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A Saskatchewan mine has been bagging copper concentrate since June, has $200 million of federal money in it, and still has not declared itself open. Two more cheques were written this week, and one of them came with a number attached that most readers will skip past. Scroll on.
Quick Takeaways
Short on time? Here is the week in three lines.
A $952 million copper mine is weeks from opening. Eldorado Gold has had concentrate flowing from McIlvenna Bay since June, with $200 million of federal money behind it.
Washington may lend $1.1 billion. US EXIM raised its indicated support for Ivanhoe Electric's Santa Cruz copper project from $825 million. First cathode is 2029.
Eric Sprott paid C$2.50 and took a C$3.35 warrant. His C$10 million cheque into Cerrado Gold prices the upside 34% above his entry.
The News: Eldorado Gold (TSX: ELD) told a Saskatoon audience on Wednesday that its McIlvenna Bay mine in northeast Saskatchewan produced copper concentrate in June and zinc concentrate in July, and is targeting commercial production by the end of the third quarter.
Why It Matters: This is Saskatchewan's first new greenfield copper and zinc mine in over a decade, with project capital of roughly $952 million (C$1.32 billion) and more than $200 million of federal money behind it since 2024 after Ottawa designated it a project of national importance. Eldorado picked the asset up through its $3.8 billion takeover of Foran Mining in April.
Outlook: Watch for the commercial production declaration by the end of September, an inaugural resource estimate on the nearby Tesla zone in the second half of the year, and a study on a 43% mill expansion that would lift throughput from 4,900 to nearly 7,000 tonnes a day and add a lead and silver circuit.
The News: Ivanhoe Electric (TSX: IE) CEO Taylor Melvin told The Northern Miner the company is targeting more than $1 billion in debt backed by the United States Export Import Bank for its Santa Cruz copper project in Arizona, with first cathode aimed at 2029.
Why It Matters: US EXIM has raised its indicated support to $1.1 billion from $825 million, against a prefeasibility capital estimate of $1.24 billion, with Melvin targeting a roughly 70% debt and 30% equity mix. Note that both the asset and the lender are American even though the shares trade in Toronto.
Outlook: An updated prefeasibility study is due this month, financing commitments are targeted by the end of the year, and final EXIM board consideration is expected in spring 2027. The study is the near term catalyst.
The News: Cerrado Gold (TSXV: CERT; OTCQX: CRDOF) closed a C$10 million strategic private placement with Eric Sprott, issuing 4,000,000 units at C$2.50, each carrying one common share and half a warrant exercisable at C$3.35 for 24 months.
Why It Matters: The warrant strike sits 34% above the unit price, so Sprott is paying for a rerating rather than a rescue, and the money lands as working capital while Cerrado runs its producing Minera Don Nicolás and Las Calandrias operations in Santa Cruz province, Argentina. A named strategic cheque of this size is a meaningful signal on a TSXV name.
Outlook: Final TSXV acceptance is still pending, and the statutory four month and one day hold runs into early January. Beyond that, the news flow to watch sits at the Lagoa Salgada project in Portugal and Mont Sorcier in Quebec.
Other Important News For You
Dutch Central Bank Moves 86 Tonnes of Gold Out of New York and Ottawa: roughly $12 billion of bullion relocated to London for faster tradability, cutting the New York and Ottawa shares to 18.5% each.
China's Largest Lithium Mine Loses Its Environmental Approval: Benchmark cut its 2026 forecast for CATL's Jianxiawo mine by 49% to 32,000 tonnes LCE, with another 108,000 tonnes of Jiangxi output now under inspection.
Faraday Copper Hits Shallow Copper in 14 of 23 Holes at Copper Creek: 19 metres at 0.55% copper from 42 metres strengthens the cathode case ahead of a resource update next year, though the stock still fell 3.8%.
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