Nickel & Cobalt

Viridian Metals Inc. reported that all eight successfully drilled step-out holes along a roughly 3-kilometre southern extension of the Kraken Main Zone in Labrador intersected visually identified sulphides, including the same patchy net-textured and semi-massive styles seen in the established Main Zone. The company said VKS26-063 intersected 47.3 metres of patchy net-textured sulphides, VKS26-065 intersected 41.8 metres, VKS26-062 intersected 33.2 metres and VKS26-059 intersected 28.0 metres, while VKS26-062 and VKS26-060 returned 7.7 metres and 6.7 metres of semi-massive sulphides respectively. Seven holes encountered patchy net-textured sulphides from the top of bedrock and five ended in that material, though laboratory assays are still required to determine metal grades. Viridian also said it engaged Toronto-based Oak Hill Financial Inc. for business and capital markets advisory, marketing and investor relations services effective September 16, 2026, on an initial two-month term at a monthly advisory fee of C$12,000, and that its common shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company.

The 15th Five-Year Plan for the Development of the New Battery Industry, jointly formulated by seven departments including the Ministry of Industry and Information Technology, was officially released on September 28, proposing that all-solid-state batteries achieve initial large-scale application by 2030. Boosted by this news, the solid-state battery concept surged again on the morning of September 30, with Transart Technology, Shanghai Xiba, and Xin Ya Zhi Cheng hitting limit up, while lithium battery materials company Lopal Technology was pulled up to a 9.99 percent limit-up. The plan makes arrangements for developing advanced battery materials and high-end manufacturing equipment, proposing to develop isostatic pressing equipment for solid-state batteries, and to develop solid-state electrolytes such as sulfide and halide materials with high air stability, as well as high-performance polymer composite solid-state electrolytes. Lopal Technology recently stated that its solid-state battery precursor product D392 is a high-nickel ternary precursor material tailored for solid-state batteries and launched by its wholly owned subsidiary Sanjin Lithium. Through measures such as element doping and structural adjustment, it has been made more stable, safer, and longer-lasting, and can better solve problems in solid-state batteries such as cracking of cathode materials and high-temperature decomposition of materials.

On the morning of September 29, battery-related stocks continued to strengthen, with Gotion High-Tech surging to the daily limit shortly after the market opened, and buy orders at the top of the order book once exceeding one million lots. After the market close yesterday, Gotion High-Tech announced that the company and its wholly-owned subsidiaries plan to sign investment agreements with Volkswagen Group and its subsidiaries to establish three joint ventures in Spain, Slovakia, and Morocco, investing in the construction of lithium battery and cathode material production bases, with a total project investment of approximately 3.222 billion euros. Recently, seven government departments including the Ministry of Industry and Information Technology and the National Development and Reform Commission jointly issued the Fifteenth Five-Year Plan for the Development of the New Battery Industry, proposing that by 2030, the scale of China's new battery industry will grow steadily, all-solid-state batteries will initially achieve large-scale application, long-life lithium batteries will reach a cycle life of 15,000 cycles, and leading companies will achieve defect rates at the PPB level. China Securities Co., Ltd. pointed out that 2026 to 2027 is a critical window for validating the mass production process of all-solid-state batteries, and the first batch of gigawatt-hour-level all-solid-state demonstration lines is expected to be launched, with a positive outlook on the allocation value of lithium battery equipment and solid-state battery sectors.

Nth Cycle, a US-based metals refining company, has signed a $1bn ten-year offtake agreement with Glencore covering lithium and other critical minerals recovered from recycled batteries. Announced at Glencore's New York offices, the contract is described as one of the largest supply deals to date in the US battery recycling industry. Under the terms, Glencore will sell approximately 24,000 tonnes per annum of shredded battery materials, known as black mass, to Nth Cycle, which will process the material with its electrochemical extraction technology to produce lithium carbonate and a nickel-rich mixed hydroxide product for supply back to Glencore over the next decade. Actual delivered amounts will depend on the mineral content in the black mass received, and the contract's value is based on metals prices as of the second quarter of 2026. The deal follows a $100m grant Nth Cycle received last month from the US Department of Energy, which prompted plans for a commercial refining facility in the south-east of the US, with operations expected to begin by 2029 and the location to be announced later this year. Nth Cycle also recently announced it will list publicly through a merger with Kensington Capital Acquisition, valuing the company at $585m, and has cancelled a planned Series C funding round to focus on raising capital through its public offering.

SMS Equipment Inc. and Komatsu have been selected to supply the load, haul and mining support fleet equipment and associated autonomous technology for Canada Nickel Company's Crawford Nickel Project in northern Ontario. Crawford is the first mine to receive Impact Assessment Agency of Canada approval through the new Major Projects Office, and it is the world's second largest nickel resource and reserve, located approximately 40 kilometres north of Timmins, Ontario. SMS Equipment, the world's largest independent Komatsu dealer, has been working with Canada Nickel on an equipment strategy covering both conventional and autonomous operations, and its recent expansion in Timmins supports major mining projects in the region. SMS Equipment President and CEO Robin Heard said the partnership advances Canada Nickel's vision for safe, sustainable and low-carbon nickel production, while Canada Nickel CEO Mark Selby said SMS Equipment's experience implementing these technologies at other Canadian operations can substantially de-risk the project's start-up and ongoing operation. Komatsu North America CEO Rod Bull said the company looks forward to bringing its advanced mining equipment and technologies to support safe, efficient and productive operations at Crawford.

Toronto-Dominion Bank launched a five-year, $150B commitment to accelerate investment, growth, and innovation across sectors critical to Canada's economy. The commitment will support new lending, underwriting, advisory, and other financing activities across five key areas: energy, critical minerals and resources, defence and aerospace, digital and AI, and infrastructure. TD will also focus on supporting small and mid-sized businesses, Indigenous economic participation, sustainable growth, workforce readiness and AI enablement.

Canadian Prime Minister Mark Carney announced that a new consensus on economic reform and future direction has taken hold across the country, ahead of the first-ever Canada Investment Summit, to be held in Toronto on September 14-15. The event aims to draw a total of 1 trillion Canadian dollars, or 720 billion US dollars, in investment over the next five years. The summit will present Canada's Deal Book, which compiles major projects in the energy, strategic minerals, advanced technology, and large-scale infrastructure sectors, in order to connect global capital with Canada's major projects, strengthen domestic supply chains, raise productivity, and reduce economic dependence on the United States. Carney told leading business figures that Canada is taking control of its own economic future, and will build more, trade more with one another, and trade more with the world.

Canadian Prime Minister Mark Carney has revealed that Canada is preparing to begin talks on building a special-form partnership with the European Union, but insisted it does not seek to become an EU member, after reports that the two sides are considering a new form of relationship that could include associate-member-like status. Earlier, the Wall Street Journal reported, citing Canadian and EU officials, that the EU is open to the idea of granting Canada an unprecedented associate-member status. The Globe and Mail reported separately that the idea of calling such a relationship associate membership came from the EU side, not from Carney. The move comes as Canada faces an escalating trade war with the United States, with President Donald Trump reiterating plans to impose a new round of tariffs on cars, trucks and auto parts from Canada starting January 1. On Canada-EU cooperation, the two sides are discussing ways to allow Canadian goods, services and workers tied to strategic supply chains to move more freely, covering energy, artificial intelligence, defence and critical minerals, as well as joint infrastructure projects ranging from undersea cables, data centres and satellite networks to energy transport infrastructure from Canada to Europe. Carney is scheduled to meet French President Emmanuel Macron on September 20 at Saint-Pierre and Miquelon, and will visit France and the United Kingdom next week, delivering a speech to the European Parliament in Strasbourg.

BMO announced it plans to mobilize up to $70 billion in new capital over 10 years for sectors critical to Canada's economic security and resilience. The commitment, described by the bank as Canada's first, targets electricity infrastructure including generation, transmission and distribution, energy infrastructure such as pipelines, transportation infrastructure including roads, airports and terminals, mining and critical minerals, AI computing, defence and security, and oil and gas. Chief Executive Officer Darryl White said the initiative builds on more than 200 years of financing Canadian growth, dating to 1817, and that the opportunities in these sectors represent the latest chapter in that story. The capital is expected to take the form of bank financing, debt capital markets activity and the raising of public equity, and reflects expected demand from initiatives proposed to Canada's Major Projects Office, projects supporting Canada's National Electricity Strategy, the Trilateral MOU among the Federal Government, the Province of Alberta and the Oil Sands Alliance, Canadian Sovereign AI initiatives, and proprietary BMO analysis for the defence and oil and gas sectors. BMO said it authorized nearly $300 billion in lending to over 270,000 Canadian businesses and organizations in 2025, invested approximately $3.4 billion in Canadian companies and innovation ecosystems, and has more than 30,000 employees across Canada.

Eramet announced that mining operations at PT Weda Bay Nickel are restarting after receiving authorization from the Indonesian authorities, following four months of Care and Maintenance. The restart is progressive and is being carried out by PT WBN with the support of its contractors, with safety remaining the top priority throughout the process. The timing of the ramp-up will depend on PT WBN's capacity to remobilize contractors and equipment, redesign its yearly mining plan, and finalize the relevant administrative work. At this stage, PT WBN said it is not in a position to provide a reliable estimate of nickel ore production and sales volumes, or the grades it can achieve for the remainder of 2026, and Eramet will provide an update of its 2026 guidance for external nickel ore sales in due course. PT WBN said it continues its constructive dialogue with the Indonesian authorities and remains committed to the responsible and sustainable development of its operations in Indonesia and to its long-term contribution to the economy of North Maluku.

Talon Metals Corp. announced assay results from a record 46.43-meter intercept of massive sulphide mineralization at its Tamarack Nickel-Copper-Cobalt Project in Minnesota, grading 13.37% Ni, 16.54% Cu, 0.10% Co, 7.85 g/t Pd, 14.49 g/t Pt, and 8.56 g/t Au, equivalent to 27.39% NiEq or 54.78% CuEq. The intercept, in drill hole 25TK0562A, is the longest combined Massive Sulphide Unit and Mixed Massive Sulphide Unit interval reported to date at the project, and includes a higher-grade 26.22-meter section grading 14.95% Ni and 17.85% Cu. The hole was drilled about 50 meters southwest of the Vault Zone discovery hole 25TK0563, targeting a borehole electromagnetic anomaly, and extends known mineralization on the 778-meter level. Talon's CEO Darby Stacey highlighted the step-out distance and the project's potential as a future domestic source of critical minerals, while Chief Exploration Officer Brian Goldner noted the significance of having nickel, copper, cobalt, platinum, palladium, and gold concentrated in the same rock. The company also reported a 4.60-meter interval of disseminated chalcocite below the main intercept with significant platinum group element mineralization, and plans additional sampling to test its continuity.

African Rainbow Minerals reported a 19% increase in headline earnings to ZAR3.2 billion for fiscal 2026, with headline earnings per share up 20% to ZAR1,660. The company declared a final dividend of ZAR7 per share and improved net cash by 54% to ZAR10.2 billion. Within the diversified portfolio, ARM Ferrous headline earnings fell 42% to ZAR2 billion, while ARM Platinum surged 204% to ZAR1.345 billion, and ARM Coal posted a ZAR428 million loss. The board approved the Bokoni project, a world-class UG2 resource with an NPV of ZAR5.9 billion and an IRR of 28%, with capital expenditure of ZAR15.2 billion spread over seven years. Iron ore production decreased 9% to 13.2 million tonnes, while manganese ore production rose 5% to 3.9 million tonnes.

Shares of The Metals Company rose 34% in August, rebounding from a 19.6% decline in July, as investors welcomed its second-quarter 2026 financial results and a bullish analyst initiation. On August 13, the deep-sea mining specialist reported a narrower loss of $0.14 per share, compared to $0.20 in the same period last year, while CEO Gerard Barron expressed confidence that the necessary permits from NOAA will arrive well before offshore vessel commissioning by the end of 2027. Later in the month, Stifel initiated coverage with a buy rating and a $10 price target, implying about 96% upside from the August 26 closing price of $5.01. The company continues to progress toward certifications for commercial mining of copper and nickel, and expects to award contracts for several offshore system components through the second half of 2026. Despite these developments, the stock remains a speculative investment, as profitability may still be some time away.

Ecora Resources reported a strong first half of 2026, with total portfolio contribution rising 75% year over year to £31.3 million, driven by growth in its base-metals portfolio and higher commodity prices. Adjusted earnings grew more than fivefold, and the company declared a dividend of 1.9 pence per share, more than three times the comparable 2025 payment. Net debt fell to £75 million from £125 million a year earlier, with management targeting approximately £50 million by year-end. Key assets like Voisey's Bay and Mantos Blancos drove performance, benefiting from higher cobalt and copper prices and ongoing expansions. Ecora plans to continue deleveraging while using its £225 million total borrowing capacity to pursue acquisitions focused on copper and other critical minerals.

Boqian New Materials released its 2026 interim report on August 28. Leveraging its dual-engine strategy in nickel-based and copper-based powder materials, the company benefited from structural divergence in the global MLCC market and the accelerating trend toward silver reduction in photovoltaics, delivering significant performance growth during the reporting period. However, operating cash flow turned negative due to inventory buildup and capacity expansion investments. During the reporting period, the company achieved operating revenue of 890 million yuan, up 71.60% year on year; net profit attributable to shareholders of 136 million yuan, up 28.50%; and non-GAAP net profit of 129 million yuan, up 31.09%. Net cash flow from operating activities was negative 49.60 million yuan, swinging from a net inflow of 121 million yuan in the same period last year, mainly due to increased raw material purchases and employee compensation payments resulting from expanded production scale. Total assets reached 2.762 billion yuan, up 21.97% from the end of the previous year. Nickel-based products, as key materials for MLCC internal electrodes, benefited from the shift of mid-to-high capacitance consumer-grade MLCC production capacity to mainland China and Taiwan, with both sales volume and revenue growing. Copper-based products closely tracked the demand for reduced silver content in photovoltaic cells, with sales volume surging more than twofold year on year. Operating costs rose 83.42% year on year. Financial expenses surged 2,118.37% due to foreign exchange losses and increased borrowing interest. R&D expenses rose 37.01% year on year to 31.69 million yuan. Inventory increased sharply by 63.63% to 501 million yuan, warranting attention to impairment risks and capital occupation pressure.

Banpu Public Company Limited (BANPU) has announced a major corporate repositioning through its Energy Symphonics strategy to support the growth of hyperscalers and data centers for AI. The strategy leverages the strengths of its four core business groups: natural gas business in the U.S. through its subsidiary BKV, which targets production capacity of 960 million cubic feet equivalent per day by 2026 and will install CCUS technology to capture 1.5 million tons of carbon per year by 2028; modern mining business focusing on strategic minerals such as nickel and bauxite; integrated power business combining CCGT power plants with renewable energy and energy storage systems; and future technology business investing through corporate venture capital in AI startups and net-zero solutions. This strategy aims to lay the foundation to address the energy transition and the growth of the digital world.

Banpu has announced its Energy Symphonics strategy following the merger with BPP, aiming to elevate itself into an integrated energy platform through four core business groups: a full-cycle natural gas business in the United States, next-generation mining, power and related businesses, and future technologies. The company targets natural gas production of 960 million cubic feet equivalent per day in 2026, up from 836 million cubic feet equivalent per day in the previous year. It is also developing the Temple I and II gas-fired power plants with a combined capacity of 1.5 gigawatts, along with a new project in Jack County, Texas, on more than 6,000 acres. Banpu aims to sequester 1.5 million tonnes of carbon dioxide equivalent per year by 2028 through BKV. Meanwhile, the company has a total of 10 battery energy storage system projects with combined capacity of 2,340 megawatt-hours by 2029, including the Megamount project with 200 megawatt-hours of capacity as its first BESS project in the United States, and the Woori project with 1,400 megawatt-hours in Australia. Chief Executive Officer Sinnamon Vongkusolkit said Banpu is ready to design and connect energy systems that support demand from hyperscalers and the AI economy, while extending investments in strategic minerals such as nickel and bauxite, and AI technologies through corporate venture capital.

The US Department of Energy has awarded $500 million to seven companies developing domestic critical minerals processing, battery recycling and advanced battery-material projects. Lilac Solutions, Jervois and Nth Cycle will each receive $100 million, while Princeton NuEnergy, Coreshell Technologies, Arcanum Ventures and Elevated Materials will each receive $50 million. The funding, announced on 20 August, is the third round of grants under the DoE's Battery Materials Processing and Battery Manufacturing and Recycling programmes. The selected projects aim to expand US processing and recycling capacity and reduce reliance on foreign sources, particularly China. The awards add to around $40 billion in provisional US Government funding for mineral projects since 2022.