Mining Press Roundup: Agnico Greenlights $2.4B Nunavut Gold Mine as Critical Minerals Boom Drives Dealmaking

Agnico Eagle Mines announced it will proceed with construction of the $2.4-billion Hope Bay underground mine in Nunavut with a goal of starting operations in as few as four years . Hope Bay is expected to produce between 400,000 and 435,000 oz. gold annually over an initial 11-year mine life . The investment decision marks a pivotal moment for Canada's Arctic mining sector and represents the first major step toward Toronto-based Agnico lifting annual output to more than 4 million oz.

Agnico Eagle: $2.4 Billion Hope Bay Mine Approved

The price tag includes reconstruction of the processing facility, the addition of a 37-megawatt diesel generator power plant, mobile equipment, upgrades to the tailings facility, and about 33 kilometres of underground development , according to the company's announcement Tuesday. Using a gold price of $3,600 per ounce, the study forecasts average total cash costs of $942 per ounce, AISC of $1,199 per ounce, an after-tax IRR of 19% and an after-tax NPV of about $2.7 billion at a 5% discount rate .

The company acquired TMAC Resources Inc., the previous owner and operator of the Hope Bay gold mine, in 2021 and suspended production in 2022 to focus on the property's exploration potential . Hope Bay already has key environmental permits and production leases in place. Remaining permit amendments and water license updates are advancing. The project aligns with the federal government's push to stimulate economic development and strengthen Canada's Arctic presence .

With gold trading at $4,489 per ounce according to market data—well above the study's base case—the economics look increasingly compelling. At $4,500 gold, the after-tax IRR rises to 26% and NPV to $4.3 billion .

Anglo American: Completing Coal Exit with $3.9B Sale

Anglo American announces that it has agreed to sell its portfolio of steelmaking coal mines in Australia to Dhilmar Limited for a cash consideration of up to US$3.875 billion . The agreed cash consideration comprises an upfront cash consideration of US$2.3 billion payable by Dhilmar at completion and a price-linked earnout of up to US$1.575 billion .

This agreement represents another major step in the simplification of our portfolio ahead of completing our merger with Teck. Through this transaction, we will complete our exit from steelmaking coal, delivering aggregate cash proceeds of up to US$4.9 billion, given the prior completion of the sale of our interest in the Jellinbah mine for approximately US$1 billion , according to Anglo American CEO Duncan Wanblad.

Dhilmar's main existing mining asset is the Éléonore gold mine in Quebec, which it acquired from Newmont for US$795 million. Dhilmar is a privately owned UK company led by Alexander Ramlie, an Indonesian mining executive who also sits on the AMMAN Mineral Board of Commissioners . The Anglo-Dhilmar deal for the Australian steelmaking coal assets is subject to a number of conditions, including customary competition and regulatory clearances, and pre-emption arrangements, with completion expected by the first quarter of 2027 .

Nouveau Monde Graphite: Breaking Ground on North America's Largest Graphite Mine

Nouveau Monde Graphite Inc. held today a groundbreaking ceremony marking the official start of construction of the Matawinie mine project in Saint-Michel-des-Saints, Quebec, in the presence of the Right Honourable Mark Carney, Prime Minister of Canada, Bernard Drainville, Quebec Minister of Economy, Innovation and Energy and Minister responsible for the Maritime Strategy, as well as partners, elected officials, and key community stakeholders .

The project represents a critical step in establishing Western supply chains for battery materials. Early Q2-2026 construction start at Matawinie, with over 50% of CAPEX under contract and within feasibility estimates, de-risks schedule execution for NMG's integrated graphite platform . In parallel, and in support of its vertically integrated business model, the Company aims to reach a final investment decision (FID) in the second half of 2026 for its battery material plant in Bécancour, with a planned capacity of 13,000 tonnes per year dedicated to the Panasonic Energy offtake .

The Canadian government's support signals the strategic importance of domestic graphite production. Matawinie graphite mine aims to break China's grip and deliver battery-grade anode material by mid-2028 , according to industry analysis.

Mineral Resources: Restarting Bald Hill Lithium Mine

Mineral Resources is pleased to announce the restart of operations at its 100% owned Bald Hill lithium mine in Western Australia. The restart follows a significant and sustained recovery in lithium prices and reflects extensive planning undertaken over recent months to ensure the operation can be brought back online safely and efficiently .

Located 50km south-east of Kambalda in the Goldfields region of Western Australia, Bald Hill has a production capacity of approximately 165,000 dry metric tonnes per annum of 5.1% spodumene concentrate, equivalent to 140,000dmt of SC6 per annum. Bald Hill was placed on care and maintenance in November 2024 to preserve capital and protect the long-term value of the operation's 58.1 million tonne Mineral Resource at 0.9% Li2O until market conditions improved .

A ramp-up in activity at the site will begin in late May, with crushing and mining operations to start in June and first production of spodumene concentrate from July , according to the company's filing. Once production resumes at Bald Hill, MinRes will be the only company globally operating three hard-rock lithium mines, each with their own spodumene concentrate facilities. This uniquely positions us as a leader in the lithium market and demonstrates our commitment to meeting the world's growing demand for battery minerals , the company stated.

The lithium ETF (LIT) traded up 1.7% to $83.15 according to market data, reflecting renewed optimism in the battery metals sector.

Troilus Mining: High-Grade Drill Results Boost M&A Potential

Troilus Mining Corp. is pleased to announce the first batch of results from the West Rim Zone as part of its ongoing 2026 Exploration Program at its copper-gold Troilus Project located in northcentral Quebec, Canada. The now concluded West Rim drill program followed up on the newly discovered West Rim Zone, identified in 2024 within 200 metres of the North Reserve Pit outlined in the Company's 2024 Feasibility Study. The latest drilling significantly expands and strengthens the original discovery, returning some of the strongest near-pit grade-thickness intercepts drilled to date at Troilus .

All reported intercepts remain entirely outside the current mineral resource estimate while being located in close proximity to planned mining and infrastructure areas contemplated in the 2024 Feasibility Study . The Company's 2026 program includes approximately 40,000 metres of drilling focused on near-mine resource growth, high-grade target definition, and regional exploration across its 435 km² land package .

The strong results are drawing analyst attention to potential takeover scenarios. A Feasibility Study completed in May 2024 supports a generational scale 22-year, 50ktpd open-pit mining operation, projecting average annual production of 303,000 oz of gold equivalent. The Troilus Project ranks among Canada's largest undeveloped gold-copper assets and is set to emerge as one of the country's largest future producers .

EnergyX and Compass Minerals: $400M Utah Lithium Partnership

Energy Exploration Technologies has signed a memorandum of understanding with Compass Minerals to develop a commercial-scale direct lithium extraction and refinery plant near the Great Salt Lake in Utah, US. The facility, named Project Powder Hound, aims to produce 30,000 tonnes per annum of lithium .

The companies said they have signed a memorandum of understanding under which EnergyX will invest more than $400 million and use its direct lithium extraction technology to filter the metal from the hypersaline lake, which is estimated to contain more than 2.4 million metric tons of lithium . The development will not require additional water extraction from the Great Salt Lake. EnergyX plans to use its GET-Lit technology and refining methods, protected by more than 140 patents .

Compass in 2022 chose an EnergyX rival, EnergySource Minerals, to develop its Utah lithium project. This was funded in part by Koch Industries, which became the largest shareholder in the Overland Park, Kansas-based company. Ford Motor signed up as a lithium customer. Yet Compass said in late 2023 it was "suspending indefinitely" any spending on the lithium project after Utah officials approved a law tightening water access to the lake . The new partnership represents Compass's return to the lithium sector.

Trilogy Metals: Arctic Project Enters FAST-41 Permitting

Trilogy Metals Inc. announced today that its flagship Arctic Project in northwestern Alaska's Ambler Mining District, being advanced by Ambler Metals LLC – its 50/50 joint venture with South32 Limited – has been officially accepted as a "Covered Project" on the Federal Permitting Improvement Steering Council's Federal Permitting Dashboard under Title 41 of the Fixing America's Surface Transportation Act .

In April 2026, Ambler Metals filed an application for a Clean Water Act Section 404 permit with the Corps, initiating federal permitting for the Arctic Project. The FAST-41 Covered Project designation follows directly from that filing and from a broader sequence of federal policy actions supporting domestic critical mineral development . Arctic is one of the highest-grade, undeveloped open-pittable copper deposits in the world, with an estimated average grade of approximately 5% copper equivalent, bolstered by material precious metals by-product credits .

The copper miners ETF (COPX) gained 3.0% to $81.66 according to market data, reflecting strong demand for copper exposure as electrification trends accelerate.

Aya Gold & Silver: Record Intercept at Morocco's Boumadine

Aya Gold & Silver Inc. is pleased to report new drill results at the Boumadine Project from its ongoing infill drill program in the Kingdom of Morocco. BOU-DD25-745 intercepted 890 grams per tonne silver equivalent over 51.5 metres, including 1,504 g/t AgEq over 19.3m .

Intercepts including 890 g/t AgEq over 51.5m in BOU-DD25-745 - our strongest drill intercept to date at Boumadine on a grade-thickness basis - located just 70m below the current pit shell, highlights the strong continuity of wide, high-grade mineralization along the 5.4-kilometre Boumadine Main Trend, which remains open in all directions , according to President & CEO Benoit La Salle. With over 69,000m drilled year-to-date and 11 rigs currently active, we are aggressively advancing the 2026-2027 infill and expansion program ahead of the updated PEA expected mid-year .

Silver traded at $74.20 per ounce, down 5.7% according to market data, though the pullback hasn't dampened exploration momentum at high-grade silver-gold projects.

What It Means

Today's announcements reveal three powerful themes reshaping the mining sector. First, critical minerals are commanding unprecedented capital deployment—from Nouveau Monde's government-backed graphite project to EnergyX's $400 million lithium venture and Trilogy's FAST-41 designation. Second, major producers are executing bold portfolio transformations: Anglo American's $3.9 billion coal exit clears the path for its Teck merger, while Agnico's $2.4 billion Hope Bay investment signals confidence in long-term gold fundamentals despite near-term price volatility. Third, rising commodity prices are breathing life back into mothballed assets, with Mineral Resources restarting Bald Hill as lithium markets recover.

The common thread? Capital is flowing toward assets that can deliver scale, grade, and strategic value in a world increasingly focused on energy transition metals and supply chain security. Junior explorers with high-grade discoveries near existing infrastructure—like Troilus and Aya—are drawing analyst attention as potential M&A targets. With copper miners up 3.0% and lithium up 1.7% today according to market data, the sector is pricing in a structural shift toward electrification-driven demand, even as gold consolidates after its recent run to record highs.

This roundup covers press releases published on May 20, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.