese supply by early 2027. Beijing's tighter export controls and expanded traceability regime have further strengthened its grip on global magnet feedstocks.

Sinda Ltd., a silver exploration company with mineral projects in Mexico, will begin trading today on the New York Stock Exchange under the ticker symbol SIND. The company is advancing a large-scale, high-grade silver-gold discovery in the historic Guanajuato district, with an estimated 369 million silver-equivalent ounces of Inferred Mineral Resources and 16 million silver-equivalent ounces of Indicated Mineral Resources at an average grade of 692 silver-equivalent grams per tonne. Coinciding with the initial public offering, Fresnillo plc is subscribing for up to 5% of Sinda's outstanding shares in a private placement, while Franco-Nevada is participating as an anchor investor with a $10 million order. Net proceeds from the offering will fund a multi-year exploration and infill drilling program, including construction of a 9-kilometer underground exploration decline at the Caracol deposit, with the objective of achieving initial production by 2031. Sinda will ring the NYSE Opening Bell on July 2, 2026 to celebrate its listing.