The Pre-Start

The English High Court found BHP liable under Brazilian law for the 2015 Fundão dam failure. BHP will appeal, while it continues to expect outlays of US$2.7B over the next 2 years (BHP)
IperionX rebutted the Spruce Point short‑seller report, outlined US gov’t validation and funding, confirmed Virginia plant commissioning, Titan DFS progress, and said it remains cash‑funded & compliant (IPX) Down ~10%… opened down 20%
WA1 reported high-grade infill and extension results from Luni, highlighted by a hit of 67.3m at 5.4% Nb₂O₅ from 70m (including 30m at 9.8%), defining eastern extensions beyond the MRE (WA1)
Robex has mobilised commissioning teams at the Kiniero, delivered ore to the ROM pad, completed grade-control drilling with first gold on track for Q4 (RXR)
Kingsgate said it’s in advanced negotiations to resolve the TAFTA dispute with Thailand and will update the market accordingly (KCN)
Syrah said Tesla extended the alleged Offtake Agreement default cure date to 16 Jan 26’ as parties work to resolve sample issues, with termination possible if Vidalia AAM is not qualified by 9 Feb (SYR)
PMET filed a technical report on its CV5 lithium-only feasibility study, prepared by G Mining Services (PMT)
Metals X reported a 2025 Renison ore reserve of 7.5Mt at 1.37% Sn (103kt contained, 100%), a ~9% fall in tonnes and contained tin, with ~9-year life (MLX)
Calix has executed a Joint Development Agreement with Rio Tinto, who’ll provide $35m+ of cash and in-kind support for the Zesty Green Iron demonstration plant in Kwinana to advance commercialisation (CXL)
Larvotto’s returned broad Sb-Au and notable WO₃ results, including 14m at 4.3g/t AuEq from 89m and 3.5m at 12.5g/t from 136m (LRV)
Hastings’ recent drilling at Seven Leaders returned 5m at 15.2g/t and 35m at 1.9g/t from surface, underpinning a maiden MRE due Dec 2025 (HAS)
PTR reported saprolite drilling at Muckanippie returned thick heavy mineral, including 60m at 39.3% HM, with QEMSCAN/XRF indicating dominant altered ilmenite with high TiO₂ (PTR)
Sunshine received Sybil assays, including 4.5m at 17.2g/t Au from 83m, with 12 of 14 holes showing significant mineralisation and (SHN)
African Gold reported further resource growth at Blaffo Guetto with 100m step outs delivering intercepts including 8.5m at 6.5g/t from 375m (A1G)
Mt Gibson advised that Lee Seng Hui ceased as alternate director after Brett Smith’s AGM election (MGX)

High Grade It

Britain’s High Court has found BHP liable for a Brazilian tailings disaster 10 years ago, potentially exposing it to compensation claims (AFR)
Westpac is aiming to bankroll Australia’s critical minerals & rare earth expansion while being willing to increase its exposure to gas if it is in the ‘national interest’ (Australian)
Former Rio chief JS Jacques & several current execs have been called to provide evidence to a Mongolian parliamentary inquiry into cost blowouts at OT (AFR)
Andrew Forrest’s private miner Wyloo returns to profit as its Greatland Gold and Neo Performance stakes pay off (Australian)
South Africa will move forward with plans to build a new nuclear plant and revive its modular nuclear reactor program (Bloomberg)
A power deal between the Rio-controlled Tomago Aluminium and the gov’t-owned Snowy Hydro is being mulled by federal Labor (AFR)

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Wheelin’ n Dealin’

Barrick Mining considers splitting into two entities, sources say (Reuters) Africa and North America-focused entities, potential sale of Africa and Reko-Diq
Catalyst has settled a legal dispute with Zuleika, issuing 4.1m new shares (~$31m) plus $15m in cash, & a further $2m in 6 months (CYL) “Allows Catalyst to avoid at least 2 years of costly litigation" ZAG up 50%.
Meteoric finalised the sale and purchase of 21 mining licences for its Caldeira ionic clay rare earth project, with revised US$11.5m total consideration (MEI)

Rattlin’ the Tin

AusGold entered a halt pending an announcement of a capital raising (AUC)
Unico Silver seeks $40m amid soaring silver prices (AFR)
Neometals said its 86%‑owned Novana received a conditional €49m Business Finland grant for the Pori vanadium recovery plant (NMT)

Word on the Decline

We continue to hear $280m Saturn Metals popping up near the top of lists in conversations with mining private equity groups.
It hits several of the classic hallmarks they chase:
- Undemanding P/NAV (PFS this quarter)
- Known and manageable capital intensity
- Clear and predictable development timeline
Saturn screens well. It’s typical knock has been “there is no 10Mtpa heap leach in WA”
International PE groups aren’t nearly as afraid of 10Mt heap leach projects as we are
Let’s see if private capital moves before public markets on this one

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In the Weeds

The Invisible Metal: Nickel (Paulo Macro)
This Time It’s the Same (Myrmikan) A fantastic historical perspective on gold, debt & fiat currency
How a reno-gone-wrong laid bare Chris Ellison’s secrets (AFR)
Mark Farrington on Dollar Dominance, China’s Gold Play and Crisis Catalysts (MacroHive)
Vast critical minerals deposit in Victoria wins from US-Australia pact (AFR) On Astron’s Donald project
Africa’s Energy Shortage Is Stalling Its Industrial Revolution (Bloomberg) In depth write-up; all too familiar to African miners