Mining Press Roundup: Perpetua Secures $2.9B for America's Only Antimony Mine

Perpetua Resources landed a $2.9 billion loan from the U.S. Export-Import Bank to develop the Stibnite Gold project in Idaho, which contains the only identified domestic reserve of antimony—a critical mineral essential for defense production . The project was fast-tracked by the Trump administration as part of the U.S. Army's objective of establishing a fully domestic antimony trisulfide supply chain , and early construction began in October 2025 . The financing represents one of the largest transactions under EXIM's Make More in America Initiative and positions the U.S. to reduce dependence on foreign antimony sources—particularly China, which currently supplies over half of U.S. demand.

Perpetua Resources: $2.9 Billion EXIM Loan Funds Idaho Antimony Project

The 13-year debt facility includes a $2.4 billion upfront tranche, with the remainder covering capitalized interest and EXIM exposure fees, with interest fixed at the applicable long-dated US Treasury bond rate plus 100 basis points . Combined with Perpetua's cash on hand, the EXIM financing package is expected to fully fund the direct construction of the Stibnite Gold project . At a $4,500 per ounce gold price, Perpetua estimates the mine has an after-tax net present value of $6.1 billion and an internal rate of return of 32.3 percent .

The project involves environmental clean-up, securing antimony for US commercial and defense needs, and creating an average of more than 700 direct jobs annually . The mine will produce gold and antimony—a critical mineral for defense, semiconductors, and renewable energy , with the company expecting it to become operational in 2029 . Idaho Senator Mike Crapo called the investment a move that "strengthens America's economic and national security by advancing a reliable domestic supply of critical minerals."

First Phosphate: Resource Estimate Quadruples at Quebec Battery Project

First Phosphate delivered a major resource expansion at its Bégin-Lamarche phosphate project in Quebec, reporting a 378% increase in Indicated Mineral Resources over the company's initial estimate dated September 9, 2024 . The updated estimate includes 6.2 million measured pit-constrained tonnes grading 7.70% P2O5 (phosphate) and 198.5 million indicated tonnes at 6.00% P2O5 , with 89.5 million inferred tonnes at 6.16% P2O5 .

Apatite (phosphorus, phosphate) is listed on the critical minerals lists of Québec, Canada, the United States and the European Union , making the project strategically significant for North American battery supply chains. Recent test results have confirmed that an apatite concentrate can be obtained analyzing 40.4% P2O5 and at 88% recovery . First Phosphate's Bégin-Lamarche Deposit is located approximately 50 km driving distance north of the City of Saguenay, Québec's sixth-largest city, which hosts daily flights to Montréal, a skilled industrial workforce, and strong local infrastructure . The company completed a 40,000-meter infill drill program that confirmed extensive, continuous mineralization and expanded key phosphate zones.

US and India: Critical Minerals Partnership Framework Signed

India and the United States on May 26 signed a bilateral framework aimed at securing the supply, mining and processing of critical minerals and rare earth elements . According to External Affairs Minister S. Jaishankar, the scope of the partnership will encompass mining, processing, recycling and related investments . US Secretary of State Marco Rubio noted that the groundwork was laid at the Critical Minerals Forum hosted in Washington DC on February 4, 2026, gaining momentum when India signed on to Pax Silica later that month .

The US government is mobilizing unprecedented resources to secure critical mineral supply chains, supporting projects with more than $30 billion in investments, loans, and other support in partnership with the private sector . Critical minerals and rare earth elements are crucial components for high-tech electronics, clean energy technologies, defense systems, and electric vehicles, with the move to diversify supply chains coming amid global efforts to reduce reliance on single-source suppliers, particularly China . The agreement follows India's February inclusion into the Pax Silica initiative, a U.S.-backed effort to build secure, resilient supply chains for critical minerals and AI infrastructure.

Fortescue: 690MW Solar Farm Advances Real Zero Decarbonization

Fortescue has begun construction on the 690MW Turner River solar farm in the Pilbara region, as well as the 650MWh battery energy storage system (BESS) at its flagship Cloudbreak mine . According to Fortescue, the Turner River solar farm represents the final solar installation required to deliver the company's Real Zero decarbonization plan . Once complete and combined with the Solomon Airport (440MW), Cloudbreak (190MW) and North Star Junction (100MW) solar farms, Fortescue will have delivered all solar generation required to achieve Real Zero across its terrestrial iron ore operations, with the projects generating more than 1.4GW of renewable energy capacity .

Construction of the Turner River solar farm is expected to be complete in 2028, with over 1 million solar panels to be installed during the build , while the Cloudbreak BESS is targeted for completion in the 2027 fiscal year, delivering 74MW of power for a period of approximately eight hours . Fortescue is rapidly electrifying its mobile mining fleet, with 16 electric excavators and an electric drill already operating across its iron ore operations, with around half of the company's excavator fleet expected to be electric by the end of 2026 . Fortescue's first battery electric haul truck is expected to be operational before the end of the year, with its first in-house developed 6MW fast charger having commenced commissioning and capable of fully charging a haul truck in approximately 30 minutes .

The move contrasts sharply with rival BHP, which according to leaked documents has delayed climate projects in Western Australia, citing that battery-electric haul trucks are not yet viable at scale.

Blue Lagoon: Commercial Production at BC Gold-Silver Mine

Blue Lagoon Resources reported that it has officially attained commercial production at its 100% owned Dome Mountain gold and silver project in British Columbia, maintaining underground mining rates in excess of an average of 100 tonnes per day for more than 30 consecutive days . Last year, Blue Lagoon reopened the Dome Mountain mine, located near Smithers, in the province's northwest more than 30 years after the last major exploration activity .

Under the company's current mining permit, Dome Mountain is permitted to mine up to 55,000 tonnes annually, with Blue Lagoon targeting consistent production of 150 tonnes per day . Dome Mountain is now among a small number of newly permitted mining projects in British Columbia to successfully transition into active production in recent years . Blue Lagoon also announced that its offtake partner, Ocean Partners Holdings is making a strategic equity investment of C$3 million in the company priced at C$0.90 per common share—equal to the closing market price on May 15, 2026, with the equity position consisting solely of common shares and carrying no warrants .

CEO Rana Vig called reaching commercial production in British Columbia—"one of the most challenging permitting jurisdictions in the world"—a major accomplishment for the team.

Taseko: Rebrand to Trekor Reflects Copper Growth

Taseko Mines plans to rename itself Trekor Metals as the Canadian copper producer expands its North American asset base and production profile, with shareholders voting on the proposed name change at the company's annual meeting in Vancouver on June 24 . The move comes as Taseko advances the Florence Copper project in Arizona while continuing to grow output from its Gibraltar mine in British Columbia .

Florence Copper, located between Phoenix and Tucson near Florence, Arizona, is expected to produce an average of 85 million pounds of copper annually over a projected 22-year mine life at operating costs forecast at $1.11 per pound, with the SX/EW plant beginning operations in February and first copper cathodes produced in early March, yielding 1.5 million pounds of copper cathode in the first quarter . Gibraltar produced 30 million pounds of copper and 717,000 pounds of molybdenum in the first quarter of 2026 at a total cost of $2.63 per pound of copper produced, maintaining strong production momentum from the second half of 2025 .

In 2024, Taseko became the sole owner of Gibraltar, the country's second largest open-pit copper operation . President and CEO Stuart McDonald said the rebrand reflects "the company today and where it is headed" after two decades of growth.

Kinross: $1.5 Billion Chile Gold Project Enters Permitting

Kinross Gold has begun the environmental permitting process for its Lobo-Marte gold project in northern Chile, which is expected to involve an investment of $1.5 billion according to government statements. The permit application seeks approval for the production of gold dore with a processing capacity of 35,000 tons per day, featuring an average gold content of 1.29 grams per ton and a 22-year operating life, covering about 2,300 hectares in the northern Atacama region .

The project boasts an average gold grade of 1.29 grams per ton, with a feasibility study estimating recoverable production of 4.7 million ounces over a 16-year operating life, at an all-in sustaining cost of $680 per ounce . Spanning 2,312 hectares across the communes of Copiapó and Tierra Amarilla at an altitude of 4,200 meters, Lobo Marte involves sequential open-pit mining of the Marte and Lobo pits . The project is located in Chile's Maricunga district, roughly midway between Kinross's existing Maricunga and La Coipa mines, positioning it as part of a broader district consolidation strategy.

What It Means

Today's announcements underscore three converging themes reshaping the mining sector: critical minerals securitization, battery supply chain buildouts, and operational decarbonization.

The Perpetua financing and US-India critical minerals framework signal that governments are moving beyond rhetoric to deploy capital—$2.9 billion for a single antimony project, $30 billion mobilized by the U.S. across critical mineral initiatives. According to market data, copper miners (COPX) traded up 4.1% today while uranium (URA) gained 3.8%, reflecting investor confidence in strategic commodity demand. Gold traded at $4,559/oz, supporting economics for projects like Kinross's Lobo-Marte and Blue Lagoon's Dome Mountain.

First Phosphate's 378% resource expansion and Fortescue's 1.4GW renewable energy buildout illustrate how juniors and majors alike are positioning for the energy transition. Phosphate for LFP batteries and solar-powered mining operations aren't niche plays anymore—they're becoming table stakes for companies seeking financing and offtake agreements. The lithium ETF (LIT) closed up 0.8%, suggesting continued appetite for battery materials exposure.

British Columbia's permitting environment remains challenging, but Blue Lagoon's commercial production milestone—one of only nine full mining permits issued in the province since 2015—shows that patient capital and Indigenous partnerships can still deliver results. Taseko's rebrand to Trekor reflects a similar confidence in North American copper's long-term trajectory, with Florence Copper ramping and Gibraltar sustaining strong output.

The contrast between Fortescue's aggressive decarbonization push and BHP's reported delays on battery-electric haul trucks highlights a strategic divergence among majors. Fortescue is betting that first-mover advantage in green mining will yield cost savings and premium market access; BHP is taking a more cautious approach, citing technology constraints. Time will tell which strategy proves correct, but today's news suggests capital is flowing toward companies willing to commit.

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