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Midland Exploration reports that the heliborne VTEM-type electromagnetic survey launched last March has been completed on the Tete Nord nickel-copper property. This property is currently wholly owned by Midland but has been under option since December 2021 by Rio Tinto Exploration Canada Inc. and is located near the town of La Tuque, Quebec. Regional VTEM survey completed: The VTEM survey totalled 6,635 line kilometres and covered the majority of the optioned claim blocks, with flight lines spaced 100 metres apart and locally 50 metres apart on more detailed grids. Following the review of the preliminary results, a new block of 39 claims was map-designated approximately 12 kilometres north of the former Lac Edouard mine. This claim block will be included in the partnership between RTEC and Midland. New strategically positioned VTEM conductors: Preliminary results from the VTEM survey led to the identification of several new conductors, strategically positioned proximal to or along the extensions of known Ni-Cu occurrences such as the Rochette, Savane, Lac Matte and Ghyslaine showings, as well as on the new Bonhomme claim block. Teams of RTEC geologists are currently in the field, prospecting and mapping the areas where new conductors were identified. An initial budget of $900,000 was allocated to conduct the VTEM survey and follow-up fieldwork during the summer of 2022, in preparation for a drilling program scheduled for later in 2022-2023. RTEC is project operator.

Royal Gold (RGLD) announced that its wholly owned subsidiary, RG Royalties, has acquired a sliding-scale gross royalty on an area including the Cortez mine operational area and the Fourmile development project in Nevada. Royal Gold paid $525M in cash consideration for the Royalty to Kennecott Royalty, a wholly owned subsidiary of Rio Tinto (RIO). The area within the Cortez Complex is owned or controlled by Nevada Gold Mines, a joint venture between Barrick Gold (GOLD) and Newmont Corporation (NEM), with the exception of the Fourmile development project which is 100% owned and operated by Barrick. The Royalty covers an area of approximately 300 square miles without stepdowns or caps, and funding of the acquisition using available liquidity sources provides Royal Gold shareholders with full exposure to exploration and production without equity dilution. The royalty provides Royal Gold further exposure to a foundational asset and is expected to begin paying in the third or fourth quarter of 2022. The royalty is a life of mine sliding scale gross royalty payable at a rate of 0% at a gold price less than $400 per ounce, increasing to 3% at a gold price above $900 per ounce, and is payable on 40% of all production from the Cortez Complex. Based on the information available, the royalty does not cover the existing deposits within the Robertson property. At current gold prices the royalty is an effective 1.2% gross royalty on the Cortez Complex and is not subject to any stepdowns or caps. The royalty is payable after cumulative production from the Cortez Complex of 15M gold equivalent ounces from January 1, 2008 onwards. According to Barrick public disclosure, cumulative production from January 1, 2008, was approximately 14.8M ounces as of June 30 and Royal Gold expects the Royalty to begin paying in the third or fourth quarter of 2022 with the first revenue recognized during the fourth quarter of 2022 or first quarter of 2023. Royalty payments will be made quarterly within 45 days of the end of each calendar quarter. Deductions from Royalty payments are limited to third-party royalties that existed at the time the Royalty was created in 2008, which include Royal Gold's existing royalties on parts of Crossroads, Pipeline and Goldrush. Information rights for the Royalty include two annual site visits and standard audit rights. Applicable taxes on the Royalty include 21% U.S. Federal income tax and the 5% Nevada Net Proceeds of Minerals Tax.

Ford (F) also announced it is working with major mining collaborators and has sourced most of the nickel needed through 2026 and beyond. Ford has signed non-binding MOUs with: Vale Canada to explore potential opportunities across the EV value chain; PT Vale Indonesia and Huayou Cobalt for exploring a three-way nickel processing project and, separately, an off-take agreement with Huayou that collectively will provide Ford with rights to the equivalent of 84 kilotons per annum of nickel; BHP (BHP) for nickel supply from BHP's Nickel West operations in Australia. The targeted multi-year agreement could start as early as 2025 and may involve additional commodities over time. Ford also has locked several key lithium contracts. Beyond the recently announced key asset in Western Australia secured through Liontown Resources, Ford also has signed a non-binding MOU with Rio Tinto (RIO), exploring a significant lithium off-take agreement from its Rincon project in Argentina. This is part of a multi-metal MOU that leverages the scale of Ford's aluminum business and includes a potential opportunity on copper. Ford also continues working to localize processing of key battery materials in North America. To that end, the company is announcing that EcoPro BM and SK On have signed a non-binding letter of intent with Ford to establish a cathode production facility in North America. Pioneer has signed a binding off-take agreement with Ford for lithium carbonate from ioneer's Rhyolite Ridge project in Nevada to support EV production beyond 2025. Compass Minerals (CMP) has signed a non-binding MOU for lithium hydroxide and lithium carbonate from its Utah operations on the Great Salt Lake. Syrah Resources and SK On have signed a non-binding MOU to secure off-take for natural graphite from its processing site in Vidalia, Louisiana. As Ford reinvents its new EV supply chain, consumer praise rolls in for its first-generation EVs already in-market while demand signals among potential EV buyers continue strengthening. For the first time, the majority of consumers who intend to buy a car in the next two years say they will choose an EV or hybrid vehicle, up 11% from last year and 22% from 2020, according to research published by EY. Most of that increase is for full EVs. Among commercial owners who don't already deploy EVs, 60% of U.S. fleet managers said in a Ford Pro survey they plan to add EVs to their operations within two years.

Ford Motor Company and Rio Tinto have signed a non-binding global memorandum of understanding MOU to jointly develop more sustainable and secure supply chains for battery and low-carbon materials to be used in Ford vehicles. The multi-materials partnership will support the transition toward a net-zero future by supplying Ford, one of the world's largest automakers, with materials including lithium, low-carbon aluminium and copper. It will allow Rio Tinto, a leading global mining and metals company, to progress its commitment to work with customers to decarbonise value chains. Under the agreement, Ford will explore becoming the foundation customer for Rio Tinto's Rincon lithium project in Argentina. Rio Tinto is currently progressing detailed planning to bring Rincon into production and will work with Ford toward a significant lithium off-take agreement to support its production of electric vehicles. The companies will work together to strengthen the supply of low carbon aluminium for use in Ford vehicles, including metal produced using the zero carbon ELYSIS smelting technology and from Rio Tinto's hydro-powered operations in Canada, helping Ford meet its commitment to the First Mover's Coalition.

Rio Tinto has reached agreement with the Australian Taxation Office, or ATO, on all tax matters in dispute. The agreement resolves the disagreement relating to interest on an isolated borrowing used to pay an intragroup dividend in 2015. It also separately resolves the pricing of certain transactions between Rio Tinto entities based in Australia and the Group's commercial center in Singapore from 2010-2021 and provides certainty for a further five-year period. Rio Tinto has also reached agreement with the Inland Revenue Authority of Singapore, or IRAS, in relation to transfer pricing for the same periods. Reaching agreement with both tax authorities ensures Rio Tinto is not subject to double taxation. As part of this agreement, Rio Tinto will pay to the ATO additional tax of A$613M for the twelve historical years. This is in addition to the A$378M of tax paid in respect of the original amended assessments issued by the ATO. Over this period, Rio Tinto paid nearly A$80B in tax and royalties in Australia.