RockHawks Mining Update: Marathon Construction, Global Copper Deals and Critical Minerals Lead October 12 News

Northwestern Ontario mine development, Canadian exploration financing and Europe’s mineral supply push headline NetNewsLedger’s Monday briefing

THUNDER BAY, ON — Monday, October 12, 2026 — Construction activity at Generation Mining’s Marathon copper-palladium project leads the regional mining watch as companies navigate merger approvals, raise exploration money and compete to supply critical minerals.

For Northwestern Ontario, the immediate developments include Marathon’s early works, financing for Clean Air Metals’ Thunder Bay North project and an approaching warrant deadline for NexGold, owner of the Goliath Gold Complex.

Internationally, the proposed Anglo–Teck merger remains a major copper story. Announcements involving Greece, Greenland, Chile and the United States also highlight efforts to develop mineral supplies and processing capacity.

Thanksgiving market note: TMX lists the Toronto Stock Exchange and TSX Venture Exchange as closed on October 12. Today’s company announcements and international commodity quotations should therefore be distinguished from Canadian equity trading activity.

Regional mining: Marathon moves into early construction

Generation Mining announced on October 1 that construction had begun at its Marathon copper-palladium project in Northwestern Ontario.

The company said early works followed the posting of a C$6.5-million bond for the construction phase of its closure plan. Planned work includes road upgrades, site clearing, water-management structures, camp improvements and environmental controls.

Generation Mining also expects initial payments of approximately C$30 million to secure around C$150 million in critical equipment and infrastructure purchases. Those commitments remain subject to final contracts and required approvals.

In an October 7 exploration update, the company reported soil sampling at 1,786 stations across approximately 10 kilometres. Results had been received for 909 samples, with additional soil and prospecting results pending.

Historical drill-core review and sampling are planned for the first quarter of 2027. These exploration activities identify targets for further work; they do not establish an additional mineable deposit.

Regional analysis: Early construction gives Thunder Bay and North Shore suppliers a nearer-term reason to monitor procurement, transportation, equipment-service and workforce opportunities. The announcements do not establish that particular local businesses have received contracts.

Thunder Bay North: Clean Air Metals closes financing

Clean Air Metals announced on October 9 that it had closed a non-brokered placement of 2.5 million flow-through shares at C$0.06 each, raising C$150,000 in gross proceeds.

The company intends to use the money for exploration and development activities at its Thunder Bay North Critical Minerals Project and other qualifying exploration expenses.

Its release places the project approximately 40 kilometres northeast of Thunder Bay. Final TSX Venture Exchange acceptance remained outstanding when the announcement was issued.

Flow-through financing allows qualifying exploration expenses to be passed to investors for tax purposes. This closing supports project work; it does not establish that mine construction is funded.

NexGold: Warrant deadline approaches

NexGold reminded investors that warrants from its November 2024 flow-through financing expire at 5 p.m. Toronto time on November 6, 2026.

The company reported 1,211,250 warrants outstanding as of October 8, each exercisable at C$1.05 per share. Investors holding warrants through brokers should check processing deadlines, which may fall earlier.

NexGold also proposed issuing 716,619 common shares to satisfy a US$675,000 minimum royalty payment to Sprott Resources Streaming and Royalty. The issuance was expected around October 13, subject to exchange acceptance.

The company’s Northwestern Ontario assets include the Goliath Gold Complex, comprising the Goliath, Goldlund and Miller deposits. The warrant reminder is a corporate financing update, rather than a new production announcement.

International: Anglo–Teck merger awaits China approval

The proposed merger of Anglo American and Canada’s Teck Resources remains a major story for the copper industry.

On October 7 reports state that the transaction had received approvals in the countries where the companies operate except China. The companies expected closing by March 2027.

China’s regulator had sought a commitment to a steady supply of copper concentrate. The proposed merger remains subject to approval.

Europe: Copper and rare earth processing gain strategic attention

Eldorado Gold announced on October 9 that the European Commission had designated its Skouries copper-gold mine in northern Greece as a Strategic Project under the EU Critical Raw Materials Act.

The company said the designation recognizes the mine’s role in strengthening European mineral supply. Eldorado reported that Skouries had recently begun operations and has an expected mine life of approximately 20 years.

Separately, Greenland Mines welcomed the selection of Neo Performance Materials’ Silmet 2.0 development plan as an EU Strategic Project.

In its October 12 statement, Greenland Mines said the plan would adapt Neo’s rare earth separation facility in Estonia for new raw-material sources. It identified its Sarfartoq project in Greenland as a potential future supplier.

The company said Neo retains purchase rights for up to 60 per cent of future Sarfartoq ore or concentrate production. Future supply remains dependent on project development and commercial arrangements; the announcement does not establish that Sarfartoq is producing.

Drilling watch: Chilean Cobalt expands NeoRe exploration

Chilean Cobalt reported on October 12 that exploration at the NeoRe rare earth project in southern Chile had reached approximately 3,000 metres across more than 350 drillholes.

According to the company, project operator NeoRe SpA completed drilling in the proposed first modular extraction plant area. It also expanded the exploration footprint by approximately 30,800 hectares, bringing the total to about 67,400 hectares.

NeoRe has placed equipment orders and paid initial deposits for major equipment packages.

The company continues to target initial mixed rare earth carbonate production in early 2027, subject to permitting, financing, construction, equipment delivery and commissioning.

Despite Chilean Cobalt’s name, this announcement concerns rare earth exploration and development. It does not establish new cobalt production or proven mineral reserves.

United States: Pulsar seeks financing; NioCorp prepares site visit

Pulsar Helium outlined a proposed financing strategy on October 12 for a commercial-scale helium and carbon dioxide processing plant in Minnesota.

The company prefers project debt and public-sector financing, supplemented by existing cash. It reported an accepted equipment-supply proposal valued at US$85.5 million, while emphasizing that this figure does not represent the total installed project cost.

Pulsar said it had no binding financing commitment from University Bank and no financing commitments from the public agencies discussed in its release. It has not established a firm first-commercial-production date.

In Nebraska, NioCorp announced that U.S. Energy Secretary Chris Wright, EXIM chairman John Jovanovic and other officials are scheduled to visit its Elk Creek critical minerals project on October 14.

NioCorp said EXIM continues to review its application for potential debt financing. The visit itself does not constitute loan approval.

National: Financing remains central to mine development

Scottie Resources announced on October 9 that a brokered placement and the initial tranche of a non-brokered placement had raised approximately C$21.38 million in gross proceeds.

The company said funds would support working capital, technical studies and permitting at its Scottie Gold Mine project in British Columbia. Flow-through proceeds will support eligible exploration expenses.

At the policy level, Mining.com.au reported on October 12 that the Association for Mineral Exploration is urging Ottawa to expand eligibility under Canadian Exploration Expense rules.

The report describes an EY assessment estimating potential economic benefits from the proposed changes. Those estimates are projections supporting an industry policy request, rather than confirmed jobs or announced mine openings.

Regional analysis: Access to exploration and technical-study funding matters to Northwestern Ontario developers. However, the effect of any policy change would depend on its final terms and each project’s eligibility.

Transactions: TruSilver advances toward public listing

Galaxy Ventures announced that the TSX Venture Exchange had granted conditional approval on October 7 for its qualifying transaction with TruSilver Metals.

TruSilver completed approximately C$2.83 million in concurrent financing. The companies expected transaction completion later in October, subject to outstanding conditions and final exchange acceptance.

The proposed resulting company would focus on the Sturgis-Walton Silver Project in Nova Scotia, where a 3,500-metre, five-hole drilling program was expected to begin in October.

Conditional approval is a step toward completion; it does not establish that the transaction has closed.

Globex Mining, meanwhile, announced exchange approval to repurchase up to one million shares for cancellation between October 15, 2026, and October 14, 2027. The authorization does not require Globex to purchase the entire amount.

Other developments RockHawks should watch

Mine safety: Endeavour Mining reported on October 9 that an employee at its Ity mine in Côte d’Ivoire died on October 7 after being found unresponsive in the processing plant. The company launched an investigation and said operations continued. Its announcement did not establish a cause of death.

Copper exploration: Island Passage Exploration and customary landowner partner Isina Resource Holdings reported copper-gold mineralization from trenching at the EL02 project in Bougainville, Papua New Guinea. The announcement concerns surface exploration results; it does not establish a mineral reserve or an economic mine.

Uranium calendar: Paladin Energy plans to release September-quarter results on October 14 in Australia. Its conference call is scheduled for 8 p.m. Toronto time on Tuesday, October 13, equivalent to 11 a.m. Australian Eastern Daylight Time on October 14.

Commodity price chart: October 12 2-26

All prices below are in U.S. dollars.

Gold and silver were lower in the supplied snapshot, while copper increased. Lithium carbonate showed the largest reported percentage gain.

The chart compares reported percentage movements because dollar prices quoted per ounce, pound, kilogram and tonne cannot meaningfully share one price scale.

oz = troy ounce; lb = pound; kg = kilogram; t = metric tonne. Asterisks identify changes rounded to zero in the supplied feed. Iron and tungsten product specifications were not supplied.