Argentina: Altius Agrees to Acquire Copper and Lithium Royalties Through TNR Gold

What happened

Altius Minerals announced a definitive agreement on November 11 to acquire the TNR Gold shares it does not already own. The transaction would add royalty interests in Argentina’s Los Azules copper, Mariana lithium and Josemaría copper and gold projects.

The estimated C$122 million transaction value comprises about C$97 million in Altius shares and C$25 million in shares of a new company holding the Shotgun gold project in Alaska. TNR shareholders would receive 0.0072 Altius shares and 0.25 SpinCo shares for each eligible TNR share.

Completion is expected around the first quarter of 2027, subject to shareholder, court and regulatory approvals. The acquisition would expand Altius’s rights to mineral revenues rather than give it operational control of the Argentine mines.

What happened

Lotus Resources signed an agreement to sell approximately 173,000 pounds of uranium ore product from Kayelekera to an unnamed global critical minerals company listed in the United States.

The inventory was produced during the mine’s restart and had impurity levels that prevented delivery to a converter in the near term. Lotus agreed a discount to contract prices, with delivery on Free on Board terms at Walvis Bay in Namibia. Packaging is underway, and dispatch from the mine is targeted within the next month.

According to Lotus, product quality has improved as operating changes have been introduced. The sale provides a route to monetise material accumulated during commissioning and support the operation’s transition towards positive cash flow.

What happened

Sandur Manganese & Iron Ores received environmental clearance on November 11 to increase annual iron ore production capacity from 7.85 million to 9.42 million tonnes. These figures refer to raw mined material, before processing.

At the same time, approved manganese ore capacity falls from 1.34 million to 733,000 tonnes a year. The clearance also allows the beneficiation plant to be reconfigured as two 3.5 million tonne units, leaving its combined capacity unchanged.

The decision therefore changes the balance of permitted output rather than expanding both commodities. Sandur said it would pursue the further regulatory approvals needed to operate at the higher iron ore level.

What happened

Chalice Mining has started a continuous laboratory pilot of the processing route planned for its Gonneville project in Western Australia. About five tonnes of sulphide ore will be used to test recovery, product quality and operating parameters.

The programme will also produce samples for potential customers. Copper and nickel concentrates remain uncommitted, although Chalice reported interest from smelters, traders and Indonesian nickel processors. Tests use treated wastewater from the facility intended to supply the project.

Results will feed into the feasibility study, targeted for the second half of 2027, ahead of a planned investment decision in the first half of 2028. This stage connects metallurgical testing with the evidence required by lenders and prospective buyers.

What happened

Arctic Minerals completed a bookbuilding process and approved a SEK140 million share issue, increased from its initial SEK120 million target. The company will issue approximately 23.3 million shares at SEK6 each, before transaction costs.

Proceeds are intended to fund drilling at the Hennes Bay copper and silver project, including work to improve resource confidence. Technical and environmental studies will also support a preliminary economic assessment.

Part of investor Darren Morcombe’s allocation remains subject to Swedish foreign investment clearance, expected in December. The financing supports the next stage of project evaluation; it is not a commitment to mine construction. The announcement was released late on November 11 in Sweden.

What happened

Montage Gold reported that Koné’s oxide circuit operated at more than 90% of its 11 million tonne annual design capacity on average during October. Throughput reached 104% of that rate in the final week of the month.

The company still expects to declare commercial production in the fourth quarter of 2026. Meanwhile, construction of the hard rock processing circuit remains scheduled for completion in the second quarter of 2027.

Capital committed to the mine had reached US$796.4 million by November 11, about 90% of the US$885 million budget. The update provides operating evidence following the first gold pour in September, while the remaining circuit is still being built.