16th January 2026 North America Newsletter
16th January 2025 North America Newsletter
Featured News
Borealis raised C$25M
Borealis Mining (TSXV:BOGO) closed a bought deal private placement of 15.3M shares @ C$1.50 for proceeds of $23M, upsized from $20M. Proceeds will advance Au projects in Nevada.
Mergers & Acquisitions
Talon Metals (TSX:TLO)
Completed the acquisition of the producing Eagle mine and Humboldt mill from Lundin Mining (TSX:LUN) for 275.2M shares and a C$1/t production payment royalty on ore from sources other than Eagle that is processed through the Humboldt mill. Jack Lundin and Juan Andrés Morel of LUN were appointed to the TLO board. A 10:1 share rollback will be effective on January 23 to reduce the shares outstanding from 1.5B to 147.8M. “This transaction has brought together the positive cash-flow-generating Eagle mine and Humboldt mill, the proven operating experience of the Eagle and Humboldt teams, and TLOs in-house exploration, environmental and permitting capabilities to create the only operating primary Ni-Cu company in the US with meaningful expansion potential,” said executive chair Henri van Rooyen.
Highland Copper (TSXV:HI)
Signed a definitive membership interest purchase agreement with JV partner, Kinterra Copper, for the sale of its 34% interest in the White Pine North Project for US$30M with $18.3M in cash, and $11.7M for the outstanding principal and accrued interest on the Kinterra loan. The parties agreed to suspend cash calls under the White Pine joint operating agreement. Proceeds will to His Copperwood project activities, eliminate existing debt, and streamline its corporate structure.
Sumitomo & Centerra top up Kenorland
Kenorland Minerals (TSXV:KLD) said Sumitomo Metal Mining and Centerra Gold (TSX:CG) completed the exercise of their ‘top-up rights to retain their 10.1% and 9.9% interest in the company. An aggregate of 27M shares were issued @ C$2.068 for proceeds of C$55.8M.
Financing
Hudbay raised US$600M
Hudbay Minerals (NYSE/TSX:HBM) closed a strategic investment from Mitsubishi for a 30% JV interest in its Copper World Cu project in Arizona. Mitsubishi contributed $420M cash to the JV and will contribute $180M to complete its initial investment within 18 months. Mitsubishi will also fund its pro-rata 30% share of future equity capital contributions to build Copper World. HBM is advancing Copper World towards FID in 2026. “This strategic partnership will leverage our organizations’ complementary strengths to deliver this world-class project that will increase HBMs consolidated Cu production by more than 50%. … We are ideally positioned to build one of the next major Cu mines in the US,” said president & CEO Peter Kukielski.
Silver47 raised C$34.5M
Silver47 Exploration (TSXV:AGA) completed an upsized bought deal public offering of 32.9M units @ C$1.05 including the full exercise of the over-allotment option, for proceeds of $34.5M. Each unit consists of one share and half a warrant exercisable @ $1.40 for three years. Proceeds will accelerate and expand planned drill programs on the company’s Ag projects.
Silver One to raise C$25M
Silver One Resources (TSXV:SVE) announced a non-brokered private placement of 43.1M units @ 58c for proceeds of C$25M. Each unit will consist of one share and half a warrant exercisable @ 80c for three years. Proceeds will be used for drilling at the Candelaria project in Nevada, geophysics, metallurgical and environmental work and preparing a PFS.
ATHA to raise US$20M
ATHA Energy (TSXV:SASK) entered a binding term sheet with Queen’s Road Capital for a private placement of US$20M in unsecured convertible debentures. QRC will retain a two-year option to purchase an additional $20M in debentures at a price per common share equal to 130% of market price. Proceeds will fund the exploration and development of the Angilak Ur project in Nunavut. The debentures will be convertible @ 85c per share.
Blackrock Silver raised C$15M, Sprott invested
Blackrock Silver (TSXV:BRC) closed a non-brokered private placement of 13.6M units @ C$1.10 for proceeds of $15M. Eric Sprott invested $7M. Each unit consisted of one share and half a warrant exercisable @ $1.50 for two years. Proceeds will fund exploration, permitting and pre-development activities on the Tonopah West Ag project in Nevada.
Osisko Metals to raise C$15M
Osisko Metals (TSX:OM) entered a bought deal private placement of 11.8M flow-through shares @ C$1.27 for proceeds of $15M. Proceeds will be used for exploration at the Gaspé Cu project in Québec.
Surge to raise C$15M
Surge Battery Metals (TSXV:NILI) announced a non-brokered private placement of 16.7M units @ 90c for proceeds of C$15M upsize to $25M. Each unit will consist of one share and half a warrant exercisable @ $1.35 for 60 days. Proceeds will fund a PFS for its Nevada North Li project.
Nations Royalty to raise C$10M
Nations Royalty (TSXV:NRC) entered a bought deal private placement of 6.3M units @ C$1.60 for proceeds of $10M. Each unit will consist of one share and half a warrant exercisable @ $2.25 for three years. Proceeds will fund acquisitions of royalties, income and commodity streams.
Gold Headlines
Kinross Gold (NYSE:KGC)
Is proceeding with the construction of three organic growth projects: the Round Mountain Phase X and Bald Mountain Redbird 2 projects in Nevada, and the Kettle River-Curlew project in Washington that are expected to meaningfully extend mine life and benefit long-term costs. These projects are expected to contribute 400koz/y AuEq between 2029 and 2031 with a combined IRR of 55% at a US$4,300/oz Au price. All three have potential for mine life extensions. KGC intends to self-fund these projects from operating cash flows and has forecasted capital expenditures of $425M in 2026. “These three new growth projects are expected to contribute 3Moz of LOM production to our portfolio, extend mine lives at our Nevada assets well into the 2030s, and benefit our long-term costs in the US,” said CEO Paul Rollinson.
Orla Mining (NYSE:ORLA)
Reported an updated FS on its South Railroad project in Nevada which confirmed Board approval to begin spending for detailed engineering, procurement, and project execution. The Board has also approved the start of project construction, subject to receipt of permits. South Railroad has an after-tax NPV5% of US$783M and 48% IRR at $3,/oz Au, improving to $1.7B and 95% IRR at $4,500/oz. It will produce 130koz/y over the first five years at an average AISC of $1,485/oz. The project is advancing through federal and state approvals, with the BLM Record of Decision targeted for mid-2026. The project will be financed through operating cash flow and cash on hand and will increase consolidated annual production to almost 500koz/y. “South Railroad is more than our next project; it is our next building block of growth as we solidify our place in Nevada. South Carlin, still early in its district-scale evolution, is advancing rapidly through ongoing exploration, with what we believe to be upside extending well beyond the FS,” said CEO Jason Simpson.
Novagold Resources (NYSE-A/TSX:NG)
Said Donlin Gold (owned 60% by NG and 40% by Paulson Advisers) and Glenfarne Alaska LNG, the majority owner and developer of the Alaska LNG project, signed a non-binding LOI for natural gas supply to and power the proposed mine with up to 50M cubic feet per day.
West Red Lake Gold Mines (TSXV:WRLG)
Declared commercial production at its Madsen mine in the Red Lake district of Ontario. The mill averaged 689tpd in December 2025, 86% of permitted throughput of 800tpd. Mill recoveries averaged 94.6% in December, and the production of 3koz. WRLG anticipates reaching sustained permitted capacity by mid-2026.
Integra Resources (NYSE-A:ITRG)
Said the US Bureau of Land Management (BLM) formally established a federal permitting schedule under the National Environmental Policy Act (NEPA) for its DeLamar heap leach project in Idaho, providing visibility into the federal permitting process, reducing permitting uncertainty. The BLM-defined schedule contemplates publication of a Notice of Intent in 2Q26, followed by an anticipated 15-month NEPA review period, culminating in the issuance of an EIS and Record of Decision in 3Q27. “The establishment of a BLM-defined federal permitting timeline marks a transformational milestone for DeLamar. … This schedule is meaningfully shorter than previously anticipated,” said president & CEO George Salamis.
ITRG also said DeLamar was selected for inclusion in the US Federal Permitting Improvement Steering Council FAST-41 Transparency Projects Program.
Copper Headlines
Arizona Sonoran Copper (TSX:ASCU)
Outlined the initial steps to demonstrate operational readiness at the Cactus project in Arizona, including permitting, project financing and early development programs, to advance it to a final investment decision as early as 4Q26. The US$75M 2026 budget includes procurement, recruitment and derisking programs, completion of a FS in 2H26, 8,900m of infill drilling to the measured category at Parks/Salyer, and major permit amendments, including the Aquifer Protection Permit, Industrial Air Permit and Mined Land Reclamation Permit. “With a strong technical foundation, a cash balance of about $105M to start 2026, and a clear execution pathway, ASCU is well positioned to transition from development into construction,” said president & CEO George Ogilvie.
Critical Minerals Headlines
Lilac Solutions
Announced a binding 10-year offtake agreement for LiCO3 produced at Lilac’s Great Salt Lake facility in Utah with trader Traxys. The agreement secures 100% of Phase 1 production, advancing project toward final investment decision. Traxys will purchase 50kt of LiCO3 over a 10-year period on a take-or-pay basis, with pricing linked to market indices. The Great Salt Lake Phase 1 facility is designed to produce 5ktpy of battery-grade LiCO3 using Lilac’s Gen 5 ion exchange technology, which achieved 87% Li recovery. “With FEL-3 engineering complete and regulatory approvals progressing, securing offtake for 100% of planned output moves us closer to construction of a significant new source of domestic Li,” said CEO Raef Sully.
Energy Fuels (NYSE:UUUU)
Released a FS for its Phase 2 circuit expansion of REE processing at its White Mesa Mill in Utah with a lower-than-expected CAPEX to produce 6ktpy NdPr, 240tpy dysprosium, and 66tpy terbium following a US$410M initial capital cost. It will generate a NPv8 of $1.9B and 33% IRR but does not include the Vara Mada project or other HMS/monazite projects that are expected to supply REE ore to the mill. Regulatory approval is expected by mid-2027, allowing planned construction and commissioning of the Phase 2 Circuit by 1Q29. The FS assumes the Phase 2 Circuit is operating at full capacity of 50ktpy of monazite concentrate purchased at arm’s length prices from the company’s Vara Mada, Donald and Bahia projects. “UUUU is on the cusp of solving America’s REE processing bottleneck,” said CEO Mark Chalmers.
Canada Nickel (TSXV:CNC)
Updated a mineral resource estimate on its Reid Ni sulphide project near Timmins, Ontario with a 46% increase in M&I resources to 870Mt @ 0.23% Ni containing 2.1Mt , including a higher-grade domain of 770Mt @ 0.25%, and inferred resources of 3.2Mt contained Ni. CNC said it has the potential for an additional 0.5–1.4Bt @ 0.21–0.22%. Reid is 16km from CNCs Crawford Ni sulphide project. “Reid’s mineral resource stands out with nearly half the strip ratio, one-third less overburden, and 15% higher Cr grades than Crawford, with more than 40% of the geophysical target still to be explored and the deposit open in multiple directions,” said CEO Mark Selby.
Gold Drilling
TDG Gold (TSXV:TDG)
Reported additional Phase I drilling results from the Aurora West Zone within the Greater Shasta-Newberry project in the Toodoggone district of BC, where it has completed 20 holes for 13,650m. Highlights included 128.7m @ 1.25g/t Au, 2.2g/t Ag & 0.33% Cu in hole 13. Drilling extended Aurora West mineralization 100m S of previous drilling.
McEwen (NYSE/TSX:MUX)
Announced the final drill results to be included in the upcoming resource estimate for the Tartan project near Flin Flon in Manitoba that it acquired on January 5. The updated resource is expected to be released in February. Highlights included 18.9m @ 7.5g/t that expanded Au mineralization along the Western Flank. The objective of ongoing drilling is to increase the ounces per vertical metre, which could allow for higher annual Au production in a potential mine restart while driving economies of scale to lower production and development costs. MUX is budgeting US$3M for exploration at Tartan in 2026.
Nova Minerals (NASDAQ:NVA)
Announced further drill results from the RPM Valley deposit in the Tintina belt in Alaska with the 2025 closely spaced infill results returning multiple broad intercepts >1g/t, and visible Au observed in an Estelle project record intercept of 50cm @ 364g/t Au in hole 81. PFS-level studies are ongoing. “These results represent a significant advancement for RPM Valley and further validate the scale and quality of the Au system identified,” said CEO Christopher Gerteisen.
Trident Resources (TSXV:ROCK)
Announced additional diamond drill results from ten holes at the Contact Lake project in Saskatchewan that tested the extension of the mineralization below known mine workings. ROCK is mobilizing for a follow-up winter drill program. Highlights included 15m @ 7.28g/t in hole 6 that included 6m @ 16.69g/t. “These results continue to validate Contact Lake as a high-grade orogenic Au system with blue-sky upside. Every drill hole thus far has intersected notable mineralization including several holes with very high grades over wide intercepts,” said CEO Jon Wiesblatt.
Arizona Metals (TSX:AMC)
Announced the second round of results from 2025 RC drilling on its Sugarloaf Peak project in Arizona that expand the deposit laterally SW, along strike and at depth. Highlights included 199.6m @ 0.29g/t including 15.2m @ 0.54g/t in hole 18. “The results from this drill program have delivered a meaningful increase in the scale of the deposit, with strong continuity demonstrated along a broad SW corridor,” said president & CEO Duncan Middlemiss.
Freegold Ventures (TSX:FVL)
Identified a new mineralized area at its Golden Summit project, called the Tamarack Zone, 400m E of the Cleary Zone, with four drill holes completed. Highlights included 49.3m @ 1.28g/t in hole 2536 in New Tamarack.
P2 Gold (TSXV:PGLD)
Reported an additional 11 RC drill holes from the Sullivan Zone as part of infill and expansion drilling at its Gabbs project in the Walker-Lane Trend in Nevada to define its margins. Highlights included 50.29m @ 0.54g/t Au & 0.36% Cu in hole 62. An updated resource estimate is due to be prepared in mid-2026 for a FS expected in 4Q26.
Scottie Resources (TSXV:SCOT)
Reported assays from drilling of the Road and Blueberry Contact Zone within the Scottie project in BC. In addition to a high-grade intercept in the Fifi Zone, drilling confirmed the discovery of a new near surface vein in the Bend outside the resource model but within the PEA’s open pit shell. Highlights included 4.6m @ 16.1g/t at Fifi Zone. “These results confirm resource expansion potential within the existing open pit shell and highlighting the discovery of new veins at the Bend area,” said president Dr Thomas Mumford.
Silver North Resources (TSXV:SNAG)
Received results from the remaining two holes from the 2025 exploration program in which 1,760m in eight holes were completed at its Haldane Ag property in the Keno district in Yukon. Highlights included 2.8m @ 1,069g/t silver, 1.41g/t Au, 12.6% Pb & 3.01% Zn within a larger 9.1m intersection of 428g/t Ag, 0.73g/t Au, 5.26% Pb & 1.73% Zn in hole 36. “The Main Fault is showing itself to be a strong and complex fault structure capable of hosting high grade Ag, Au, Pb & Zn mineralization,” said president & CEO Jason Weber.
Aztec Minerals (TSXV:AZT)
Received results from an additional nine RC drill holes at Tombstone in Arizona in the historical Contention Mine Area. Highlights included 48.6m @ 58.93g/t Ag & 1.06g/t Au for a 133.1g/t AgEq from surface in hole 26. AZT increased the drill program by 3,500m.
Copper Drilling
Teuton Resources (TSXV:TUO)
Reported assays from its inaugural diamond drill program on the Ram property in the Golden Triangle in BC comprised of 1,978m in seven holes that returned elevated Au, Cu & Mo values across multiple zones that confirmed that the Eastern magnetic anomaly represents a porphyry-style Cu-Au-Mo system. Highlights included 91m @ 303ppm Cu in hole 2.
Kingfisher Metals (TSXV:KFR)
Announced results from the exploration and drilling program at the HWY 37 project in the Golden Triangle in BC, with holes that returned some of the longest Cu intercepts from within the Williams porphyry Cu-Au system. Highlights included 889.35m @ 0.47% CuEq from surface in hole 8. “The Williams drilling continues to demonstrate a well-mineralized porphyry system with Cu-Au mineralization extending from surface over long intervals,” said CEO Dustin Perry.
IDEX Metals (TSXV:IDEX)
Announced drill results from two holes at its Freeze Cu-Au-Mo project in Idaho. Highlights included 130.93m @ 0.4% Cu within 344m @ 0.3% in hole 4. “Intersecting hundreds of meters of consistent Cu mineralization from surface – in multiple directions – clearly demonstrates the strength, scale, and continuity of the system at Freeze,” said CEO Clayton Fisher.
Osisko Metals (TSX:OM)
Announced drill results from the Gaspé project in Québec, including 35 mineralized intercepts from ten inside the 2024 resource estimate and are focused on upgrading inferred resources to M&I. Highlights included 748m @ 0.27% Cu in hole 1144.
Cascadia Minerals (TSXV:CAM)
Announced the remaining eight holes from its fall 2025 diamond drill program at the Carmacks project in Yukon that continues to demonstrate sulphide resource expansion potential. Seven of the eight holes intersected sulphide mineralization, including 87.44m @ 0.63% Cu, 0.15g/t Au, 2.7g/t Ag & 248ppm molybdenum for a 0.88% CuEq in hole 40, and 42.88m @ 1.19% Cu & 0.34g/t Au in hole 37. Planning is underway for a 15,000m drill program in 2026 to continue resource expansion. “In conjunction with the 2026 drill program, baseline environmental, engineering and metallurgical studies will be initiated to enable fast-tracking the project towards development,” said president & CEO Graham Downs.
American Eagle Gold (TSXV:AE)
Announced drill results that further expand the South Zone at its NAK Cu-Au project in BC that extend shallow mineralization nearly 150m ESE and 150m WSW. Highlights included 140m @ 0.74% CuEq within 189m @ 0.61% CuEq starting near surface in hole 62. With these latest results, the South Zones extends over 700m E-W, 500m N-S, and to over 800m in depth. “These results reinforce the South Zone as the focus of our drilling program, yet they also highlight that it sits within what is clearly an exceptionally large and continuous Cu-Au system at NAK that exists far beyond what is the South Zone,” said CEO Anthony Moreau.
Critical Minerals Drilling
Fireweed Metals (TSXV:FWZ)
Reported initial results of a major step-out drill hole at Tom South targeting laminated and stratiform Zn-Pb-Ag mineralization at its Macpass project in Yukon. Hole 3, a 300m step-out, ended with 58.3m of laminated sulphides interbedded with black mudstones from 1,164m downhole grading 2.33% Zn, 0.04% Pb & 1.79g/t Ag. “Hole 3 provides a compelling indication that extending this hole has potential to intersect massive sulphides below the laminated sulphide mineralization. We plan to resume this hole early in our 2026 campaign,” said president & CEO Ian Gibbs.
Antimony Resources (CSE:ATMY)
Reported assays from the Bald Hill Sb project in New Brunswick where it completed 5,000m of additional drilling during the Phase Two program to bring the total drilling completed in 2025 to over 8,000m in 34 drill holes. Mineralization has been traced over 700m and followed to a depth of at least 400m. Highlights included 27.05m @ 2.07% Sb in hole 17. “Our drilling extended the Main Zone by over 100m SE and NW and to a depth of at least 400m. The presence of multiple and thick zones of Sb-bearing stibnite will be important factors in the ultimate resource calculation,” said CEO Jim Atkinson.
Perseverance Metals (TSXV:PMI)
Reported assays from nine diamond drill holes from the Lac Gayot project in Quebec drilled to follow up on the Nasique Zone magmatic Ni-Cu-Co-PGE mineralization intersected in 2024. Drilling intersected disseminated magmatic sulphides in all holes with highlights of 6.25m @ 1.33% Ni, 0.12% Cu & 0.58g/t PGEs (Pt+Pd+Au) within a broader 12m zone @ 1.02% Ni, 0.08% Cu & 0.4g/t PGEs in hole 1. The Nasique zone has now been documented over ~60m of strike and to ~90m of vertical depth. “I am excited by the Nasique zone, as it represents a discovery process spearheaded by the Lac Gayot team that emphasized the importance of thinking outside of the box, even in an established belt,” said CEO Michael Tucker.
Skyharbour Resources (TSXV:SYH)
Announced results from 2025 drilling at its Moore Ur project in the Athabasca Basin in Saskatchewan, where 21 holes were completed for 7,884metres. Highlights included4.4m @ 4.84% U3O8, 1.6m @ 11.77% in hole 15 in the Main Maverick Zone. “As we enter 2026, we will commence drilling at Moore shortly and have plans to carry out multi-phased drill programs throughout the year providing steady news flow in the near term,” said president & CEO Jordan Trimble.
Foremost Clean Energy (NASDAQ:FMST)
Reported Li assay results from 2025 drilling at the Jean Lake Au-Li project near Snow Lake in Manitoba, where hole 5B intersected multiple spodumene-bearing intervals within the B1 pegmatite, including 5m @ 1.6% Li2O. “These lithium results are an exciting step forward for FMST and further demonstrate the potential of the Jean Lake project,” said president & CEO Jason Barnard.
Premier American Uranium (TSXV:PUR)
Completed a 2025 exploration drilling program at the Cyclone Rim target area of its Cyclone ISR Ur project in Wyoming to further define sandstone-hosted Ur mineralization. Drilling encountered mineralisation in areas where Ur was not previously known to occur and extended known mineralization along a previously identified geologic trend. 13 of the 25 drill holes intersected Ur mineralization at grades of 0.01% eU₃O₈ or higher, with hole 1 returning 15.5ft @ 0.09% eU₃O₈. “The 2025 program not only delivered the best-known Ur-mineralized intercept to-date but also succeeded in extending the ½-mile mineralized trend, and identified a promising new, large, 1.5-mile mineralized trend, for future follow-up,” said CEO Colin Healey.
NexGen Energy (NYSE/TSX:NXE)
Announced the concluding holes of the 2025 Patterson Corridor East (PCE) program and the commencement of the 45,500m 2026 exploration program in the Athabasca Basin in Saskatchewan. Drilling increased the vertical extent of high-grade subdomain by 23% from 335m to 412m with 210m of strike.
Paul Harris
Paul has more than twenty years’ experience in the mining sector in investor relations, communications, research and news reporting roles. Paul has 16 years’ experience in the Colombia gold sector including investor relations roles with Continental Gold, Gran Colombia Gold and Mineros.
Paul founded the successful Colombia Gold Symposium in 2016 and has written for industry leading publication Mining Journal since 2015. Previously, Paul spent five years in Chile reporting and researching the copper sector for CRU and Metal Bulletin. Paul received a BA in Business Administration from the University of the West of England, UK; and a MA in International Relations from the University of Chile, Santiago Chile. He is fluent in English and Spanish.
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