Morning Briefing: The US Department of Defense Makes a Statement on Rare Earths with MP Materials
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Thursday, July 10th
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by…Integra Resources
Integra is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho, and the Nevada North Project located in western Nevada. Learn more about the business and their high industry standards over at integraresources.com
And here’s what you need to know this morning…..
Breaking news in the mining space today, specifically with the Mountain Pass operation in California, owned by MP Materials. The company announced it has entered into a transformational public-private partnership with the United States Department of Defense to dramatically accelerate the build-out of an end-to-end U.S. rare earth magnet supply chain and reduce foreign dependency. With a multibillion-dollar package of investments and long-term commitments from DoD, MP Materials will construct the Company’s second domestic magnet manufacturing facility (the “10X Facility”) at a soon-to-be-chosen location to serve both defense and commercial customers. Once the new facility is completed, expected to begin commissioning in 2028, MP Materials’ total U.S. rare earth magnet manufacturing capacity will reach an estimated 10,000 metric tons. A 10-year agreement establishes a price floor commitment of $110 per kg for Neodymium and Praseodymium products stockpiled or sold. For a period of 10 years following the construction of the 10X Facility, DoD has agreed to ensure that 100% of the magnets produced at the 10X Facility will be purchased by defense and commercial customers with shared upside. (NYSE: MP) News Release
American Pacific Mining reported results from the first two (2) holes from the recently completed first phase of 2025 drilling at the Company's Madison Project. Those holes returned 23.2 g/t Au over 1.5 m within broader 19.8 m interval averaging 2.0 g/t Au in hole 2. Hole 1 confirmed porphyry affinity with classic porphyry pathfinder mineralization with notable values of molybdenum, silver, gold and copper. These geochemical signatures are highly significant, as they indicate the Company has drilled into a fluid pathway that fed both the Broadway deposit and Madison skarns for the first time in Project history. The holes were northwest step-outs and show the mineralization extends well beyond the historical Broadway Mine area. (CSE: USGD) (OTCQX: USGDF) News Release
Intrepid Metals announced assay results from two diamond drill holes at the Ringo Zone on the Company’s Corral Copper Property. Those holes returned 216.50m of 0.71% Cu, 0.28 gpt Au and 5.14 gpt Ag and 98.20m of 0.35% Cu, 0.43 gpt Au and 4.75 gpt Ag. The Ringo Zone is located at the southern end of a 3.5km long string of copper-gold-silver-zinc bearing carbonate replacement bodies. (TSXV: INTR) (OTCQB: IMTCF) News Release
Ero Copper announced the completion of its Phase 1 drill program at the Furnas Copper-Gold Project in Brazil. Initial results from the completed 28,000-meter Phase 1 program are highlighted by down-dip intercepts of 105m of 1.54% CuEq and 75m of 1.3% CuEq. To date, assay results have been received for approximately 10,000 meters of the 28,000-meter drill program. The results continue to both demonstrate continuity and extend the known limits of mineralization within the high-grade mineralized zones (greater than 1% CuEq1) that are the focus of future underground mining operations. Step-out drilling during the Phase 1 program has extended mineralization to a maximum depth of 730 meters down-dip from surface, and mineralization remains open. (TSX: ERO, NYSE: ERO) News Release
Valkea Resources announced their exploration plans for an aggressive 2025 field season across its Lapland-based project portfolio in Finland. Drilling will first focus on disseminated, Ikkari-style gold mineralization of the Koivu Zone at the Aarnivalkea West target, on the Company's 100% owned Paana Project. The fully funded program, set to commence this summer. Valkea is fully funded to complete the proposed program following the successful completion of a recent C$4.1 million private placement. (TSXV: OZ) News Release
Koryx Copper says they have entered into an agreement with Stifel Nicolaus Canada to under go a CAD $10M brokered financing. The Company intends to use the net proceeds to advance technical studies on the Haib Copper Project and continue exploration on the property, working capital and general corporate purposes.
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That’s it for today everyone. Have a great day. Stay safe.
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