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

High Grade It

  • 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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Wheelin’ n Dealin’

  • 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

Rattlin’ the Tin

  • 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

  • Vale Chairman Daniel Stieler resigns ahead of shareholder vote pushed by Previ (Bloomberg)

  • LEX ($33m) - Lefroy appointed James Knowles as NED

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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