Several European critical-minerals projects are moving through environmental reviews, financing and technical studies, with uranium, lithium, vanadium and graphite developments reaching different stages.
Italy reopens historical uranium projects
Reveille Resources has submitted an environmental impact assessment for the Val Vedello uranium project in Lombardy on 16 July 2026. Italy’s Ministry of Environment and Energy Security is expected to review the application within six to nine months. The filing follows an EIA for the nearby Novazza project in April and a government-led site visit on 10 July. Both projects remain at the exploration-permitting stage and do not have mine-construction approvals. Historical state and AGIP Nucleare programmes completed around 87,000 metres of drilling and 17 kilometres of underground development. Historical estimates include approximately 6,000 tonnes of U₃O₈ at Val Vedello and 1,000 tonnes of metallic uranium at Novazza, equivalent to about 15.8 million pounds of U₃O₈ combined. These figures are historical and are not compliant mineral resources.
Vulcan draws first Lionheart funding
Vulcan Energy Resources has satisfied conditions for the first strategic equity drawdown for its Lionheart lithium and geothermal project in Germany’s Upper Rhine Valley.
The drawdown forms part of the €2.2 billion financing package secured at financial close on 28 May 2026. The package includes €1.185 billion of senior debt, €204 million of German grants, €150 million from the KfW Raw Materials Fund, €133 million of project equity from Hochtief, Siemens Financial Services and Demeter, and approximately €528 million of Vulcan equity. Phase One targets annual production of 24,000 tonnes of lithium hydroxide monohydrate, alongside 275 GWh of renewable electricity and 560 GWh of heat. Production remains targeted for 2028. Vulcan has contracted early output to Stellantis, LG Energy Solution, Umicore and Glencore.
District Metals reports Viken PEA
District Metals has filed an NI 43-101 preliminary economic assessment for Sweden’s Viken uranium and polymetallic deposit. The study estimates an after-tax US$2.88 billion NPV, 45.9% IRR, 2.1-year payback and initial CAPEX of US$876 million over a 13-year mine life. Average annual after-tax free cash flow is projected at US$531 million.
The proposed plant would process about 10 million tonnes annually, producing 3.3 million pounds of U₃O₈, 16 million pounds of V₂O₅, 37 million litres of vanadium electrolyte, six million kilograms of ferrovanadium and 250,000 tonnes of sulphate of potash annually. The technical report states that planned plant feed comprises approximately 77% indicated and 23% inferred resources, rather than entirely indicated material. Further drilling is required before a prefeasibility study or mineral reserves can be established.
EU launches strategic raw-material supplier process
The EU’s first Raw Materials Mechanism diversification round entered its supplier phase on 13 July, with submissions open until 9 September and results due 23 September 2026. The mechanism covers all 17 strategic raw materials under the Critical Raw Materials Act and seeks to connect European buyers with producers, developers, financial institutions and storage providers. It does not itself guarantee offtake, financing or CRMA Strategic Project status.
Total Graphite pauses Madagascar production
Total Graphite has temporarily suspended production at the Vatomina graphite operation in Madagascar following an independent technical review. The company plans additional drilling, mine-plan revisions, infrastructure improvements and plant optimisation. Five diamond holes have been completed, with the wider programme expected through Q4 2026. A restart above 1,000 tonnes per month from December 2026 is targeted.
Vatomina has a resource of approximately 6 million tonnes grading 3.8% graphitic carbon, while SRK has identified an exploration target of 18–20 million tonnes at about 4%.
Total Graphite had only US$1.5 million of unrestricted cash on 16 July. It is also updating a feasibility study for a 50,000-tonne-per-year first phase at Montepuez in Mozambique, while assessing strategic, institutional and offtake-linked financing.
