AVZ to sell Manono stake to Bill Gates-backed KoBold

Barrick's search for Bristow successor begins

The Pre-Start

  • Centaurus has optimised Jaguar feasibility outcomes, updated reserve of 52Mt at 0.78% Ni, mine life to 15-year open pit with a lower strip ratio, post-tax NPV8 of $1.15Bn for pre-production capex of US$380m (CTM)

  • Challenger Gold has entered a US$75m investment protection agreement with the government of Ecuador (CEL)

  • Santana reported further assay results from ongoing drilling at its RAS deposit, including 27m at 2.3g/t Au from 153m (SMI)

  • Strickland released new intercepts from diamond drilling at Rogozna, including 251.6m at 1.3g/t AuEq from 342m (STK)

  • Brightstar received further results from RC drilling at its Sandstone Hub, including 14m at 2.46g/t Au from 24m at the Indomitable East deposit (BTR)

  • Hillgrove Resources produced 811 tonnes Cu in April, in line with mine plan and reconfirmed CY25 production and cost guidance (HGO)

  • Gorilla Gold received further results from extensional drilling at the Lakeview prospect, including 8m at 5.8g/t Au from 68m (GG8)

  • Cygnus Metals reported intercepts drilled at its Golden Eye prospect at its Chibougamau Cu-Au project, including 7.4m at 5.7g/t AuEq (CY5)

  • Titan Minerals released assay results from drilling at its Linderos copper project, including 735m at 0.23% CuEq from 385m (TTM) JV and Earn-In partner Hancock Prospecting subsidiary Hanrine

  • Rimfire Pacific reported assay results from air core drilling at Currajong including 12m at 367ppm Sc from 12m (RIM)

  • Collin St increased their stake in Tesoro Gold to ~14% (TSO)

  • Alpha HPA, Genesis, Vault, Regis, Aeris, Aurum released new presentations

High Grade It

  • US judge to rule by May 14 on Rio Tinto and BHP’s Resolution copper project (Reuters)

  • Barrick boss Mark Bristow vows to defend rights as Mali’s military junta seeks more money (Bloomberg) meanwhile the board will search for Bristow’s successor to the major gold producer (FT)

  • Lynas’ Amanda Lacaze has been frank about Australia’s goal of becoming a global rare earths player, chiding handouts for “uneconomic” projects and standing by criticisms of plans to hoard the commodity (West)

  • Mining convoy attacked in Mali on road to Allied Gold’s Sadiola mine (Reuters)

  • The lithium price PLS CEO Dale Henderson says peers will need to survive (West)

  • The WA government plans to develop a Perth-based trading hub for lithium, rare earths, niobium and vanadium (West)

  • Clive Palmer’s Mineralogy finally approves Sino Ore expansion, continues fighting damages claim (West)

Hybrid energy solutions that can meet your operating requirements, reduce opex and free up capital? Look no further than CrossBoundary Energy

Wheelin’ n Dealin’

  • AVZ Minerals’ stake in the DRC Manono lithium project will be acquired by Bill Gates backed KoBold Metals for “fair value” (Mining.com, Australian)

  • The clock is ticking on the Peabody-Anglo mine deal (MNN)

  • Catalyst have agreed to acquire the Old Highway gold project from Sandfire for $32.5m cash (SFR)

  • Tivan and Sumitomo agreed to establish a joint venture to develop and fund the Speewah fluorite project in WA, including an offtake term sheet for up to 100% of product over the project life (TVN)

  • Minerals260 signed an option agreement to acquire tenements from Belararox contiguous to its Bullabulling gold project (MI6)

Rattlin’ the Tin

  • Chile's Codelco signs $500m insurer-backed credit agreement (Reuters)

  • Aeris executed a binding term sheet with Washington Soul Patts for a $60m guarantee facility, replacing the current $50m ANZ guarantee facility. Existing $50m term facility extended to Aug-26, with no repayment or cash backing required for over 12 months under either facility (AIS) Company considered raising equity but determined an extension of term facility more attractive

  • Tivan agreed to raise $5m via a placement to an “Australian family office investor” and also signed a non-binding term sheet to invest a min. ~$51m equity for the development of the Speewah fluorite project (TVN)

  • Vertex is in a trading halt pending a capital raising (VTX)

  • Andromeda is in a trading halt pending a capital raising (ADN)

Word on the Decline

  • Yes it’s nickel and no one cares about nickel right now but the wise heads in the industry tell us to pay even more attention to the out-of-flavour commodities

  • On face value, the numbers in Centaurusstudy today suggest they’ll have solid options in their partnering process to fund development of Jaguar

  • MMG recently paid US$500m for Nickel Brazil producing ~36ktpa. Jaguar’s pre-production capex is US$380m for ~23ktpa. This one’s about the cost curve

Do you have some Word on the Decline? Reply to this email or shoot a message to [email protected] directly. We will always take your privacy seriously.

In the Weeds

  • Australian billionaires Forrest and Rinehart turn iron ore into gold (Forbes)

  • Hedge fund Waratah Capital has embraced gold this year, as investors seek shelter from the global trade war and lose faith in the US dollar (Bloomberg)

  • Minerals Council hits out at Anthony Albanese over nature positive, stands by Tania Constable (Australian)

  • Many hands will make the critical minerals industry work (MNN)

  • Developing gold’s next generation (BN)

  • BHP leaves it to Lundin to do the talking on Andean monster (MNN)

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