This billion-dollar mine has timely lessons for the whole mining sector 📝

Hey hey – another week is upon us, so let’s dig in. Metals, stocks, and above all, opportunities.

I’ve been around mining projects since I was a child. For instance, when Escondida was still an exploration idea in the early 80s, my family had a regular, unique outing. Mom would take me and my brother to my dad’s office, so we could speak to him via radio. He was a geologist who was often in the field. I’d say: ‘hi daddy, over’. Talk about an early education.

Escondida became a mine by 1990, and it’s still producing.

I had a front row seat to a spectacular time for discovery throughout that decade.

Now, I think we may be on the verge of something similar.

It’s still early days, but here’s one reason:

The US expanded its critical mineral list to include 10 new items, now holding a total of 60 (highlighted, below).

For any substantial shift in the West, the US needs to be involved and this is yet another indication that things are developing there fast, and in a dramatic way.

The new kids on the block are not super elusive (Gen X here after all, so bear with me and let’s go Step by Step! 🎵 🤣).

From the bunch, these 4 are top of mind to me:

• copper
• uranium
• silver
• silicon

Looking at the additions, one thing is clear.

Criticality increasingly stems from geopolitical implications rather than a lack of abundance on Earth. This would have sounded ridiculous just 5 years ago when the trade was much easier, and globalisation was still the norm.

We keep track of the main critical minerals lists, and the trend is not only present in the US.

But there’s one side effect I’m counting on.

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Let’s put a pin on it for a sec and talk about what we’re paying attention to this week:

Macro

• Copper renewed interest: BHP’s attempt to meddle with the planned merger between Anglo and Teck may bring some more buoyancy to the metal as the market digests the move which was highly unlikely to progress. Watching closely.
• Economic calendar: Aussie inflation. FDI from Brazil. Copper output from Chile (-4.5% previous month). The US celebrates Thanksgiving.
• Regulatory: The US is making a second attempt to grow cobalt stockpiles with a $500M tender, after failing to attract sufficient interest earlier in the year. Higher cobalt prices are behind the interest.

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Meanwhile…

These companies are making bold moves.

Deals, capital raising and IPOs

• BHP has failed in its last-ditch attempt to acquire Anglo to secure copper assets.

BHP-Anglo was just not meant to be 🥲

— Paola Rojas 🐝 (@paola_rojas) November 23, 2025

*If you’re viewing this via email, click on the date to view the full tweet and any available sources.

• Moonlight Resources $ML8 is gearing up to a listing on ASX via an A$10M raise; their focus is on gold, REEs-uranium in Australia. Leeuwin Wealth is underwriter/lead manager, Richlink Capital is joint lead manager, and the price on listing is A$0.20/share.
• Total Metals Corp $TT is now listed on TSXV and Stinger Resources $STNG on CSE.

Typically, we expect a lift in targets and weakness in acquirers, and often, peers to targets get extra love. For IPOs, we keep an eye on listing day/week, as big swings may point to opportunities.

News, rating updates and research reports

• OR Royalties Inc $OR Raised to Outperform From Market Perform >> read
• ATEX Resources Inc. $ATX Maintained at Outperform, C$4.00/Share >> read
• ST GEORGE MINING LIMITED $SGQ reports assays expanding world-class REE and niobium at Araxa, with top highlight of 80.55m @ 5.44% TREO and 0.60% Nb₂O₅ >> read
• WA1 RESOURCES LTD #WA1 Target Price Cut 3.5% to A$24.80/Share >> read

Commentary on X

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• Sierra Madre $SM loading up on silver >> watch presentation

Commentary on video

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Now, back to the side effect…

Overall, I’m seeing this move as extremely positive for new mine approvals.

Over the years, layers upon layers of red tape, community opposition and NIMBY have emptied the pipeline. Many projects await approvals, some for decades, including elephants such as Resolution (owned by BHP and Rio) and Pebble Creek.

I foresee good news coming soon, at least with one of these delayed projects.

But it won’t stop at the new additions. This will help push forward all minerals on the list, including all REEs.

Once a large project is approved, the chain reaction will get started.

Perhaps not at Escondida speed, but still fast enough for these times we live in.

Where do you stand on this one? Would love to hear.

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What I’m reading

• Material World by Ed Conway
• When The Heavens Went On Sale by Ashlee Vance

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If you enjoyed this…

• Invest more confidently with Mining Investing 101

Sources: Canaccord research, Bloomberg, Reuters, Mining.com, TradingView, ASX, TMX, NASDAQ, LSE and SRC research. Figures shown in US dollars unless clarified.

*shutdown-dependent