The Pre-Start

  • FMG ($66B) - Fortescue must pay $150m cultural loss and $100k economic loss plus interest to Yindjibarndi Ngurra after Federal Court ruling

  • FM.TO (C$30B) - First Quantum filed a technical report at the 55% owned La Granja in Peru, 4.8Bt at 0.48% Cu, 3.89 g/t Ag, 0.04 g/t Au and 61.9 g/t Mo in measured & indicated

  • RSG ($2.8B) - Resolute's ABC scoping study outlines 141koz/y, NPV₅ US$1.2B and capex US$648m at US$3.5k/oz gold, based on Inferred resources

  • BGL ($2.4B) - Bellevue awarded a four-year, ~$850m underground mining contract to Barminco (Perenti), commencing 1 Aug

  • DVP ($2.0B) - Develop won a $274m, three-year contract at Core Lithium’s BP33, Finniss; its Bellevue Gold contract ends in July with $50m fleet redeployed

  • CYL ($1.4B) - Catalyst extended Cinnamon to 700m, with 38m at 10.5 g/t gold from 282m, growing hopes of a sixth underground ore source for Plutonic plant

  • AAR ($279m) - Astral amended its Mandilla update at ASX's direction; Theia deeps DD logged veining and visible gold with assays due June

  • AR1 ($242m) - Austral assays add 9.3 g/t silver and 0.3 g/t gold to 10m at 7.5% copper from 35m at Snow Queen

  • GRR ($203m) - Grange said its major shareholder will not fund North Pit Underground; it is reworking scope to cut external debt

  • AEU ($165m) - Atomic Eagle drilled a 600m x 300m MRE-ready zone at Chisebuka, Muntanga, intersecting 12.7m at 673 ppm eU₃O₈ from 18m

  • ARN ($105m) - Aldoro confirmed niobium continuity at Kameelburg with 19m at 0.41% Nb₂O₅, 0.69% TREO and 3.43% SrCO₃ from 82m

  • SHN ($100m) - Sunshine reported 22m at 20.3 g/t gold from 69m at Liontown, in a batch of 30 RC holes

  • BKB ($98m) - Black Bear lifted Independence MRE to 2.2Moz AuEq: 5Mt at 6.3 g/t gold and 89.9Mt at 0.4 g/t AuEq

  • E25 ($94m) - Element 25 kept Butcherbird on track for Q1 2027 commissioning, with logwasher shipped and plant orders placed, contingent on financing

  • 5EA ($89m) - 5E Advanced Materials warned of substantial doubt about going concern in its 10‑Q, reporting a US$12m quarterly net loss and US$25.4m cash

  • FLG ($81m) - Flagship entered a halt pending Isidora Norte gold resource

  • OD6 ($48m) - OD6 is in a trading halt pending exploration results

  • ARD ($41m) - Argent reported 91.2m at 39.5 g/t silver from 8.3m outside the Kempfield Lode 100 MRE boundary

  • ARI ($37m) - Arika confirmed 2.5km gold continuity at Yundamindra, with 61m at 0.70 g/t and bottle roll tests underway

  • GAL ($30m) - Galileo intersected a new PGM sill beneath Callisto, 109m at 0.21 g/t from 426m

  • LGM ($29m) - Legacy retracted the Mt Carrington scoping study production target for lack of reasonable basis and issued an amendment

  • GEN ($21m) - Genmin received non‑binding proposals to fund the US$200m for Baniaka, including a 100% JV, a ≥51% project interest bid, a US$50m offtake prepay and US$10m bridge

High Grade It

  • Copper prices surge above US$14k/t to near an all time high, driven by Chinese demand and supply challenges (Bloomberg)

  • BHP, Fortescue, Hancock will pay for a Port Hedland bypass channel after near miss (Australian)

  • FMG has been ordered to pay $150m to Yindjibarndi for unauthorised mining (BN)

  • India and Russia are in advanced talks for a lithium and rare earths pact (Reuters)

  • Fortescue’s enormous XCMG truck order turns into commissions brawl (AFR)

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Wheelin’ n Dealin’

  • ARU ($1.5B) - Arafura signed a binding offtake with Traxys North America for 500tpa NdPr oxide over five years, subject to FID

  • WR1 ($130m) - Winsome was suspended after court approval of the Li-FT Power scheme

  • ASN ($89m) - Anson agreed terms with POSCO Holdings for DLE demo plant at Green River, POSCO funding and paying Anson $7.2m

  • Predictive Discovery targets $600m Turaco Gold post-merger to enter ASX 100 (Australian)

  • Brazil investigates USA Rare Earth's US$2.8B acquisition of Serra Verde's rare earth mine (Mining.com)

Rattlin’ the Tin

  • Elevra secures US$318m for NAL expansion and Moblan pre-development (Mining.com)

  • ORD ($45m) - Ordell is raising $6.3m at 63c

  • GA8 ($44m) - GoldArc is in halt to raise $6m at 7c

  • BMR ($31m) - Ballymore launched a non-renounceable 1-for-8 entitlement offer to raise up to $3.2m at $0.125 for project development

Word on the Decline

  • We have covered GMIN’s US$2B acquisition of G2 in this column extensively already, but here’s a side part of that dynamic worth focussing on…

  • Tajiri’s Yono project sits between GMIN and G2’s flagship orebodies and appears to constrain the open-pit potential of GMIN’s northern shoot on Block 1

  • We think GMIN will need to own Yono, or at least control it, especially as they are expected to release a consolidated mine plan post-deal of +650kozpa

  • If you wanted evidence that clean footprints matter immensely for these world-class orebodies, see Agnico’s recent move on Rupert, which included a side-deal to acquire neighbouring Aurion and the Fingold JV for a whopping US$460m, despite no defined resources, largely to allow a pit wall push back.

  • Yes, we’ve stolen this idea from John Deniz’ monthly, but it’s a damn good one.

Got Word on the Decline? Reply or email [email protected]. We will always take your privacy seriously.

Ownership & Oversight

  • BHP ($296B) - BHP appointed Mark Vassella NED

  • RRL ($5.0B) - First Sentier bought $2m of Regis, taking its stake to 8.6%

  • JMS ($531m) - Jupiter MD/CEO Brad Rogers sold 1m shares on‑market for $269k to cover tax, retaining 5.3m shares

  • NMG ($500m) - Malcolm McCusker became a substantial holder in New Murchison Gold with 5.5%

  • SVM ($436m) - Sovereign director Julian Stephens sold 1m shares for $675k to settle tax obligations, leaving 13.2m shares

  • BVR ($121m) - Franklin bought $6.6m of Bellavista, becoming a 5.1% holder

  • AXN ($28m) - Alliance Nickel directors subscribed $550k under the entitlement offer

In the Weeds

  • Lazarus Lithium (Strictly Boardroom) Awaiting resurrection

  • How to Short a Bubble (Campbell Ramble)

  • Memory vs Tungsten (Le Shrub) “The cure for high prices is high prices”

  • Forrest has $16.9b reasons to soothe his native title embarrassment (AFR)

Were you forwarded this email from someone else?

Devil’s in the Detail

  • Yes TAJ is Guyana not Burkina. But hey.

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