Mining Press Roundup: Generation Mining Nears $1B in Financing for Ontario Copper-Palladium Project

Generation Mining has assembled almost all its financing for the $1-billion capex Marathon copper-palladium project in northern Ontario, with $969 million now committed including $200 million this week from the Canadian Infrastructure Bank, $424 million in senior debt from several lenders and a $240-million streaming deal with Wheaton Precious Metals . The Toronto-based junior needs to raise only about $150 million more through equity this fall to complete the package, positioning the project for a construction decision as early as September.

Generation Mining: Nearly Complete Financing for Marathon Copper-Palladium Project

The CIB, a government lender with $18 billion supporting development across Canada, has a renewed focus on junior miners and has pivoted this year from base metals and gold to critical minerals . The CIB is providing $110 million in subordinated construction debt and a $90-million standby facility to cover overruns at Marathon, which came just days after Generation obtained the senior debt from Export Development Canada, ING Capital and Société Générale .

Marathon, located on the north shore of Lake Superior, would be one of Ontario's first critical minerals projects to enter production in years with its planned 2028 start, and would be one of North America's few sources of palladium for hybrid and electric vehicles, and a top-five copper producer in the province . According to market data, copper traded around $6.10 per pound on June 26, while the COPX copper miners ETF gained 0.3% to $76.65. Haywood Securities mining analyst Pierre Vaillancourt noted that "with permitting and most of the financing complete, Generation is in good position to move the project forward" .

Anglo American and Codelco: $5 Billion Chilean Copper Integration

Anglo American, through its 50.1%-owned subsidiary Anglo American Sur, and Codelco have announced the completion of the definitive agreement to implement a joint mine plan for their respective Los Bronces and Andina copper mines in Chile, following receipt of the required competition and regulatory approvals, after the landmark agreement signed in September 2025 .

The joint mine plan is expected to unlock 2.7 million tonnes of additional copper over a 21-year period, delivering an average of 120,000 tonnes per year of additional low-cost copper production to be shared equally with minimal capital investment, creating at least $5 billion pre-tax in shared additional value, though implementation remains conditional on environmental permits being secured, currently expected by 2030 . Anglo American CEO Duncan Wanblad stated the companies are "unlocking one of the most significant copper adjacency opportunities in the world" . The deal comes as copper prices remain elevated, with analysts projecting continued tightness in global concentrate markets through the end of the decade.

REalloys: US Army Selects Company for Rare Earth Processing at Tooele

REalloys has been selected by the United States Army to enter into exclusive contract negotiations for a long-term Enhanced Use Lease to design, finance, build, and operate critical-mineral processing facilities at the Tooele Army Depot in Utah, where the company is expected to establish domestic heavy rare earth processing capacity for elements that are foundational to the warfighting capability of the U.S. Joint Forces . The company also announced it is raising $100 million through a securities purchase agreement with institutional investors.

The project would establish U.S. processing for dysprosium and terbium, key to defense-grade permanent magnets, with development targeted as early as 2027 and Initial Operating Capability no later than 2028, with the structure expected to require no taxpayer subsidies and aligning with expanding 2027 U.S. procurement restrictions on Chinese rare earth content . The US Army struck deals with several companies to build critical minerals processing plants on military bases around the country in a first-of-its-kind initiative, with REalloys, Titan Mining Corp., ioneer Ltd. and Energy X reaching agreements with the Pentagon to build facilities for processing rare earth minerals, graphite, lithium and boron .

Li-FT Power: $12 Million Option to Acquire Renard Diamond Mine for Lithium Hub

Li-FT Power has secured an exclusive option to acquire Québec's Renard diamond mine and processing complex, a move that could significantly reduce development costs and accelerate production plans at its nearby Adina lithium project, with the Vancouver-based company signing a binding agreement granting it a two-year option to acquire either the Renard mine assets or the shares of owner Stornoway Diamonds, subject to approval by Québec Superior Court under creditor protection proceedings, and will pay a C$12 million option fee and fund care and maintenance costs during the option period .

The proposed acquisition could reshape development plans for Adina by allowing Li-FT to leverage more than C$900 million in existing infrastructure rather than build a new processing facility from scratch, as Renard includes a fully enclosed processing plant, a 16-megawatt power station, tailings facilities, water treatment infrastructure, an airport and a 330-bed camp, and the site also holds permits that may support a transition from diamond mining to lithium processing as demand grows across Canada's electric vehicle battery supply chain . According to market data, the LIT lithium ETF declined 2.8% to $76.25 on Friday, reflecting continued pressure on battery metals prices.

ioneer: South Korean Partners Back Nevada Lithium-Boron Project

Shares in Australian lithium developer ioneer jumped after securing support from two South Korean engineering and infrastructure groups for its Rhyolite Ridge project in Nevada, a key US source of battery materials targeting production by 2029, with the stock climbing as much as 29% intraday on Tuesday before closing up 7.1% at A$0.158, its highest level since January, giving the company a market capitalization of A$461.2 million .

Ioneer said Korea Overseas Infrastructure & Urban Development and Hyundai Engineering plan to formalize their cooperation through memorandums of understanding in July 2026, with the company saying the agreements build on its relationship with South Korea, which includes a supply agreement signed with EcoPro Innovation in 2021 . Rhyolite Ridge hosts the continent's only known lithium-boron reserve and is one of only two such deposits globally, with the company having invested more than $220 million in the project since 2016 and completed more than 70% of its advanced engineering work, targeting a final investment decision in the second half of 2026, and once operational, the project is expected to produce 27,800 tonnes a year of lithium hydroxide and 135,500 tonnes a year of boric acid, with all processing conducted on site .

Faraday Copper: Near-Surface Drilling Expands Copper Creek Potential

New drilling at Faraday Copper's Copper Creek, one of America's largest undeveloped projects for the red metal, has identified broad zones of near-surface mineralization that could support future open-pit resource growth, with hole FCD-26-169 in the American Eagle near-surface area cutting 67 metres of 0.3% copper from 30 metres downhole, while hole FCD-26-171 cut 71 metres of 0.41% copper from 80 metres depth, including 35 metres of 0.58% copper from 85.4 metres .

Faraday's ongoing 40,000-metre drill program at Copper Creek, about 70 km north of Tucson, focuses on American Eagle, oxide resource growth and new discoveries . The company reported that the primary objective of the current drill program was open pit resource definition, which has now been completed, and with the proposed acquisition of the San Manuel Property, drilling has been paused as of June 20, 2026, with the company expecting to resume drilling in the fall of 2026 once the proposed acquisition of San Manuel has closed .

Hemlo Mining: 34% Resource Increase at Ontario Gold Mine

According to the press release, a resource update for Hemlo Mining's namesake mine in northwestern Ontario has lifted measured and indicated resources by 34%, underscoring the growth potential of one of Canada's historic gold camps. The update comes as gold traded at $4,014 per ounce on Friday, essentially flat on the day according to market data, after recent volatility in precious metals markets.

Wesdome Gold: Reserve Base Extended Through 2033

According to the company's announcement, Wesdome Gold Mines has extended the operating life of both of its mines to eight years after updating their reserve estimates, which it says provide the foundation for sustained production at its Ontario operations. The reserve update positions Wesdome to maintain consistent output through the end of the next decade as gold prices remain elevated near $4,000 per ounce.

What It Means

This week's announcements underscore a decisive shift in capital flows toward critical minerals and copper projects. Generation Mining's near-complete financing package for Marathon—assembled by a junior with a $210 million market cap for a nearly $1 billion project—demonstrates that government lenders and institutional investors are willing to back strategic metal projects in stable jurisdictions. The Canadian Infrastructure Bank's pivot from base metals to critical minerals, evidenced by deals with Generation, Torngat Metals, and Nouveau Monde Graphite, signals a coordinated policy push to secure domestic supply chains.

The Anglo-Codelco partnership unlocking 2.7 million tonnes of copper through operational synergies rather than greenfield development reflects industry pragmatism in a capital-constrained environment. With copper trading around $6.10 per pound and analysts projecting structural deficits from 2029 onward, maximizing output from existing infrastructure has become the path of least resistance for major producers.

Meanwhile, the U.S. Army's selection of REalloys and other companies to build processing facilities on military bases marks a fundamental shift in critical minerals strategy—moving from stockpiling to domestic production capacity. The rare earth processing deal at Tooele, targeting 2027-2028 operations with no taxpayer subsidies, suggests the Pentagon is treating supply chain security as a core defense infrastructure priority. Li-FT's creative repurposing of a failed diamond mine for lithium processing and ioneer's South Korean partnerships further illustrate how developers are finding unconventional paths to production amid elevated capital costs and permitting challenges.

The common thread: projects with permits, strategic partnerships, and government backing are advancing, while purely speculative plays face continued headwinds. As the COPX copper miners ETF edged higher and lithium names remained under pressure, the market is clearly differentiating between near-term producers in critical metals and longer-dated development stories.

This roundup covers press releases published on June 26, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.