Mining Press Roundup: Cameco Spends $115M to Boost Cigar Lake Uranium Stake

Cameco and Orano Canada have reached agreement with TEPCO Resources to acquire TEPCO's 5% participating interest in the Cigar Lake Joint Venture, with Cameco's ownership stake in the Cigar Lake uranium mine in northern Saskatchewan increasing by 2.871 percentage points to 57.418% . The Canadian uranium giant is paying approximately $115.75 million for its share of the acquisition, which is expected to close in the third quarter of 2026. The move comes as uranium markets tighten and nuclear power gains momentum globally, with the URA uranium ETF climbing 5.4% today according to market data.

Cameco: Consolidating Control of World-Class Uranium Asset

Cigar Lake sits approximately 660 kilometres north of Saskatoon and ranks among the world's highest-grade uranium mines, with Cameco operating the site and partnering with Orano there for decades . The acquisition strengthens Cameco's position at a critical moment for nuclear fuel markets. Cigar Lake's reserve and resource base includes proven and probable reserves estimated at 172.4 million pounds of U3O8, measured and indicated resources of approximately 26.3 million pounds, and inferred resources of 20.0 million pounds on a 100% basis as of December 31, 2025.

Chief Executive Officer Tim Gitzel described Cigar Lake as "among the world's best uranium mines, producing the highest-grade uranium ore from a safe, reliable, and cost-effective operation" . The mine is forecast to produce between 17.5 million and 18 million pounds of U3O8 this year on a 100% basis, with the company planning to continue production and development activities in the currently mined area while advancing development work related to Cigar Lake extension to extend the mine's life to 2036 .

Barrick: Weighing $30B African Gold Merger with Endeavour

Barrick Mining is in early-stage talks to fold its African operations into a $30 billion London-listed entity through an all-share combination with Endeavour Mining, Reuters reported , in what would mark another leg of the gold miner's sweeping global restructuring. Two sources familiar with the discussions said no decision has been made and no announcement is expected soon, with neither Barrick nor Endeavour responding to Reuters .

Analysts value Endeavour's assets at roughly $15 billion, about the same as Barrick's African mines, with one source describing the potential tie-up as a merger of equals, with little or no premium changing hands . Barrick's African portfolio spans five countries: North Mara and Bulyanhulu in Tanzania, Lumwana in Zambia; Kibali in the Democratic Republic of Congo; and Tongon in Ivory Coast .

News of the proposed deal comes as the Toronto-based gold miner works to create a newly listed company in New York to hold its North America assets, namely its mines in Nevada and the Dominican Republic, with the spinoff targeted for completion by the end of 2026 . This is identical to what the company did some 20 years ago, when it spun off its Africa business and listed in the UK as Acacia before later reacquiring it , a source familiar with Barrick's operations told Reuters.

Iamgold: 12% Resource Boost at Ontario's Côté Gold Mine

Iamgold announced an updated Mineral Resource estimate for the Côté Gold Mine in Ontario, with an effective date of March 31, 2026, reflecting the integration of the Côté and Gosselin zones into a consolidated block model with updated economic assumptions, ahead of the upcoming Côté expansion technical report and updated mine plan which is expected to be completed in the fourth quarter of 2026 .

Measured and indicated resources at Côté now total 838 million tonnes grading 0.75 gram gold per tonne for contained metal of 20.34 million oz., up from an estimated 18.2 million oz. as of December 31, according to the company. Inferred resources jumped 61% to 177.1 million tonnes grading 0.61 gram gold for 3.48 million oz. gold of contained metal .

Toronto-based Iamgold is pursuing a plan to expand the Côté plant's capacity 40% to more than 50,000 tonnes, with the company predicting attributable gold production of between 270,000 and 310,000 oz. at Côté this year. TD Cowen mining analyst Steven Green said the enhanced resource enhances Iamgold's attractiveness for larger industry rivals, noting "We continue to view Iamgold as a potential M&A target, as Côté evolves into one of the larger evolving projects in the sector" .

Pan American Silver: $146M Timmins Expansion Approved

Pan American Silver has approved the first phase of a major expansion of its operations in Ontario, Canada, committing approximately $146 million to deepen the Bell Creek mine and unlock new gold resources at the Vogel and Samson deposits, with the project including a 625-metre extension of the Bell Creek shaft, an 814-metre drift to access the Vogel deposit and a 1.3-km exploration drift toward the Samson deposit .

The Bell Creek shaft extension will deepen the existing shaft from 1,080 metres to 1,705 metres below surface, with construction expected to begin in July and commissioning targeted for the first half of 2029 . Exploration drilling has identified gold mineralization extending as deep as 2,600 metres below surface, supporting the case for further underground development.

Pan American's complex in the region consists of the Timmins West and Bell Creek underground gold mines, located about 34 km apart, both of which feed the Bell Creek processing plant, which has a design capacity of about 5,600 tonnes per day and is currently processing roughly 4,400 tonnes daily . The expansion aims to utilize this spare capacity and extend mine life.

Tega Industries: Completes $1.5B Molycop Acquisition

Tega Industries Limited announced the successful completion of its acquisition of the Molycop group on June 1, 2026, a strategic move previously disclosed through a series of communications beginning September 10, 2025, signifying a major milestone for Tega, significantly expanding its presence and capabilities in the global mining consumables market .

The acquisition was based on an enterprise valuation of approximately USD 1.5 billion, determined on a "locked box" approach using Molycop's audited balance sheet as of June 30, 2025, with the purchase price payable at closing, after adjustments, set at USD 393 million . Sellers are eligible for a contingent payment of up to USD 120 million, payable within 45 months post-acquisition, subject to Molycop achieving specified performance conditions .

The combined business is set to become one of the world's leading manufacturers of 'critical-to-operate' consumables for the mining, minerals processing, and material handling sectors, with the synergy expected to enhance product portfolios and drive innovation . Molycop is a leading global supplier of grinding media for the mining industry.

Elliott Investment: Pushes Northern Star to Consider Sale

Elliott Investment Management has built a stake in Australia's biggest gold miner Northern Star Resources and is pushing for a strategic review, including a potential sale, with the prominent activist investor disclosing Monday that it holds a stake worth more than A$1 billion ($716 million) in Northern Star and is urging the company to work with it .

The move hands the global hedge fund a 4% holding and places it among the miner's top five shareholders, with Elliott laying out a fierce case for change, highlighting Northern Star's severe underperformance against major industry peers like Evolution Mining and Perseus Mining, targeting the company's "repeated operational missteps", seven distinct outlook misses over a four-year period, and what it described as deeply inadequate market disclosures .

The leadership transition follows Northern Star's announcement in May that long-serving CEO Stuart Tonkin will step down in the coming months . The board added that it regularly reviews corporate opportunities, including potential M&A transactions, alongside Goldman Sachs . Northern Star shares surged over 13% in Sydney trading on the news.

MAX Power Mining: Eric Sprott Invests $25M in Hydrogen

MAX Power Mining has secured a $25-million investment from Eric Sprott to advance commercial evaluation of its Lawson hydrogen discovery in Saskatchewan, marking one of the largest financings yet in the emerging natural hydrogen sector . The funding consists of 12.5 million units priced at $2 each, with each unit including one share and one warrant exercisable at $2.75 over two years .

MAX Power has described Lawson as Canada's first confirmed subsurface natural hydrogen system following drilling that returned hydrogen concentrations of up to 286,000 parts per million and free-flowing gas to surface . The project lies about 140 km south of Saskatoon near Central Butte, within Saskatchewan's Prairie Evaporite formations that the company says may help trap hydrogen underground .

The investment marks a rare foray into hydrogen for Sprott, who has built his reputation primarily on precious metals and uranium investments. CEO Ran Narayanasamy said "With over $40 million in the treasury, we're ready to execute an aggressive, disciplined approach at the Lawson Complex and elsewhere across our Saskatchewan holdings" .

What It Means

Today's announcements underscore three powerful trends reshaping mining capital allocation. First, the nuclear renaissance is real—Cameco's willingness to pay $115 million for incremental ownership of Cigar Lake signals confidence that uranium demand will justify premium valuations for tier-one assets. Second, gold sector consolidation continues to accelerate, with Barrick's potential $30 billion African restructuring and Elliott's activist push at Northern Star both pointing toward a wave of M&A activity as producers seek scale and operational efficiency. Third, critical minerals infrastructure is attracting serious capital, evidenced by Tega's $1.5 billion Molycop acquisition creating a global consumables powerhouse.

The common thread: investors are backing quality assets with long mine lives in stable jurisdictions. Pan American's $146 million Timmins expansion and Iamgold's resource growth at Côté both reflect confidence that Ontario's mining-friendly regulatory environment can deliver returns. Even Sprott's hydrogen bet—unconventional for the precious metals veteran—targets Saskatchewan's proven resource development framework. With gold trading at $4,484 per ounce (down 1.2% today according to market data) and copper miners up 3.6%, the sector has capital to deploy. The question is whether management teams can execute—a concern Elliott is making explicit at Northern Star.

This roundup covers press releases published on June 2, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.