Shares of MCFARLANE LAKE MINING (CSE:MLM,OTCQB:MLMLF) rose 25.64 percent this week, after the Canadian junior secured a US$4.86 million private placement led by well-known mining investor Michael Gentile.

Gentile is taking the bulk of the non-brokered placement, subscribing for US$4.57 million, while mining executive Pierre Beaudoin will cover the remainder.

Each unit, priced at roughly US$0.09, includes one common share and one warrant, exercisable at US$0.12 for three years. Upon closing, Gentile will hold a 19.67 percent stake in the company on a partially diluted basis.

According to the firm, the capital injection will pay down outstanding debentures and further fund its exploration at the Juby project by covering the general working capital.

“We are very pleased to welcome Michael Gentile and Pierre Beaudoin as strategic investors. Their experience in the mining sector and track record of supporting high-quality exploration and development companies aligns well with our vision for McFarlane Lake,” CEO Mark Trevisiol said in a recent press release.

Trevisiol added that the financing shores up the company’s balance sheet beyond its immediate operational needs.

Gentile’s entry follows a recent series of drill results at the Juby project, located in the Abitibi Greenstone Belt of Ontario, Canada. On May 19, the company reported it had extended the gold mineralized envelope at the property’s Golden Lake deposit to 750 meters along strike.

Recent drilling intercepted wide bands of lower-grade mineralization.Step-out drilling 1,100 meters to the northwest also hit mineralization, expanding the active drill pattern to 1.6 kilometers.

Gentile pointed to these project fundamentals as the driver for the investment.

“McFarlane Lake ticks all the boxes I look for in a mining project: size, scale, infrastructure, grade and compelling exploration upside all in a proven Tier 1 jurisdiction and trading at only a $60M market cap,” Mr. Gentile said.

McFarlane has completed roughly 7,500 meters of its planned 13,000-meter drill program. The company is using the expanded drill data to model a revised resource estimate.

“Our strategy remains on track: releasing an updated resource statement in June and continuing to ready our site for a bulk sample of mineralization in 2027,” Trevisiol said.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Uranium major Cameco (TSX:CCO,NYSE:CCJ) has resumed full production at its Key Lake mill and McArthur River mine in northern Saskatchewan following a supply route disruption caused by regional flooding.

The logistics disruption stemmed from the partial collapse of the Smoothstone River Bridge due to high water levels.

While Cameco’s mining and milling facilities were not directly inundated by floodwaters, the bridge serves as the primary transport route for hauling critical operating supplies to both operations. Deliveries were further impeded by weight and traffic restrictions imposed on an alternative secondary roadway.

Cameco stated it has bypassed the damaged bridge infrastructure by routing freight volumes through the secondary road system.

“We are in regular contact with the Saskatchewan Ministry of Highways, and while the timing to restore access to our primary supply route is still being confirmed, we have now been able to consistently deliver the volume of critical materials required to resume full operations at Key Lake and McArthur River using the secondary route,” the company said in a statement.

Management noted that seasonal weather conditions continue to present operational risks to the supply chain.

“However, as is the case every spring season, there remains a risk that continued thawing and precipitation events could result in further road restrictions, which could cause delays in future deliveries of critical operating materials to our sites,” the company maintained.

Cameco’s Cigar Lake mine was not affected by the flooding and maintained normal output throughout the transport disruption.

The company confirmed that its 2026 consolidated production outlook remains unchanged at 19.5 million to 21.5 million pounds of U3O8. Further, the temporary production halt at the Key Lake processing plant and the reduction of mining activities at McArthur River have not altered the annual output targets for the combined operations.

The restart stabilizes supply lines from a province that reported US$12.8 billion in total mineral sales for 2025, representing a 19 percent year-on-year increase. Uranium sales within the province rose 24 percent to an industry record of US$3.2 billion, exceeding provincial targets outlined in its 2030 Growth Plan for the second consecutive year.

Saskatchewan accounted for US$6.7 billion in mineral resource development spending in 2025, representing 25 percent of the total national expenditure in Canada. The province also generated more than 16 percent of total Canadian spending on mineral exploration.

The province is currently attempting to diversify its industrial mineral base beyond uranium and potash through its Targeted Mineral Exploration Incentive, which funded 34 separate projects last year.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Charger Metals NL (ASX: CHR, “Charger” or the “Company”) is pleased to provide a drilling progress update at its 100%-owned Lake Johnston Lithium and Gold Project (“Lake Johnston”) in the Yilgarn, Western Australia. Charger has completed a total of 3,054m drilling this quarter to date, including 1,186m of diamond and 1,868m of RC drilling, across Medcalf Lithium Deposit, the Medcalf West Exploration Target and the Xmas Gold Discovery.

KEY HIGHLIGHTS

• 3,054m of diamond and RC drilling completed so far this quarter at Charger’s 100%- owned Lake Johnston Lithium and Gold Project.
• Diamond drilling is still ongoing, testing the extensions of the Medcalf Spodumene Deposit at depth to depths of 500m.
• Following the receipt of all assay results over the coming weeks, Medcalf Lithium Resource will be revised from its current 8.2Mt @ 1.0% Li₂0.
• At Xmas Gold Discovery a diamond hole and a deeper RC hole have been completed, up dip and down dip respectively, with assays pending, to test the vertical extensions of gold intersected in hole CLGRC022 (3m @ 18.0 g/t Au & 9.15 g/t Ag from 135m, including 1m @ 41.5 g/t Au & 26.5 g/t Ag).
• A further 420 surface soil assays have been collected over the Xmas Gold Discovery area, on a 50m x 100m grid, with results pending.
• The high-grade Xmas Gold Discovery area is very under-explored with no historical RC or diamond drilling along a trend of greater than 2km.

Charger’s Managing Director, Bryan Dixon, commented:

“The Lake Johnston greenstone belt is one of the more under-explored greenstone belts in the Yilgarn of Western Australia and does not presently host a major gold or lithium mine. So far this quarter, Charger has completed 3,054m of RC and diamond drilling at its 100% owned Lake Johnston Lithium and Gold Project, with initial samples at the laboratory awaiting assays.

“Drilling has included 2,714m of drilling seeking to extend the existing lithium resource (8.2Mt @ 1.0% Li20) at the Medcalf Lithium Resource and test the Medcalf West Exploration Target. The Charger team has also completed a further 2 holes at the Xmas Gold Discovery, targeting up dip and down dip from RC hole CLGRC022, which confirmed the extremely high-grade nature of this prospect, intercepting 3m @ 18.0 g/t Au from 135m, including 1m @ 41.5 g/t Au.

“The Xmas Gold Discovery has over 2,000m of trend that has not been drill tested previously and there had not been any drilling for gold on this tenement area for 13 years prior to Charger announcing this discovery in late December 2025.”

Medcalf Lithium Drilling targeting upgrading Mineral Resource Estimate

The current program has included 2,714m of drilling at Medcalf Spodumene Deposit, with diamond drilling ongoing and seeking to test the down dip extensions to down hole depths of 500m. Initial metallurgical and ore sorting test work over the Medcalf deposit is planned to commence following the completion of the current diamond drilling programme this month. Initial Medcalf drill…