The Pre-Start
RSG ($3.3B) - Resolute's mineral resources total 347Mt at 1.6 g/t gold (17.6Moz), with reserves rising 55% to 6.8Moz driven by Doropo and ABC acquisitions
BOE ($722m) - Boss said heavy rain at Honeymoon will cut Q3 production to 240-270k lbs U₃O₈ drummed, but FY26 guidance of 1.6M lbs is maintained
MAU ($594m) - Magnetic met testwork on Lady Julie found gravity concentration with knelson regrind and CN leach averaged 92% recovery across seven composites, presenting potential cost reductions
SS1 ($340m) - Sun Silver's met tests at Maverick Springs returned heap‑leach‑estimated recoveries averaging 77% silver and 74% gold
TM1 ($273m) - Terra Metals' drilling at the Dante project expands the Southwest PGM–Cu–Ni sulfide footprint to ~650m width, 850m strike and 348m depth
AUE ($254m) - Aurum's step-back diamond drilling at Napié returned high-grade gold hits, notably 19m at 5.16 g/t Au from 146m
GHM ($173m) - Golden Horse's drilling confirmed mineralisation extends over 110m below & 700m+ north of the historic pit, with a hit of 7.1m at 2.5 g/t Au from 179m
SRZ ($106m) - Stellar's wedge hole intersected 12.6m at 0.83% tin from 611m (incl. 2.9m at 3%), a new lode ~60m below Severn
AGY ($97m) - Argosy reported that process test work for the 12ktpa Rincon lithium project returned 96% lithium recovery and produced high-purity LiCl concentrate, and engaged Lycopodium for 40MW power works
CAE ($62m) - Cannindah confirmed a large Southern porphyry copper-gold system at Mt Cannindah, defining a 700m strike with intercepts including 28m at 1.15% CuEq from 298m
AVM ($57m) - Advance Metals's drilling at Yoquivo confirmed broad silver-gold mineralisation, returning 67.9m at 134g/t AgEq from 306m
RIM ($44m) - Rimfire's air core drilling at the Rabbit Trap project confirmed its scandium potential, returning 30m at 247ppm from 25m
CRR ($29m) - Critical Resources validated lab-scale solvent-free Dry Supersonic Deposition to fabricate LFP cathodes
BM8 ($24m) - Battery Age's maiden RC program at El Aguila extended gold–silver mineralisation to ~2.7km strike, confirming shallow continuity and returning 10m at 0.9 g/t Au and 17.5 g/t Ag from 19m
ERL ($24m) - Empire's Yuinmery AC program returned multiple shallow gold/copper anomalies, including 8m at 139ppb Au and 1,853ppm Cu at YT19
High Grade It
The Middle East crisis is set to push China closer to Russia as Beijing confronts the potential loss of cheap Iranian oil supplies (FT)
Aluminium prices surged to the highest since 2022 after Aluminium Bahrain suspended deliveries, calling force majeure (Bloomberg)
Traders forced to liquidate gold to cover sharemarket losses (AFR)
Russia could halt gas supplies to Europe right now amid a spike in energy prices, Putin warned (Reuters)
Traffic through the Strait of Hormuz has reached a near standstill (Bloomberg)
Over 200 people died in a landslide triggered by heavy rains at the Rubaya coltan mine in eastern DRC (Reuters)
BHP blames Qld royalty regime as it shuts down training centre (Australian)
Good advice, but a bit late once you are out in the Arena.
Whether you're considering going to the debt markets, buying puts, or locking in a collar, we can prepare you, advise you and support you.
Get in touch with the team at Noah's Rule before you step into the Lion’s Den.
Wheelin’ n Dealin’
SSRM.TO (C$9.2B) - SSR will sell its 80% stake in Çöpler for US$1.5B in cash to Turkish industrial business Cengiz Holding. SSR’s 20% stake in Hod Maden is being reviewed
EVR.CN (C$158m) Evolve Royalties will acquire a sliding-scale gross revenue tin royalty on the producing Uis mine in Namibia (operated by Andrada) from Orion for US$32.5m (US$22.5m cash + US$10m in shares)
Rattlin’ the Tin
Deep Yellow probes market for fresh capital raise amid uranium boom (Australian) To which Deep Yellow said, no, we’re not…
CYM ($275m) - Cyprium raised $5m at 52c to advance redevelopment of Nifty copper complex
SCD.V (C$70m) - Scandium Canada upsized its bought deal offering to C$15m
Word on the Decline
Some unsolicited advice to ASX mining companies.
If you want to be reasonably confident your capital raise will not leak to the media while you are running it, build the incentive into the mandate.
When negotiating with your ECM lead managers, include a small performance fee tied to “no media leak”. It does not need to be large to change behaviour. For example, carve out 0.5% of a 5.0% fee and make it payable only if the deal runs without a leak.
Amazing how much more selective brokers become about who they wall-cross when a small slice of their fee depends on it.
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
Andrew Forrest’s green message gets a hard currency makeover (AFR Chanticleer)
BHP’s copper pivot: The end of the iron ore era? (The Fin)
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