In the first half of 2023, the miner had up to 19 active drill rigs and completed a total of 78,973 metres of drilling in Mexico and the US.

Prior to this, bullion has been consolidating around the $1,950 level as investors wait for a clearer outlook on the Federal Reserve’s monetary policy path.

Automakers argue they need more leeway on the rules because it’s currently impossible to produce EV batteries without inputs that have at least some Chinese ownership, while US materials producers contend the domestic supply chain won’t succeed if China’s playing a role.

The funding will help the company to accelerate its Feasibility Study covering its Graphite Creek project in Alaska.

The move will give the Swiss giant a direct ownership of NorthMet, poised to be Minnesota’s first copper-nickel mine.

Just four companies have received the money available through the Bipartisan Infrastructure Law and the Inflation Reduction Act.