The Metals Company (Nasdaq: TMC) announced that the National Oceanic and Atmospheric Administration (NOAA) has determined that the consolidated application submitted by the Company's subsidiary for an exploration license and commercial recovery permit under the Deep Seabed Hard Mineral Resources Act is in full compliance with the requirements of the Act and its implementing regulations. The determination marks a critical milestone for what could become the first commercial deep-sea mining operation in U.S. waters, targeting polymetallic nodules containing nickel, copper, cobalt, and manganese in the Pacific Ocean's Clarion Clipperton Zone. The decision advances the project toward a potential final permit by early 2027.

TMC: NOAA Backs Seabed Mining Application

The determination of full compliance follows the determination of substantial compliance in March and represents another key step in a steady, transparent cadence of expected regulatory milestones. According to the company's announcement, the consolidated application covers areas previously applied for in April 2025 and increases the commercial recovery area from ~25,000 to ~65,000 km2, with an estimated resource of 619 million tonnes of wet nodules and potential exploration upside of an additional 200 Mt.

NOAA's updated framework allows exploration and commercial recovery approvals to be reviewed together, potentially shortening the regulatory timeline. The consolidated application process represents a significant shift from the previous two-step approach. TMC's application now enters certification, where it will be published in the Federal Register before a draft Environmental Impact Statement is released for public comment and finalized ahead of NOAA's final decision.

The deep-sea mining sector remains controversial, with environmental groups raising concerns about potential ecosystem impacts. However, TMC argues that the application is informed by more than a decade of environmental baseline studies, scientific research and offshore engineering conducted by the Company and its partners, building one of the most comprehensive datasets ever assembled on polymetallic nodules and their surrounding ecosystems.

Awalé Resources: Newmont-Backed Explorer Drills New Gold Discovery

Awalé Resources Limited (TSXV: ARIC) announced results from step-out drilling at the Charger target confirming the presence of a newly discovered zone potentially extending the system approximately 200 metres along strike. The discovery at the Fremen target highlights the prospectivity of the company's Odienné project in Côte d'Ivoire, which sits on a relatively under-explored portion of the Birimian greenstone belt.

According to the company, a new intercept of 52.8 g/t gold over 9 metres in hole CHDD-03 remains open to the northeast and may signal the emergence of another high-grade hinge zone, analogous to that interpreted at OEDD-83, which returned 26 g/t gold over 56 metres in late 2024. The growing evidence of continuity in high-grade mineralization is highly encouraging.

A pivotal element of Awalé's value proposition is its joint venture with Newmont, the world's largest gold producer. Under the terms of the agreement, Newmont can earn up to 65% ownership in the Odienné Project by committing $15 million in exploration expenditures. The Newmont backing provides both validation and funding for what TSXV-listed junior Awalé Resources believes could host West Africa's first major Iron Oxide Copper Gold deposit.

Meridian Mining: $34M London Debut Funds Brazilian Copper-Gold Project

Meridian Mining (TSX: MNO) (LON: MNO) began trading in London after raising £25 million ($34 million), positioning itself for potential inclusion in major UK equity indices. The company, focused on its Cabacal gold-copper project in Brazil, completed a placing alongside a £2.5 million retail offer of 2.7 million shares at 92p each.

The London debut and capital raise support development of Cabacal, an advanced-stage volcanogenic massive sulphide deposit in Brazil's Mato Grosso that anchors Meridian's strategy to build a scalable gold-copper platform in the South american country. Pre-feasibility work points to a high-margin project with a 10-year mine life, targeting annual production of 141,000 gold-equivalent ounces and a post-tax internal rate of return of about 61%.

The dual listing strategy reflects growing European investor appetite for Latin American copper-gold exposure. Meridian said it is targeting inclusion in the FTSE All-Share index at the next rebalancing. It also aims to join the FTSE 250, which tracks the 101st to 350th largest companies on the London Stock Exchange, within 12 months, subject to approval.

Ur-Energy: Shirley Basin Uranium Production Begins

Uranium bearing solution is now being captured from Mine Unit 1 at Shirley Basin after the successful completion of significant construction, wellfield installation, and permitting. The restart marks the first uranium mining at the historic Wyoming site since 1992 and represents a significant expansion of domestic U.S. uranium production capacity.

The in-situ recovery (ISR) project in the Shirley Basin district, widely regarded as the birthplace of ISR mining in the 1960s, is now returning to active operations amid a nuclear energy renaissance. According to the company, the Shirley Basin project enhances Ur-Energy's operational flexibility through its integration with existing infrastructure, with licensed annual wellfield and toll processing capacity of up to 2.0 million pounds equivalent of U₃O₈. Measured and Indicated mineral resources total approximately 9.1 million pounds U₃O₈ at an average grade of 0.22% eU₃O₈ Anticipated mine life of approximately nine years across three shallow mining units.

Uranium is captured on ion exchange resin and transported to the company's Lost Creek facility for final processing, drying, and packaging. The company expects to transport uranium loaded resin to Lost Creek for processing this summer, subject to an additional regulatory inspection and approval.

South32: Arizona Copper Project Costs Surge Over 50%

South32 (ASX: S32) stunned investors on Thursday after raising costs and delaying development of the Taylor deposit at its Hermosa zinc-silver project in southern Arizona, casting doubt on the standout economics of one of its flagship growth projects. The miner said that first-stage capital costs for the project have surged more than 50% to $3.3 billion from a $2.2 billion estimate outlined in a 2024 feasibility study, while first production has been pushed to the second half of fiscal 2028, a year later than planned.

South32 attributed the increase to contractor underperformance, slower-than-expected productivity and scope changes, alongside inflation, US tariffs and rising input costs. Annual sustaining capital has also climbed to about $50 million from $36 million, while unit operating costs are now forecast at $100 per tonne, up from $86.

The announcement wiped significant value from the stock, with shares falling 5.4% to A$4.03. RBC Capital Markets analyst Kaan Peker said the changes undermine the project's investment case. "While scale, mine life and resource confidence have improved, this is overshadowed by an approximate 50% capex increase, an approximate one year delay, and higher costs," he said, noting that execution issues "have now translated into both schedule slippage and cost escalation, and importantly, are not fully resolved."

Kodiak and Teck: Arizona Copper Explorer Joint Venture

Kodiak Copper (TSXV: KDK) is teaming up with Teck Resources (TSX: TECK.A/TECK.B) to create a new US-focused explorer to advance two early-stage projects in Arizona. The companies on Wednesday signed a letter of intent with Kay Copper, a unlisted reporting issuer, for a three-cornered amalgamation to establish the new copper explorer.

As part of the agreement, Kodiak and Teck would sell their respective Mohave and Copper Hill projects to Kay Copper, and in return receive 20 million shares of Kay Copper at a deemed price of C$0.25 per share. The transaction includes two separate financings: a subscription receipt financing at C$0.25 per share for C$4 million, and a C$830,000 private placement priced at C$0.10 per share.

Upon completion, Kay Copper is expected to have approximately 70.3 million common shares outstanding, with Kodiak and Teck each owning 28%. Existing shareholders of Kay Copper would retain 9% of its equity, while subscribers to the two financings are expected to own 35%. Both projects represent exploration-stage, drill-ready copper porphyry targets in Arizona's prolific mining districts, with drilling planned for 2026.

MRN: Brazil Bauxite Expansion Wins Key License

Mineracao Rio do Norte (MRN), Brazil's largest bauxite producer, has secured a key installation licence for its Novas Minas project, which seeks to extend operations in Pará state to 2041. The project is backed by major mining companies Glencore (45%), South32 (33%), and Rio Tinto (22%).

The permit, granted by environmental agency IBAMA, allows the Glencore, South32 and Rio Tinto-backed joint venture to begin construction at five new mining sites across three municipalities. The move is closely tied to extending the life of MRN's operations at Porto Trombetas in northern Brazil, where the company has operated since 1979 and maintains installed capacity of 18Mt per year.

According to reports, MRN plans to invest 9 billion reais, about $1.8 billion, between 2027 and 2041 and keep annual bauxite output near 12.5 million metric tons. The approval follows an environmental review process that began in 2018 and represents a major milestone for securing long-term bauxite supply for the aluminum industry.

Wyloo Considers Yangibana Rare Earths Stake Sale

Billionaire Andrew Forrest's Wyloo Metals has engaged Bank of America to explore selling its stake in the Yangibana rare earths project in Western Australia, according to the press release. The move comes as rare earths momentum faces uncertainty amid global competition and financing challenges.

Australian tycoon Andrew Forrest's Wyloo has agreed to form an unincorporated joint venture with Hastings Technology Metals (ASX: HAS) for the Yangibana rare earths and niobium project in Western Australia. Forrest's private investment vehicle will hold a 60% participating interest in the JV, serving as the manager and operator, while Hastings' wholly owned subsidiary, Yangibana Jubilee, will retain a 40% stake.

Wyloo Metals is fast-tracking its Yangibana rare earths project in Western Australia, with chief executive officer Luca Giacovazzi telling Australian Mining the company is well positioned to take advantage of the recent Australia–US critical minerals deal. The Yangibana joint venture (Wyloo 60 per cent, Hastings 40 per cent) recently signed a non-binding heads of agreement with Ucore Rare Metals to explore processing rare earth concentrate in the United States. The potential stake sale suggests Wyloo may be reassessing its rare earths strategy amid challenging market conditions.

What It Means

Today's announcements reveal a mining sector navigating both opportunity and execution risk. Critical minerals continue to attract capital and regulatory support—TMC's seabed mining approval and Ur-Energy's uranium restart both reflect government backing for domestic supply chains. Meridian's successful London listing demonstrates continued investor appetite for copper-gold exposure, particularly in established mining jurisdictions like Brazil.

Yet South32's shocking cost overrun at Hermosa serves as a stark reminder that inflation, supply chain disruptions, and contractor performance remain serious threats to project economics. The 50%-plus capital increase transforms what was pitched as a flagship growth project into a cautionary tale about execution risk in today's inflationary environment.

According to market data, copper miners faced headwinds today, with COPX (Copper Miners ETF) trading down 2.7% to $76.84, while URA (Uranium ETF) fell 2.4% to $54.43 despite positive operational news from Ur-Energy. Gold held steady at $4,613/oz, while the broader mining sector digested mixed signals about project development timelines and costs.

The formation of Kay Copper by Kodiak and Teck, alongside MRN's Brazilian bauxite expansion, suggests major miners are positioning for long-term supply deficits in base metals—even as near-term project execution challenges mount. For junior explorers like Awalé, strategic partnerships with majors like Newmont remain the clearest path to de-risking discovery and advancing toward production.

This roundup covers press releases published on May 4, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.