The Pre-Start

• SSRM.N (US$6.6B) - SSR Mining announced an additional US$500m share buyback, plus the reinstatement of a regular quarterly dividend | ▲ 10%

• AII ($6.8B) - Almonty said 37% of a 12km program at Sangdong molybdenum project, South Korea, is complete with assays matching historical data

• NIC ($4.1B) - Nickel Industries expects ENC HPAL MHP mid-July and nickel cathode mid-August, Apr–May EBITDA US$80m with US$70m distribution due July. It won’t proceed with the ONI matte converter

• EQR ($1.2B) - EQ Resources started dewatering at Barruecopardo, Spain, to regain Phase 5 access (1.03Mt); ore feed targeted by end‑June | ▲ 8%

• BNZ ($579m) - Benz confirmed ~95.5% 24h gold extraction at Icon (Glenburgh), with up to 93.3% from 0.1–0.3 g/t halo | ▲ 7%

• A1M ($495m) - AIC Mines reported drilling at Jericho's Jolly shoot, the first mining area, including 9.2m at 4.4% CuEq from 105m

• TCG ($485m) - Turaco Afema PFS outlines 200kozpa from 1.9Moz probable reserves, AISC US$1,508/oz, capex US$410m, post-tax NPV₅ US$2.1B at US$3,500/oz

• DTR ($440m) - Dateline said the Federal Court hearing on US1 Critical Minerals' bid to transfer 252 REE tenements in the USA has concluded with judgment reserved; it will maintain the status quo meanwhile | ▲ 7%

• GRX ($290m) - GreenX's study found Tannenberg matches Kupferschiefer mines and suits flotation, with 89% Cu & 86% Ag recoveries achievable

• BOC ($257m) - Bougainville says the Autonomous Bougainville Gov’t granted a large-scale mining lease over the same land as EL01 | ▼ 31% 

• VTM ($200m) - Victory’s pilot plant delivered 7.1% rare earths concentrate, 40% HREE, a 59x upgrade on 1,195 ppm at North Stanmore

• LAM ($190m) - Laramide's discharge permit for the Churchrock-Crownpoint uranium project advanced to public notice with New Mexico regulators

• HGO ($180m) - Hillgrove hit 19m at 1.5% Cu from 287m at Kanmantoo, with Stage 2 FID targeted in H2 2026

• AEE ($112m) - Aura said the Swedish Parliament removed municipal consent and nuclear-facility status for uranium mining, aiding permitting for Häggån

• ASN ($83m) - Anson recast its Green River Lithium study as a scoping study: 10ktpa LCE, US$569m capex, US$3.8k/t OPEX, pre‑tax NPV₈ US$1.4B

• CRI ($58m) - Critica targets Q3 completion of scoping studies for Jupiter & Mt Lindsay, after Jupiter produced ~58% TREO MREC, ~97% MREO | ▲ 5%

• WCN ($49m) - White Cliff confirmed a copper zone outside Teshierpi Fault Zone at Rae, with 79.2m at 1.59% Cu from 67m | ▲ 7%

• Argentina approves $9.7B Vicuna copper mine development by BHP & Lundin (Mining.com)

• Rio Tinto tests AI on Pilbara trains; BHP explores automation in WA iron ore (West)

• Hancock Prospecting cuts 300-500 jobs at Pilbara iron ore operations (AFR)

• China mine disaster and Indonesia policy changes disrupt global coal market (Reuters)

• New laws point to $5.6B BHP copper spend despite Indigenous opposition (AFR)

• Aluminium prices hit lowest since March amid China economic data concerns (Bloomberg)

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Wheelin’ n Dealin’

• Former CEO Gareth Penny leads race to acquire De Beers, a major diamond producer (Bloomberg) “3 private groups still interested”

Rattlin’ the Tin

• SGQ ($435m) - St George raised $60m at 10c to advance Araxa, with Hancock subscribing $20m | ▼ 7% 

• NVRO.V (C$93m) - NVRO signed a non-binding HoA with Transamine for a US$25m package (prepayment, working capital & optional prepayment) to fund the launch of its copper cathode processing hub in the NT

• Phoenix Tailings secures US$500m Pentagon loan for US rare-earth plant (Bloomberg)

• Glencore & Trafigura to invest in Merdeka Gold $300m Hong Kong listing (Bloomberg)

Word on the Decline

So if you’re also wondering today how Bouganville Copper, a ~$300m company can be down 31%, here’s our read on the series of events.

1. BOC picks CMOC as preferred partner after its process

2. The Autonomous Bouganville Government, who owns 73% of BOC, says no, prefers Lloyds

3. Lloyds sets up PNG subsidiary and talks about a long-term mining/cooperation agreement for Panguna

4. BOC signs a non-binding 90-day cooperation agreement with Lloyds in April 2026. That agreement did not oblige either party to proceed with a binding deal

5. ABG then tells BOC that Bougainville Minerals has been granted LSML-01 over the same ground, suspending and subordinating BOC’s EL01

Bougainville will reopen Panguna, just unlikely through BOC. Unfortunate for the minority ASX investors… Sovereign risk has a whole new meaning with “autonomous governments”

Got Word on the Decline? Reply or email gc@moneyofmine.com. We will always take your privacy seriously.

Ownership & Oversight

• NMG ($413m) - Malcolm McCusker lifted his NMG stake to 6.6%

• STK ($250m) - Jin Huang bought $5m of Strickland shares off-market, lifting its stake to 7.4%

• PGL ($139m) - Pilbara Gold appointed Martin Reed director; Robert Klug resigned

• LSX ($120m) - Lion Selection lifted its Plutonic stake to 42% with a $1.6m investment

• DRX ($70m) - Diatreme appointed Brian Flannery as Chair, with Wayne Swan remaining a non-executive director

• ARD ($37m) - Argent appointed Mike McKevitt CEO

In the Weeds

• Mining the Truth: Black Cladding (Strictly Boardroom)

• How Nuclear Power Works (YouTube) Detailed walk-through of a nuclear reactor

Today’s Top Tweet

Deficits Drive Bull Markets (Sam Berridge)

The Pre-Start

• WHC ($7.3B) - Whitehaven completed its $32m on-market buy-back, repurchasing shares up to $9.72

• MAU.TO (C$7.1B) - Montage increased Koné resources by 58% to 6.2Moz gold, with grade up 27% to 0.8 g/t | ▲ 10%

• BGL ($2.0B) - Bellevue is on track to beat the midpoint of FY26 130–150koz gold guidance and meet AISC guidance of $2.6k–$2.9k/oz

• A4N ($1.1B) - Alpha HPA reported ~12.4ktpa of HPA and aluminium LOIs, including 5ktpa for Li-ion batteries and further semiconductor volumes | ▲ 12%

• A1M ($495m) - AIC Mines installed the ball mill at Eloise, keeping 1.1Mtpa expansion on schedule for Dec 2026 quarter commissioning

• AMI ($491m) - Aurelia completed a PFS for the New Occidental Tailings project, modelling NPV₈ $42m for $3m capex & declaring a 2.3Mt at 0.64 g/t Au maiden reserve

• AUC ($449m) - Ausgold reported 26m at 3.03 g/t gold from 79m at Katanning and will start 25km infill drilling

• HCH ($385m) - Hot Chili reported 391m at 0.51% CuEq from surface at La Verde

• MTM ($354m) - Metallium completed its first multi-unit FJH commissioning in Texas, running three reactors at 83% availability and ~100% utilisation

• SURG.C ($278m) - Surge Copper’s Berg PFS returned an NPV₈ of C$4.6B and 24% IRR at US$4.75/lb Cu, with C$4.7B initial capex, a 28-year mine life, maiden reserves of 1.2Bt at 0.22% Cu, and LOM average production of ~140ktpa CuEq

• BGD ($222m) - Barton expanded Phase 2 RC drilling at Tunkillia to ~40,000m after interim analysis, with a PFS targeted by end-2026

• ENR ($140m) - Encounter lodged a Mining Lease for Aileron

• AEU ($133m) - Atomic Eagle extended mineralisation at Chisebuka in the Muntanga Uranium project, Zambia, with 12.8m at 237 ppm eU₃O₈ from 41m

• VAL ($111m) - Valiant extended mineralisation ~400m below the South Emu-Triton MRE with 34.2m at 3 g/t Au from 1008m | ▲ 7%

• CRS ($70m) - Caprice reported 94% gold recovery using gravity+CIL on a 13.3 g/t Vadrians composite at the Island Gold project

• POD ($42m) - Podium extended Parks Reef to ~450m depth beyond 250m MRE, with 27.7m at 2 g/t 5E PGM from 411m

• RCM ($37m) - Rapid was granted a 5-year BC permit for Prophet River gallium-germanium

• FRB ($34m) - Firebird placed all long‑lead orders for the demonstration plant, triggering an ARENA milestone payment; equipment due Q4 2026

• OD6 ($33m) - OD6 Metals says Horseshoe at Quinn Fluorspar averages 70.9% CaF₂ meeting Metspar spec

• Minerals Council warns Australia risks 1970s-style strikes as unions target BHP, Rio, Fortescue iron ore exports (Australian)

• Newmont embroiled in $100m capital gains tax dispute in Australia (BN)

• China slams Indonesia investment climate over nickel curbs (FT)

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Wheelin’ n Dealin’

• ERA ($811m) - The Federal Court cleared Rio’s compulsory acquisition of ERA

• AIS ($449m) - Aeris secured Peel shareholder approval to acquire 100% of Peel

• ASM ($345m) - ASM said independent expert BDO reaffirmed the Energy Fuels takeover schemes as fair and reasonable despite the bidder's share-price fall

• PC2 ($343m) - PC Gold will acquire explorer Terracore for $450k in shares, adding ~67km² of adjoining tenure to Spring Hill

• SLS ($250m) - Solstice started a strategic review of its Eastern Goldfields projects, considering sale or demerger

• ERM ($196m) - Emmerson shareholders approved the takeover by Pan African

• CY5 ($165m) - Cygnus exercised options for 100% of Sakami and Beryl Lake in Quebec (~$200k)

• DLI ($122m) - Delta acquired the Morrissey Hill and Camel Hill tenements from Reach for $800k (half cash, half shares)

• FLG ($60m) - Flagship in a trading halt pending exploration-project acquisition

• LEL ($39m) - LE Minerals and MBM completed DD and issued notices to proceed for a $20m sale of Queensland graphite projects

• Elliott intensifies campaign against Northern Star with former executive's assistance (Australian)

• South32 evaluates options for its 63.7% stake in Mozal aluminium smelter in Mozambique (MiningMX)

Rattlin’ the Tin

• NVX ($203m) - Novonix is in trading halt pending a capital raise announcement

• KSN ($34m) - Kingston entered voluntary suspension pending a capital raising update after scrapping the underwriting of its 11 June entitlement offer. Now raising $12m at 3.5c | From bad to worse…

• MMG seeks $1.6B via share placement and convertible bond sale to repay debt (Mining.com)

• St George seeks $60m for Brazil rare earths project backed by Gina Rinehart (AFR)

Ownership & Oversight

• NEM ($146B) - Newmont appointed Brian Tabolt CFO, Mark Rodgers COO and David Thornton CTO

• AZJ ($7.3B) - L1 sold $107m of Aurizon shares, trimming its holding to 6.3%

• ORE ($1.5B) - Helikon bought $33m of Orezone, lifting its stake to 12.3%

• AQI ($234m) - Alicanto appointed Sara van den Hoogen General Counsel and joint company secretary

• ASN ($83m) - Gabriel Nominees took a 5.2% stake in Anson and, with associates, requisitioned a s249D meeting to remove directors

• AT4 ($71m) - American Tungsten & Antimony director Chris Gregory resigned

• KLI ($44m) - Killi appointed Hamish Halliday as director, holding 6m shares

In the Weeds

• 149 Days to go, the Worst Case; More Hot Air from Hastings; Arafura in Trouble (TREO)

• Aussie lithium know-how helps Europe gain ground on China (AFR op-ed)

• China Built the Last Steel Boom. India’s Will Be Different (Bloomberg)

• Correction (Myrmikan) Gold research

• ‘So egregious’: Gina Rinehart v the country music star (AFR) Grassy Mountain showdown

Today’s Top Tweet

Twitter tweet

Twitter tweet

Devil’s in the Detail

• Solstice today vs Orecorp in February 2022

• At this point, the assets should probably have their own ASX listing frequent flyer status.

Our Latest Show

Buying Gold Miners When Everyone is Selling

The Pre-Start

• PRU ($6.5B) - Perseus lifted its on‑market buy‑back to $150m after completing $100m (at $5.24 avg) | ▲ 9%

• NWH ($3.2B) - PMET selected Primero's ALi leach as its preferred pathway after bench tests produced 99.8% Li₂CO₃; commercialisation talks continue

• OBM ($2.1B) - Ora Banda signed a $233m EPC with GR Engineering for a 3Mtpa plant at Davyhurst Mill Expansion; earthworks underway | ▲ 9%

• MI6 ($2.0B) - Minerals 260 started early works at Bullabulling, targeting construction H1 CY2027 and first gold Q4 CY28 | ▲ 8%

• BMC ($783m) - BMC hit 5.5m at 163 g/t Ag and 6.4% Zn from 57m near proposed ABM mine at Kudz Ze Kayah | ▲ 9%

• WIA ($747m) - Wia reported 9m at 10.6 g/t gold from 811m at Kokoseb, identifying a new deep target for underground development | ▲ 9%

• MM8 ($319m) - Medallion hit 13.5m at 7.7 g/t AuEq from 379.9m at Hillsborough Deeps, with DHEM indicating extensions | ▲ 10%

• CTM ($312m) - Centaurus secured Para ICMS tax incentives for the Jaguar Nickel project: equipment/inputs ICMS-exempt and fuel/power cut 50%

• BM1 ($307m) - Ballard confirmed the Pluto discovery at Mt Ida Gold with 5m at 10.2 g/t gold from 98m

• STK ($250m) - Strickland reported 94.3% gold recovery, 21.1 g/t concentrate from Gradina testwork, informing PFS at Rogozna | ▲ 16%

• MM1 ($217m) - Midas reported 61m at 1.95% CuEq from 282m at the T-13 deposit, Otavi

• TSO ($163m) - Tesoro returned 66.3m at 1.7 g/t gold from 375m at Ternera, with infill nearing completion before an MRE update

• CHW ($82m) - Chilwa announced a maiden 34–51Mt Exploration Target at Nakombe South, grading 0.14–0.22% Nb₂O₅ and 0.15–0.23% TREO

• DRE ($80m) - Dreadnought defined three >2km gold trends at the Illaara gold project, hitting 30m at 0.2 g/t gold from 90m | ▲ 11%

• BCM ($78m) - Brazilian Critical Minerals secured ANM approval for Ema's exploration reports, triggering a one‑year deadline to file a mining licence application | ▲ 8%

• YRL ($73m) - Yandal hit 20m at 1.7 g/t gold from 55m outside the 268koz MRE at Flushing Meadows | ▲ 13%

• NNL ($72m) - Nordic reported 71m at 2.9 g/t gold from 207m at Kopsa

• NMR ($51m) - Native Mineral Resources produced 398oz gold doré at Blackjack; refinery outturn for this smelt is due 19 June

• KZR ($41m) - Kalamazoo reported 50m at 2.6 g/t gold from 129m at Mt Olympus | ▲ 12%

• AGC ($33m) - Australian Gold & Copper hit 35m at 0.5% Cu from 353m at Evergreen, NSW | ▲ 17%

• RAU ($31m) - Resouro's PEA for Tiros Rare Earths & Titanium project outlines after-tax NPV₈ US$715m and 44% IRR, with US$191m capex

• ‘Let the oil flow’: US and Iran ready to sign peace deal (AFR) Oil falls 4%

• Copper prices surge as US and Iran near potential deal ending war (Bloomberg)

• Fortescue iron ore carrier narrowly avoids grounding in Port Hedland after engine failure (West)

• Australian miners like MinRes and PLS expand amid lithium market revival (Australian)

Wheelin’ n Dealin’

• TFPM.TO (C$8.4B) - Triple Flag acquires gold stream on Ravenswood mine in Australia for US$440m

• SRL ($2.1B) - Sunrise will invest US$5m in Agni Semiconductor for 17% fully diluted, with board seat and pathway to 30%

• IPX ($1.7B) - IperionX will acquire the Camden mineral assets adjacent to Titan in Tennessee from Covia for US$3m | ▲ 8%

• CVV ($148m) - Caravel agreed to sell a 0.75% NSR royalty over the Caravel Copper project to Regal Royalties Fund for $15m and extend its $15m loan | ▲ 8%

• US-backed fund explores buying stake in French miner Eramet (FT)

• Woodside says it is unaware of any proposal involving ExxonMobil (Reuters)

Rattlin’ the Tin

• SGQ ($435m) - St George requested a trading halt pending capital raise

• TGM ($243m) - Theta issued US$90m bonds, proceeds held in escrow pending drawdown conditions

• M4M ($37m) - Macro Metals took a $626k unsecured 12% p.a. loan from Chair Tolga Kumova, to be repaid from mining services revenues

• Baffinland secures US$110m loan from Ontario court for operations (Mining.com)

Word on the Decline

• On the back of today's news from Wia Gold, we're reminded that Kokoseb (2.9 Moz in mining-friendly Namibia) is one of the prime takeover targets on the board this year. So, speculating on who tables the cheque:

  • Shanjin, the old Yintai: gatecrashed Dundee to seize Osino's Twin Hills in 2024 and is pouring concrete 150km up the same belt. Kokoseb gives it two Namibian mines

  • Zijin, fresh off a US$4bn Allied Gold raid, is ravenous for African ounces

  • Perseus: US$800m cash, zero debt, openly shopping

  • B2Gold: Otjikoto is dying; it needs a Namibian future

Got Word on the Decline? Reply or email gc@moneyofmine.com. We will always take your privacy seriously.

Ownership & Oversight

• PLS ($21B) - PLS director Robert Nicholson bought $100k of shares

• IGO ($6.7B) - IGO NED Debra Bakker resigned effective today

• DVP ($2.3B) - Develop appointed interim CFO Felicity Hughes as Ben MacKinnon resigns

• GNG ($966m) - GR Engineering director Peter Hood sold $1.1m of shares

In the Weeds

• Mining for Value: A Blueprint to Eliminate Chaos, Scale Production and Unlock Latent Capacity (Amazon) New mining book just out

• Minecrawl - New fast-paced mining pc game worth a go - ‘Wordl for mining’

• Buying the world’s largest energy trading book (Trader Ferg)

• The big short: Ben Cleary isn’t afraid of being controversial (AFR)

Today’s Top Tweet

Twitter tweet

Devil’s in the Detail

Ignore Hanking (Toms Gully), but the rest of this field is a consolidation play.

Buying Gold Miners When Everyone is Selling

The Pre-Start

• VAU ($4.0B) - Vault lodged the Sugar Zone Closure Plan Amendment, targeting Q1 FY27 underground restart and Q1 FY28 gold production

• SLS ($244m) - Solstice extended copper-gold mineralisation 160m north of the 2022 MRE at Nanadie, WA, with 44m at 0.52% Cu, 0.14 g/t Au from 93m

• AUE ($227m) - Aurum's PFS for the Boundiali gold project outlines a maiden 42.1Mt at 0.9 g/t Au (1.2Moz) reserve, US$342m capex and NPV₅ of US$553m at US$2.9k/oz, targeting FID Q4 CY2026 and first gold H1 2028

• BRL ($124m) - Bathurst reported the New Zealand High Court dismissed Talleys Group's application to bring a derivative proceeding in its name

• ARN ($90m) - Aldoro reported 318.3m at 1.51% TREO from surface at the Kameelburg REE-Nb carbonatite in Namibia

• KSN ($73m) - Kingston will not resume mining at Pearse South after a ramp failure, pausing underground development at Mineral Hill and raising $11.6m at $0.07 to fund drilling and C&M after a $39m revenue hit

• LNQ ($60m) - LinQ extended mineralisation at the Dam deposit by 100m downdip, including 141m at 0.88 g/t AuEq from 183m

• VMC ($54m) - Venus received $1m deferred payment from Franco-Nevada, taking proceeds for 1% NSR on Youanmi to $47m

• Elliott criticises Northern Star board for failing to grasp reputational damage (BN)

• Iran war tightens ‘super-squeeze’ in metals markets, with copper and aluminium particularly tight (FT)

• BHP seeks to hire rebel workforce to fight strike threat (AFR)

• Goldman raises copper price forecast 10% to US$13,735 amid Iran conflict (FT)

• Fortescue inks mining deal with Juukan Gorge traditional owners (Australian)

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Wheelin’ n Dealin’

• M Resources, IMR, and Thungela bid for Sanjeev Gupta's Tahmoor coal mine (Australian)

• Woodside exercises pre-emptive right to buy 10.67% stake in Browse JV from PetroChina (Reuters)

• SigraFi partners with PeaceGold for artisanal gold supply in DRC's Ituri province (Mining.com)

• LRV ($581m) - Larvotto will acquire 100% of Hammer via a scrip scheme (1 LRV for 22 HMX), valuing Hammer at $54m (6.7c/share), alongside a $15m placement to Glencore at $1.53 (15% premium)

• PC2 ($351m) - PC Gold will issue $295k in shares as part consideration to acquire the camp at the Spring Hill gold project

• QGL ($130m) - Quantum Graphite executed a 20-year exclusive offtake with Sunlands Pure on a cost-plus floor delivering $375/t margin

• FEG ($55m) - Far East Gold received a $0.13 cash off-market bid from Xingye Gold, open until 22 July, recommending no action

• WCN ($48m) - White Cliff completed the Great Bear divestment, receiving $1.2m cash and 230m Great Bear shares

Rattlin’ the Tin

• ELV ($2.1B) - Elevra EGM will be on 16 July to approve C$65m convertible notes with LCSC Holdings

• MCM ($237m) - MC Mining raised US$9.9m via convertible notes from Kinetic Development and Eagle Canyon for Makhado construction

• Wiluna plans $400m ASX float amid elevated gold prices despite past receivership (Australian, AFR)

Ownership & Oversight

• FRS ($667m) - Leeuwin Metals built a 7% stake in Forrestania for $1.7m

• JMS ($511m) - Pinnacle bought $5.6m of Jupiter shares, lifting its stake to 6.1%

• AUE ($227m) - Aurum MD Caigen Wang invested $840k at 60c, taking his stake to 4%

• BGD ($211m) - Franklin took a 6.8% stake in Barton after buying ~$8m

• BGD ($211m) - Aegis took a 5.1% stake in Barton after buying $12m of shares

• BVR ($73m) - Bellavista appointed Darren Cooke as director; Michael Wilson resigned

• AON ($68m) - Apollo director Paul Roberts resigned6

• NGE ($43m) - NGE Capital sold $225k of Danakali shares, cutting to below 5%

• POD ($39m) - Podium Minerals appointed Suzie Foreman co. sec

In the Weeds

• How China Became the King of Electric Cars (YouTube)

• Red Hill Minerals: The Uncovered Story (Quokka)

Today’s Top Tweet

Twitter tweet

Devil’s in the Detail

• Welcome to the ASX, where $137k of volume can move a $7B company by 20%, apparently

Our Latest Show

The $1.6 Billion Bet on Hard Assets (James Davolos)

The Pre-Start

• IGO ($6.8B) - IGO reported a fire at Greenbushes CGP3, no injuries, FY26 guidance unchanged at 1.4Mt spodumene con

• SX2 ($2.8B) - Southern Cross reported 36.6m at 4 g/t gold and 1% Sb from 700m at Sunday Creek | ▼ 6%

• DVP ($2.1B) - Develop made FID on Sulphur Springs and Pioneer Dome and secured US$400m Trafigura funding; first DSO sales Dec 2026

• GNG ($989m) - GR Engineering named preferred EPC contractor by Develop for 1.5Mtpa Sulphur Springs, $295m; early works underway | ▼ 5%

• CXO ($874m) - Core Lithium sold 25kt of lithium fines from Finniss to Glencore at ~US$270/t CIF | ▼ 6%

• LRV ($690m) - Larvotto signed a 7-year gold concentrate offtake with Glencore for Hillgrove, covering ~15kt a year

• TVN ($681m) - Tivan secured a $141k grant from the NT gov’t to co-fund 3 diamond drill holes at the Molyhil Tungsten project | ▼ 10%

• RXL ($632m) - Rox signed a fixed-price EPC with Interquip for the Youanmi gold mine plant, targeting first gold mid‑CY27 | ▼ 5%

• TM1 ($356m) - Terra reported 100m at 1.06 g/t PGE₃ from 200m at Southwest

• CEL ($355m) - Challenger’s PFS for Hualilan outlines a 14.3-year, 1.8Moz AuEq operation with pre-production capex of US$232m, post-tax NPV₅ of US$1.1B at US$3,500/oz Au, AISC of US$1.6k/oz and 2.3 years payback | ▼ 7%

• TRE ($314m) - Toubani said the Kobada gold project remains on schedule for first gold in Q3 2027, with 59% of capex committed | ▼ 10%

• WWI ($215m) - West Wits reported a contractor fatality at Qala Shallows

• EL8 ($121m) - Elevate updated the Marenica MRE to 135Mt at 180 ppm U₃O₈ (52.8Mlb), up 31%, as infill drilling progresses to indicated | ▼ 6%

• GHM ($111m) - Golden Horse confirmed ~500m of strike at Hakes Find, with 6m at 5.9 g/t gold from 34m

• FLG ($71m) - Flagship retracted its +10-year heap-leach 'aim' as a non-compliant LR 5.16 production target

• MTH ($52m) - Mithril hit 7.3m at 4 g/t Au and 225 g/t Ag from 376m, with an MRE update due late June

• CKA ($50m) - Cokal received RKAB approval, targeting a mid-June restart and a 10kt coking coal shipment by end-June | ▲ 6%

• WCN ($40m) - White Cliff reported 19.8m at 6.6% Cu from 152.4m at Danvers, confirming 2.6km strike at Rae | ▲ 27%

• FUN ($38m) - Fortuna targets a maiden MRE in early July for Mkanda rutile & graphite, after a 5.4t sample yielded 66kg HMC at 1.22% rutile

• AAU ($36m) - Antilles Gold's 50%-owned JV Minera La Victoria in Cuba was designated an OFAC by the US; Antilles suspended JV participation and funding, and trading in its shares

• NVO ($31m) - Novo reported 760kt at 3.6 g/t gold (87koz) inferred at Leven Star Reef within the Belltopper project

• Australian steel industry battles for survival against subsidised Chinese imports (Australian)

• US asks China to resume rare-earth exports to Japan (Nikkei)

• Gold extended a decline, down to US$4,210/oz, after the US launched fresh strikes against Iran (Bloomberg)

• Tsingshan proposes multi-billion dollar nickel industrial park in Madagascar amid Indonesian policy shifts (MiningMX)

• Brazil’s aim to become a rare earths leader is running head-on into budget cuts and staffing shortages at its regulator (Bloomberg)

• Pan African to join ASX top-10 gold miners with Emmerson takeover (AFR)

A message from Model Answer Just for fun, check out this ridiculous junior mining arcade game showcased in yesterday's session! Six fighters, one barren tenement, best of three quarters: Molycon Rumble by Model Answer (And if you're in the office today, try out two player mode!) Register for the Meetup! →

Wheelin’ n Dealin’

• MAU ($576m) - Magnetic obtained Court approval for the scheme under which Genesis will acquire 100%, with implementation due 22 June

• SGQ ($454m) - St George will acquire Amperex Tech's 3m shares in Lithium Star for 12.5m shares ($2m)

• DRX ($80m) - Diatreme completed the sale of the Cape Flattery Silica project into its JV with Sibelco, receiving $2m as Sibelco injected $5m | ▼ 12%

• TOE ($69m) - Toro holders approved IsoEnergy's 100% scheme with 92.9% of votes cast in favour | ▼ 10%

• India explores Russian coking coal and nickel assets with SAIL and NMDC (Reuters)

• Elliott pressures Northern Star for strategic review amid CEO search complications (Australian)

Rattlin’ the Tin

• AII ($7.9B) - Almonty closed a US$800m 2.25% convertible notes due 2031 offering (net US$773m), with the over-allotment fully exercised | ▼ 15%

• AQI ($277m) - Alicanto raised $30m at $1.55 to fund Mt Henry drilling

• BGD ($200m) - Barton Gold raised $26m at $0.85 for Challenger gold DFS

• PEN ($196m) - Peninsula signed a US$30m convertible note facility with Soul Patts affiliate

• Eldorado invests C$100m in Amex as Perron project boosts gold output by 47% (Mining.com)

Word on the Decline

• We have heard a number of times that Alcoa got pretty close to buying South32’s Worsley Alumina business last year before discussions cooled. We don’t know where those are at today.

• South32 owns 86% of Worsley, which threw off more than US$1B of EBITDA in FY25. EBITDA is nice but its cash that is required to fund Hermosa without testing shareholders’ patience. Combine that with the broader ambitions of the business to become a copper company…

• For Alcoa, Worsley only makes sense if it can lift returns across the surviving WA system. And there are lots of moving parts in that equation: gas contract roll-off, tougher bauxite approvals, carbon pressure and the awkward business of mining the right ore to keep refinery chemistry happy.

Got Word on the Decline? Reply or email gc@moneyofmine.com. We will always take your privacy seriously.

Ownership & Oversight

• AII ($7.9B) - Almonty director Thomas Gutschlag resigned | ▼ 15%

• ERM ($203m) - Weiss AM sold $4m of Emmerson shares, falling below 5%

• PGL ($125m) - Pilbara Gold appointed Martin Reed as NED, named Jeff Bowen Study Manager, and moved Robert Klug to Chief Legal & Financial Officer

• BVR ($82m) - Bellavista named Darren Cooke NED; Michael Wilson resigned to become technical consultant

• Terra Capital acquired a 14.9% stake in Oceltip Coal 2 in Queensland (AFR)

In the Weeds

• Nickel recovers — until the next Chinese glut (Dryblower)

• Illiads & Odysseys (Alexander Chartres) RIP Pax Americana, 1945-2025. Fantastic framing for 2026. 10-min video at the bottom of the article

• Copper: AI Hype or Supply Squeeze? (Goldman Sachs Vid) “Copper is a commodity proxy for the AI trade + tariff potential” Also talks Ag, Au, Al

Today’s Top Tweet

Twitter tweet

Devil’s in the Detail

• The votes are in from Almonty’s AGM, and the results aren’t pretty

• Canadian businesses don’t allow for a direct vote on the rem report, as we do here in Australia, so shareholders air their dissatisfaction by voting directly against directors - add to that other factors that have rubbed them the wrong way over the past year

• The results speak for themselves!

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The $1.6 Billion Bet on Hard Assets (James Davolos)

The Pre-Start

• NST ($28B) - Northern Star bought back 260k shares for $5m, taking cumulative total to $87m, under its up to $500m buy-back | ▼ 6%

• MI6 ($1.8B) - Minerals 260 reported 15m at 3.8 g/t gold from 24m at Bullabulling, with maiden reserves and PFS July 2026 | ▼ 5%

• MC2 ($1.1B) - Marimaca intersected 96m at 1.19% Cu from 692m at Pampa Medina, Chile, including 16m at 5.70% Cu from 704m

• AMI ($516m) - Aurelia commissioned a tailings thickener at Peak, supporting a lift from 0.8Mtpa to 1.1–1.2Mtpa and lower cyanide use; the tertiary ball mill is due Q1 FY27 | ▼ 7%

• AIS ($497m) - Aeris reported 14.2m at 9.1 g/t gold from 172m at the Main lode of Golden Plateau, Cracow | ▼ 6%

• MMI ($468m) - Metro shipped 604kwmt in May as the Ikamba OFT returned, maintaining CY26 shipment guidance at 6.6–7.1Mwmt

• MM8 ($343m) - Medallion completed FEED for Cosmic Boy refurbishment, signed a $7.6m early works deal, and targets commissioning in Q2 CY2027

• MRT ($249m) - Maritana lifted Black Swan throughput to 2.5Mtpa post-FEED; capex rising and under review; cash $229m | ▼ 5%

• ATR ($236m) - Astron's revised Phase 2 study for Donald sets $557m capex for incremental NPV₈ of $1.5B and a 52-year mine life

• HRN ($198m) - Horizon reported 6m at 5.1 g/t gold from 95m at Swift, with drilling extending Eagle ~300m south at Gum Creek

• CNB ($185m) - Carnaby confirmed Miniboom near Mount Hope Central at Greater Duchess, with 50m at 2.7% CuEq from 83m

• PHO ($93m) - PhosCo reported a new phosphate discovery at Gasaat (Tunisia), with 18.8m from 41m at KH, 3.5km from the proposed plant

• NNL ($77m) - Nordic hit 70m at 1.34 g/t gold, 0.18% Cu and 4 g/t Ag from 202m in a step-out at Angesneva on the Kiimala Trend, Finland, extending mineralisation north beyond the current resource

• YRL ($77m) - Yandal reported 11m at 1.7 g/t gold from 84m at Arrakis within the Ironstone Well-Barwidgee gold project

• MYE ($71m) - Mastermyne expects FY26 revenue $220–230m and EBITDA $17–18m at the upper end of guidance, and holds $37m net cash

• NMR ($51m) - Native Mineral Resources' Blackjack operations in Qld delivered a record month since restart with 0.4koz recovered gold

• AW1 ($50m) - American West reported 108m at 25.2 g/t indium from 471m at West Desert, 430m east of the resource

• PXX ($46m) - PolarX commenced JV drilling at Caribou Dome and reported 3m at 11.2% Cu, 12.6 g/t Ag from 65m

• WCE ($45m) - WCE Silver extended silver mineralisation 70m beyond maiden MRE at Elizabeth Hill, with 60m at 25 g/t Ag from surface | ▼ 12%

• MRZ ($42m) - Mont Royal's updated PEA for the Ashram Rare Earths & Fluorspar project in Quebec outlines post-tax NPV₈ C$2B, capex C$1.2B, AISC C$18.6/kg, and 17.5ktpa TREO over 30 years | ▼ 16%

• BHP faces potential $126m daily loss from union shutdown at Port Hedland (Australian)

• ‘War’: Inpex LNG facilities hit with rolling 8-hour stoppages (AFR)

• MinRes secures offtake deals for European iron pellet plant (BN)

• China coking coal prices hit highest since 2024 after Shanxi mine shutdowns (Bloomberg)

• Indonesia centralises control over strategic commodity exports to boost state earnings, cutting nickel ore quotas (Reuters) NEWC at $152/t+

• CMOC is offering bonuses to end a strike at Tenke Fungurume (Bloomberg)

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Wheelin’ n Dealin’

• EQR ($1.2B) - EQ Resources will acquire six Hodgkinson EPMs near Mt Carbine from Sunshine for $250k

• LRV ($690m) - Larvotto is in a trading halt pending a material acquisition

• FRS ($681m) - Forrestania will acquire Zenith via an off‑market scrip bid offering 1 FRS share per 4.3 ZNC shares (implied $0.132, 47% premium), unanimously recommended by the Zenith board | ▼ 8%

• LAC ($81m) - Lac Gold completed the acquisition of Golden Patricia in Ontario from Barrick, taking 100% ownership; Barrick retains a 2% NSR

• OD6 ($36m) - OD6 Metals exercised its option to acquire the Quinn Fluorspar project in Nevada | ▼ 8%

• Botswana seeks UAE and Oman partners to acquire De Beers stake from Anglo American (Bloomberg)

• Federal Court allows Rio Tinto to acquire ERA, sealing Jabiluka's fate (Australian)

Rattlin’ the Tin

• AQI ($277m) - Alicanto is raising $25m, with the right to accept a further $5m, at $1.55

• PEN ($196m) - Peninsula raised $36m at 35c to fund Lance uranium ramp-up

• CP8 ($61m) - Canadian Phosphate opened a renounceable rights issue at 14c to raise up to $5m, with 1-for-2 options

• ASX explorers increase investment outflows in March quarter, fastest pace in decade (BN)

• Sinda files for US IPO amid rising investor interest in mining stocks (Reuters)

• Gold Mines Australia shifts ASX listing plans to Canada due to tax changes (Australian)

Word on the Decline

• It has been a little too quiet in uranium M&A, which usually means one of two things: nothing is happening, or everything is.

• NexGen was the consensus takeover pick for 2026. Rook I secured its long-awaited federal approval in March, removing the most obvious regulatory hurdle for would-be acquirers. Six months ago, fund managers were confidently pencilling in a deal (it was a common prediction in our 2026 fundie predictions episodes).

• Now, as June rolls on, the conversation has shifted. Rather than debating who buys NexGen, the market seems increasingly focused on whether anyone is coming, and more importantly, worrying that management might have to develop it themselves.

• Boss, meanwhile, is sitting on 19.8% of Laramide and could probably use a second third act beyond Honeymoon and Alta Mesa.

• Then there is DevEx, a uranium vehicle capital markets would love to fund the moment it gets its hands on a worthy project. A Marnie Finlayson and Tim Goyder combination would be a money magnet with a worthy project. They’re surely looking hard for one.

Got Word on the Decline? Reply or email gc@moneyofmine.com. We will always take your privacy seriously.

Ownership & Oversight

• LIN ($1.4B) - Lindian cancelled 13m performance rights held by former chair Asimwe Kabunga's nominee; a $10m claim is reported but not served

• AUC ($460m) - Ausgold appointed John Sofield project director

• AON ($79m) - Apollo NED Paul Roberts resigned effective today

• CAV ($40m) - Carnavale director Ron Gajewski will retire effective 30 June

In the Weeds

• Datacenters Are the New Shale Oil… (Kuppy)

• China: Value in Exile (Fred’s Corner)

Today’s Top Tweet

Devil’s in the Detail

• A small rebellion is underway among Cygnus shareholders after management agreed to hand the company to CAML for an implied 17.6c a share.

• The outrage stems from a fairly simple observation: everyone seemed to think Cygnus was worth considerably more than that right up until the moment it wasn't.

• Retail shareholders have responded in the traditional manner, producing a HotCopper dissertation arguing fair value sits somewhere between 27c and 34c, with broker targets stretching as high as 53c!

• The broker target is particularly amusing. The most bullish valuation comes from the same corner of the market that was happily placing stock at 17c a few months ago.

• Such is the beauty of equity research, where fair value is often discovered shortly after the deal is announced…

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The 3 Trades That'll Win the Next Decade (Michel Mamet)

The Pre-Start

• RSG ($2.6B) - Resolute expects Q2 Syama output of ~30koz (vs 40–45koz) after Mali security disruptions, with FY26 at the lower end of 195–210koz | ▼ 9%

• NMG ($456m) - New Murchison sold 361kt ore at 3.5 g/t Au (40koz Au) in H1, reporting $121m NPAT and $156m cash

• ARN ($95m) - Aldoro's maiden metallurgy at Kameelburg (Namibia) returned ~72% TREE and >99% Sr via HCl leach without beneficiation

• AT4 ($94m) - American Tungsten & Antimony reported 10.4m at 4% Sb from 7m (including 4.6m at 8.6%) at Little Emma, Utah | ▼ 7%

• CHW ($86m) - Chilwa reported 22m at 0.228% Nb₂O₅ (pXRF) from 350m at Nakombe, extending niobium mineralisation south | ▼ 8%

• LAC ($81m) - Lac Gold reported 5.7m at 141 g/t Au from 148m at Astoria, Rouyn Gold project, Quebec, including 0.5m at 1,580 g/t

• BCM ($75m) - Brazilian Critical reported MgSO₄ leach results from the Ema project averaging 48% TREO and 62% MREO recoveries; BFS due June 2026 | ▲ 11%

• AVL ($66m) - Australian Vanadium will submit a Stage Two EOI for the Kalgoorlie VBESS 50MW/10h VFB, seeking up to $150m WA funding

• WCN ($43m) - White Cliff to return capital via in‑specie distribution of Hydrocarbon Dynamics shares, 1 per 15.6 held

• AAU ($36m) - Antilles is in a trading pause pending an announcement

• Australian miners urge Albanese gov’t to counter China's iron ore purchasing centralisation (AFR)

• Eramet halts Weda Bay Nickel production in Indonesia after 70% quota cut (MS)

• China's Huayou plans lithium carbonate plant in Zimbabwe (Bloomberg)

• EnergyX to build US$230m lithium iron phosphate plant in Texas (FT)

• Trump announces $700m support for ‘clean, beautiful’ US coal projects (Australian)

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Wheelin’ n Dealin’

• ERA ($1B) - ERA in halt pending Court judgment on Rio’s compulsory acquisition

• EZL ($204m) - Euroz Hartleys entered exclusivity to 30 Jun with BMO over a $145m cash sale of its Capital Markets business, subject to DD and a strategic alliance with the retained Private Wealth arm

• AGX (C$204m) - Silver X acquires full ownership of Ccasahuasi gold project in Peru from Barrick

• HMX ($46m) - Hammer entered a halt pending a potential change-of-control announcement

• AKN ($43m) - AuKing signed an earn-in with Tusker for 100% of Tundulu, authorising exploration pending Malawi licence transfer, with $1m cash & 83m shares (+57m performance shares)

• Elliott pressures Northern Star for sale amid CEO search (Australian)

Rattlin’ the Tin

• AII ($7.9B) - Almonty plans a US$700m convertible senior notes offering due 2031, with a US$100m option, to refinance debt

• ELV ($2.2B) - Elevra completed an SPP raising ~$16m at $12.20 | ▼ 5%

• SVL ($302m) - Silver Mines executed an agreement with Petra Capital to underwrite up to 63m options expiring, raising $7.6m

• VRX ($37m) - VRX Silica launched a renounceable rights issue to raise up to ~$6m at 4c, partially underwritten

• Sunshine Silver raised $270m in US IPO to restart Idaho mine (Bloomberg)

• Frontier Energy nets $110m in capital raise (BN)

Word on the Decline

• Euroz has confirmed BMO’s $145 million cash proposal for its capital markets business, with exclusivity to 30 June. The interesting part is the carve-out: Euroz would retain 100% of private wealth.

• That structure makes sense for BMO, which wants Australian mining ECM firepower. It also leaves a logical second trade.

• Canaccord has already bulked up in Australian wealth through Wilsons and does not need more ECM capacity. Euroz’s listed wealth stub seems to us to have a bow on it for Canaccord’s pickings.

Got Word on the Decline? Reply or email gc@moneyofmine.com. We will always take your privacy seriously.

Ownership & Oversight

• LYC ($19B) - Lynas appointed Pol Le Roux interim CEO from 1 July

• SOL ($16B) - Soul Patts sold $28m of Aeris shares, cutting its holding to 8.4%

• RMS ($6.0B) - First Sentier emerged with 5% of Ramelius

• VUL ($1.7B) - Vulcan directors converted performance rights, with Cristobal Moreno selling $479k to cover tax

• CHN ($578m) - Chalice director Alex Dorsch bought 150k shares for $220k

• GLN ($524m) - Galan directors bought $520k at 4.1c via the placement

• MRT ($258m) - Liz Jones appointed as COO

• ELT ($178m) - Elementos director Jonathon David exercised 2m options at 25c

In the Weeds

• Lars Förberg (Money Maze pod) Great insight on “active equity ownership”

• Why aren’t we Juukan-Gorging Twiggy up the wazoo? (Joe Aston Op-ed)

• The aluminium crisis nobody saw coming (Volt Insight)

Today’s Top Tweet

Twitter tweet

Devil’s in the Detail

• With Tasmea stock trading closer to $8 a share, this “special dividend” certainly has a bit of a “capital raising” look to it…

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Whitehaven's Big Bet (Paul Flynn)

The Pre-Start

• NST ($30B) - Northern Star updated its on-market buy-back to a maximum 22.6m shares ($500m) to April 2027

• DPM ($11B) - DPM hit 713m at 2.5 g/t AuEq (1.3 g/t Au, 1.2% Cu) at Brevene South Porphyry adjacent to Chelopech

• IPX ($2.0B) - IperionX's Titan Critical Minerals project DFS returned NPV₈ US$813m and 39% IRR with staged capex US$381m over a 14-year plan producing rare earths, titanium minerals & zircon in Tennessee | ▼ 6%

• FFM ($1.8B) - FireFly secured an ATO ruling confirming its Bellavista in‑specie distribution was a capital return, not a dividend

• PMT ($1.3B) - PMET received a non-binding LOI from SocGén to participate as MLA for financing of Shaakichiuwaanaan

• CHN ($569m) - Chalice outlined a 2.5km Cu-REE anomaly with rock chips to 19.3% TREO and will start a 10-hole RC program

• VMM ($467m) - Viridis signed a power connection contract with DME for Colossus, reserving 27MW from Dec 2027 for H1 2028

• NVA ($376m) - Nova will be suspended from quotation today following court approval of its scheme

• AR1 ($215m) - Austral secured a 4.8MW SAG mill for the Rocklands 3Mtpa restart, with site works to begin Q3 2026

• FXG ($172m) - Felix began bulk-sample extraction at the Treasure Creek Antimony project, shipping ~20t off-site and entering Alaska OPMP permitting

• ARL ($132m) - Ardea was granted WA Lead Agency Status for its Goongarrie Hub

• VAL ($127m) - Valiant hired Mako Mining to start dewatering and rehab at Comet, with completion targeted H2 FY27 for restart

• BKB ($92m) - Black Bear reported 8.8m at 307 g/t Ag from 259.1m at Shafter Silver, Texas, extending beyond the foreign MRE | ▲ 11%

• AW1 ($52m) - American West resampled core at West Desert, returning 39.4m at 5.86% Zn and 28 g/t In to support MRE expansion

• BTM ($45m) - Breakthrough reported Barbara assays in Qld, with 35m at 1.34% Cu from 204m

• LKY ($43m) - Locksley confirmed REE mineralisation at El Campo, California, with 7.2m at 2.9% TREO (NdPr ~25% of TREO)

• AAU ($39m) - Antilles said Nueva Sabana, Cuba concentrator shipments start July; final non-concentrator EPC shipment from China departs in ~2 weeks

• AVM ($38m) - Advance’s first hole at Gavilanes returned 33.9m at 220 g/t Ag (including 6.2m at 718 g/t)

• EVG ($36m) - Evion's 50:50 Panthera JV sold 720t for US$1.7m revenue, delivering US$530k EBITDA at 20–25% capacity

• NXM ($36m) - Nexus reported 13m at 3.4 g/t Au from 30m at Payns, ahead of a Sept-quarter Wallbrook gold MRE update | ▲ 8%

• M4M ($32m) - Macro was awarded a $12.5m first work package by BHP for site works at Mt Goldsworthy to May 2027 | ▲ 50%

• Iran launched a deadly strike on Kuwait Int’l Airport (AFR) Trump: “I don’t know. I mean, I think it (the Strait) could be (closed through Labor Day)”

• Exports from Guinea’s Simandou iron ore project surged in May to 2.2Mt, 6 months after the first shipment (Bloomberg)

• Oklahoma's attorney general sues to block aluminium smelter after Trump endorses rival (Reuters)

• India’s central bank said a report that it’s selling gold is “not correct” (Bloomberg)

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Wheelin’ n Dealin’

• MAU ($578m) - Magnetic shareholders approved the scheme for Genesis Minerals to acquire it; court hearing on 9 June

• Sojitz selects Brian McDonald-led group as preferred buyer for Gregory Crinum coal mine sale (Australian)

• China selected a new state investment firm to coordinate overseas mining deals amid geopolitical risks (Bloomberg)

• Northern Star considers selling Yandal hub amid pressure from Elliott (AFR)
  

Rattlin’ the Tin

• ARU ($1.5B) - Arafura opened a $25m SPP at 26c, and called a 2 July EGM to approve US$100m EFA & €50m KfW equity plus $200m NRF convertible notes

• C79 ($703m) - Chrysos refinanced with a 3-year $200m facility, lifting headroom by $105m to fund PhotonAssay manufacturing and deployments

• Vedanta's CopperTech files for US IPO to fund Konkola Copper Mines (MiningMX)

• USA Rare Earth secures up to US$1.6B funding under CHIPS Act (Reuters)

• Fortuna secures $8.6m investment from US WNDR for critical minerals expansion (BN)

Word on the Decline

• From the AFR article this morning:

• This isn’t surprising, one thing we continue to hear is that Northern Star still needs to properly “come clean” about the capex at Jundee…

• Northern Star will argue materiality. As an example (not the full picture, but part of it):

• Our intel is that NST commissioned a paste plant at Jundee recently. Reclaimed dry tailings from Jundee TSF 1, trucked ~6km to the paste plant.

• But apparently they struggled to fill even one stope and the project got scrapped…

Got Word on the Decline? Reply or email gc@moneyofmine.com. We will always take your privacy seriously.

Ownership & Oversight

• PLS ($21B) - First Sentier ceased to be a substantial holder in PLS

• ORI ($11B) - Orica appointed Mark G. Johnson as NED

• AZY ($424m) - Copia was a net buyer of $5m of Antipa, lifting its stake to 15.2%

• SKY ($257m) - Sky directors Rimas Kairaitis & Richard Hill sold 8.4m shares off-market at $0.195

• EVZ ($83m) - TIGA Trading sold $2.5m of EVZ shares on-market

• RMI ($79m) - Praxis bought $1m of RMI shares, taking its holding to 7.5%

• ANX ($58m) - Anax appointed Nick Jolly director; he will take 2.9m placement shares and 15m performance rights

• LEX ($36m) - Noontide bought $1.2m of Lefroy shares, lifting its stake to 21.1%

• RAU ($36m) - Warman trimmed its holding in Resouro to 9.7%

In the Weeds

• AI may not be the demand booster copper bulls expect (Reuters)

Today’s Top Tweet

Twitter tweet

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Whitehaven's Big Bet (Paul Flynn)

The Pre-Start

• NST ($26B) - Northern Star lifted resources to 88.9Moz Au and reserves to 28.4Moz, with first-time inclusion of Hemi (13.2Moz resources; 5.5Moz reserves).. It also acknowledged Elliott and will review M&A options; KCGM mill expansion remains on track for early FY27

• PMT ($1.4B) - PMET discovered LCT pegmatites across its properties, extending the Mickel trend to 10.5km, with Cosma channel 4.4m at 3.61% Cs₂O

• EQR ($1.1B) - EQ Resources approved expansion of Mt Carbine tungsten operations in Qld

• BOE ($540m) - Boss said JV partner enCore confirmed a more than 1.1km eastward extension of uranium mineralisation at Alta Mesa East (Boss 30%)

• MM8 ($339m) - Medallion validated historical intercepts at Lounge Lizard: 20m at 4.65 g/t Au from 54m; Forrestania Gold MRE targeted Q3 CY2026

• STN ($334m) - Saturn lifted Apollo Hill’s resource to 174Mt at 0.51 g/t Au, with 2.2Moz in measured & indicated

• SKY ($247m) - Sky Metals advanced into the EIS phase, with a resource and PFS due within weeks

• VTM ($184m) - Victory signed a traditional owner agreement with Wajarri Yamaji for North Stanmore, WA, enabling the grant of the mining licence

• GML ($125m) - Gateway hit 10m at 2.2 g/t Au from 66m at the Yandal gold project

• ARL ($122m) - Ardea pushed completion of the Kalgoorlie Nickel DFS for the Goongarrie Hub beyond 30 Jun 2026, with $84.5m of the $98.5m consortium-funded budget spent, and started a scandium recovery scoping study

• DRE ($103m) - Dreadnought discovered Metzkes North at the Illaara, WA, with 4m at 6.6 g/t Au from 87m

• DRX ($80m) - Diatreme extended its $1m unsecured debt facility by 12 months to 30 May 2027 at 7.5% pa

• KSN ($73m) - Kingston suspended pending update on Pearse South pit wall failure

• IBR ($69m) - Iron Bear applied to Canada's MPO for Project of National Significance to expedite Iron Bear project permitting and access financing

• GA8 ($47m) - GoldArc's grade control drilling at Mt Stirling returned 17m at 3.48 g/t Au

• JLL ($44m) - Jindalee said US Elemental filed S-4 for SPAC merger with Constellation, with Jindalee to retain >80% subject to US$20-30m PIPE

• 49M ($10m) - 49 Metals hit 27.4m @ 8.3g/t Au from 221m (including 9.1m @ 21.9g/t Au), interpreted as a high-grade feeder structure

• European Central Bank reports gold now 27% of global reserves, surpassing US Treasuries at 22% (FT)

• Urenco USA expands New Mexico uranium enrichment by 50% amid Russia ban (Bloomberg)

• USA Rare Earth invests US$1.2B in South Carolina rare earth plant (Reuters)

• Goldman’s and Citi raise copper price forecasts to US$15,000 (Mining.com)

• China’s state-backed iron ore buyer has instructed some steel mills to ask questions about Fortescue’s new low-grade product (AFR)

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Wheelin’ n Dealin’

• EMR ($3.9B) - Emerald will cornerstone Manda, funding Pacgold's North Qld demerger with $6.4m pre-IPO and $4.3m at IPO to hold 19.9%

• VYS ($443m) - Vysarn will acquire NewGround for up to 33m shares and $25m cash (28.6m shares + $8.3m upfront, balance via 3-year EBIT earn-outs)

• WTM ($269m) - Waratah secured a 24‑month option to acquire Goldenclad, paying two $50k fees and $250k on acquisition in shares

• CY5 ($134m) - Cygnus agreed to an all-scrip scheme with Central Asia Metals at 0.06 Central Asia Metals shares per Cygnus share, valuing it at $232m

• US start-up Atana acquires exploration licences in Germany & Poland for lithium drilling (FT)

Rattlin’ the Tin

• TVN ($681m) - Tivan secured $10m options underwriting and $5m placement at 30c, delivering $15m minimum funding for projects

• RTR ($84m) - Rumble received the second $5m from Elemental Royalty for 2.5% NSR on Western Queen, Ramelius declining pre-emptive rights

• TAM ($73m) - Tanami Gold raised $70m via an underwritten rights issue at 6c; ~$50m taken up, $20m placed by Bell Potter

• Tintina secures $66m for Domeyko Sulfuros copper-gold project in Chile (Mining.com)

• CopperTech plans US IPO to capitalise on mineral self-reliance policy (Reuters)

• SPAC Hall Chadwick Acq. Corp agreed to merge with REEcycle, a U.S. rare earth recycling company chaired by Mick McMullen, in a deal valuing REEcycle at $400m (PR)

Word on the Decline

• The obvious next shoe in manganese is Exxaro cleaning up Jupiter. Exxaro has already paid A$0.326 a share for 19.99% of JMS, bought 50.1% of Tshipi, and become Jupiter’s JV partner, largest shareholder and natural end-buyer. Jupiter still owns the remaining 49.9% of Tshipi, a 3.4Mtpa Kalahari workhorse, and had $76m attributable cash at March quarter end.

• With JMS trading $0.26 a share today, below Exxaro’s own entry price, a mop-up bid would be financially digestible, strategically neat and politically simple.

Got Word on the Decline? Reply or email gc@moneyofmine.com. We will always take your privacy seriously.

Ownership & Oversight

• Stuart Macnaughton to lead Wesfarmers' Covalent lithium JV, succeeding Ross Martelli (West)

• MIN ($15B) - MinRes director Xi Xi sold 4.6k shares, now holding 12k

• DBI ($2.7B) - Dalrymple appointed Pam Bains and Rhoda Harrington as independent NEDs

• CTM ($340m) - Regal sold its Centaurus stake down from 6.6% to 5.6%

• TTM ($209m) - Tribeca bought $3.2m of Titan shares, lifting its stake to 14.5%

• GRR ($185m) - Grange appointed Jie Yu as a non-independent NED

• PTR ($43m) - PTR director Donald Stephens resigned effective 31 May

• YUG ($36m) - Yugo Metals appointed Cameron Peacock as NED

In the Weeds

• Commodities Demystified (Trafigura) An old guide we stumbled back across - great for anyone curious about the art of commodity trading

• Mining’s least difficult child leads a rare earths revolution (AFR op-ed)

• Federal Budget to boost exploration remuneration (Strictly Boardroom)

• The precarious balancing act Michael Chaney faces dealing with activist Elliott (Australian)

Today’s Top Tweet

Genuinely range-bound between US$90-110 per tonne for two years.

Devil’s in the Detail

• Northern Star’s first reserve for Hemi today since the acquisition of De Grey. We can’t see a capex number in there.

• And separately, a hopeful tonnage figure slipping in…

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Whitehaven's Big Bet (Paul Flynn)

The Pre-Start

• IAG.NY (US$10B) - IAMGOLD updated its resource estimate for Côté (Ontario), combining the Côté & Gosselin zones into a single block model for 20.3 Moz M&I (up 12%) and 3.5 Moz Inferred (up 61%)

• SRG ($2.0B) - SRG Global secured $1.9B of contracts and lifted FY26 EBITDA guidance to $168m, initiating FY27 guidance at $190m to $200m | ▲ 11%

• ARU ($1.4B) - Arafura's Nolans project in NT was designated the first Significant Project under the Territory Coordinator Act 2025, streamlining approvals

• FRS ($736m) - Forrestania announced 2Mt at 1.2 g/t Au (74koz) MRE at MacPhersons, lifting global resources to 25.7Mt for 1Moz

• SMI ($542m) - Santana advanced the Bendigo-Ophir Gold project to FTA hearings; statutory decision due 29 Oct 2026

• CEL ($395m) - Challenger poured first dore from Hualilán gold, commencing tolling with Austral Gold for 150ktpa processing for 3 years

• CNB ($191m) - Carnaby discovered the Miniboom lode at Mount Hope Central: 232m at 1.3% CuEq on the planned pit edge | ▲ 8%

• ZEO ($177m) - Zeotech's landfill trial at North Burnett, Qld, cut methane emissions by 92% vs controls; monitoring runs to August

• AEE ($122m) - Aura Energy signed a non-binding MOU with a nuclear utility covering funding/offtake for Tiris uranium project, targeting FID by end-2026

• BKB ($94m) - Black Bear engaged Ausenco for restart studies at the Shafter Silver project, with EFA issuing a non‑binding letter of support

• TNC ($74m) - True North Copper reported 30m at 0.52% Cu from 154m at Great Australia Mine

• KSN ($73m) - Kingston entered a trading halt after a pit wall failure at Pearse South halted open-pit operations pending assessment

• STM ($65m) - Sunstone reported 200m at 0.62 g/t AuEq from surface at Porotillo, outside the 3.6Moz Bramaderos resource

• LSA ($61m) - Lachlan Star reported 7.6m at 2.7 g/t Au from 18.5m at New Waverley, WA

• ZNC ($49m) - Zenith reported 5m at 3.49 g/t Au from 91m, extending mineralisation at Dulcie

• WCN ($37m) - White Cliff hit 33.5m at 1% Cu at Danvers, with the confirmed footprint >1.8km strike and visual sulphides over ~3.1km

• SMX ($6m) - Strata signed a profit-share agreement with BML Ventures, who’ll fully fund and manage mining at Zelica in exchange for a 50:50 net profit split

• Elliott calls for gold giant Northern Star to put itself up for sale (AFR) Owns “well over $1B” stake - NST up 8%

• Fortescue allegedly sent ‘dummy’ electric batteries to Florida partner (AFR)

• Syrah shares jump 41% after Tesla revokes graphite deal termination (West)

• Orla halts Camino Rojo gold mine in Mexico amid worker blockade (Reuters)

• Copper prices rise ahead of US tariff decision on refined copper by June 30 (Bloomberg)

• Data centre investment rivals mining boom, with investment growing at its fastest pace in years (AFR)

• Glencore cancels South African ferrochrome job cuts after securing lower electricity tariffs (Bloomberg)

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Wheelin’ n Dealin’

• TEA ($1.8B) - Tasmea will acquire Maxim for up to $254m, with $184m upfront ($112m cash/debt and $72m scrip) + up to $70m earn-out | ▲ 19%

• AMI ($533m) - Aurelia to farm-in to Legacy's Cobar licences: 51% with $500k in 2 years, 90% with +$1.5m

• VMM ($501m) - Viridis signed a non-binding LoI with Solvay for MREC offtake, targeting FID next half

• SGQ ($474m) - St George will acquire ATL's 10% of Lithium Star for $2m in shares, moving to 100%, while ATL secures up to 25% lithium offtake

• WTM ($269m) - Waratah took an option to acquire Goldenclad mining leases for up to $1.2m

• CY5 ($134m) - Cygnus Metals is in a trading halt pending a potential change-of-control announcement

• RAU ($35m) - Resouro executed a mining/processing agreement for Novo Mundo gold with Future Mining/BGM to fund costs

• US extends deadline for Trilogy equity stake purchase to July 31 (Bloomberg)

• Cameco increases Cigar Lake ownership to 57.4% after $83m acquisition in Canada (Mining.com)

• Pan African acquires 15% stake in CuFe for $15m in Aussie expansion (MiningMX)

• Barrick considers London listing amid negotiations to sell African assets in US$30B deal (Reuters)

Rattlin’ the Tin

• LEX ($38m) - Lefroy issued 26.3m placement shares at $0.125 to raise $3.3m

• YUG ($36m) - Yugo Metals raised $5m at $0.096 (4% discount) to accelerate drilling at Sinjakovo, Sockovac and Cajnice

Word on the Decline

• Well it’s not breaking news but Northern Star is well and truly ‘for sale’ here as a real option. Have a flick through Elliott’s deck on the gold miner if you get the chance (link).

• We know the global activist hedge fund is smart and everything, but this deck has got to be a joke? It reeks of AI slop.

• The brains trust put a few clever charts together, but the presentation is amateur. Shareholders are supposed to take seriously the reccommendations of a party that puts this in a deck? 😂

Got Word on the Decline? Reply or email gc@moneyofmine.com. We will always take your privacy seriously.

Ownership & Oversight

• BHP ($317B) - BHP appointed Mark Vassella as an independent non-exec

• NEM ($161B) - Newmont’s Peter Toth & Natascha Viljoen sold US$316k and US$409k of shares

• WGX ($4.9B) - L1 Capital bought $59m of Westgold, lifting its stake to 8.3%

• AIS ($473m) - First Sentier took a 5.2% stake in Aeris Resources

• MMI ($469m) - Metro’s director Jo-Anne Scarini resigned effective 30 May

• CTO ($48m) - Alan Grayson bought $580k of Citigold shares

• LEX ($38m) - Colin Petroulas ceased as a substantial holder of Lefroy

• BSR ($33m) - Bison appointed Tim Mackellar as CEO

In the Weeds

• Paul Singer (In Good Company Pod) For those wonder who on earth Elliott are - an interview with its founder

Today’s Top Tweet LinkedIn Comment

Stellar reputation all round.

Devil’s in the Detail

• Yes, we are roasting Elliott for their amatuer deck. Maybe they felt inspired by Northern Star’s history.

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Inflation Is the Only Escape (Chris Judd)

The Pre-Start

• RIO ($258B) - Rio started commissioning its US$1.5B AP60 smelter expansion at Complexe Arvida, Quebec. Start-up expected to complete by end 2026

• GGP ($9.2B) - Greatland approved FID for Havieron and executed a $500m debt facility, leaving >$1.7B liquidity for development; works await secondary approvals

• NHC ($4.9B) - New Hope amended and partially unwound capped call options tied to its 2032 convertible notes, taking its economic long position below 5%

• IPX ($2.0B) - IperionX reported U.S. Army/WMTR tests found Ti‑6Al‑4V titanium fasteners at 563–615 ft‑lbf torque‑to‑yield vs 480–502 for Grade 8 steel

• TVN ($669m) - Tivan completed a pilot at Speewah Fluorite, producing 195kg fluorspar at 98.6% CaF₂; samples sent to end-users

• SYR ($230m) - Syrah said Tesla withdrew its intent to terminate the Vidalia AAM offtake after curing an alleged default, but retains termination rights | ▲ 24%

• KZR ($53m) - Kalamazoo withdrew claims the Peake exploration target extends Ashburton’s mine life and corrected figures and CP wording to meet JORC

• QML ($39m) - QMines progressed a DFS for Mt Chalmers copper-gold, targeting completion by year-end after a $15m QIC package

• Codelco nearly quadrupled pre-tax profit as copper prices surged despite output drop, with its chair signalling profit over growth focus (Mining.com)

• DRC triples royalties on lithium and strategic minerals (Bloomberg)

• Rio & South32 offer record aluminium premiums to Japan amid Middle East conflict (Bloomberg)

• Race for rare earths sparks concern about environmental damage (FT)

• China mine collapse kills five, days after deadly Shanxi blast (Mining.com)

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Wheelin’ n Dealin’

• CYL ($1.4B) - Catalyst exercised option to buy Bryah Basin tenements from Albright for $2.2m in cash & shares

• HGO ($159m) - Hillgrove completed the $5m Stage 1 consideration for Mutooroo

• CP8 ($62m) - Canadian Phosphate will acquire 100% of Diamond Mountain phosphate (Utah) for up to US$3m, announcing a rights issue for up to ~$5m at 14c

• PGO ($53m) - Pacgold is halted pending a deal involving its North Queensland assets

• VMC ($42m) - Venus sold to Franco-Nevada its 1% Youanmi royalty for $46m, with VMC intending to declare two special dividends | ▲ 35%

• KLI ($39m) - Killi remains suspended pending queries on a potential acquisition

• Zijin faces delays in US$4B acquisition of Allied Gold due to Chinese regulatory concerns (FT)

• Jindal Steel seeks to acquire Whyalla steelworks amid local job losses and operational failures (Australian)

Rattlin’ the Tin

• TGM ($243m) - Theta Gold raised US$90m via senior secured bonds at 12.75% to fund TGME Gold project construction, with interest-only for 30 months and first gold targeted Q1 2027, subject to CPs before mid-June settlement

• BGD ($211m) - Barton raised $25.5m at 85c to fund Challenger DFS/FID (AFR)

• ANX ($58m) - Anax in trading halt pending capital raise announcement

• COD ($56m) - Coda raised $6.7m at 13c to fund the Elizabeth Creek PFS

• EVG ($37m) - Evion upsized its placement to ~$7m at 3c

Ownership & Oversight

• PLS ($21B) - PLS director Dale Henderson sold $4m of shares on-market

• SOL ($17B) - Soul Patts sold $6.4m of Aeris shares on-market, trimming its holding to 14.2%

• WAF ($3.6B) - Helikon bought $38m of West African, lifting its stake to 11.2%

• PRN ($2.0B) - Perenti appointed Vanessa Torres to the board as Mark Norwell resigned today

• WIA ($798m) - Capital DI lifted its WIA Gold stake to 15.7%

• MMI ($465m) - Metro non-executive director Jo-Anne Scarini resigned

• STK ($303m) - Strickland appointed Jo-Anne Dudley and Sandra Bates as directors, with Richard Pugh resigning

• AQI ($272m) - Michael Naylor bought $475k Alicanto shares, now holding 5.2%

• SLS ($256m) - Regal bought $3m of Solstice shares, lifting its holding to 6.3%

• ALR ($255m) - Altair appointed Simon Bolster as technical advisor

• ERM ($250m) - Weiss AM bought $3.1m of Emmerson shares, lifting to 6.1%

• ATR ($236m) - Astron appointed Marcelo Bastos as NED

In the Weeds

• Dino Otranto at AFR Mining Summit (Interview) Entertaining interview. Anecdote on CMRG’s ambitions at 20:01 is fascinating

• The Most Convex Trade of My Career (PauloMacro) Polar opposite of the below post - you decide!

• St Barbara - the math doesn’t stack up (Quokka Substack)

• A personal note to a reader (Alyosha) “We have ample energy supply”

• White Smoke from ARU's Chimney; US fails in addressing RE in Beijing; Rare Earth Canibalism; Neo's Quarterly; BRE, UUUU, SGQ (TREO)

• Tin re-balances but investors are still betting on scarcity (Reuters oped)

Today’s Top Tweet

Twitter tweet

Devil’s in the Detail

• On our numbers, this is an effective ~15% p.a. cost of debt. And that’s before fees. Throw in arranger, legal and other financing fees, and the true all-in funding cost is likely somewhere in the 16-17% range. And we punters are looking for equity returns!

Theta Gold Mines announcement today

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Inflation Is the Only Escape (Chris Judd)

The Pre-Start

• CCJ.NY (US$48B) - Cameco resumes full production at McArthur River and Key Lake after flood disruption

• CIA ($2.7B) - Reporting after open yesterday, Champion Iron produced 14.2m wmt iron ore in FY26, delivered C$1.8B revenue and C$169m NPAT, declared a C$0.02 dividend, and targets first DRPF sales by end‑June

• GG8 ($267m) - Gorilla reported 3.8m at 21 g/t gold from 374m at Sovereign, Comet Vale, with an additional RC rig drilling | ▲ 8%

• HAV ($230m) - Havilah ended the quarter with $56m cash and $76m in Sandfire shares, with Kalkaroo PFS preparations underway

• ORN ($203m) - IDC converted R344m loan into 23.8% of PCZM (Orion subsidiary), releasing security over Prieska

• EGR ($178m) - EcoGraf's claimed a global assessment confirmed the competitiveness of the HFfree process, with average operating cost at US$478/t SPG and integrated cost at US$1.4k/t

• ELT ($158m) - Elementos was granted 3 tenements adjoining Oropesa, extending along strike of tin/zinc resources

• AGY ($96m) - Argosy's 12ktpa Rincon pilot produced 99% LiCl purity and 94.4% lithium recovery, supporting flowsheet selection and DFS progression | ▲ 15%

• MAT ($75m) - Matsa started Campaign 3 processing of gold from Devon at FMR's Greenfield mill, 13‑day window; Campaign 4 late July

• AQD ($65m) - AusQuest to start 5,000m diamond drilling at Cangallo for copper after RC hit of 176m at 0.38% Cu from 40m

• Two unions raise work stoppage threats at BHP's Port Hedland facilities (West)

• An attack at Zijin ​Gold's Buritica ​mine had left ⁠one worker dead (Reuters)

• Goldman’s forecasts increased demand for Australian & Canadian met coal post-China mine explosion (MiningMX)

• Lone skink discovery pauses some work at $2.3b Harmony’s Eva copper mine (AFR)

• China tungsten exports to Japan halve amid tightened controls (Nikkei)

• WA generated $226B in mineral and petroleum sales for 2025 (West)

Wheelin’ n Dealin’

• Matt Latimore bids for Whyalla steelworks, targeting iron ore expansion (Australian)

• PE-backed Pembroke enters safe harbour for Olive Downs coal mine as it looks to work through a tough period (AFR)

• Mitsui is looking to invest in LNG projects across the Middle East, the US and Australia as data centres boost power demand (Bloomberg)

• Quad partners plan US$20B investment to secure critical minerals supply chain (Geomechanics)

• Defence-driven demand powers surge in US listings by mining firms (Reuters)

• GIYANI Metals seeks partners for US$535m K Hill manganese project in Botswana (MiningMX)

Rattlin’ the Tin

• BGD ($211m) - Barton Gold in trading halt, raising $25m at 85c

• GL1 ($134m) - Global Lithium raised $7m from Lopal, meeting one CP to the US$75m prepayment; only a positive Manna FID remains

• MAT ($75m) - Matsa progressed the $17.5m Deutsche Balaton facility: 2^nd mortgage lodged on Fortitude North for T2, Red October mortgages advancing

Word on the Decline

• The 47-page subscription agreement between Kinterra and Maronan does nothing to dampen our prediction of popcorn in six months time. It’s one of those “lets scan the pdf and upload it after market so people don’t pay attention” kind of documents. Didn’t work on us.

Got Word on the Decline? Reply or email gc@moneyofmine.com. We will always take your privacy seriously.

Ownership & Oversight

• GGP ($8.6B) - Greatland director Mark Barnaba sold $13m of shares, reducing his holding to 500k shares

• FFM ($1.5B) - Regal sold $36m of Firefly, cutting its stake to 7%

• LFT ($473m) - Avenir, owned by Agnico, disclosed a 9.8% stake in Li-FT on ASX admission

• PLA ($310m) - Pacific Lime appointed Darren Holley as COO/CCO

• CUF ($137m) - Gold Valley bought $156k of Cufe; stake down to 20.3% after dilution

• TER ($128m) - TerraCom appointed Richard Clarke as interim CFO & Co sec

In the Weeds

• Gina Rinehart leverages $39B iron ore fortune to build influence network (AFR)

• Finding the next big thing (Bush Valuations) Copper, Aluminium, Deep Sea mining

• A Letter to the Chair and Secretary of Lithium Energy (Raper Capital)

Today’s Top Tweet

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The End for Australian Exploration?

The Pre-Start

• GLEN.L (£67B) - Glencore closed its agreement with Gécamines for land access at Kamoto Copper (DRC)

• CIA ($2.8B) - Champion Iron is in a trading pause pending an announcement

• DVP ($2.0B) - Develop targets June FID for an 850kt lithium DSO at Pioneer Dome, with $35-40m capex to be debt-funded via offtake | 3^rd lithium supply announcement this week?

• FRS ($753m) - Forrestania reported 21m at 2.5 g/t gold from 21m at Lady Lila

• GLN ($548m) - Galan completed commissioning at HMW with first processed LiCl brine, targeting H2 2026 LiCl concentrate sales

• BTR ($384m) - Brightstar reported visible gold in several drillholes at Two Mile Hill, Sandstone, with assays pending

• BOC ($289m) - Bougainville said KPMG resigned as auditor

• GRX ($282m) - GreenX defined an Exploration Target at Tannenberg of 144–279Mt at 0.9–1.4% copper, 15–21 g/t silver (1.3–3.9Mt Cu; 69–188Moz Ag)

• WWI ($230m) - West Wits completed the 1 West decline at Qala Shallows, accessing 2 Level stopes; expanded scoping study due end‑July 2026

• MEU ($120m) - Marmota reported 9m at 7.1 g/t gold from 82m at Greenewood | ▲ 18%

• AA2 ($117m) - Ariana reissued its Dokwe PFS with a reasonable basis statement, showing post-tax NPV₁₀ US$740m at US$4,250/oz and capex US$164m

• GHM ($116m) - Golden Horse drilled 12m at 7 g/t gold at Hopes Hill North, a 1km step-out, putting mineralisation at >3km strike

• CXU ($100m) - Cauldron set a 9–42Mlb U₃O₈ Exploration Target on four acquired Yanrey tenements

• CHW ($92m) - Chilwa was commissioned by Lindian to prepare grade-control drill samples at its Zalewa lab for Kangankunde

• OSM ($56m) - Osmond reported outcrop channel samples up to 29.3% THM at Orin; consultants will use them in the MRE

• PGO ($50m) - Pacgold started irrigating 100kt of re-crushed ore at White Dam and restarted drilling at Vertigo to support a mining restart

• GA8 ($48m) - GoldArc reported 1m at 106 g/t gold at Mt Stirling, with grade control results feeding open-pit mine planning

• LEL ($42m) - Lithium Energy outlined 23–46Mt at 12–16% TGC graphite Exploration Target between Burke & Mt Dromedary

• VKA ($27m) - Viking Mines produced 62.5% WO₃ concentrate at 59.8% recovery at Linka, validating a gravity-plus-flotation flowsheet | ▲ 9%

• BDM ($24m) - Burgundy said BC's Supreme Court extended the stay to 28 Jul and approved debtor financing and a sales process for ACDC's assets

• BHP nears enterprise agreement with Australian Workers Union for 1,600 workers (West), while it faces delays in electrifying haul trucks (AFR)

• US-backed rare earth rivals MP Materials & USA Rare Earths clash over alleged technology theft (FT)

• AustralianSuper urges Glencore to consider ASX listing to boost valuation (Reuters)

• BHP & Fortescue warn of tougher iron ore contract negotiations with China (West)

• Peru presidential candidates' mining plans cast doubt on investment, industry leader says (Reuters)

A message from Costmine Get the number before the study. Independent project economics on thousands of mining assets. Built on Costmine cost models. Stress-test any scenario in minutes. Explore WOODY →

Wheelin’ n Dealin’

• POSCO to partner with Matt Latimore in Whyalla steelworks bid amid furnace closure (Australian)

• BlackRock's Olivia Markham advocates for more mining M&A to attract investors (AFR)

• Zambia's ZCCM-IH signs deal with China's Sinoma for lime supply (Bloomberg)

• Ionic Rare Earths partners with AML for US magnet rare earth oxide supply (Mining.com)

• MAU ($576m) - Magnetic said cash elections in its takeover exceed the cap, triggering scaleback

• FEG ($33m) - Far East Gold received an off-market takeover offer from Xingye Gold at $0.13 cash per share | ▲ 39%
  

Rattlin’ the Tin

• VUL ($1.7B) - Vulcan reached financial close on the €2.2B ($3.9B) funding package for Lionheart | ▲ 6%

• SHN ($123m) - Sunshine raised ~$8m to fund the Mt Moss acquisition and Liontown start-up

• COD ($56m) - Coda is in halt as it raises $4m at 15c

• VRX ($32m) - VRX Silica launched an entitlement at 4c (43% discount) to raise up to ~$6m to fund Arrowsmith North | ▲ 10%

• Quilla considers IPO after restarting Chapi mine in Peru, needing US$200-300m for upcoming capex (Bloomberg)

Word on the Decline

• Our read is that BHP is is trying to engineer a clean exit of Mt Keith and Leinster and the diversified major is very likely to retain major rehab liabilities themselves from their sale

• Anyone want to join our consortium to pay $1 if BHP underwrites all holding costs too?

Got Word on the Decline? Reply or email gc@moneyofmine.com. We will always take your privacy seriously.

Ownership & Oversight

• PDN ($5.1B) - Kopernik bought $238m of Paladin, becoming a 5.1% holder

• AUC ($471m) - L1 bought $8.5m of Ausgold, lifting its stake to 7.5%

• TTM ($214m) - Franklin bought $12m of Titan shares, taking its stake to 5%

• PEN ($207m) - Davidson Kempner bought $10m of Peninsula, holding 5.4%

• SPD ($205m) - Southern Palladium director Lindi Nkosi-Thomas sold $86k of shares

• VHM ($87m) - Chris Ellison participated in the placement, now holding 6.2%

• ANX ($49m) - Tribeca acquired $2.4m of Anax, becoming a 6.7% holder

In the Weeds

• April 2026 Fund performance (Ausyield)

• From Geology to Geography (Massif Cap)

• The mining boom is back – and Australia is getting in its own way (AFR)

Today’s Top Tweet

Devil’s in the Detail

• Do we need to add anything to this one?

• Amazingly, we think Li-FT has managed to have ASX take down this original. We can’t seem to find a link to it any more.

• You’ll find the replacement but not the original. This link still works though.

• Nothing’s ever gone forever from the internet.

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The End for Australian Exploration?

The Pre-Start

• MAH ($2.0B) - Macmahon secured a 12‑month extension to provide services at Majestic for Black Cat

• TVN ($681m) - Tivan's Turiscai stream sediments returned up to 434 ppm copper and 0.8 ppm gold

• GLN ($548m) - Galan Lithium suspended pending Hombre Muerto West commissioning update

• SVM ($410m) - Sovereign confirmed monazite containing Dy, Tb and Yttrium in Year‑1 pits at Kasiya, recoverable from tailings in the DFS flowsheet, with a study underway on by‑product economics

• BGD ($225m) - Barton’s Area 51 drilling at Tunkillia returned 43m at 1.8 g/t gold from 39m, indicating potential extensions of the optimised open pit and supporting a PFS targeted by end-2026

• AA2 ($109m) - Ariana Resources’ revised PFS for Dokwe shows post-tax NPV₁₀ US$740m at US$4.3k/oz gold, US$164m capex and 1.1Moz LoP production

• E25 ($88m) - Element 25 reviewing US HPMSM plan, renegotiating GM agreements after timeline CPs were not met, prioritising Butcherbird expansion

• CRS ($87m) - Caprice reported 12m at 3 g/t gold from 118m in a parallel structure at Island, with 50,000m drilling continuing

• CRI ($73m) - Critica's Jupiter pilot plant achieved a 14x upgrade to 3% TREO concentrate with 95% mass rejection, informing Sedgman's Scoping Study

• AGR ($44m) - Aguia secured Ministry of Agriculture approval to commercialise Pampafos, with 24tph commissioning underway

• VRX ($39m) - VRX Silica’s 2026 BFS at Arrowsmith North returned NPV₈ $179.2m from 221Mt at 99.5% SiO₂, with capex up $8.3m

• NVO ($32m) - Novo regains control of Egina gold project after Northern Star exits earn-in; Northern Star and IMC below 10% and 5%

• YUG ($32m) - Yugo reported first drilling results at Erak (Sinjakovo), returning 8m at 1.2 g/t AuEq from 26.1m

• PRX ($27m) - Prodigy’s scoping study for Hyperion outlines 230koz gold, NPV₁₀ $107m at $4,250/oz, capex $24m and AISC $3.4k/oz

• China halts operations at 109 coal mines after Shanxi disaster, impacting 122Mt capacity (Bloomberg)

• Outgoing Lynas boss Amanda Lacaze to lead Minerals Council (AFR)

• BHP cites technology limitations for delaying Pilbara decarbonisation projects (Mining.com)

• Codelco halts operations in Antofagasta after 6.9-magnitude earthquake (Reuters)

• NSW approves $700m Copi mine to produce 400kt of mineral sands annually (AFR)

• Codelco and SQM allocate US$3B for lithium project in Chile (Bloomberg)

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Wheelin’ n Dealin’

• ENR ($140m) - Encounter signed a non-binding MoU with Echion and Switch to progress an integrated niobium-lithium battery supply chain in Australia

• AGC ($48m) - Australian Gold & Copper will acquire New South Resources, owner of the Junee gold project, for 30m shares (~$5.4m), and raise $5m at 15.5c

• Russia fails to auction Uzhuralzoloto stake for second time amid nationalization efforts (Reuters)

Rattlin’ the Tin

• SLM ($28m) - Solis entered a trading halt pending a capital raise

• MNB ($21m) - Minbos executed IDC security for its US$16m facility and lodged a US$4.8m drawdown

• Vizsla Silver secured a $10m loan from FIFOMI for Panuco project in Mexico (Mining.com)

• Sunshine Silver targets $2.3B valuation in US IPO to raise $330m for Idaho mine restart (Mining.com)

• PT Merdeka Gold plans Hong Kong listing to raise at least $500m (Bloomberg)

Word on the Decline

• We hear the “synergies” touted in the proposed Vault and Regis merger could inspire the next wave of gold M&A. Not because combining two miners suddenly makes trucks drive faster, but because today’s gold price allows ageing assets to be effectively revalued through a merger.

• Many old mines still sit on balance sheets at stale historical values despite generating vastly higher margins at record gold prices. Resetting that asset base can increase future depreciation deductions and materially reduce cash tax paid. Vault and Regis claim more than A$500 million in tax benefits from the deal alone. Who woulda thought the hottest exploration target might just be deferred tax.

Got Word on the Decline? Reply or email gc@moneyofmine.com. We will always take your privacy seriously.

Ownership & Oversight

• RSG ($2.9B) - Resolute appointed Gina Jardine to the board; Adrian Reynolds resigned

• SX2 ($2.6B) - Darren Morcombe & Springtide bought $10m of Southern Cross, lifting to 11.7%

• WTM ($289m) - Waratah appointed Johan Van Vuuren as NED

• PEN ($204m) - Soul Patts became a substantial holder in Peninsula at 7.5% after subscribing $10m in the entitlement offer

• LRM ($89m) - Lion Rock appointed directors Duncan Craib and David Brophy as Robert Boston and Phillip Gallagher resigned

• KLI ($39m) - Nev Power lifted his stake in Killi to 8.6% via conversion of 7m performance rights

• QML ($38m) - QIC became a 12.4% holder in QMines

In the Weeds

• Leaked documents from BHP (Four Corners)

• George Orwell on Mining — Kind of… (Strictly Boardroom)

• Inside the Fortescue vs BHP war in the Pilbara (AFR)

• A Penny for Your Thoughts… and a Ton of Copper (Fred’s Corner)

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Devil’s in the Detail

• The latest Celsius ($CLA) announcement is quite something to behold

• Of all the salaries, fees and ticket clipping we could list, we’ll give you a just a taster

• Not bad for a $20m market cap company…

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The End for Australian Exploration?

The Pre-Start

• MIN ($13.8B) - MinRes & Ganfeng approved $490m FID for Mt Marion flotation plant and underground, targeting 600ktpa SC6, commissioning 2H FY28

• GGP ($8.8B) - Greatland received WA environmental approval for Havieron, completing State & Federal primary permits and targeting FID this quarter

• NWH ($3.3B) - NRW subsidiary Fredon secured ~$120m in electrical contracts across Victoria and WA

• ZIM ($1.8B) - Zimplats says Zimbabwe has declared PGMs critical minerals and is engaging authorities on the policy's implications

• GNG ($877m) - GR Engineering executed two EPC contracts worth $219m for Sorby Hills & Laverton

• VMM ($431m) - Viridis produced first MREC at the Colossus demonstration plant, enabling offtake samples. DFS due end‑June 2026 | ▲ 8%

• BTR ($395m) - Brightstar approved FID for Goldfields and began constructing 1.5Mtpa Laverton plant, $110m EPC contract signed

• BCN ($276m) - Beacon completed resource definition drilling at Iguana with 19m at 11.9 g/t gold from 111m

• STK ($264m) - Strickland increased the Gradina inferred MRE to 20Mt at 2.8 g/t gold (1.8Moz), taking the Rogozna MRE to 9.24Moz AuEq

• BML ($229m) - GR Engineering executed a $109m EPC with Boab to relocate and commission the DeGrussa processing plant

• AT4 ($85m) - American Tungsten & Antimony reported samples to 4,713 ppm tungsten at Tennessee Mountain

• PHO ($80m) - PhosCo confirms single‑stage flotation at Gasaat producing up to 31.4% P₂O₅ at 75–84% recovery; updated Scoping Study Q3 2026

• MRZ ($39m) - Mont Royal identified a fluorspar zone at Mallard near Ashram, citing historic intercepts including 32.4m at 26.1% CaF₂

• NXM ($33m) - Nexus hit 12m at 3.8 g/t gold from 76m at Clement, ahead of a Wallbrook MRE update in Q3

• OZM ($27m) - OzAurum will start commissioning the Mulgabbie North heap leach plant; grade control returned 6m at 6.31 g/t gold from 25m

• IPT ($26m) - Impact reported 7.1m at 8.4 g/t gold, 42 g/t silver from 79.9m at Commonwealth South

• RAP ($26m) - Raptor reported 25.1m at 2.1% CuEq (1.2% Cu) from Chester drilling

• MinRes bets $490m on lithium rebound with WA mine expansion (AFR)

• Guinea to impose export controls on bauxite to stabilise aluminium prices (Bloomberg)

• BHP scales back decarbonisation projects in WA iron ore mines (Bloomberg)

• Ghana commits to renewing Gold Fields' Tarkwa lease (Reuters)

• The devastating Liushenyu mine explosion has spiked coking coal prices 8% (Bloomberg)

• Australian government capital gains tax changes threaten exploration investment (AFR)

• Minerals Council of Australia narrows chair shortlist to Mark McGowan after Joel Fitzgibbon declines (Australian)

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Wheelin’ n Dealin’

• SVL ($334m) - Silver Mines will acquire freehold land and water entitlements for $12.5m cash

• HGO ($154m) - Hillgrove said EL 6592 was renewed, satisfying the Mutooroo partnership condition to issue shares & options to Havilah

• LEL ($34m) - Lithium Energy will sell its QLD graphite assets to M Battery Materials for $20m ($5m cash, $15m scrip), proposing an in‑specie distribution

• Midas sells Newington project to Forrestania for $1.5m to focus on Otavi (BN)

• Amplitude has struck a $58m deal with Beach to buy into the Artisan gas field of Victoria’s offshore Otway Basin (Australian)

Rattlin’ the Tin

• AGC ($44m) - Australian Gold & Copper in trading halt pending acquisition and capital raise

• GMN ($25m) - Gold Mountain will raise $4.5m at 10c via a placement to fund Brazil rare earths and lithium exploration

Word on the Decline

• We think Fitzroy River has stumbled into one of the ASX’s more fascinating microcap special situations. Endura has lobbed $12.3m on the table to buy back Fitzroy’s 1-3% Snowy River royalty before first production, but Fitzroy appears far more interested in keeping the royalty than banking the cash.

• The dispute centres on whether Endura’s “decision to mine” had already occurred, potentially extinguishing the buyback option altogether.

• That matters because Snowy River is funded, permitted, near-term producing gold project. With Fitzroy’s market cap (~$20m) still barely above the cheque itself, the market may be missing the point entirely.

• The one that we find quite interesting is the 1-2% NSR over Bowden’s silver project. Silver Mines today is spending $12.5m on freehold land - indicating eventual development could be more likely than many people think. And a royalty is a good place to hide until a permitting dynamics evolve there.

Got Word on the Decline? Reply or email gc@moneyofmine.com. We will always take your privacy seriously.

Ownership & Oversight

• BGD ($216m) - Barton MD Alex Scanlon bought $193k of shares on-market and exercised 200k options, increasing his holding by 410k shares

• AEU ($141m) - Atomic Eagle director Grant Davey continued buying shares

• CUF ($104m) - Tennant Consolidated acquired 15% of CuFe via a share subscription

• YUG ($32m) - Yugo Metals appointed Craig McNab NED after Mihajlo Matkovic resigned

• DGR ($28m) - DGR Global director Nicholas Mather bought 74.8m unlisted 3c options off‑market for $935k, expiring Jan '27

In the Weeds

• Gold Fields will be eyeing Northern Star (Dryblower)

• The Emperor Has No Clothes - A 65-Year Audit of OPEC (Commodity Compass)

Today’s Top Tweet

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Devil’s in the Detail

• Somebody is less than impressed at Lindian…

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This is a Hard Reset Moment (Emanuel Datt)

Stocks: VEA, ALD, NHC, WHC, SMR, YAL, KNB, GHM, RMS, FRS, TG6, MEK, CYL, WC8, EQR

The Pre-Start

• MEK ($354m) - Meeka began ore development at Judy North (96koz at 5.4 g/t gold), with stoping at Wilber due this quarter

• AUE ($226m) - Aurum received environmental approvals for Boundiali mining licence applications, a prerequisite for licence grant; PFS due this quarter

• VTM ($163m) - Victory joined the US Defense Industrial Base Consortium, gaining access to DoD funding programs for North Stanmore | ▲ 7%

• GBR ($122m) - Great Boulder confirms Mulga Bill–Eaglehawk continuity at Side Well, indicating >2.5km pit potential; 21m at 7.24 g/t gold from 99m | ▲ 7%

• DRE ($109m) - Dreadnought secured a mining lease over Metzkes Find at Illaara, enabling open-pit development; current resource 15koz at 6.8 g/t gold

• LSA ($63m) - Lachlan Star reported 6.2m at 8.6 g/t gold from 47m at New Waverley

• BCA ($60m) - Black Canyon extended Wandanya mineralisation 300m north and to 800m cross‑strike, with 8m at 34.1% Mn from surface

• AWJ ($58m) - Auric lifted Munda MRE to 4.2Mt at 1.4 g/t gold (192koz), up 32%; scoping study on Munda/Burbanks underway

• NMR ($52m) - NMR milled 24.1kt in April, highest since restart; new Podosky and Blackjack Mid Pit feed to begin May/June | ▲ 9%

• KZR ($49m) - Kalamazoo outlined a 1.7–2.6Mt at 3.4–5 g/t gold UG Exploration Target (240–380koz) at Peake

• FUN ($33m) - Fortuna retracted Q4 2025 REE prices, saying they lacked a reasonable basis and should not be relied on

• HMX ($31m) - Hammer reported 124m at 2.2% CuEq from 186m in Kalman resource drilling; more assays pending to underpin scoping study

• KNB ($27m) - Koonenberry defined a third structure at Enmore gold, with rock chips to 87 g/t at Queen of Sheba; drilling planned

• AUQ ($25m) - Alara dispatched its 42^nd  copper concentrate shipment from Al Wash-hi Majaza: 1,321 wmt containing 0.2kt copper and 0.2koz gold

• BHP to review rare earths potential at Olympic Dam under $23B agreement (AFR)

• Gina Rinehart lashes Labor’s ‘ill thought-out’ capital gains tax ramifications (Australian)

• Perth Mint reports $40B in bullion exports, surpassing the previous record of $31B (BN)

• Mt Holland lithium mine has been approved to double output to 4.4Mt (Bloomberg) Here comes supply

• A gas explosion at Liushenyu coal mine has marked China's worst mine disaster in 17 years, with a death toll of 82 ​(Reuters)

• Indonesia to lay out new commodity export policy soon, official says (Bloomberg)

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Wheelin’ n Dealin’

• FRS ($778m) - Forrestania will acquire 100% of the Newington gold project from Midas for $1.5m in shares upfront plus deferred payments

• CRN ($369m) - Coronado will sell 100% of the Logan Mining Complex to Phoenix Coal for nominal cash with liabilities assumed

• Ravenswood is set to come back to market next year after its rescue (Australian) EMR & GEAR contributed $65m each, + $450m debt & US$440 royalty financing

• Nature Energy Solutions acquires 39.3% of Eurasian Resources Group in Kazakhstan (Mining.com)

• Aluminium Corp of China invests US$1B in Guinea alumina plant for raw material exports (Bloomberg)

• Nathan Tinkler to become chairman of White Energy with $15m coal deal (AFR)

Rattlin’ the Tin

• LML ($29m) - Lincoln raised $3.1m at 1.2 to fund Minbrie drilling

• TAS ($20m) - Tasman raised $4.1m at 4.1c to fund Parkinson Dam drilling | ▲ 32d%

• Lefroy raises $3.6m for Mt Martin gold deposit scoping study (The West)

Word on the Decline

• Eyes on the Cobar in the not-too-distant future. We think there’s at least one more near-term deal to emerge in the infrastructure-heavy region of NSW

Got Word on the Decline? Reply or email gc@moneyofmine.com. We will always take your privacy seriously.

Ownership & Oversight

• FMG ($67B) - Fortescue director Elizabeth Gaines will step down; Sigrid Kaag to join as NED

• EUR ($695m) - European Lithium bought $1.7m of CuFe shares, now 16.7%

• RXL ($591m) - L1 bought $6.5m of Rox shares, lifting its stake to 19.1%

• MMA ($88m) - Perth Capital bought $474k of Maronan shares, lifting its stake to 10.3%

• ESR ($69m) - Estrella appointed Robert Mencel as MD; Chris Daws becomes NED

• RMI ($60m) - Ven Capital bought $611k of Resource Minerals International

• AGR ($51m) - Aguia director Warwick Grigor acquired 25m shares at 2c for $500k plus 25m options via early note/loan conversion

In the Weeds

• Inside the online army fighting the gas tax war (and it’s not over) (AFR) Deep dive read. “It’s not going away. It’s going to keep building”

Today’s Top Tweet

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Devil’s in the Detail

• Pits being constrained at A$7k (AWJ.ax) - what a time to be alive!

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This is a Hard Reset Moment (Emanuel Datt)

The Pre-Start

• PMT ($1.2B) - PMET started a 45km drill campaign at Shaakichiuwaanaan for CV5/CV13 to support an updated FS and a 2026 PEA

• DTR ($701m) - Dateline appointed Alvarez & Marsal to manage construction of the Colosseum gold mine and lead EPC+M contracting pending financing

• ALDE.C (C$494m) - Aldebaran reported 1,339m of 0.45% CuEq (0.38% Cu, 0.14 g/t Au & 2.5 g/t Ag), including 500m of 0.71% CuEq at Altar, Argentina

• AS1 ($271m) - Asara hit 40m at 4.5 g/t gold at Massan, Kada, confirming the NE extension and drill orientation

• STK ($264m) - Strickland commenced PFS workstreams at Rogozna, with an updated Gradina MRE due in weeks

• FXG ($169m) - Felix Gold reported 29.3m at 2.2 g/t gold from 13.4m in assays at NW Array, with antimony co-hosted

• WCN ($38m) - White Cliff secured a C$250k Gov’t of Nunavut grant to co-fund 6000m RC drilling at Danvers, Rae copper project

• BMR ($27m) - Ballymore intersected 28m at 4% galena and 3% sphalerite from 106m at Torpys; assays due June

• KRM ($22m) - Kingsrose: BHP to terminate the Finnmark alliance; Kingsrose to hold 100%, with 950km² new licences taking the package to 3850km²

• Mining bosses warn new capital gains tax will ‘cut the jugular’ of Aussie economy (Australian)

• SGH’s Ryan Stokes blasts budget tax reform as ‘punishing aspiration’ (AFR) Now looking overseas. Also notes $100m in AI cost savings

• The Treasurer said he’ll do whatever it takes to protect Australia’s interests on foreign investment, after China criticised its rare earth intervention (Australian)

• US imposes 109% countervailing and 133% anti-dumping duties on Russian palladium (Reuters)

• Codelco overstates copper output, revealing 27-year production low after executive firing (Bloomberg)

• Konkola reopens Chingola mine in Zambia, 18-years after closing (Mining.com)

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Wheelin’ n Dealin’

• TVN ($613m) - Tivan agreed 80/20 IJVs with Murak Rai for Baucau and Ossu, Murak Rai free carried to DFS with royalty option

• BOC ($255m) - Bougainville entered a 90‑day exclusive, non‑binding cooperation agreement with Lloyds Metals for due diligence on redeveloping Panguna | ▲ 24%

• Critical Metals secures 15-year offtake with REalloys for Tanbreez rare earth concentrates (Reuters)

• Greenland Mines acquires Sarfartoq rare earth project from Neo Performance for US$35m (PR)

• KGHM Polska Miedz plans acquisitions in Europe, Africa, and the Americas amid copper demand surge (Bloomberg)

Rattlin’ the Tin

• ARU ($1.4B) - Arafura launched a $350m placement at $0.26 (16.1% discount) for Nolans build; Hancock committed $85m to ~17.5%, plus $25m SPP

• ODV.NY (C$1.1B) - Osisko Development announced the pricing of US$272m of 4.125% convertible senior notes (25% conversion premium)

• MPK ($128m) - Many Peaks raised $27.5m at 90c for Ouarigue PFS, drilling

• LEX ($31m) - Lefroy raised $3.6m at 12.5c to accelerate Mt Martin evaluation, with directors subscribing $318k

• Perpetua secures US$2.9B loan from US Export-Import Bank for its Idaho mine (Bloomberg)

• Tharisa agrees fiscal terms with Zimbabwe for US$545m Karo Platinum project financing (MiningMX)

Word on the Decline

• The Ravenswood rumour mill has centred on the hedge book, but the more interesting claim is in the debt stack. Market chatter suggests lenders had been giving the operation room to move on hedge-related requirements rather than forcing an immediate reckoning.

• The balance sheet may have been underwater at generous spot price assumptions. Separately, JV partner GEAR is said to have acquired a parcel of secured debt at roughly 70c in the dollar.

• If true, it wouldn’t be the first time GEAR is rumoured to paper over some cracks in Queensland.

Got Word on the Decline? Reply or email gc@moneyofmine.com. We will always take your privacy seriously.

Ownership & Oversight

• SRL ($1.9B) - Sunrise appointed Peter Arnell as director | ▲ 9%

• BOC ($255m) - Bougainville Copper appointed Sir Melchior Togolo as CEO

• LOT ($165m) - Lotus named Sam Penglis interim COO; Mike Da Costa departed

• RMI ($60m) - Praxis bought $423k of Resource Minerals Int’l

• RDM ($50m) - Following the distribution, Red Metal holds 6.1% of Maronan

In the Weeds

• Massif Cap (Q1 Letter) - For yesterday's broken link, great read!

• Could the Tanks Run Dry? (GoRozen)

Today’s Top Tweet

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Devil’s in the Detail

• Finally, a font size you don’t need to wear glasses for.

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The Most Overlooked Commodity Opportunity? (Vas Piperoglou)

The Pre-Start

• NST ($28B) - Northern Star announced that MD Stu Tonkin has advised the board of his intention to step down during Q1 FY27

• DPM ($10.8B) - DPM hit 58m at 15.3 g/t AuEq at Wedge Zone Deep, with initial MRE due by end-2026

• GMD ($6.9B) - Genesis signed a $229m EPC with GR Engineering for the 3.5-4Mtpa Tower Hill gold project

• IPX ($1.7B) - IperionX commissioned a 300-ton six-axis powder metallurgy press in Virginia, tripling capacity and enabling about 11m titanium parts a year

• ARU ($1.4B) - Arafura made FID to develop Nolans, targeting construction from Sep 2026, with project funding and shareholder approvals to be finalised | ▲ 11%

• PC2 ($424m) - PC Gold identified a footwall lode outside Spring Hill's MRE and intersected gold extending Link Zone

• BTR ($379m) - Brightstar targets FID this month and starts Goldfields construction, with the 1.5Mtpa Laverton plant aiming for first gold in JunQ27

• ORN ($239m) - Orion reported 7.9m at 9.2% Cu at Flat Mine East, confirming down-dip continuity at Okiep

• MM1 ($226m) - Midas reported 46.2m at 4% CuEq (copper, silver) from 193m at T-13, Namibia, with an updated MRE targeted in 2026 | ▲ 7%

• AR1 ($210m) - Austral received a first strike after 27% opposed the Rem Report; all other AGM resolutions passed

• CNB ($146m) - Carnaby extended the Trek 1 Footwall Lode via 38m at 1.9% CuEq from 290m; drilling continues

• RML ($123m) - Resolution logged sulphides in three Golden Gate holes and mobilised a second rig

• 5EA ($102m) - 5E Advanced Materials' PEA for Fort Cady lithium carbonate via direct concentration shows pre-tax NPV₇ US$57m and US$10m capex | ▼ 10%

• STM ($75m) - Sunstone drilled 116m at 0.57 g/t AuEq at Porotillo, Bramaderos, outside the 3.6Moz resource

• LKY ($49m) - Locksley intersected 4m at 4.87% antimony (including 0.4m at 33.5%) below historic workings at the Desert Antimony mine

• SNG ($25m) - Siren Gold's mining permit for Sams Creek was declined by NZPaM after the exploration permit expired; it may appeal

• Forrest has burnt trust with Indigenous people, Barnett warns (AFR)

• Arafura the first company to be backed under Canberra’s critical minerals reserve (Australian)

• Europe must break China's grip on rare earths pricing to spur investment, sector body says (Reuters)

• Northern Star CEO Stuart Tonkin to exit after Super Pit expansion completion (West)

• Codelco is seeking a combined US$2B in cost savings and additional revenue by integrating 3 copper mines (Bloomberg)

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Wheelin’ n Dealin’

• HAV ($227m) - Havilah agreed a farm-in granting Hillgrove up to 80% of the Mutooroo copper project, with $5m in scrip upfront, up to $10m PFS spend, then $35m at FID and tolling at Kanmantoo | ▲ 6%

• IXR ($79m) - Ionic signed a Joint Development and Licensing Agreement with US-based Nth Cycle to integrate electro-extraction into rare earths recycling/refining, reducing OPEX for US operations

• AVM ($39m) - Advance will acquire the remaining 20% of Myrtleford and Beaufort gold for C$3.6m (total C$4m), granting a 1% NSR

• Sherritt is negotiating with a former Trump adviser to transfer 55% stake in its Cuba mining business (Bloomberg)

Rattlin’ the Tin

• NEO.TO (C$1.3B) - Neo Performance announced a C$100m bought deal at C$28.75/share

• WWI ($233m) - West Wits executed a term sheet for a ~US$53m loan with Absa & Nedbank CIB, replacing Absa–IDC funding to support Qala Shallows ramp-up

• LRM ($93m) - Lion Rock raised $2m at 2c, cornerstoned by new CEO Theuns de Bruyn, and named Duncan Craib chair | ▲ 8%

• Agnico Eagle increased its stake in Wallbridge to over 19% with C$22m investment (PR)

• Kinterra secured US$75m to advance White Pine Copper to FID following PFS progress and royalty framework update (AAP)

Word on the Decline

• We wrote about it in Devil’s in the Detail yesterday but we’re now elevating this one to the pre-eminent deal goss column in mining.

• Count us very surprised if Kinterra doesn’t come for 100% of Maronan after their 19.9% investment yesterday. They will have to wait out the 6-month standstill of course. But Maronan’s largest shareholder was Red Metal (~35%) but those shares were distributed in specie to RDM shareholders yesterday. A mere coincidence.

• So other than Kinterra, Maronan’s largest shareholder is Perth Capital (Josh Pitt, the most patient mining investor of all time when you look into RHI).

• We hope a potential alternative suitor emerges, it would be a delight to watch Kinterra in another Battle.

Got Word on the Decline? Reply or email gc@moneyofmine.com. We will always take your privacy seriously.