Europe’s lithium, rare earth, tungsten, tin and gold sectors are seeing continued project activity, but recent developments show that strategic importance alone is not enough to secure development. Companies are increasingly focused on financing, technical validation, permitting and integration with existing infrastructure.
AMG Moves to Take Full Control of Zinnwald Lithium
Shareholders of Zinnwald Lithium approved AMG Critical Materials’ recommended cash-and-share acquisition at meetings on 13 July 2026. The remaining major step is a court sanction hearing scheduled for 23 July. If approved, Zinnwald trading is expected to end on 24 July, the acquisition to become effective on 27 July and the AIM listing to be cancelled on 28 July.
AMG already owns 29.32% of Zinnwald. The offer for the remaining shares consists of 5 pence in cash and 0.001577 new AMG shares per Zinnwald share, implying approximately 10 pence per share and valuing the company at around £57.2 million. AMG has provided more than £14 million to Zinnwald since 2023 and operates a lithium hydroxide refinery at Bitterfeld-Wolfen in Germany. Full ownership will allow AMG to assess the Zinnwald deposit, processing route and refinery integration together.
The group plans another 18–24 months of technical work and is considering phased development rather than immediately pursuing the previously envisaged large-scale project. The transaction would remove another European lithium pure play from AIM while placing the German project inside a diversified critical-materials group.
Leading Edge Raises C$6 Million for Swedish Rare Earth Project
Leading Edge Materials has proposed a C$6 million private placement to advance its Swedish portfolio. The company plans to issue 24 million units at C$0.25, with each unit containing one share and one warrant exercisable at C$0.40 for two years. Director and cornerstone shareholder Eric Krafft has committed to take up any units not purchased by other investors.
The financing follows Sweden’s 29 June decision to grant Leading Edge’s subsidiary a 25-year exploitation concession for the Norra Kärr heavy rare-earth project. Norra Kärr contains significant amounts of dysprosium and terbium, important rare earths used in permanent magnets. The new concession secures the mineral right but does not permit construction, with environmental approvals and further studies still required. Funds will support prefeasibility and environmental work at Norra Kärr and studies related to a possible restart of the Woxna graphite mine. The financing represents about 9.3% potential basic dilution, based on approximately 258.8 million existing shares. Exercise of all warrants could provide another C$9.6 million.
European Metals Keeps Cinovec Savings Outside Its Bankable Case
European Metals Holdings has clarified that potential savings from new kiln technology at the Cinovec lithium project in the Czech Republic remain preliminary. The company previously estimated that replacing two rotary kilns with a single gas-and-electric tunnel kiln could reduce capital expenditure by around US$112 million and operating costs by about US$10 million annually. Further flowsheet optimisation could potentially bring annual operating savings to approximately US$64 million.
The estimates have not yet been incorporated into revised financial forecasts. The December 2025 definitive feasibility study remains the project’s governing economic case. That study estimates construction capital of approximately US$2.16 billion before grants, or around US$1.70 billion after government support, with a pre-tax NPV of US$1.455 billion and an IRR of 14.8%.
European Metals owns 49% of Geomet, while CEZ owns 51%. Cinovec is designed to produce approximately 37,500 tonnes of battery-grade lithium carbonate annually. A decision on the tunnel-kiln configuration is expected in the fourth quarter, with an updated DFS potentially following by the end of 2026.
Allied Reports Strong Tungsten Intercept at Borralha
Allied Critical Metals has reported its first 2026 drilling results from the Borralha tungsten project in Portugal. Hole Bo_13/26 intersected 81.5 metres grading 0.22% WO₃, including 23.8 metres at 0.68% and four metres at 2.96%.
The result supports continuity at the Santa Helena breccia, which forms part of the proposed bulk underground mining model. Borralha’s March PEA envisages a 1.4 million-tonne-per-year operation, producing about 1,708 tonnes of WO₃ annually over an initial 11-year mine life. The study estimated an after-tax NPV of US$134 million, an IRR of 27.2% and initial capital of around US$91 million. Allied is conducting a fully funded 20,000-metre drilling programme aimed at improving resource confidence and testing additional mineralisation.
Cornish Metals Expands South Crofty Tin Potential
Cornish Metals has identified additional mineralisation outside existing resource areas at the South Crofty tin project in Cornwall. Drilling returned intersections including 0.79 metres at 4.18% tin, 0.30 metres at 2.20% and 12.41 metres at 0.43%.
South Crofty’s 2024 PEA estimated initial capital of US$177 million, an after-tax NPV of US$201 million and an IRR of 29.8%, with average production of about 4,728 tonnes of tin annually during years two to six. The latest drilling could expand resources and provide greater flexibility for the planned underground operation, although additional drilling and development funding remain necessary.
Alkane Extends Björkdal Gold Mineralisation
Alkane Resources has reported results from 29 additional holes at Sweden’s Björkdal gold mine. The strongest result was 86.1 grams of gold per tonne over 1.25 metres. Another hole intersected 3.5 grams per tonne over 3.20 metres at 762 metres below surface, the deepest mineralisation recorded at Björkdal. The mine has produced approximately 1.69 million ounces of gold since 1988 and operates a 1.4-million-tonne-per-year processing plant.
Alkane expects 2026 production of 37,000–40,000 ounces at an all-in sustaining cost of A$4,050–A$4,450 per ounce. The deep drilling confirms that mineralisation remains open, but the key commercial question is whether new discoveries can be converted into sufficiently continuous, high-grade mining areas that improve production economics at the existing operation.
