Purchases and fundraising drive US$490 million mining projects in Brazil

Mining projects in Brazil are advancing with a combined investment of approximately US$490 million, driven by strategic equipment procurement and successful fundraising efforts. Canadian firm Lithium Ionic is progressing its US$190 million Bandeira lithium project in Minas Gerais, while US-based TriStar Gold has secured new capital for its US$300 million Castelo de Sonhos gold project in Pará. These developments highlight the ongoing momentum in Brazil’s mineral sector, particularly within the lithium and gold markets, as companies move closer to final investment decisions and construction phases.

Lithium Ionic is making significant strides at its Bandeira project in Minas Gerais, which requires an estimated investment of US$190 million. The company is currently in the pre-construction phase, focusing on acquiring critical processing equipment. Specifically, Lithium Ionic has received and is reviewing proposals from five global suppliers for the project's main crushing units. This procurement stage is a vital component of the company’s broader engineering and project execution planning as it moves toward a final investment decision.

Beyond equipment tenders, Lithium Ionic has secured a reliable water source for the construction phase through an 18-month lease contract for water intake from the Jequitinhonha River. CEO Blake Hylands emphasized that these milestones, including mine planning updates and portal engineering, strengthen site preparation and bring the project closer to execution. The company remains focused on disciplined preparation and procurement to ensure the project remains on track for development in Brazil’s lithium-rich region.

In the gold sector, US-based TriStar Gold is advancing its Castelo de Sonhos project in Pará, which has an estimated capital expenditure of US$300 million. To support this progress, the company recently raised C$10.35 million (approximately US$7.3 million) through a private placement of shares in June 2026. TriStar Gold intends to allocate these net proceeds toward exploration and development activities across its mineral properties, as well as to bolster its general working capital. These financial and operational steps underscore the continued attractiveness of Brazil's diverse mining landscape for international investors.