The Pre-Start
FMG ($57B) - Fortescue was served with a class action alleging sexual harassment and sex discrimination at its Australia sites; damages unspecified
WAF ($3.3B) - West African produced 125koz gold in Q2, kept guidance at 430-490koz, but Kiaka was curtailed by an explosives-permit delay
BGL ($2.0B) - Bellevue produced 41.6koz gold in June quarter, closed with $206m cash, and has no hedge deliveries until June 2027
WC8 ($716m) - Wildcat reported 82.5% recovery, 5.66% Li₂O concentrate from metallurgy at Bolt Cutter Central using Tabba Tabba flowsheet; MRE due Q3
LYL ($689m) - Lycopodium is preferred EPC contractor and won a $6m early works package for Ausgold's Katanning
ASL ($457m) - Andean Silver's Cerro Bayo infill drilling supports converting inferred to measured and indicated
TOK ($354m) - Tolu expects to release a Tolukuma gold MRE in late August, with assay results due early August
AS1 ($267m) - Asara hit 40m at 0.9 g/t gold from 40m at Massan and identified a zone 700m south; August MRE targeted
PSC ($250m) - Prospect appointed Lycopodium for a Scoping Study at the Mumbezhi Copper project, targeting completion in Q4 2026/Q1 2027
FEX ($195m) - Fenix guided to 4.7–5.3Mt iron ore in FY27 at C1 $70–$80/wmt FOB Geraldton; FY26 shipments were 4.4Mt, cash $81m
TOR ($156m) - Torque updated the MRE for the Paris gold project to 3.47Mt at 3.1 g/t gold for 351koz, with the Paris deposit at 2.01Mt at 3.8 g/t for 253koz | ▼ 7%
PGL ($124m) - Pilbara Gold has five rigs at 2.1Moz Mt York project, WA, first assays late July
IXR ($79m) - Ionic Rare Earths targeted FID this quarter on the 400tpa Belfast REO plant, underpinned by a £12m UK grant Offer in Principle | ▲ 6%
ASN ($71m) - Anson secured letters from Mike Kennedy, Blake Moore and Burgess Owens backing 3 DoE grant bids
BCA ($65m) - Black Canyon extended Wandanya manganese mineralisation 400m south, with resource drilling returning 10m at 35.8% Mn from surface
NMR ($58m) - Native Mineral Resources reported record June refinery output of 764oz gold at Blackjack
KZR ($47m) - Kalamazoo completed drilling at Mt Olympus, with 17.6m at 5 g/t Au from 166m ahead of an MRE next quarter
ODY ($47m) - Odyssey Gold updated the Cable MRE at Tuckanarra, WA: 2.75Mt at 1.8 g/t gold (158koz), 60% indicated, underpinning scoping study
GA8 ($40m) - GoldArc progressed MDCP approval preparations, as Mt Stirling Well grade control returned 4m at 9.2 g/t Au from 16m
SNX ($39m) - Sierra Nevada hit 17m at 1.3% Cu from 25m at As Safra, confirming 400m mineralisation on a 5.5km corridor
AGC ($34m) - Australian Gold and Copper extended the Achilles system >200m below the MRE, with 14m at 85 g/t AgEq from 388m
ADN ($32m) - Andromeda completed Early Works for Stage 1A+ at the Great White project with all long‑lead items in Australia; detailed engineering is on hold while it seeks ~$40m equity| ▼ 14%
PVT ($19m) - Pivotal lifted its Horden Lake MRE by 42% to 52Mt @ 1.05% CuEq (549kt CuEq), with 87% pit-constrained, 292kt contained copper
Gas scheme faces revolt amid carve-out demands (Australian)
Democratic Republic of Congo cobalt exporters risk R1.1bn losses due to customs system glitch (MiningMX)
PLS restarts Ngungaju plant at Pilgangoora, processing first ore amid WA's lithium resurgence (West)
Molybdenum prices surge 49% to $65,503/t, highlighting critical mineral supply stress (Mining.com)
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Genesis targets $12.6b gold major after gazumping rival in Vault race (AFR)
KGHM explores acquisitions outside Europe, targeting Morocco, Argentina, Canada, and the US for growth (Mining.com)
LYC ($18B) - Lynas partnered with JS Link to develop a 3ktpa NdFeB magnet plant in Kuantan, investing $50m and locking in exclusive rare earths supply to JS Link's Yesan and Malaysia plants to 2038
EQR ($1.5B) - EQ Resources will acquire two companies for $900k and 30m shares, adding 353km²
HCH ($391m) - Hot Chili will sell an NSR over La Verde to OR Royalties for US$15m, lifting Costa Fuego Cu-Au royalty proceeds to US$30m | ▼ 11%
WTM ($213m) - Waratah completed the acquisition of the Ironclad mining lease, for $1m cash following regulatory approvals
AR1 ($177m) - Austral lodged a non-binding proposal to acquire Hammer for 8.7c/share (~$80.8m), 29.9% above Larvotto scheme, to secure feed for the Rocklands plant. The board will engage but still backs the Larvotto scheme | ▼ 6% / HMX | ▲ 6%
SRZ ($109m) - Stellar was granted the Ringville EL adjacent to the Renison, forming 34km² East Renison project
TALA.V (C$1.2B) - Talamore (formerly Fuerte) is raising up to C$100m
NICU.V ($652m) - Magna announced a strategic investment by Alpayana for 19.9%, paying C$140m at $2.25/share
BCM ($108m) - Brazilian Critical Minerals raised $10m at 5.3c | ▲ 5%
E25 ($73m) - Element 25 agreed revised terms for a US$166m US DoE grant to fund its planned HPMSM facility in Louisiana
AUQ ($36m) - Alara entered a trading pause pending a raising
EnergyX secures $225m investment from Italy's Eni for Black Giant lithium project in Chile (Mining.com)
Word on the Decline
We hear Regis’ advisers have been scrambling to pre-wire bids for Deflector and/or Sugar Zone to manufacture a sweetener for Vault
The trick is doing it without breaking the Regis-as-acquirer structure that underpins the $500m tax synergies with a delicate 50.8% / 49.2% merger split before Genesis’ disruption
Those assets are still Vault’s, and a five-day bilateral fire drill is improbable to beat a proper post-merger auction
For Regis, this is one you have to walk away from because the market will surely hate any other response
Got Word on the Decline? Reply or email [email protected]. We will always take your privacy seriously.
Ownership & Oversight
In the Weeds
stupendous oil duds and a 700 PE ratio (Alyosha)
Is ESG dead? (Dryblower)
How Finlayson cast a $5.6b spell over the year’s biggest gold deal (AFR Chanticleer)
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Devil’s in the Detail
Andromeda committed the cardinal sin of small-cap mining, telling the truth. Rather than call itself “fully funded” and hope nobody owned a calculator, it admitted a needs equity. The market responded by taking 15% off the share price.


It’s crazy to think this was once ~$1B market cap company and $40m would have been 4% dilution…
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