Fortuna Mining is evaluating a deeper pushback at its Lindero open pit in Argentina’s Puna after hole LDH-272 cut 350 m at 0.96 g/t Au from surface, including 98 m at 0.91 g/t below the current pit design, with LDH-259 returning 236 m at 0.85 g/t and 94 m below-pit at 0.66 g/t. Both below-pit intervals exceed the 0.54 g/t reserve grade for Lindero’s 64.4 Mt proven and probable heap-leach reserves, currently supporting a nine-year mine life and 92,000–102,000 oz/y guidance. Fortuna has expanded 2026 diamond drilling to 8,534 m in 31 holes and plans updated resource, reserve and pit designs in Q1 next year, which could materially alter strip ratios, slope configurations and long-term scheduling.

Global lithium demand is projected by Benchmark Mineral Intelligence to reach nearly 7 million tonnes LCE by 2050, up from 2.11 million tonnes this year, requiring the equivalent of 134 new mines at an average 36,000 t/y capacity and over $100 billion in capital. Australia’s share of mined supply is expected to fall from 29% to 20% as operations deplete, while North America could rise from 1.7% to 13% and Europe to 5.5%, both constrained by permitting, unproven extraction technologies and community opposition. Benchmark assumes recycling could supply almost half of lithium by mid-century, yet timing of battery retirements and cost competition with new mines remain critical uncertainties for project financing and long‑term supply planning.

Liechtenstein-based Incrementum gold fund manager Ronald-Peter Stöferle told The Northern Miner at Mining Forum Americas in Colorado Springs that his active gold strategy is holding almost 40% cash after its investment signal turned defensive earlier this year, yet he now sees clear bargains in mining equities following gold’s recent pullback. Meetings with producers convinced him that majors are showing unusual capital discipline on M&A and project pipelines despite rising earnings. He expects generalist investors to increase gold allocations, expanding the capital pool for listed miners.