A $1.1 billion tungsten project in Kazakhstan’s Karaganda district is being advanced by newly formed Kaz Resources, created via the merger of US construction group Skyline Builders (Nasdaq: SKBL) and Cove Kaz Capital, with Skyline having paid $20 million for a 20% stake. The project covers the Northern Katpar and Upper Kairakty deposits, holds a 2023 JORC resource of 1.4 million tonnes WO₃, and targets output equivalent to about 15% of global tungsten production within three years. Cove/Kaz Resources will own 70% alongside Kazakh state miner Tau-Ken Samruk (30%), with potential debt support of up to $900 million from US Ex-Im Bank and $700 million from the US International Development Finance Corporation.

Arizona Metals’ Kay polymetallic project in Arizona has delivered a rare negative-value PEA, with a post-tax NPV5 of -$6 million, IRR of 4.9% and upfront capital of $731 million for a 1,918 t/d underground operation, triggering a 46% share price drop to C$0.29. Even a spot-price case at $6.05/lb copper and $4,745/oz gold only lifts the post-tax NPV to $445 million with a modest 14.9% IRR, constrained by limited initial tonnage. The PEA uses just 71% of the 9.28 Mt indicated resource, with no inferred material, so future economics hinge on adding tonnes, higher mining rates and alternative processing routes.

Gold refined by the Royal Canadian Mint may include material from Colombian mines linked to the Clan del Golfo cartel, after an unidentified Texas supplier mixed Antioquia-sourced gold with US metal that the Mint then classified as “North American”, a New York Times investigation found. About 5% of the Mint’s 2024 feedstock came from this US supplier, which held a valid audit naming Colombia as a source, while the Mint relied on supplier due diligence and said “it’s not our responsibility” to probe further. The Mint has now halted Colombian gold intake, launched an “incident review”, and plans to start disclosing source countries despite already deploying Bullion Genesis traceability software and LBMA-aligned KYC and AML controls.