Mining Press Roundup: Thacker Pass Costs Climb as Financing and Partnerships Move Other Projects Forward

Lithium Americas (TSX, NYSE: LAC) has raised the estimated cost of the first phase of its Thacker Pass lithium project in Nevada by 31% to $3.83 billion, citing rising labour, construction and logistics expenses, MINING.COM reported. The revision shows how construction-cost inflation is reaching new US mines, even for a project with a US Department of Energy loan and General Motors as its joint venture partner. Elsewhere in today's announcements, Endeavour Mining took a similar budget hit in West Africa, while other developers secured debt, partners and drill results.

Lithium Americas: Thacker Pass Phase 1 Budget Rises

The revised budget adds $895 million in capital costs and increases the project's funding requirement by about $995 million, Lithium Americas said Wednesday. Higher labour installation rates for piping, steel and equipment accounted for $245 million of the increase, according to MINING.COM, while tariffs and logistics added approximately $100 million.

The company expects to cover the additional amount through company contributions and available reserves under its DOE loan. It now expects to spend between $1.7 billion and $2 billion on Phase 1 in 2026, compared with its previous forecast of $1.3 billion to $1.6 billion. Lithium Americas held about $1.3 billion in cash and restricted cash as of Sept. 30, including approximately $360 million at the Thacker Pass joint venture with General Motors (NYSE: GM).

The market reacted negatively. Shares fell almost 8% to C$2.48 apiece in early Toronto trading, leaving a market capitalization of nearly C$544 million ($382 million). The schedule has not changed. Lithium Americas continues to target commercial production in 2028, with Phase 1 designed to produce 40,000 tonnes of battery-grade lithium carbonate annually at full capacity. CEO Jonathan Evans said: "Phase 1 is advancing toward peak construction activity by year end 2026, with mechanical completion targeted for late 2027."

Endeavour Mining: Assafou Approved Despite Higher Budget

Endeavour Mining (LON, TSX: EDV) has approved construction of its $1.2-billion Assafou gold project in Côte d'Ivoire, targeting first production in the first half of 2029. The development budget has risen by $139 million, or 13%, from the $1.06 billion estimated in the feasibility study. Increased land and crop compensation accounts for approximately 60% of the increase, following consultations with local authorities and communities.

A definitive feasibility study released in April outlined average production of 320,000 oz. of gold annually at all-in sustaining costs of $1,026 per oz. during the first eight years. The project has an initial mine life of 16 years and a processing plant designed to handle 5 million tonnes of ore annually. Endeavour has awarded the engineering, procurement and construction management contract to Lycopodium and reached an agreement in principle on the terms of its mining convention with Côte d'Ivoire.

The group's third-quarter results gave it financial room to proceed. They showed record free cash flow of $1.02 billion for the first nine months of 2026, up 50% from a year earlier. Endeavour ended September with $263 million in net cash after reducing gross debt by $412 million. The weaker side of the report is operational. Gold production totalled 820,000 oz. through September, down 10% year over year, at AISC of $1,866 per oz. The Mana mine in Burkina Faso remains a concern after underground mining was suspended following access-ramp subsidence in October, with processing not expected to resume until the second quarter of 2027.

Minerals 260: Bullabulling Gets Bank Debt Without Hedging

Minerals 260 (ASX: MI6) has secured A$410 million (C$399 million) in bank debt for its Bullabulling gold project in Western Australia, with no requirement to lock in future gold prices. ANZ, National Australia Bank and Société Générale have committed A$335 million for project financing and A$75 million for working capital.

Managing Director Luke McFadyen said securing credit approval before completing the feasibility study reflects "the high quality, high margin and long-life aspects of Bullabulling." Several conditions remain: completing the definitive feasibility study, final due diligence, loan documents and an agreement with Franco-Nevada governing creditors' rights. The construction decision and final loan conditions are due early next year, and the first debt drawdown is expected late next year.

Franco-Nevada agreed in September to provide another $170 million in royalty funding and buy $30 million of Minerals 260 shares. That brings its aggregate backing to $420 million and increases its gross royalty on Bullabulling to 3.9% from 2.45%. Bullabulling, 65 km from Kalgoorlie, has 140 million indicated tonnes at 0.98 gram per tonne gold for 4.4 million oz., plus 51 million inferred tonnes at 1 gram gold for 1.7 million oz., according to a resource issued in July. BMO Capital Markets initiated coverage on Nov. 10 with an outperform rating and a A$1.75 share-price target.

Titan Mining: Army Graphite Plant Moves to Term Sheet

Titan Mining (NYSE-A: TII; TSX: TI) is pursuing an agreement with the Army to set up a graphite processing plant at the Anniston Army Depot in Alabama. The base deal has progressed to a commercial term sheet, although a definitive lease remains outstanding. The lease covers an initial 50 years with two additional 25-year renewal options. The Army would have a right of first offer to buy up to 10% of annual PMG and CSPG output.

CEO Rita Adiani said Titan could invest between $30 million and $70 million in the Anniston plant. She told The Northern Miner the Army base deal "allows us to effectively get to an end-to-end product domestically."

Titan's Kilbourne project is advancing on a separate track. The U.S. Export-Import Bank has proposed up to $120 million in construction financing and agreed to provide $5.5 million for feasibility work. Titan began production at Kilbourne in January, and a feasibility study expected in the first half of 2027 is under way.

Altius Minerals: Buying TNR Gold for Argentine Exposure

Altius Minerals (TSX: ALS) agreed to buy TNR Gold (TSXV: TNR) in a deal valued at C$122 million ($86 million), boosting its exposure to Argentine copper and lithium while spinning out an Alaska gold project. The package's estimated value of 48¢ per TNR share represents a 60% premium to TNR's close on Tuesday.

TNR's effective interests include a 0.36% net smelter return royalty on Los Azules and 1.35% on Mariana. McEwen Copper's Los Azules targets full project financing and a final investment decision in mid-2027, with commercial production starting in 2030, subject to financing and approvals.

Closing is expected around the first quarter of 2027. Shareholders controlling about 28% of TNR have signed support agreements, and a vote is expected in December.

Ivanhoe Mines: Pakistan Memorandum With Mari Energies

Ivanhoe Mines (TSX: IVN) has signed a memorandum of understanding with Pakistan's Mari Energies (PSX: MARI) to pursue mineral exploration opportunities, marking the Canadian miner's entry into South Asia. Chairman Robert Friedland announced the agreement Thursday on the sidelines of the Pakistan Minerals Investment Forum and said "We're forming equal partnerships."

Friedland also said "Pakistan is profoundly unexplored" in an exclusive interview with MINING.COM. The companies have not disclosed financial terms, specific exploration commitments or a timetable for a definitive agreement. The backdrop is cautious: earlier this year, Barrick Mining extended its review of Reko Diq amid escalating security concerns in Pakistan and the Middle East.

Troilus Mining: Hanging-Wall Hit at Z87

Troilus Mining reported that hole 87-26-524 cut 34 metres at 1.29 grams gold per tonne from 207 metres depth, including 12 metres at 3.04 grams, in the Z87 hanging wall at its Quebec project. The company said the results still need modelling, since the resource and reserve underlying September's updated study exclude all 2026 drilling.

Troilus received a credit-approved commitment for $850 million in debt from KfW IPEX-Bank and Société Générale in September. Its development update envisaged a 26-year operation, with construction anticipated in 2027, first ore in September 2029 and commercial production in March 2030.

What It Means

The clearest theme is cost. Lithium Americas and Endeavour both raised budgets for projects that are moving ahead, though for different reasons. At Thacker Pass the drivers were labour, tariffs and logistics. At Assafou, land and crop compensation accounted for approximately 60% of the increase. Neither company changed its production target, but both now need more capital to deliver it.

Capital is still finding projects that have a clear path. Bullabulling's bank debt, Troilus's credit-approved commitment and the Export-Import Bank's proposed Kilbourne financing all show lenders backing developers before final studies or decisions are complete. Market data showed the lithium ETF LIT at $61.07, up 1.8% at the Nov. 11 close, while gold traded at $3,979 per ounce, down 1.5% from the prior close, per Polygon data. The Ivanhoe memorandum with Mari Energies is a reminder that new-region exploration plans can be announced well before any financial terms are disclosed.

This roundup covers press releases published on November 12, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.