Mining intelligence.
All in one place.

Copper's Real Cost: The By-Product Gap Behind the Headlines

Southern Copper's net cash cost was US$0.58 a pound last year — US$2.17 before by-product credits. At record COMEX prices of US$6.71/lb, that four-times gap is the most important number in copper, and it barely registers in the headlines.

How Much Gold Is in This Mine? The Data Problem No One Sees

Nevada Gold Mines is one row in a comparison table. Underneath it sit three corporate entities, six operations, two correct-but-2.6×-apart reserve figures, and 81% of disclosures that don't state their accounting basis. How Pulse resolves the number — and why the data layer matters more than any model built on top of it.

Watch the Curve, Not the Call

US$1,614 an ounce. That is the median all-in sustaining cost across 360 gold producers in our 2025 dataset. At UBS's downside of US$3,850/oz, the median producer still banks US$2,236/oz. The bank debate is about spot. The decision that moves capital is about margin.

78 projects. 15 in construction. That gap is the real story.

Canada's resource sector has the deposits, the demand signal, and now a US$1.6 trillion infrastructure target. What it doesn't have is a fast enough path from feasibility to financed. In our data, 78 Canadian mineral projects have reached a completed feasibility study. 15 are in construction.

Triple Flag's US$440m Ravenswood Stream: When Gold is Strong, the Stream Wins

Triple Flag commits US$440m upfront to stream Ravenswood Gold's Queensland mine — 134,000 oz/yr targeting 200,000+ oz by 2028. A case study in why gold streaming becomes the capital instrument of choice when the gold price is strong.

Permitting Reform: Will the Clock Actually Move?

Washington is targeting 28-day federal environmental reviews. But the real bottleneck isn't permitting — it's the 6.1-year median from maiden resource to DFS that sits upstream of the permit. Pulse data across 835 projects tells the story.

The Slowest Things in the Ground

Uranium takes a median of 8.2 years from maiden resource to a definitive feasibility study. Iron ore takes 2.3. The minerals the energy transition depends on are the slowest to build — and the US is the slowest developed jurisdiction to build them.

283 vs. 38: Why You Need More Than Memory

We ran the same question through Pulse and a general AI model answering from memory. Pulse returned 283 lithium companies. The model named 38. This is the coverage gap capital allocators are pricing — whether they've measured it or not.

The Data Exists. Somewhere. Currently, You Are the Integration Layer.

A PE analyst has three months to build a view on copper exposure for the 2030–2035 supply window. The data exists — scattered across NI 43-101 reports, JORC filings, and a decade of feasibility revisions. The problem is not scarcity. It is accessibility and validation.

Last week, the pipeline. This week, the clock.

The copper the world needs in 2035 has to be found, permitted, financed and built — now. Across 135 Pulse assets, drill-to-production averages 18 years. Why the supply funnel narrows late, and what it means for the AI build-out.

The 3.3x Gap: Hycroft's $10 Billion Problem

Hycroft Mining just delivered a $10 billion after-tax NPV. Its market cap sits at $3 billion. In a Tier 1 jurisdiction, with a 51-year mine life and 30.1% IRR. Here is what the gap tells you.

The AI Energy Debate Is Being Measured in the Wrong Unit

The AI energy debate is measured in terawatt-hours. It should be measured in tonnes of copper. Pulse ran every primary copper asset: 2,598 in exploration, 18 funded to build. That is the whole pipeline.

A Merger of Equals That Isn't

Barrick and Endeavour are reportedly each valued at ~US$15 billion, and the market is calling it a merger of equals. Pulse ran both portfolios. On attributable gold, it is not close.

Grade and Jurisdiction: The CAML-Cygnus Deal

A 2.3% copper grade, in Québec, with a processing plant already on site, is a rare combination. Central Asia Metals has agreed to acquire Cygnus Metals for A$232 million at a 60% premium.

The DRC Just Re-Rated Lithium Royalties

The DRC approved a decree reclassifying lithium as a strategic mineral. Royalties move from 3.5% to 10% — a near tripling of government take on assets just entering production for the first time.

The Cross-Exchange Valuation Gap No One Talks About

AustralianSuper just said it plainly: the Australian share market is "the best and most informed mining market in the world." What happens when the world's largest diversified commodity trader gets direct access to those investors?

The Trust Layer

From co-pilot to autopilot in mining finance. A Pulse Intelligence white paper for capital allocators in mining.

What Sovereign Supply Chains Look Like When They Stop Being Policy Documents

Arafura Rare Earths just made FID on the Nolans Project — Australia's first fully integrated ore-to-oxide rare earths operation. 93% of the binding offtake target secured across four nations before a single tonne of construction concrete is poured.

Chinese Ambiguity as a Weapon

China's new mining controls take effect 15 June. Which minerals? Not specified. The ambiguity is the design — it lets Beijing restrict any mineral, any time, and turns uncertainty itself into the enforcement mechanism.

The Cost of the Gold Rally

Median gold AISC rose from $924/oz in 2020 to $1,695/oz in 2025, across 81 producers. That is +83% in five years — the cost side has been moving in the same direction as the price, and the distribution matters as much as the median.

Twelve Months Ago, MinRes Were Cutting Jobs. Today, They Committed FID.

Twelve months ago, Mineral Resources was cutting 190 roles at Mt Marion as spodumene bottomed below US$620/t SC6. Today, MinRes and Ganfeng have committed to a full brownfield expansion. The payback at US$2,700/t SC6 is under 12 months.

Neo Sold the Rock. It Kept the Chain.

The most interesting critical minerals deal last week was not the biggest. Neo Performance Materials sold its Sarfartoq rare earth project for $35 million while retaining offtake rights on 60% of future production — and refocusing entirely on downstream processing.

Infrastructure Signals Conviction

Bipartisan US legislation on precious metals infrastructure does not happen by accident. The SILVER Act would require approved depositories across all four US time zones. When governments start legislating physical infrastructure around a commodity, it tells you something about conviction.

The Mid-Tier Royalty Sector Is Consolidating Into Itself

Four royalty and streaming names have been absorbed into larger companies since October — Sandstorm, Horizon Copper, Lithium Royalty Corp, Sweetwater. Elemental just made it five, acquiring Vizsla Royalties for C$327M.

Three Supply Shocks. One Restart Wave.

Zimbabwe suspended lithium exports. CATL's Jianxiawo mine stayed offline. Beijing cancelled 27 mining permits in Jiangxi. Lithium carbonate in China just touched its highest level in nearly three years. Now the restarts are coming.

Top 20 North American Mining Dividends

Vale leads the North American mining dividend table at 5.6% — but read the asterisk. Most of Vale's return comes back as interest-on-capital, a Brazilian structure that rarely shows up cleanly on a screen. Below Vale, the pattern is commodity, not geography.

Four Times in Three Years

That is how often the Australian Treasurer has now intervened in the share register of a single ASX-listed rare earths company. Australia is treating a share register as a national security perimeter.

The G7 Just Got Its Largest Graphite Mine

Nouveau Monde Graphite has completed a $644.5 million funding package for its Matawinie project in Quebec. Canada Growth Fund. Investissement Québec. Eni. A seven-year offtake with the Government of Canada for 30,000 tonnes per year. This is what bankable critical minerals development looks like.

A Structural Innovation in Royalty Capital Deployment

Royal Gold halved its Hod Maden equity and more than doubled its royalty. SSR Mining exited entirely and took a 4.0% NSR. No cash changed hands for the royalty grants — they came out of the restructuring itself.

Copper Now Generates More Earnings for BHP Than Iron Ore

The world's largest miner just confirmed what the smart money has been positioning for. That shift happened in the first half of FY26. BHP plans to grow attributable copper production to approximately 2 million tonnes per annum by 2035.

Three Canadian Graphite Signals. One Direction.

Focus Graphite published an upgraded resource: 120Mt indicated at 10.27% Cg. Global Battery Materials announced a restart of the Kearney mine in Ontario. Vianode signed an offtake LOI with South Korea. Three companies. Three sub-regions. One direction.

A New $18.5 Billion Senior Gold Producer Just Got Born

Equinox Gold and Orla Mining announced an all-stock combination. Combined 2026E EBITDA US$3.4B, free cash flow US$1.4B. 22.7 Moz P&P reserves. The reserve base is the differentiator.

The Copper Supply Gap Has a Schedule Now

Freeport-McMoRan Indonesia just confirmed Grasberg's full restart has slipped to early 2028. Named assets. Named schedules. Named numbers. The analytical question: does the rest of the senior copper cohort's relative valuation shift to absorb the tighter supply?

645 Disclosures. 17 Exchanges. Every Day.

Most of mining's material news lands in a 55-minute window before market open. Pulse reads all 645 disclosures across 17 exchanges in real time, validates each one through AuthentiQ™, and makes them decision-ready before the bell.

The Senior Gold Cohort Is Repricing on Three Independent Dimensions Simultaneously

That almost never happens. Vector one: cost inflation from Iran-driven input spikes. Vector two: supply disruption at Grasberg running at 40–50% capacity. Vector three: Barrick's confirmed North American spinoff re-segmenting the peer set.

Texas Is Quietly Assembling the Bones of a Domestic Rare Earth Value Chain

Texas has committed nearly $1 billion to its Semiconductor Innovation Fund since 2023. A growing share is going into rare earth mines and magnet factories. Two projects, two companies, both funded through semiconductor channels.

Agnico Didn't Buy Ounces. They Bought Scarcity.

Agnico Eagle's acquisition of Rupert Resources caps a five-year consolidation wave in tier-one undeveloped gold. I pulled a global comp set: 12 projects, 3–10 Moz of reserves. Nine of 12 already sit inside a major or mid-tier. Windfall and Ikkari — the two most attractive independents — gone in 18 months.

What "Risk-Adjusted" Actually Tells You

Atlantic Lithium's board called Zhejiang Huayou Cobalt's $210 million offer "the most attractive, certain, and accelerated realisation of value on a risk-adjusted basis." That phrase deserves to be read carefully.

The Pipeline Feeding Your AI Agents Is the Actual Bottleneck

Everyone wants AI agents. But few own the pipeline feeding them. That is the single biggest reason most AI automation breaks — and why AuthentiQ™ exists as Pulse Intelligence's central nervous system, not a feature.

Three Strategic Deals. Twenty-Four Months. One Greenstone Belt.

Endeavour Mining just took a 9.9% stake in Altair Minerals at a 40% premium. The Guiana Shield, where Altair's Greater Oko project sits, is the geological continuation of the West African Birimian belt — Endeavour's home turf.

The Supply Side the Rally Is Ignoring

Gold is up roughly 60% over the past 18 months. Equity multiples have followed. Reserve replacement — the underlying engine — has not. In FY24, only 8 of the world's top 20 gold producers replaced what they mined organically.

The More Interesting Number Is Buried

Kazatomprom reported production +9%, realised price +12%. The more interesting number is group sales volume: down 40% year-on-year to 1,535 tU. In a tightening uranium market, that is not a footnote.

1.3 Moz Maiden Resource at US$8/oz Discovery Cost in Côte d'Ivoire

Many Peaks Minerals just released a 1.3 Moz maiden gold resource delivered for A$11/oz discovery cost — only 13 months after the first drill assay. 83% in M&I on day one. That is the takeout-ready signature.

When the Largest Western Rare Earth Producer Warns About Demand Destruction in Its Own Products

MP Materials CEO James Litinsky told Bloomberg that demand for dysprosium and terbium could fall sharply as magnet makers develop high-performance alternatives. Substitution risk in rare earths is no longer theoretical.

Australia's Third-Largest Primary ASX-Listed Gold Producer

Regis Resources and Vault Minerals will combine in a 51/49 pro forma split. Combined market capitalisation close to A$10.7 billion. A$1.9 billion in pro forma cash and bullion. No drawn debt.

Nine of Twelve Undeveloped Gold Projects Are Already Taken

Agnico Eagle bought Rupert Resources and the Ikkari discovery. Two readers pushed back: the comp set should be wider. We rebuilt it from primary filings — total in-ground gold ≥4 Moz, global. Twenty projects. Ten tier-one independents. Four taken off the board in 18 months.

Trust the Flow, Not the Stock

The two largest gold holders in the world are also the two least independently verified. The US has not had a comprehensive assay of its holdings since 1953. China discloses ~2,313 tonnes — but cumulative Shanghai Gold Exchange withdrawals since 2008 sit at ~25,000 tonnes.

The US Government Just Spent $3 Billion Buying a Rare Earths Mine in Brazil

USA Rare Earth, already backed by a $1.6 billion Department of Commerce investment, has agreed to acquire Serra Verde Group in a deal valuing the transaction at nearly $3 billion. The era of governments sitting on the sidelines of critical minerals is over.

The Next 12 Months of ASX Miner Dividends, in One Chart

Coal cuts. Gold mixed. Iron ore steady. Forward dividend yields across 20 of the biggest ASX miners — and what they signal about free cash flow conviction.

Chaos to Clarity, Two Years On

In 2024 we asked 120+ mining executives how much of their week disappears finding data. AI solved the searching half. The trust half is still the problem.

Why a Coverage Foundation Is the Prerequisite for Mass AI Automation

An AI agent can draft a comp, monitor a portfolio, flag what moved — but only if the data is complete, structured, and verified across the full mining universe.

Three Critical-Minerals Deals, One Playbook

$2.9bn, $2.8bn, $35m. Three critical-minerals deals, one move: stop buying deposits, start underwriting the conversion and the offtake.

An analyst was starting at 3am to keep up. Now a digest does it before the bell.

How Hannam & Partners, a leading global mining investment bank, turned the daily flood of disclosures into what's material — and a client-facing channel of its own — saving 8–10 hours a day.

From Systems of Record to Systems of Action

Enterprise software is moving from storing what happened to moving the work forward. For mining finance, the action layer is the only one that matters.

The Model Was Never the Bottleneck. The Data Is.

Billions are flowing into agentic AI for finance. But if the underlying data is not structured, sourced, and validated, the agents will be confidently wrong.

Nearly every mining data service, tried over a career. This one is leagues ahead.

How TMRC — The Metals Royalty Company — consolidated fragmented sourcing into a single platform with instant source traceability on every data point. Rated leagues ahead of every other provider used over a long career.

236 assets. Thousands of filings a year. One automated workflow.

How Triple Flag Precious Metals replaced manual portfolio monitoring of 236 assets with a living, source-validated intelligence layer — risk tracked in real time, every figure traceable to source.

Why Mining Finance Can't Afford Generic AI

The UiPath 2026 trends report confirms the agentic era demands vertical intelligence and trusted data. Here is what that means for mining finance.

The Four Faces of One Number

The same producer's quarterly output appears in four documents and disagrees in all four. The data is not wrong — the lineage is missing. Here is what that costs.

Stone Age to Space Age

The hidden discipline of mining-grade data normalisation. A Pulse Intelligence white paper for geological practitioners.

Why Should Anyone Trust AI Built for Mining Finance?

Every AI in mining will claim to be built by people. The only question worth asking is which people, which clients, which problems.

Stone Age to Space Age: The Hidden Discipline of Mining-Grade Data Normalisation

Why geological data infrastructure is the most underestimated bottleneck in mining — and what AI-native extraction changes for exploration teams.

The Trust Layer: From Co-Pilot to Autopilot in Mining Finance

Written for capital allocators. Covers the five stages of the mining investment workflow and why source-line traceability is the infrastructure the industry has been missing.

Getting decision-grade answers from AI on mining data: what works, what breaks, and how to verify.

Every capital decision in mining rests on a few derived numbers — a grade, a reserve, an AISC, a recovery. The layer underneath those numbers was never industrialised. Will Coetzer and Paul Cronin examine why generic AI returns confidently wrong answers on mining data, what the token cost curve means for teams who are building on it, and what decision-grade actually requires. Includes a live demo: vanilla AI versus Pulse-connected AI on the same question, same data.

Dead Data, Live Decisions: Why mining's AI future starts with normalisation.

The geological edition. For exploration geologists and technical practitioners — what AI-native data extraction means for drill logs, resource models, and legacy archives. Will Coetzer and Scott North examine the five normalisation problems no one warns you about, and what a working geological intelligence layer actually requires. Details to follow.

One of the world's richest geological archives was unreadable. Now it runs on Pulse.

One of the world's richest geological archives — ~15,000 Soviet-era reports, ~3 million pages, 3.5TB — was unreadable. Pulse turned it into a queryable, source-linked data infrastructure at 99%+ structured extraction accuracy, against 3–5% from the prior OCR process.

Automated portfolio monitoring across a global asset base

A precious-metals royalty and streaming company with 230+ assets replaced thousands of hours of annual manual filing review with automated workflows. Risk is now tracked in real time, with every figure traceable to source.

8–10 hours saved per day on market intelligence

A mining-focused investment bank replaced a manual news workflow — with an analyst starting at 3am to keep up — with a daily AI-generated digest. Timeliness and consistency improved; the firm is now a Year-2 client.

Every figure traceable to source — every provider tested

A metals royalty investor who had used nearly every mining data service consolidated sourcing into one platform with instant source traceability on every data point. Rated leagues ahead of every other provider used over a long career.