The Pre-Start
BHP ($249B) - BHP appointed Brandon Craig as CEO effective 1 Jul 2026, succeeding Mike Henry
VUL ($1.4B) - Vulcan secured its first lithium production licence for Lionheart, with the 6-year permit supporting a 24ktpa LHM operation targeting first production in 2028
TCG ($674m) - Turaco lifted the Afema MRE to 115Mt at 1.3 g/t gold for 4.65Moz (up 590koz since Oct '25), with PFS on track for Q2 CY26
CXO ($572m) - Core Lithium approved FID and secured a Finniss restart funding package (details below)
SVM ($482m) - Sovereign updated the Kasiya MRE to 2.1Bt at 0.96% rutile and 0.95% TGC (20.2Mt rutile, 20Mt graphite)
BTR ($363m) - Brightstar reported Sandstone drilling with 31m at 5.17 g/t gold from 126m at Whistler, with results to feed an MRE update due in June Q
WWI ($316m) - West Wits achieved first gold production from Qala Shallows, with ore processed at Sibanye’s Ezulwini plant under a tolling agreement
TTM ($276m) - Titan lifted the Dynasty MRE to 66Mt at 1.9 g/t gold and 12.4 g/t silver (3.9Moz Au, 26.1Moz Ag), up 25% Au
GG8 ($271m) - Gorilla reported 3.4m at 9 g/t gold from 377m, 700m beyond the 350koz at 3.6 g/t MRE at Mulwarrie
BHM ($255m) - Broken Hill is assessing an exploration decline at Pinnacles after drilling returned 5.1m at 717g/t AgEq from 430m, open-pit ore feed at Rasp targeted for June Q
GML ($167m) - Gateway outlined the Rubicon prospect on the Celia–Mustang trend at the Yandal project, with AC intercepting 12m at 1 g/t gold from 72m
MLG ($146m) - MLG extended its integrated site services contract with Westgold across the Murchison for 12 months, to contribute $75m
HGO ($130m) - Hillgrove identified new copper-gold mineralisation at Nugent East (8.5m at 3.28% Cu) and at Nugent (5.8m at 1.41% Cu), and advanced the Emily Star exploration drive 161m
MAT ($92m) - Matsa clarified after a trading halt that mining at the Devon gold project continues despite fuel shortages, with ore delivery for Campaign 3 and Greenfields processing slated to start on 28 May… ABC article created a stir!
LRM ($78m) - Lion Rock reported 4m at 1.8% insitu rutile from reconnaissance drilling at the Minta project
CUF ($73m) - CuFe updated the Orlando MRE to 5.7Mt at 1.7 g/t gold and 1.1% copper, with a scoping study update due next month
CKA ($69m) - Cokal said Q1 met coal production will fall below plan due to equipment availability
WGR ($44m) - Western Gold executed Road User Agreements with Main Roads and the Shire of Wiluna, granting haulage access for Gold Duke ore
M79 ($38m) - Mammoth’s RC program at the Buster trend within Excelsior
BRX ($26m) - Belararox intersected 47m at 172 g/t silver from 59m at Toro
High Grade It
BHP is pushing ahead with an investment of up to $8.3B in Escondida amid its misgivings about policy settings in Australia (Australian)
Aussie thermal coal miners could be the big winners from an Indonesian gov’t plan to prioritise domestic supply (AFR), while New Hope’s CEO said renewables are a long way from delivering Australia’s needs (Australian)
BHP has appointed its Minerals Americas president Brandon Craig as CEO (AFR)
Ghana weighs local bids for US$1B revival of Gold Fields' Damang mine (Reuters)
The fuel crisis has forced WA resources company Blue Cap Mining to send workers home (ABC)
A global cobalt shortage is expected to persist through the end of this decade due to export restrictions from DRC, according to trader Darton (Bloomberg)
Japan and the US are set to agree to jointly develop rare earths, lithium and copper at Thursday's summit, Nikkei said (Reuters)
Tomorrow night drinks are on Intralinks 🍻 Come on down.
Think of the hundreds of hours you’ve spent in one of their virtual data rooms. They owe you a beer or two we reckon.
We will both be there too, drop by to say G’day. Click here for details.
Wheelin’ n Dealin’
Virtus Minerals is poised to buy Chemaf for US$30m, a troubled miner in the DRC, marking the first commercial deal borne out of the new US-DRC partnership (FT) Orion & US Mining Fund backing
RDM ($54m) - Red Metal signed JVs with Chalice over Callabonna IOCG targets in SA
FAU ($50m) - First Au will acquire the Barlee gold project for $2.3m
Rattlin’ the Tin
CXO ($572m) - Core Lithium’s funding package for Finnis restart comprised a $120m placement at $0.21 (4.5% discount), US$70m convertible notes from Glencore and InfraVia, and a US$50m senior secured loan from Nebari, plus a 5-year marketing arrangement with Glencore
VMM ($248m) - Viridis raised $25m at $1.90 to accelerate the Colossus, leaving pro forma cash of ~$76m
A11 ($183m) - Atlantic will raise up to US$16m to advance Ewoyaa via a US$5m share subscription at US$0.197 from Ghanaian pension funds with milestone-linked warrants & a ~US$5m placement to Long State Investments | more below
ANX ($25m) - Anax raised $10m at $0.023 to repay the Jetosea Loan B (avoiding a 2.5% NSR over its Whim Creek JV interest)
Word on the Decline
As tantalite prices rip to two-decade highs, the private equity money smells an exit
We’re hearing RCF has dusted off another sale process for Global Advanced Metals, this time with KeyBanc running point. It’s not the first attempt. RCF has held its controlling stake in GAM for as long as we can remember and already shopped it in 2023, chasing a billion-dollar outcome
GAM controls ~60% of the global tantalum supply chain which features a concentrator at Greenbushes plus refining facilities in USA and Japan
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
Unstable equilibrium (Fred’s Corner) Update on Oil and Commodities from a former commodity trader
Let's Torque Emmerson (Strictly Boardroom)
Iran ends ‘frothy bull market’. Ray Dalio fears a much bigger rupture (AFR)
Strain on fuel supply is putting exploration and mining operations at risk (AMEEC)
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Today’s Top Tweet
Ownership & Oversight
PRU ($6.9B) - AustralianSuper lifted its Perseus stake to 6.3% from 5%
RSG ($2.9B) - First Sentier bought $42m of Resolute shares on-market to become a 5.1% substantial holder
KCN ($1.6B) - Kingsgate appointed Greg Orrell & Kerry Stevenson as independent NEDs
SRL ($1.4B) - Valvino Lamore LP sold $79m of Sunrise Energy on-market | investment vehicle of billionaire Steve Wynn of Wynn Resorts
ORE ($1.3B) - Helikon bought ~C$15m of Orezone shares, lifting their stake to 10%
AEU ($174m) - Colomi Singapore, McRae Investments and Colomi Iron Australia sold $1.7m of Atomic Eagle shares, ceasing to be substantial | signed by Jock Packer of Packer & Co… Investment vehicles of Packer+Clough?
Devil’s in the Detail
Honestly, a damn clever way to maximise the probability of a positive decision and expedite the project. Alignment with the government.
