Mining Press Roundup: Ultra-High-Grade Gold Hits 208g/t at NGEx's Argentina Discovery

NGEx Minerals (TSX: NGEX; US-OTC: NGXXF) reported ultra-high-grade gold assays from its Lunahuasi copper-gold-silver project in Argentina, with highlight hole DPDH070 cutting 17.3 metres grading 207.79 grams gold per tonne, 2.02% copper and 16.2 grams silver from about 335 metres depth . The Vancouver-based explorer's stock jumped 6.1% on the news, underscoring investor appetite for high-grade discoveries in a copper market that's flirting with record prices. Located inside the Vicuña district along the Chile-Argentina border, Lunahuasi is a relatively new discovery, having been first identified in 2023 , yet it's already delivering some of the richest intercepts in one of South America's premier copper-gold belts.

NGEx Minerals: World-Class Gold Grades in Argentina's Vicuña District

NGEx CEO Wojtek Wodzicki commented that "today's news release highlights the high-grade gold component of this remarkable deposit, with two new intersections showing grades comparable to some of the best gold-only deposits worldwide, including a 2 metre sample at 1,740 g/t gold" . The assays form part of the company's recently completed Phase 4 drill campaign, which covered 27,318 metres across 32 holes.

National Bank Financial mining analyst Rabi Nizami noted that "the ultra-high-grade quartz veins are widespread across the deposit and still being expanded, with today's highlight intercepts being 660 metres apart and sitting at the edges of the drilling pattern, indicating further discoveries remain open to expansion in all directions" . The project sits in the same district as major deposits including Lundin Mining and BHP's Josemaria and Filo del Sol, but Lunahuasi has quickly gained attention for delivering some of the highest copper and gold grades encountered in the district .

According to market data, copper miners are benefiting from strong fundamentals, with the COPX copper miners ETF trading at $92.47, up 1.9% as copper prices approach record highs on Chinese demand and supply concerns.

Elevra Lithium: $437M Financing Package for Quebec Expansion

Australia's Elevra Lithium (ASX: ELV; Nasdaq: ELVR) unveiled a A$441-million ($437-million) funding package to help expand its North American Lithium (NAL) operation in Quebec and advance pre-development work at the Moblan project to a final investment decision . The deal includes a fully underwritten A$275-million institutional placement, a maximum $145-million (US$106-million) convertible note investment from the Canada Growth Fund and a share purchase plan of up to A$20 million .

Located about 570 km north of Montreal, NAL is Canada's largest operating lithium mine, with production forecast to rise to 338,000 tonnes per year from 315,000 previously, giving the mine a projected operating life of 21 years . The Brisbane-based company also released an updated scoping study showing the expansion project's incremental post-tax net present value has doubled to $969 million.

Canada's Minister of Finance welcomed the Canada Growth Fund investment, noting it will "support the expansion of North American Lithium (Project or NAL), Canada's largest operating lithium mine, located in Quebec's Abitibi region" . The LIT lithium ETF traded at $89.82, up 0.4%, reflecting cautious optimism in the battery metals space.

Brazil Probes USA Rare Earth's $2.8B Serra Verde Acquisition

Brazil's antitrust watchdog has opened an investigation into USA Rare Earth's (Nasdaq: USAR) proposed acquisition of its only rare earth producer, with USAR announcing last month that it would acquire Serra Verde Group, operator of the Pela Ema rare earth mine and associated processing facility in Goiás state, for $2.8 billion . The deal includes a 15-year US offtake agreement for neodymium, praseodymium, dysprosium and terbium—critical elements used in high-performance magnets.

Brazil's competition authority Cade will assess whether the USAR-Serra Verde combination constitutes a "concentration act" under Brazilian competition law, though the agency stressed that the proceeding "does not necessarily mean that the acts must be notified or that there are competition issues" . Shares of the Oklahoma-based company fell 5% as of midday, in line with declines seen in its peers in the sector .

The proceeding comes amid efforts by the U.S. government to seal a critical minerals pact with Brazil, host to the second to China with the world's largest volume of rare earth reserves, though despite having been in talks as early as January, the parties have yet to finalize an agreement . The deal represents a key test case for Western efforts to build rare earth supply chains outside Chinese control.

Barrick Gold: $3B Buyback Ahead of North American Spinoff

Barrick Mining (TSX: ABX; NYSE: B) launched a $3-billion share buyback on Monday as the world's third-largest gold producer seeks to attract investors ahead of a planned spinout of its North American assets, with the Toronto-based miner announcing the repurchase authorization after reporting a 13% decline in first-quarter profit from the previous three months .

Barrick is preparing to list a new company holding its Nevada joint venture, the Fourmile discovery and the Pueblo Viejo mine in the Dominican Republic, with the transaction targeted for completion by the end of 2026 . The company's average realized gold price climbed 66% year-over-year to $4,823 per oz., while all-in sustaining costs fell 4% to $1,708 per ounce, with net earnings rising to $1.6 billion, more than triple year-earlier levels, despite gold production declining 5% to 719,000 ounces .

Not to be outdone by larger US rival Newmont — which last month said it will repurchase $6 billion in stock — Toronto-based Barrick announced its own hefty buyback program of $3 billion, twice what the Canadian mining company bought last year . The move reflects Chairman John Thornton's broader strategy to return capital to shareholders while repositioning the company's asset portfolio.

Cameco: Saskatchewan Floods Halt Key Lake Uranium Mill

Canada's Cameco (TSX: CCO)(NYSE: CCJ) has temporarily halted production activities at its Key Lake mill and reduced activity at its McArthur River mine after flooding damaged transport infrastructure in northern Saskatchewan . The uranium producer said its sites were not directly affected by flooding, but the collapse of the Smoothstone River Bridge disrupted the primary route used to move supplies to McArthur River and Key Lake, with restrictions on an alternative road also limiting Cameco's ability to reroute deliveries .

Uranium Equities analysts estimated that "if the Key Lake mill is down for a full month, McArthur River would almost certainly be forced into a total production halt," with the direct production impact potentially reaching about 1.5 million pounds of uranium . Cameco said the Cigar Lake mine continues to operate and its consolidated annual production plan remains unchanged, though the company warned that prolonged road restrictions and continued disruption to deliveries of critical operating materials could affect the 2026 production outlook for the McArthur River/Key Lake operation .

The URA uranium ETF traded at $53.60, down 1.4%, as investors weighed the supply disruption against broader sector fundamentals.

Fortescue: $150M Compensation for Aboriginal Land Damage

Fortescue (ASX: FMG), one of the world's biggest iron ore miners, must pay more than A$150 million (US$108 million) to an Australian Aboriginal group after a court found the company damaged culturally significant sites while operating the Solomon Hub mine without consent, with the Federal Court of Australia awarding A$150 million for cultural loss and A$100,000 (about $73,000) for economic loss .

The Yindjibarndi people first lodged their Native Title claim in 2003, but while the Native Title fight continued through the courts, Fortescue moved ahead with developing its mining operations in the area, with negotiations between Fortescue and YNAC over land use and compensation agreements reaching no agreement, though mining approvals were ultimately granted by the State, allowing production at the Solomon Hub project to proceed before the Native Title claim had been finally determined .

The Yindjibarndi Ngurra Aboriginal Corporation had sought as much as A$1.8 billion ($1.3 billion) in compensation . The ruling marks one of the largest compensation awards under Australia's native title laws and represents a significant ESG and legal setback for a major global miner . The decision sets a precedent for how cultural loss is valued in Australian mining disputes and may influence future negotiations between resource companies and Indigenous communities.

The Metals Company: First Commercial Deep-Sea Mining Deal

The Metals Company (NASDAQ: TMC) has signed a commercial agreement with offshore engineering giant Allseas to develop and operate what the companies say would be the world's first commercial deep-sea nodule recovery system, with the deal covering the design, commissioning and operation of a commercial-scale collection system for polymetallic nodules in the Clarion Clipperton Zone (CCZ) of the Pacific Ocean, where TMC aims to begin offshore recovery operations by late 2027 .

The planned system would have nameplate production capacity of 3 million wet tonnes annually, using two collector vehicles that will operate more than 4 km below the ocean surface, with Allseas, which conducted a 3,000-tonne pilot nodule recovery test in 2022, completing procurement, integration and operation of the system . Under the agreement, Allseas will fund part of the development costs, recoverable through future production revenues .

TMC chairman and CEO Gerard Barron stated that "this Agreement with Allseas is now the contractual cornerstone of our strategic alliance with Allseas: it establishes a clear commercial framework for how we complete the development and commissioning of our first commercial scale nodule recovery system and start offshore nodule recovery operations," noting that "in addition to being our largest strategic shareholder, Allseas has been an outstanding, mission-aligned technical partner" . The agreement marks a significant milestone in efforts to commercialize seabed mining for battery metals.

What It Means

Today's announcements reveal a mining sector navigating between spectacular exploration success and complex regulatory challenges. NGEx's ultra-high-grade gold intercepts at Lunahuasi demonstrate that world-class discoveries are still being made in established districts, while Elevra's $437 million financing package shows that capital is flowing to strategic battery metals projects with government backing. According to market data, copper prices are supporting this optimism, with the metal approaching record highs as Chinese demand rebounds and supply concerns intensify.

The Brazil antitrust probe of USA Rare Earth's Serra Verde acquisition and Fortescue's $150 million Aboriginal compensation award highlight the growing importance of regulatory and social license considerations in mining M&A and operations. Meanwhile, The Metals Company's deep-sea mining agreement with Allseas pushes the industry into entirely new frontiers, though the technology remains controversial. Cameco's flood-related production halt serves as a reminder that even Tier-1 assets in stable jurisdictions face operational risks that can tighten already-constrained uranium markets. Across commodities, the theme is clear: high-grade assets, strategic minerals, and strong balance sheets are commanding premium valuations in a market that's pricing in both energy transition demand and geopolitical supply risk.

This roundup covers press releases published on May 13, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.