Euronext-listed mining companies are showing increasingly different market performance as investors distinguish between producers with established cash flow and companies still dependent on financing, permitting or production ramp-ups.
Eramet faces financing and operational pressures
Eramet reported first-quarter adjusted revenue of €840 million, up 13%, supported by higher manganese and nickel-ore sales. Its Centenario lithium operation in Argentina reached almost 80% of nameplate capacity, while the company maintained its 2026 lithium carbonate target of 17,000–20,000 tonnes.
Eramet secured waivers on its June and December 2026 gearing covenants, cut planned capital expenditure to €250–€290 million and received approval for a €500 million capital increase. Indonesia also limited Weda Bay Nickel to a 12 million wet-tonne 2026 quota, while Senegal’s mineral-sands operations restarted at only about 30% of nominal capacity following a fire.
AMG expands Western processing capacity
AMG Critical Materials reported first-quarter revenue of $446.1 million, up 15%, with adjusted EBITDA of $44 million. AMG Vanadium EBITDA increased 60% to $20.9 million, partly offsetting weaker performance at AMG Technologies.
In Pennsylvania, AMG opened a $15 million chrome-metal facility with planned capacity of 6,500 tonnes per year, making it the only domestic US chrome-metal producer. The company has invested more than $400 million in US chrome, vanadium and titanium operations. AMG also planned to acquire the remaining stake in Zinnwald Lithium for approximately $56 million. AMG already owns about 29% of the German lithium company, whose project could supply AMG’s lithium-hydroxide refinery at Bitterfeld-Wolfen.
Imerys advances European lithium project
Imerys remains exposed to established industrial minerals while developing the EMILI lithium project in France. The project is designed to produce 34,000 tonnes of lithium hydroxide annually, equivalent to supply for around 700,000 electric vehicles, with production targeted around 2030. The French state invested €50 million through Banque des Territoires, while previously awarded public grants total €23.6 million. Final engineering, environmental approvals, infrastructure and construction remain part of the development process.
Production setbacks weigh on Kenmare and Nordic Mining
Kenmare Resources reported a 39% decline in ilmenite production to 273,100 tonnes during the first half, while rutile fell 44% to 2,700 tonnes and primary zircon declined 32% to 18,600 tonnes. The company now expects about 800,000 tonnes of ilmenite in 2026, compared with 842,300 tonnes in 2025.
Nordic Mining continues to face difficulties at the Engebø rutile and garnet project. Fourth-quarter 2025 production was only about 150 tonnes of rutile and 4,950 tonnes of garnet, far below its intended steady-state levels of approximately 8,000–9,000 tonnes of rutile and 40,000 tonnes of garnet per quarter. The company has brought in international specialists to address processing and equipment problems, while steady-state production has been pushed toward the end of 2026. Its permitting situation remains uncertain after Norway’s Supreme Court ruled the state-issued discharge permit invalid.
Gold and critical-minerals explorers remain financing-sensitive
Akobo Minerals produced approximately 37 kg of doré gold in the second quarter, compared with 23 kg in the first quarter. Its Segele deposit contains about 69,000 ounces at an average grade of 22.7 g/t. However, first-quarter cash stood at only SEK22.1 million, against SEK414.1 million of long-term debt. Newly listed Gold Road International raised NOK155 million at NOK10 per share before joining Euronext Growth Oslo. June processing totalled 13,678 tonnes, producing almost 470 ounces of doré, while the company targets annual production of 8,000–10,000 ounces by year-end.
Polar Resources raised NOK50 million and listed at NOK6 per share, with exploration licences covering four areas in central Norway containing reported copper and zinc occurrences. The company has not yet established a producing asset or bankable reserve.
Industrial metals provide mixed support
ArcelorMittal reported record iron-ore production and shipments from Liberia in the first quarter, alongside $600 million of net income and $9.9 billion of liquidity. Full-year capital expenditure remains targeted at $4.5–$5 billion. Norsk Hydro posted first-quarter adjusted EBITDA of NOK8.67 billion, including NOK5.03 billion from Aluminium Metal. Bauxite & Alumina EBITDA, however, fell to NOK747 million from NOK5.14 billion because of weaker alumina prices. Elkem reported second-quarter revenue of NOK3.71 billion, down 4%, while EBITDA fell 19% to NOK523 million as weak silicon and specialty-material prices continued to affect the business.
