Washington’s escalating trade disputes with Ottawa risk undermining its strategy to cut dependence on Chinese minerals, with CFR senior fellow and former US sanctions official Edward Fishman warning that the United States “cannot do it without the Canadians”. China currently controls about 91% of global refined rare earth magnet output and has already used export controls to disrupt automotive production, while US-aligned supply is emerging through projects such as Centerra Gold’s US$425–450 million restart of the Thompson Creek molybdenum mine feeding the Langeloth plant. Hecla Mining is doubling down on lower-risk jurisdictions with silver production from Greens Creek (Alaska), Lucky Friday (Idaho) and Keno Hill (Yukon), betting that jurisdictional stability will support premium valuations as supply chains fragment.

B2Gold has defined a new high-grade Tattuk zone at the Goose mine in Nunavut, with drillhole 26GSE750Z2 cutting 9.95 m at 10.94 g/t gold from ~1,196 m depth, 150 m down-plunge of existing Nuvuyak mineralisation, alongside infill hits of 21.23 m at 19.12 g/t at Llama and 6.9 m at 11.88 g/t at Nuvuyak. Following an April crusher fire, a new mobile plant commissioned in August is averaging >3,000 t/d, while a repaired fixed circuit with new ROM bin, apron feeder, larger jaw crusher and rock breaker is targeted to sustain 3,200 t/d from October. B2Gold is holding 2026 Goose guidance at 170,000–200,000 oz, budgeting $51 million for Back River exploration and planning stage-two upgrades to reach the 4,000 t/d design rate and extend the current ~nine-year reserve-based mine life.

Montage Gold has poured first gold at the Koné mine in Côte d’Ivoire on 26 September, months ahead of its original Q2 2027 target, after processing over 400,000 tonnes of ore through the oxide circuit to produce about 1,140 oz. The oxide circuit is expected to reach commercial production by year-end, with a hard-rock comminution circuit due mid-2027, supporting a planned 16-year mine life and output of more than 300,000 oz per year over the first eight years. Koné now hosts 6.29 Moz measured and indicated at 0.80 g/t Au and 2.03 Moz inferred at 0.68 g/t Au, following 380,000 metres of drilling since the 2024 feasibility study.