The Pre-Start
Minerals 260 released a new MRE for Bullabulling, totalling 4.5Moz to 130mt at 1g/t (117% lift in tonnes, 96% lift in contained gold), following 90km of drilling. All key deposits saw an increase as well as a new resource at Gibraltar (MI6) Released late yday - finishing up 22%; down 6% this morning
NexGen announced its highest-grade assay to date from Patterson Corridor East, returning 5.5m at 21.4% U3O8 from 590m (NXG)
Black Cat entered into a JV with Dreanought to develop and process ore (up to 110kt) from Star of Mangaroon, located 330km from Paulsens. Surplus cashflow will be split 50/50 for the first $80m (BC8)
Snowline has graduated to the TSX (SGD.TO)
Ausgold shared drilling results from the first 11 holes at the Central Zone of the KGP, hitting 14m at 6.2g/t from 181m and 10m at 2.3g/t from 150m (AUC)
Q2 reported multiple wide intercepts, hitting 95m at 1.56% Li2O and 82m at 1.56% Li2O (QTWO.TO)
Victory Metals reported kinetic leach tests at North Stanmore showing ~80% rare‑earth extraction in 30 mins vs the scoping study’s 4hrs (VTM)
Testwork at Lindian’s Kangankunde confirmed the monazite cracks cleanly to MREC, reporting 55.9wt% TREO with Nd+Pr 20% TREY (LIN)
Pacific Lime & Cement said construction in PNG is on schedule & budget, kiln cutting nearly complete, with fuel storage and batch plant foundations finished (PLA)
Falcon received the final assays for recent wedge holes at Bloon Moon, hitting 6.5m at 33g/t from 832m (FAL)
Alara dispatched its 30th copper-concentrate shipment from Al Wash-hi–Majaza, and holds a 51% interest in AHRL (AUQ)
Robert Millner has resigned as a NED at Aeris, effective immediately, citing personal reasons (AIS)
Brightstar completed its largest processing parcel in its 4th campaign, recovering 6.3koz (BTR)
Director Simon Lill bought $104k of Kairos shares on-market (KAI)
Deep Yellow appointed Greg Field as MD & CEO, commencing no later than 1 May 2026 (DYL)
Cyclone shared that Tony Sage, as an 8.3% shareholder, issued a s249D to remove Paul Berend as a director (CLE)
Catalyst’s CFO Elena O’Connor has departed, with a replacement search underway (CYL)
PLS advised that Robert Nicholson has been appointed as a NED (PLS)
L1 Capital became a 6.7% shareholder in Rox Resources (RXL)
VanEck reduced its West African holding from 6.4% to 5% (WAF)
High Grade It
Gold hit a 6-week high on rate cut optimism, while silver reached a record high of ~US$58/oz (Reuters)
Australia has 124 critical minerals projects stuck in a holding pattern between discovery and production, as investment dollars prefer the booming gold sector (Australian)
The Greens have threatened to oppose Labor's gas reservation scheme and are demanding a 25% levy on exporters instead, as political divisions deepen over Australia’s energy crisis (Australian)
Gunvor owner & CEO Torbjörn Törnqvist will step down and sell his majority stake in the trader to senior staff, weeks after the company was labelled a “puppet” of the Kremlin by the US govt (Bloomberg)
BHP and the South Australian govt name the Mullaquana Station site for $5B Northern Water project desalination plant (Advertiser)
Lower project costs, ramp up site output - with Blue Cap’s turnkey mining, earthmoving and maintenance services, you get results, not the headaches.
Wheelin’ n Dealin’
Barrick announced that it’s evaluating an IPO of its North American gold business, including its JV interests in Nevada Gold Mines, Pueblo Viejo and 100% owned Fourmile (B.NYSE)
South32 completed the divestment of Cerro Matoso to a subsidiary of CoreX Holding B.V. (S32)
Larvotto secured an exclusive option to buy Blockade Mine near Mt Isa, will undertake ~1,500m RC due diligence, with payments of $400k, $1m and capped deferred $10m (LRV)
Talks are back on between EMR Capital and an Indonesian suitor for its 52% Kestrel stake, according to Dataroom (Australian)
Yandal divested ~38m shares in Horizon Minerals for $2.7m (YRL)
Rattlin’ the Tin
Mammoth Minerals is raising $6m at 12c a share (M79)
Polymetals is in a trading halt to raise capital (POL)
Manuka signed a term sheet with Nebari for a US$22.5m four‑year senior secured loan to fund Wonawinta restart (MKR)
Export Development Canada has extended credit approval for its existing US$300m commitment to Arafura (ARU)
Firefly is undertaking a $85m institutional placement & $16m charity flow-through, while also C$30m via a bought deal (FFM)
Endeavour Silver launched a US$300m convertible senior note offering (EDR.TO)
Black Horse Mining lists today following an $8m IPO (BHL) Mt Egerton gold project in Victoria
Word on the Decline
We’re hearing Horizon Gold (HRN) is getting shopped around, not to be confused with Horizon Minerals (HRZ). At this point, one of them should rebrand out of courtesy to the rest of us.
Horizon Gold is the 2.3Moz Gum Creek outfit up in Sandstone with Zeta sitting there as a 71% shareholder.
As for Brightstar, can they get this one over the line too? They only closed the AUN deal 11 days ago. Which in Brightstar time, is a deal dry spell.
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In the Weeds
Australia's future is as a quarry to the world (Dryblower) A reflection of our energy policy decisions
Challenger Gold (Tenva) Investment pitch for CEL
Mining Investment: A Guide to Understanding Valuations (RCF) A brief 101 on valuing miners
On the back of Tulla Group’s sell-down of Pantoro, here’s a 2023 30-minute interview with Kevin Maloney (YouTube)
Tim Goyder’s Minerals 260 was worth $30m in Jan. It’s now worth $900m (AFR)
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