South32 has lifted the Sierra Gorda ore reserve in Chile by 61% to 1.1 billion tonnes at 0.39% total copper, 0.016% molybdenum and 0.06 g/t gold (0.46% CuEq), extending reserve life by about five years to 2045 after 85,000 metres of infill drilling from 200 holes. The updated MRE now stands at 1.87 billion tonnes at 0.37% copper (0.44% CuEq), with the orebody remaining open at depth and additional potential at the Catabela Northeast target. A fourth grinding line, approved in July, is expected to lift copper output by roughly 30% from 2031, reinforcing long-term concentrator planning and infrastructure requirements.

Agnico Eagle Mines is investing C$57.2 million in Radisson Mining Resources for a 10.5%–14.9% stake to advance underground access and infrastructure at the historic O’Brien gold mine in Quebec’s Bousquet-Cadillac camp along the Larder Lake-Cadillac Break. Funding will support an access ramp, underground workings, surface facilities and water management, complementing Radisson’s fully funded 140,000-metre surface drilling and a planned 11-year underground operation with toll milling at IAMGOLD’s Doyon plant. A July 2025 PEA at US$3,300/oz gold pegs O’Brien’s after-tax NPV5 at C$871 million with a 74% IRR, underpinned by recent intercepts such as 5.1 m at 316.31 g/t from 823 m.

Otavio (Tavi) Costa, founder and CEO of Azuria Capital, argues that mining equities are currently the cheapest way to gain AI exposure, as sovereign funds and governments re-rate the sector and mid-tier producers move to secure “strategic reserves” by acquiring high-quality junior assets. He links this to a macro backdrop where global debt has returned to World War II levels but only about 3% of the US Treasury market is now backed by gold, versus roughly 50% then. With spot gold at $4,673.20/oz, Costa expects reserve depletion, weak discoveries and a “global monetary race towards gold” to drive prices substantially higher.