Nth Cycle to Go Public via SPAC, Expanding Copper and Critical Mineral Refining

Lundin Gold has identified two additional porphyry systems, Sandia Northeast and Sandia Southeast, at its Sandia copper-gold discovery in Ecuador, increasing the number of known porphyry centres at the Fruta del Norte district from five to seven. The company expects to publish a maiden resource estimate for Sandia in early 2027. The deposit currently covers an interpreted footprint of approximately 1.6 km by 700 metres and extends to a depth of about 1 km within a 5-km mineralized corridor. According to Jefferies, Sandia could support an initial resource of approximately 500 million to one billion tonnes based on its current dimensions, while remaining open to the north, east and at depth. Lundin Gold believes continued exploration success could significantly enhance the long-term value of the Fruta del Norte district and potentially support the development of a large-scale copper-gold operation.

Grupo Mexico expects the global copper market to remain in a slight deficit in 2026, supported by a resilient U.S. economy and growing demand from decarbonization technologies, artificial intelligence and electric vehicles, according to Leonardo Contreras, head of the company's mining division. The company said current supply and demand fundamentals point to a tight copper market, with demand continuing to strengthen across energy transition, AI infrastructure and EV applications. Grupo Mexico also reported a 79% year-on-year increase in second-quarter net profit, driven by stronger copper prices.