Mining Press Roundup: Cameco Shuts Cigar Lake as Uranium Supply Tightens

Cameco has temporarily shut down mining at its Cigar Lake uranium operation in northern Saskatchewan after a sulfuric acid plant failure idled the McClean Lake mill operated by partner Orano . The company expects the mill to resume operations in about two weeks , but the disruption comes at a critical moment for uranium markets. After surging past $101 per pound in January, uranium spot prices have consolidated in Q2, entering the three-month session at $84.19 and staying within the $84 to $87 range . According to market data, the URA uranium ETF traded at $44.20, up 1.1% on Tuesday.

Cameco: Acid Plant Failure Forces Cigar Lake Shutdown

The trouble sits at Orano's McClean Lake mill, where the sulfuric acid plant shut down for repairs, and without acid, the mill cannot treat Cigar Lake ore . Orano is working to restart the acid plant and is chasing an alternative supply of acid while it waits on replacement parts . The company is keeping its 2026 production outlook for Cigar Lake unchanged for now, with the operation estimated to produce 17.5 million to 18 million pounds of uranium concentrate this year on a 100% basis .

It marks the second disruption this year at one of Cameco's Saskatchewan operations—in May, spring flooding partially collapsed a bridge on the main supply route into McArthur River and Key Lake, forcing the company to halt production at Key Lake on May 10 and scale back at McArthur River, though both sites returned to full output after a roughly two and a half week interruption . Cigar Lake is among the world's best uranium mines, producing the highest-grade uranium ore from a safe, reliable, and cost-effective operation , according to Cameco CEO Tim Gitzel. Cameco and Orano agreed in June to buy out TEPCO Resources' 5% stake in the joint venture, a deal that lifts Cameco's interest to 57.4% and values the operation at a little over $4 billion once it closes in the third quarter .

The timing is significant. While spot uranium traded near $85 during the quarter, long-term contract prices continued to climb—since June 2025, the long-term price has risen steadily from $80, breaking past $90 in January for the first time since 2008, and most recently, the term price reached $94 . Uranium supply became increasingly uncertain in Q2 as producers continued to face operational challenges, with production issues at Kazakhstan's Kazatomprom and previous disruptions at Cameco's Saskatchewan operations underscoring the fragility of global uranium supply chains .

South32: $5.6 Billion Aluminum Exit to Focus on Copper

Australia's South32 said on Wednesday it has agreed to sell most of its aluminum assets to Alcoa for an implied enterprise value of up to $5.6 billion, as the diversified miner streamlines its business to focus on copper under a new CEO . The U.S.-based aluminum producer will assume about $1.2 billion in cleanup and site-closure liabilities tied to the assets .

Under the terms of the transaction, Alcoa will acquire South32's 86% interest in Worsley Alumina and full ownership of Hillside Aluminium, along with a 33% stake in the MRN bauxite mine, a 36% share in the Brazil Alumina refinery and a 40% holding in the Brazil Aluminium smelter . The total consideration consists of $3.1 billion in cash, paid upfront, and approximately $1 billion in Alcoa shares . The sale of the aluminum assets, says South32, allows the company to slim down its business to focus on the "high-margin copper, zinc, silver and lead operations" and to maintain its status as a major manganese producer .

New CEO Matthew Daley, who took over as South32's chief executive and managing director on Wednesday, said "our business will be simpler with a portfolio of higher-margin upstream operations, reduced complexity and greater resilience" . Daley said the sale would help deliver an expected $125 million in annual overhead cost savings as new support structures are put in place, and the transaction is expected to complete in the second half of 2027, after which the Australian miner intends to return around $500 million to shareholders as a fully franked special dividend . With $4.1 billion in cash in Alcoa scrip impending, South32 has a war chest for acquisition, and analysts noted "we can't rule out potential for a more aggressive inorganic growth strategy" , according to Jefferies.

Leading Edge Materials: Sweden Grants 25-Year Rare Earth Concession

Leading Edge Materials Corp.'s wholly-owned Swedish subsidiary, GREENNA Mineral AB, has been granted an Exploitation Concession—a 25-year mining lease—for the Norra Kärr Heavy Rare Earth Elements Project in Sweden . The Concession was granted by the Swedish Government following a formal recommendation from the Mining Inspectorate, which submitted the application to the Government for a final decision after all involved agencies had either endorsed the application or recommended approval .

The Geological Survey of Sweden has confirmed that Norra Kärr is one of Europe's richest rare earth elements deposits, with a particularly high proportion of the most valuable heavy rare earths—Edison estimates current European dysprosium demand at 180-200 tonnes per annum of Dy₂O₃, while Norra Kärr's 2021 PEA discloses average annual Dy₂O₃ production of 248 tonnes, which Edison notes is "similar to European consumption" . The deposit carries a high proportion of dysprosium, terbium and yttrium, heavy rare earths used in permanent magnets for electric motors, wind turbines and defence applications, and for which there is currently no production anywhere in the European Union .

Edison Group's independent research assigned a risked NPV10 of approximately US$900 million, based on 2026 analysis , though management notes this predates recent pricing shifts. Situated in one of the globe's most politically and regulatory stable mining environments, Norra Kärr is well-positioned to contribute directly to the objectives of the EU's Critical Raw Materials Act, including the bloc's target of sourcing 10% of its critical raw material consumption domestically by 2030 .

Energy Transition Minerals: Spain Approves Penouta Mine Restart

Energy Transition Minerals has secured foreign direct investment approval from the Spanish Government for its proposed acquisition of the Penouta tin and tantalum mine . Energy Transition Minerals noted completion of the acquisition is now contingent only on the transfer of the mining licences to its Spanish subsidiary, and this process is expected to be wrapped up this quarter .

Energy Transition Minerals Ltd acquired the Penouta Tin-Tantalum-Niobium Mine in Galicia, Spain, for €5.2 million through its subsidiary, and the Penouta Mine is the only developed tin-tantalum-niobium project in the European Union, aligning with Europe's critical minerals strategy . The mine last operated in October 2024, producing tin and tantalum concentrates and holding the potential to produce niobium . According to the press release, Europe mines almost none of the metals Penouta yields—tin, tantalum and niobium.

Commodity trader and merchant Traxys has entered into a nonbinding memorandum of understanding with ETM for the offtake of up to 100% of the tin, tantalum and niobium concentrates produced at the Penouta mine, which operated as recently as October 2024 as the EU's only direct source of tin, tantalum and niobium—metals that are foundational to modern industry and national defence and that are included in the critical minerals lists of the US, the EU and Australia .

Freeman Gold: Lemhi Feasibility Triples Project Value to $696 Million

Freeman Gold Corp. announced the results of the Feasibility Study for its 100%-owned Lemhi Gold Project, located in Lemhi County, Idaho, USA, and prepared by Ausenco Engineering Canada ULC in accordance with National Instrument 43-101, the Feasibility Study confirms Lemhi as a technically robust, long-life gold development project supported by a Proven and Probable Mineral Reserve of 1.0 million ounces of gold .

At a base case of US$3,650 per ounce, the study demonstrates strong economics, including a post-tax Net Present Value of US$696 million, a post-tax internal Rate of Return of 34.4% and a rapid payback period of 2.5 years . The study gives Lemhi a post-tax net present value (discounted at 5%) of $696 million, a 227% increase over the preliminary economic assessment from 2023, and that increase is aided by the 130% rise in the gold price since 2023, while the feasibility also lifts the internal rate of return by 12 percentage points to 34% and mine life by four years to 15 years .

Lemhi could produce 972,000 oz. over its life, at all-in sustaining costs of $1,718.95 per oz. and at a base case gold price of $3,650 per ounce . Gold traded at $4,006 per ounce on Tuesday, down 0.2% according to market data. The feasibility now puts Lemhi in a small group of advanced gold development projects in Idaho, including Perpetua Resources' Stibnite, Liberty Gold's Black Pine and Integra Resources' DeLamar, in a state better known for its silver mines than gold . Freeman shares jumped almost 20% to C$0.34 apiece, their highest level in one month, giving the company a market capitalization of C$93 million .

Nigeria: Major Lithium and Critical Minerals Discovery in Kaduna

Nigeria has revealed what officials describe as its most significant critical minerals discoveries in years as Africa's largest oil producer seeks to diversify its economy and establish itself as a key supplier for the global energy transition—at the African Natural Resources and Energy Investment Summit in Abuja last week, the country said it has identified a new polymetallic mineral province in Kaduna state that contains high-grade deposits of platinum group metals, gold, nickel, copper, lithium, and rare earth elements .

Speaking at the summit, Nigeria's Minister of Solid Minerals Development, Dele Alake, said the Kaduna represents a "world-class" mineral province and one of the most significant developments in the country's mining sector in recent years . Alake said recent exploration breakthroughs verified by the Nigerian Geological Survey Agency have unveiled a world-class polymetallic mineral province in Kaduna State, consisting of world-class platinum group metals, precious and critical mineral deposits .

The announcement came as Steron Mining and Company Limited unveiled an estimated 3.3 million metric tonnes of lithium reserves at its Abuja mining site during a facility tour organised for delegates attending the summit, highlighting the increasing pace of exploration activities and Nigeria's push to move from raw mineral exports to value-added processing and manufacturing . Chinese companies, including Jiuling Lithium and Canmax Technologies, have committed more than $1.3 billion toward processing facilities in the country, including Kaduna state, while foreign investors continue to acquire exploration and mining licences across several states .

Guardian Metal: Nevada Tungsten Project Advances with $660M PFS

Guardian Metal Resources reported Pre-Feasibility Study results for its Pilot Mountain tungsten project in Nevada, and at base case pricing, the Study models after-tax NPV8 of US$660.3M, IRR of 59.6%, 1-year payback, initial capex of US$288.7M, 8-year mine life and 15,916 tonnes of recovered WO₃ . According to the press release, Guardian may skip feasibility on the $660 million Nevada tungsten mine, as Pilot Mountain is among the most advanced US tungsten projects.

The completion of the PFS marks a critical step in the Company's path towards the potential development of the first new United States based tungsten mining operation in over a decade . The Pilot Mountain PFS was made possible by a U.S. Department of War $6.2M Defense Production Act Title III investment in Guardian Metal's wholly-owned subsidiary, Golden Metal Resources (USA) LLC in July 2025 .

The tungsten market has been fundamentally reshaped by the absence of domestic U.S. primary mined supply and China's decision in February 2025 to control exports of tungsten raw materials, having historically accounted for approximately 80% of global primary supply . Guardian Metal believes that Pilot Mountain is the only tungsten Project in the United States with a recently completed S-K 1300 compliant PFS, positioning it as a unique opportunity for near-term U.S. mined tungsten production . Key PFS workstreams are advancing on schedule, including completion of drilling for resource evaluation at the Desert Scheelite and Garnet Zones, open-pit mine planning, and drafting of a mine Plan of Operations targeted for submission to U.S. regulators in August 2026 .

What It Means

Today's announcements reveal two powerful forces reshaping the mining sector: supply disruptions in established commodities and accelerating development of critical minerals for energy transition and national security. Cameco's Cigar Lake shutdown—the second major interruption this year at a Saskatchewan uranium operation—underscores the fragility of nuclear fuel supply chains just as long-term contract prices hit 18-year highs. Meanwhile, South32's $5.6 billion aluminum exit signals a broader industry pivot toward copper and base metals, with the company now holding a $4.1 billion war chest for acquisitions in higher-margin operations.

The critical minerals story is gaining momentum across multiple jurisdictions. Sweden's 25-year concession for Norra Kärr positions Europe to produce its first domestic heavy rare earths, while Nigeria's polymetallic discovery in Kaduna and 3.3 million tonne lithium reserve near Abuja mark Africa's largest oil producer as an emerging player in battery metals. Spain's approval for Energy Transition Minerals to restart Penouta gives the EU its only source of tin, tantalum and niobium. And Guardian Metal's $660 million pre-feasibility study for Pilot Mountain—backed by $6.2 million in U.S. Defense Production Act funding—reflects Washington's urgency to rebuild domestic tungsten supply after China's 2025 export controls.

Freeman Gold's Lemhi feasibility study, which tripled the project's value to $696 million on the back of a 130% gold price increase since 2023, demonstrates how rising precious metals prices are unlocking previously marginal deposits. With gold trading above $4,000 per ounce and copper miners gaining favor (COPX down 0.6% but outperforming energy), capital is flowing toward projects that can deliver near-term production in stable jurisdictions. The common thread: investors and governments alike are prioritizing supply security, whether in uranium, tungsten, rare earths, or base metals.

This roundup covers press releases published on July 1, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.