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OFFTAKE | RARE EARTHS
Lindian Resources said on November 9, 2026 that its Singapore subsidiary, Lindian Global Rare Earths, executed a binding offtake term sheet with an unnamed major rare earths refining group running rare earth chloride and solvent extraction operations. It covers 30,000 dry metric tonnes of monazite concentrate from the Kangankunde project in Malawi: 10,000 dmt a year from Stage 1 and 20,000 dmt a year from Stage 2. The concentrate grades 55% TREO with low uranium and thorium. Pricing is market-linked, includes freight and insurance, and has upside participation to rare earth oxide price increases. First production is scheduled for December, with the first container leaving Nacala Port in January 2027. Lindian said Stage 1 concentrate is now fully allocated.
The term sheet sells concentrate from a mine that has not yet produced. The constraint sits in the buyer's plant: a chloride and solvent extraction refiner has to qualify 55% TREO monazite against its own uranium and thorium limits before monthly deliveries from January 2027 turn into paid tonnes. Stage 1 is now split across Iluka, Carester, this refiner and Lindian's own SARECO facility, so a slip in first containers out of Nacala delays every buyer's ramp at once.
METALLURGY | RARE EARTHS
Graphite One said on November 10, 2026 it engaged the US Department of Energy's Ames National Laboratory for a three-month project on rare earth recovery from garnet material at its Graphite Creek deposit near Nome, Alaska. Graphite One funds the work under a Strategic Partnership Project agreement. The scope runs from leaching to heavy and light rare earth separation and a preliminary flowsheet. Earlier ACTLabs tests found 85% of the rare earths in the tested garnet were magnet or heavy rare earths. The company said there is no certainty rare earths will be extracted.
Dysprosium at 32 to 63 ppm in garnet grains is a by-product grade, not a feed grade. The economics depend on whether garnet already leaves the graphite circuit as a separate stream: if it does, the rare earths ride on mining cost Graphite One pays anyway. If it needs its own concentration step, three months of bench work at Ames yields a flowsheet, not a qualified product, and a separator still has to accept a new heavy rare earth feed.
M&A | URANIUM
IsoEnergy said on November 10, 2026 it agreed to acquire 13,642,775 common shares of Premier American Uranium (PUR) from Sachem Cove Opportunity Fund LP. IsoEnergy pays with 387,491 of its own shares at a deemed $11.763 each, for an aggregate $4,558,057. Its holding rises from about 7.8% to about 22.1% of PUR on a non-diluted basis, and to about 24.5% partially diluted. Closing requires customary conditions, including TSX approval of the share issuance. PUR receives no proceeds.
The deal values PUR at about $0.33 a share, under half the C$0.75 that DISA Uranium paid for PUR subscription receipts. IsoEnergy moves from 7.8% to a 22.1% position paid in its own paper, without a takeover bid and without new money for PUR. For PUR's US projects, that puts drilling and development budgets in front of a dominant shareholder whose own uranium assets compete for the same capital.
PRODUCTION | COPPER
Codelco chairman Bernardo Fontaine told Chilean radio station Duna on November 9, 2026 that the state-owned miner needs more partnerships with private companies to halt its copper production decline, The Northern Miner reported. He said output is expected at about 1.2 million tonnes this year, down from 1.7 million, and set a recovery target of about 1.3 million tonnes a year after calling earlier forecasts excessively optimistic. Codelco plans $32 billion of investment over eight years and holds about 10,000 sq. km of unexploited concessions.
The target concedes most of the loss: 1.3 million tonnes a year recovers 100,000 of the 500,000 tonnes between 1.7 million and this year's 1.2 million. Tovaku, the partnership template, gives Pucobre 60% and the construction bill for 46,000 tonnes a year from 2030, under 4% of current output. At that size Codelco needs several Tovakus permitted and built inside the eight-year plan, and each one waits on the partnership rule changes Fontaine is asking for.
