Mining Press Roundup: Elliott Takes $1B Stake in Northern Star as Critical Minerals Deals Accelerate

Activist hedge fund Elliott Investment Management disclosed today it has built a stake of "well over A$1 billion" in Northern Star Resources , representing approximately 4% of the Australian gold miner's outstanding shares . The move marks Elliott's largest investment in an ASX-listed company since its 2017 campaign against BHP and comes as Northern Star has shed an estimated A$17 billion in market capitalization, driven by operational stumbles and leadership turmoil, including a production guidance cut in May 2025 and CEO Stuart Tonkin's resignation announcement .

In a presentation titled "Northern Star Rising," Elliott outlined the opportunity for the company to realize the full potential of its world-class gold mining portfolio, noting that the company's recent pattern of operational missteps, cost overruns and inconsistent strategic direction demands urgent action . Elliott described a clear path forward focused on conducting a strategic review in tandem with a CEO search and a process aimed at identifying operational improvements . The timing is notable: gold traded at $4,539 per ounce today according to market data, near multi-year highs, yet Northern Star has struggled to capitalize on increased demand for gold despite favorable market conditions .

Cameco: Expanding Cigar Lake Uranium Ownership

Cameco and Orano Canada have reached agreement with Idemitsu Canada Resources to acquire Idemitsu's 7.875% participating interest in the Cigar Lake Joint Venture, with Cameco's ownership stake increasing by 4.522 percentage points to 54.547% . According to the press release, the transaction values Cameco's portion at $83 million and is expected to close in the third quarter of 2026.

Cameco CEO Tim Gitzel called Cigar Lake "the world's largest high-grade uranium mine" and "quite simply one of the best and most prolific uranium producing assets on the planet" . The mine contributed 2.7 million pounds (Cameco's 54.5% share) in the first quarter of 2026 , and the company's 2026 production outlook for Cigar Lake is between 17.5 million and 18 million pounds of uranium concentrate on a 100% basis . The uranium sector continues to benefit from growing nuclear energy demand, with the URA uranium ETF trading at $50.39 today, down just 0.7% according to market data.

Iamgold: Côté Gold Resource Grows 12%

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 ahead of an upcoming expansion technical report expected in the fourth quarter of 2026 . Côté Gold measured and indicated mineral resources on a consolidated basis now total 20.3 million ounces of gold, an increase of approximately 2.2 million ounces, or 12%, compared with the December estimate .

The Côté Gold Mine is among the largest gold mines in production in Canada, which Iamgold operates in a 70|30 partnership with Sumitomo Metal Mining . The mine officially achieved commercial production in August 2024, following its first gold pour in March 2024, and has achieved its nameplate processing capacity of 36,000 tonnes per day . The resource expansion positions Côté for potential production growth as the resource base at Côté Gold has nearly doubled since construction started .

USA Rare Earth: $204M France Expansion

USA Rare Earth announced it intends to expand its metal, alloy and magnet making investment in France, building upon previously announced French initiatives including a Less Common Metals rare earth metal and alloy production facility at Lacq, with additional investment that could exceed approximately €175 million through 2030 and could provide over 300 new jobs in the region . The announcement, made at the Choose France summit in Paris, represents a $204 million bet on European critical minerals processing.

CEO Barbara Humpton said France is "an attractive location, with a strong combination of industrial infrastructure, a re-emerging rare earth processing cluster, skilled workforce, and the policy support to rebuild critical minerals capability" . The company said the project may qualify for French government incentives, including support from the C3IV program, and could also receive funding, loan guarantees, and potentially a direct government investment in its European business . The move comes as Western governments race to reduce dependence on China, which controls about 90% of the world's processed rare earth minerals and magnets .

Galan Lithium: First Production in Argentina

Galan Lithium has begun lithium brine processing at its flagship Hombre Muerto West project in Argentina following the successful wet commissioning of the nanofiltration plant, with the Phase 1 plant completed in March 2026 now having processed its first lithium chloride . The evaporation period is expected to take around three months, after which lithium chloride concentrates with 6% lithium content will be produced and sold under the company's offtake arrangements .

Managing director Juan Pablo Vargas de la Vega said "to our knowledge, Galan will be the only greenfield lithium project coming online in 2026," adding that "becoming a new source of potential supply to the battery supply chain is very exciting and it is well timed to take advantage of a favourable lithium pricing environment" . The milestone comes as lithium markets recover, though the LIT lithium ETF traded down 1.8% to $85.58 today according to market data. Galan's first focus is to stabilize production at HMW's nameplate capacity of 4,000 tonnes per year of lithium carbonate equivalent .

Pan American Silver: $146M Timmins Expansion

Pan American Silver provided an update on an extensive exploration program at its Timmins operation in Ontario which has identified new mineral resources at the Bell Creek mine and satellite deposits, with the company's board approving a 625m shaft extension project at Bell Creek, an 814m drift to access the Vogel deposit, and a 1.3km exploration drift to access the Samson deposit, with a total investment of approximately $146 million .

CEO Michael Steinmann said "with significant installed processing capacity and infrastructure already in place, projects such as the Bell Creek shaft extension and the Vogel and Samson access drifts allow the development of new mineral resources and position Timmins for future production growth and extended mine life," adding that "the potential phased development and integration of the satellite deposits would transform Timmins into a long-life Canadian production platform" . In 2026, the company is planning to drill a total of approximately 118,000m at Timmins focused on near-mine exploration and mineral resource conversion .

Quad Nations: $20B Critical Minerals Framework

The Quad partner nations — United States, Japan, Australia and India — unveiled plans to invest $20 billion to further support the buildout of a reliable critical minerals supply chain in an effort to counter China's dominance, with the Quad Critical Minerals Initiative setting out the framework for the nations to work together through economic policy tools and coordinated investment . The Quad partners intend to mobilize $20 billion in government and private-sector funding of the entire critical minerals supply chain, which includes mining, processing and recycling .

The initiative aims to secure reliable and diversified supply chains for minerals considered essential for advanced technologies, clean energy systems, semiconductor manufacturing, electric vehicles, defence production, and industrial resilience . The initiative aims to diversify markets and reduce reliance on China, which processes 90 per cent of global rare earths . The announcement came following a foreign ministers meeting in New Delhi and represents one of the most significant multilateral critical minerals commitments to date.

What It Means

Today's announcements reveal three powerful trends reshaping the mining sector. First, activist capital is targeting underperforming gold producers even as bullion trades near record highs—Elliott's Northern Star stake signals that operational excellence matters as much as commodity prices. Second, critical minerals are attracting unprecedented government and private capital, from USA Rare Earth's France expansion to the Quad's $20 billion framework, as Western nations scramble to build China-independent supply chains. Third, uranium and lithium producers are expanding and coming online despite recent price volatility, betting on long-term demand from nuclear power and electrification.

The copper miners ETF (COPX) gained 0.9% today to $88.89 according to market data, suggesting base metals optimism persists. With gold at $4,539/oz and governments committing tens of billions to critical minerals infrastructure, capital is flowing back into the sector—but as Elliott's Northern Star intervention shows, investors are demanding operational discipline alongside commodity exposure. The mining cycle may be turning, but only the best-run operations will capture the upside.

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