Mining Press Roundup: Eric Sprott Backs Natural Hydrogen with $25M Bet

MAX Power Mining (CSE: MAXX; US-OTC: MAXXF) 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 move signals growing institutional interest in natural hydrogen—also known as "white hydrogen"—as a potential clean energy source that could bypass the energy-intensive production methods required for green hydrogen.

MAX Power Mining: Sprott Bets Big on Natural Hydrogen

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.

The Company's Lawson Discovery near Central Butte, Saskatchewan, represents Canada's first-ever subsurface Natural Hydrogen system confirmed through deep drilling with data validated by three independent labs.

MAX Power said the funding will support additional drilling, seismic surveys, resource modelling and commercial validation work at Lawson, part of the company's 475-km-long Genesis Trend in southern Saskatchewan. The discovery is significant because natural hydrogen occurs in geological formations and can be extracted like natural gas, potentially offering a lower-cost alternative to electrolysis-produced hydrogen. MAX Power has built dominant district-scale land positions across Saskatchewan with approximately 1.3 million acres (521,000 hectares) of permits covering prime exploration ground prospective for large-volume accumulations of Natural Hydrogen.

Sprott, best known for his gold and precious metals investments, has been diversifying into energy transition commodities. CEO Ran Narayanasamy stated that "Eric's $25 million investment in MAX Power accelerates and further de-risks our goal of becoming the first company in the world to make a large-scale commercial discovery of Natural Hydrogen, an emerging new primary energy source."

Quad Nations: $20 Billion Critical Minerals Initiative

The Quad partner nations — United States, Japan, Australia and India — have released 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.

The Quad Critical Minerals Initiative announced on Tuesday sets out the framework for the countries to work together through economic policy tools and coordinated investment to accelerate the development of a secure supply chain of minerals powering advanced technology, defence systems, batteries and AI.

To support this initiative, 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 U.S. Department of State said in a statement.

The announcement came on the back of a meeting in New Delhi between the nations' foreign ministers.

The framework represents a direct challenge to China's control over critical minerals processing. The initiative aims to diversify markets and reduce reliance on China, which processes 90 per cent of global rare earths.

The three pillars of the framework include a USD 20 billion Investment Drive that allows the four-nation grouping to mobilise up to USD 20 billion in combined government and private sector financing through export credit agencies, development finance institutions, equity participation, loan guarantees, and offtake agreements. The capital will target projects with a direct Quad nexus, mines, processing plants and recycling operations located in or supplying partner countries, to fill identified gaps in critical mineral supply chains.

Cameco: McArthur River Resumes After Flood

Cameco (TSX: CCO; NYSE: CCJ) announced that the Key Lake mill and McArthur River mine have returned to full production activities following a disruption caused by flooding in northern Saskatchewan. The company's 2026 consolidated production outlook remains unchanged.

The uranium producer halted production at Key Lake on May 10 and reduced activity at McArthur River after flood waters partially collapsed the Smoothstone River bridge, a critical transport link used to move materials between the operations.

Cameco said its sites were not directly damaged by flooding, but weight and traffic restrictions on an alternate route interrupted deliveries of operating supplies.

McArthur River is one of the world's largest uranium mines and a major source of global supply.

Cameco said the disruption has not altered its production plans for the McArthur River/Key Lake operation, while the Cigar Lake mine continued operating normally throughout the incident. Its 2026 consolidated production outlook remains unchanged at 19.5 million to 21.5 million lb. The swift recovery is significant for uranium markets, which have seen prices strengthen amid growing nuclear energy demand. According to market data, uranium ETF URA traded at $50.83 on Friday, up 0.2%.

Group Eleven Resources: High-Grade Zinc in Ireland

With Glencore and Michael Gentile as the two largest shareholders, Group Eleven Resources (TSXV:ZNG) offers lucrative investment opportunities through zinc exploration in Ireland. The company's project portfolio encompasses the PG West and Stonepark projects. According to the company's press release, new drilling at the PG West project has expanded high-grade zinc-lead-silver mineralization.

Glencore's Pallas Green deposit hosts 45.4 million tonnes grading 8.4% Zn+Pb (Glencore Reserves and Resource Report dated December 31, 2024), representing one of the largest undeveloped zinc deposits in the world.

Group Eleven's Stonepark deposit, located 1-3 kilometres away, hosts 5.1 million tonnes grading 11.3% Zn+Pb.

Glencore holds a 17.1 percent stake, includes Glencore's representation on the board, enhancing industry collaboration. The backing from a major like Glencore provides both technical expertise and potential offtake arrangements, critical for junior miners advancing toward production decisions. Ireland's zinc district has historically been one of Europe's most productive, and Group Eleven's proximity to established infrastructure reduces development risk.

Minera Alamos: Copperstone Gold Mine Gets Green Light

Minera Alamos (TSXV: MAI) announced it will proceed with construction of the Copperstone underground gold mine in Arizona, representing a $58 million investment. According to the company's press release, Copperstone is a past-producing mine being brought back into operation—a lower-risk development path than greenfield projects.

The decision comes as gold prices remain elevated. According to market data, gold traded at $4,495 per ounce on Friday, up 1.1%. Arizona offers established mining infrastructure and a relatively streamlined permitting environment compared to other U.S. jurisdictions, making it attractive for mid-tier producers looking to expand domestic production.

MP Materials: Rare Earth Tech Theft Lawsuit

MP Materials (NYSE: MP) has issued a lawsuit against USA Rare Earth (Nasdaq: USAR) alleging that its rare earth mining rival stole its proprietary magnet technology through an ex-employee.

The suit filed with a Texas court last Friday accuses one of MP's former employees of sharing "grain boundary diffusion" formulations with USAR, which later disclosed the information to a third-party technology company.

MP — the only producer of rare earths in the United States — has developed its own technology to turn the extracted minerals from its Mountain Pass mine in California into permanent magnets used in electric vehicles, defence systems and advanced electronics.

MP alleged in the suit that "USA Rare Earth has exhibited a pattern of recruiting employees from other companies and then using those employees to misappropriate trade secrets to accelerate USA Rare Earth's own development."

Shares of USA Rare Earth fell over 3% during the early hours of trading, while MP Materials also fell 3%, trading at a market capitalization of $11.6 billion. The lawsuit adds scrutiny to USAR at a time when the company is seeking to establish itself as a domestic rare earths producer. The case highlights the thin talent pool in U.S. rare earth processing—a vulnerability as the country attempts to rebuild supply chains that largely disappeared decades ago.

Red Mountain Mining: Tungsten Project Acquisition

Red Mountain Mining has exercised its option to acquire 100% ownership of the Pioneer Tungsten Project in south-west Montana, US.

The project comprises three groups of claims known as Greenstone, Mammoth and Lost Creek along the Mount Torrey Batholith's eastern margin.

The Pioneer Tungsten Project lies adjacent to claims acquired in November 2025 by Almonty Industries. These neighbouring claims include the Gentung Tungsten Deposit, which has a reported mineral resource of 6.83 million tonnes at 0.315% tungsten trioxide.

The area also covers the Ivanhoe and Lost Creek mines, which are estimated to have produced a combined 680,000t of tungsten ore in the 1950s and 1970s.

Tungsten is gaining attention as a defence-critical mineral, with applications in armor-piercing ammunition, aerospace components, and cutting tools. The U.S. imports most of its tungsten, creating supply chain vulnerabilities that the Trump administration has prioritized addressing. Initial sampling activities are due to begin in early June 2026, supported by recent financing.

What It Means

Today's announcements reveal three clear themes: diversification of critical minerals supply chains, the emergence of new energy commodities, and the strategic importance of domestic production in Western jurisdictions.

The Quad's $20 billion commitment represents the most significant multilateral effort yet to challenge China's dominance in critical minerals processing. Combined with individual national initiatives—the U.S. has separately mobilized over $30 billion in critical minerals support—capital is flowing at unprecedented scale into mining, refining, and recycling infrastructure. Juniors with projects in Quad nations or supplying Quad markets should see improved access to development finance.

Meanwhile, MAX Power's Sprott-backed natural hydrogen play signals that exploration capital is expanding beyond traditional energy transition metals into entirely new commodity categories. If natural hydrogen proves commercially viable at scale, Saskatchewan could emerge as a hydrogen hub—much as it dominates global potash production today.

Finally, the MP Materials lawsuit underscores a harsh reality: America's attempt to rebuild rare earth supply chains is constrained not just by geology and capital, but by a critical shortage of technical expertise. As companies compete for the same small pool of metallurgists and process engineers, intellectual property disputes may become increasingly common—adding legal risk to an already complex sector.

This roundup covers press releases published on May 29, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.