The Pre-Start
RIO ($240B) - Rio secured a deal to provide long‑term power at Boyne Smelters, keeping aluminium production beyond 2029 to at least 2040, with $2B of gov’t support and $7.5B PPAs
NIC ($3.7B) - Nickel Industries lifted its 2026 RKAB sales licence for Hengjaya to 14.3m wmt and signed a 15-year, market-linked agreement to supply at least 9.2m wmt of limonite annually to Excelsior, supporting commissioning
MAH ($1.4B) - Macmahon signed an LOI with Manuka for a $190m, 5-year open pit mining contract at Wonawinta, with guidance unchanged
BRE ($1.1B) - Brazilian Rare Earths secured an ANM Trial Mining Licence for Monte Alto, authorising up to 2ktpa for bulk shipments and testwork, with trial output to feed its Camaari pilot plant targeted to start in Q3 2026 | ▲ 5%
A4N ($733m) - Alpha HPA said two Japanese semiconductor customers lifted LOIs to 360tpa and 96tpa, taking qualified LOI coverage to 6,900tpa, with nano‑milling enabling CMP deliveries from June 2026
FRS ($354m) - Forrestania reported a 1.4Mt at 2.3 g/t gold MRE at Johnson Range, satisfying a condition precedent to complete its acquisition from Newcam, subject to approvals next week
LOT ($346m) - Lotus said Kayelekera remains on track for nameplate uranium output in Q2, with diesel contracted and acid/sulphur supply cover to June as the acid plant begins commissioning in April | ▲ 7%
AAR ($306m) - Astral reported RC results at the Wattle Dam complex, including 13m at 7.1 g/t gold from 87m, with an MRE update targeted in H2 2026 | ▲ 9%
GRX ($260m) - GreenX received $1.6m from Poland for legal costs after the Singapore Court rejected Poland’s ECT set-aside bid
ANDC.V (C$190m) - Andina shared assays from drilling at its Cobrasco Project in Colombia, intersecting 454m at 0.43% Cu, 66 ppm Mo, 1g/t Ag from 214m
CNB ($94m) - Carnaby extended the Trek 1 breccia shoot ~600m below the reserve pit at Greater Duchess, reporting 8.1m at 9.9% CuEq from 485m | ▲ 12%
TZN ($72m) - Terramin registered the Tala Hamza zinc project with AAPI, securing tax exemptions, with Algerian banks giving in‑principle support for concessional project financing
RTR ($53m) - Rumble reported met testwork at Western Queen producing a 48% WO₃ concentrate at 45% recovery via a gravity flowsheet with ~0.5% gold loss (projecting ~92% gold recovery)
CRR ($22m) - Critical Resources' first-pass RC at Cap Burn intersected 16m at 0.22 g/t gold from 46m
High Grade It
Aussie miners have hailed the depth of EU critical minerals deal (Australian)
Worries over chronic diesel shortages have seen investors dump mining stocks (AFR)
Australia will have floor prices for critical minerals reserve (Reuters)
Australia’s mining & farming industries face disruption amid shutdowns at two big ammonia-making plants (Australian)
Rio expects Resolution Copper mine to open by mid-2030s (Reuters)
BHP expects the global potash market to tighten over the next decade as demand grows & geopolitical risks strain fertiliser supply chains (Bloomberg)
Zijin’s Manono mine set to be among world’s biggest when commissioned in June, with output of 130ktpa of LCE-equivalent (Mining.com) Don’t look, AVZ…
BHP exec Geraldine Slattery has slammed the nation’s declining standing as a mining investment destination (Australian)
Wheelin’ n Dealin’
Thungela mulls expansion into other bulk commodities (MiningMx) Met coal and iron ore “possible diversifiers”
PLA ($215m) - Pacific Lime and Cement is undertaking a strategic review to realise value from its 100%-owned Star Mountains copper-gold asset in PNG
KRR ($44m) - King River exercised its option to acquire the Mindoolah gold project near Cue for $600k, plus a royalty
Rattlin’ the Tin
Word on the Decline
On Monday we wrote about the relative attractiveness of some of the copper juniors, which have peeled off heavily from their highs.
And there’s one suspicion that we can’t shake yet… it’s that Jake Klein’s Endura (formerly Federation) could make its way to public markets by backdooring into one of those copper juniors…
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
The Mining Efficiency Gap: Why High Prices Are No Longer Enough - Part 1 (Kenfucian)
As the price of lithium tripled, so did this billionaire’s wealth (AFR) Nick Wakim’s Phoenix Lithium owns the East Brawley project
Feb 2026 Fund Performance (Ausyield) Strong Feb for many Resource Funds
Critical mineral policies for critical times (Strictly Boardroom)
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Today’s Top Tweet
Ownership & Oversight
RXL ($541m) - L1 bought $7m of Rox on-market, lifting its stake to 16.9%
STN ($205m) - Dundee bought $2.6m of Saturn shares, lifting its stake to 18.8%
ARR ($170m) - American Rare Earths appointed Nick Lissolo, a former Newmont exec, as VP, Corporate Development
SLS ($94m) - Nero sold $378k of Solstice on-market
BCA ($46m) - Black Canyon directors Brendan Cummins and Adrian Hill bought 30k and 100k shares on-market at $0.295 and $0.288, respectively
KCC ($38m) - Kincora director John Holliday sold $41k on-market
FRB ($29m) - Canmax sold $465k of Firebird shares on-market, reducing its stake to 6.4%
Devil’s in the Detail
This is up there with the biggest drill-for-equity we’ve ever seen…
