New drilling at Torex Gold Resources’ Morelos complex in Mexico has intersected high-grade zones, including 18 metres at 8.04 g/t gold, 33.9 g/t silver and 1.37% copper in hole MLLI-042 and 16 metres at 15.12 g/t gold in hole MLLI-048, both from depths around 470–565 metres. Additional intercepts such as 49 metres at 2.18 g/t gold and 95 metres at 1.5 g/t gold support continuity of mineralisation to at least 700 metres above sea level, remaining open at depth and along strike. Backed by a record US$77 million 2026 exploration budget and 148,000 metres of planned drilling, Torex aims to sustain 450,000–500,000 gold-equivalent oz. per year beyond 2030 by rapidly tying Media Luna, ELG underground and satellite deposits into existing plant infrastructure.

War in Iran and a May 2025 US executive order to quadruple nuclear capacity to about 400 GW by 2050 are fuelling expectations of a new wave of reactor construction, with uranium demand already exceeding mine output by 50–60 million lb. per year. Cameco, which produces about 15% of global uranium from assets including the McArthur River high‑grade mine and owns 49% of Westinghouse Electric, has signed a nine‑year, ~22‑million‑lb. uranium supply deal with India worth an estimated US$1.9 billion from 2027–2035. Spot uranium is trading near US$86/lb., term prices around US$90/lb., and utilities are beginning to accept three‑digit pricing as long‑term uncovered requirements through 2045 widen.

Lion One Metals shares fell over 30% to C$0.14 after cancelling a C$15 million private placement with Arete Capital Advisors and announcing the exit of CEO Campbell Olsen just two months into the role. The Arete deal would have issued 44.26 million units at C$0.34, each with a warrant at C$0.39, and included a master services agreement making Arete operator of the Tuvatu underground gold mine in Fiji. Tuvatu, designed for about 331,400 oz/year over five years, produced only 4,200 oz last quarter amid equipment, power and development constraints, while Lion One faces a senior loan default notice from Nebari and a shareholder move to remove directors.