Welcome back to your weekly mining news recap, where we catch you up on some of the news you may have missed. This week’s headlines include the announcement of PDAC 2026 award winners, an agreement to progress the all-season road to Ontario’s Ring of Fire, and billions of dollars to support Canada’s critical minerals projects. 

The federal government’s first budget under Mark Carney’s leadership outlines billions in tax incentives and direct investments to support critical minerals projects in Canada, Kelsey Rolfe reported for CIM Magazine. Initiatives include the introduction of a $2 billion Critical Minerals Sovereign Fund for investments in projects and companies, a First and Last Mile Fund to bring near-term projects to production and expanded tax credits for 12 additional minerals and metals used for energy, defence and other applications. 

U.S.-based Coeur Mining will acquire New Gold in an all-stock deal worth about US$7 billion. The merged company would comprise seven North American mines, including New Gold’s Rainy River mine in Ontario and New Afton mine in B.C. Together, these operations are expected to yield around 1.25 million gold-equivalent ounces annually. The deal is anticipated to close in the first half of 2026, pending court and regulatory approvals. 

Canada plans to classify some critical minerals as a national security priority under the Defence Production Act, enabling the federal government to back the mining industry by ensuring buyers and setting minimum prices, CBC News reported. Announced at a G7 meeting on Oct. 31, the $6.4 billion Critical Minerals Action Plan is meant to counter China’s dominance in critical minerals production and will support 26 projects, including Nouveau Monde Graphite’s Matawinie graphite mine and Torngat Metals’ Strange Lake rare earth elements project, both in Quebec. 

The action plan also included a roughly $25 million investment from the Canada Growth Fund to support Rio Tinto’s scandium oxide facility in Sorel-Tracy, Quebec, increasing the facility’s nameplate capacity from three to nine tonnes per year, Mining Weekly reported. Rio Tinto’s commercial-scale demonstration plant, operating since 2022, is currently North America’s sole producer of scandium oxide. 

Equinox Gold, The Canadian Royalties Exploration Team and Blue Lagoon Resources will be among those honoured at PDAC’s awards event at its annual convention in March. The awards celebrate outstanding contributions to the global mining industry and recognize achievements in mineral exploration, sustainability, Indigenous participation and more. 

Ontario and Webequie First Nation have reached a $39.5 million agreement to advance economic development and the construction of an all-season road to the Ring of Fire region, Canadian Mining Journal reported. An environmental assessment for the road is due by January 2026, with construction expected to start by June 2026, pending approvals. While Premier Doug Ford described the agreement as “historic”, the nearby Neskantaga First Nation has raised concerns about the road’s impact on Indigenous rights and the environment. 

More third quarter results were released this week, including from Iamgold, Kinross Gold, Franco-Nevada, Wheaton Precious Metals, Mosaic, Suncor Energy, Cameco, Denison Mines, Imperial Metals, First Majestic Silver, Nutrien, B2Gold and Equinox Gold. 

Although historical data from old mineral projects can be useful, it must be disclosed responsibly under NI 43-101, argued James Whyte and Craig Waldie in CIM Magazine. Companies should clearly identify the source, date and reliability of historical estimates. Over-reliance on unverified historical estimates can mislead investors, and only relevant, traceable information should appear in technical reports. 

Canadians lack straightforward access to information about the origins and processes of minerals used for everyday applications, Donna Beneteau and Bruce Downing asserted in CIM Magazine. While regulations like NI 43-101 require technical disclosures for some publicly listed mines, many private or foreign-listed operations share little with the public. This gap in knowledge can hinder trust, education and engagement with the mining industry. The writers argue that mining information should be publicly accessible, moving beyond investor-focused disclosure to transparency for all Canadians. 

That’s all for this week. If you’ve got feedback, you can always reach us at editor@cim.org. If you’ve got something to add, why not join the conversation on our Facebook, Twitter, LinkedIn or Instagram pages?