The Pre-Start
CMM ($5.6B) - Capricorn Metals received EPBC approval for the Mount Gibson gold project, enabling final WA approvals with a December-quarter start targeted | ▲ 4%
CYL ($1.4B) - Catalyst Metals commenced underground development at Trident, WA, targeting first stoping ore in H1 CY2027 and a 60koz Au run-rate
ARU ($1.3B) - Arafura signed a 5-year 500tpa NdPr offtake and lenders are at final credit approvals, but ASX denied a waiver for NRFC convertible notes
BNZ ($801m) - Benz linked Zone 126 and Zone 102 at the Hurricane camp, WA, with 70m at 2.9 g/t gold from 214m
TVN ($624m) - Tivan awarded an ECI contract to MDM Mining & Civil for access road design at the Speewah Fluorite project, WA | ▲ 6%
ASL ($396m) - Andean Silver updated Cerro Bayo MRE to 20Mt at 211 g/t AgEq for 136Moz AgEq, with 60Moz indicated
NVA ($277m) - Nova Minerals reported bench-scale flotation on Korbel ore yielding 14.7–26.7 g/t Au concentrates at >95% recovery with 2–3% mass pull
BKY ($219m) - Berkeley Energia said the ICSID tribunal will bifurcate arbitration against Spain over Salamanca, with jurisdiction first and a US$1.3B claim
CXU ($196m) - Cauldron set a revised Exploration Target of 89.7–269Mlb eU₃O₈ for the Yanrey uranium project, WA, excluding 55.6Mlb resources
HGO ($180m) - Hillgrove hit 24m at 1.7% Cu + 0.5 g/t Au from 816m at Kavanagh
QGL ($135m) - Quantum Graphite obtained environmental approvals for Al Buraimi graphite refinery in Oman to build 100ktpa facility for Uley 2 con
BCM ($92m) - Brazilian Critical Minerals's BFS for Ema Rare Earth sets post‑tax NPV₈ at US$1.5B, capex US$74m and opex US$8.8/kg TREO
LAC ($75m) - Lac Gold hit 64.5m at 3 g/t gold from 275.8m at Astoria within the Rouyn Gold project, Quebec
AON ($65m) - Apollo Minerals will list on Euronext Growth Paris with trading from 30 June under ALAON
LM8 ($65m) - Lunnon Metals reported infill drilling at Hustler with 11m at 2.4 g/t Au from 24m; MRE update and permitting underway
OR3 ($65m) - Ore Resources says studies for DSO/domestic ore sales at the Kangaroo Hills Lithium project are due H2 CY2026
TNR.V (C$58m) - TNR Gold launched a modest NCIB to buy back up to 7.15m shares, framing the stock as undervalued versus its royalty exposure to Mariana lithium, Los Azules copper and Josemaria
WCN ($44m) - White Cliff Minerals returned 19.8m at 0.7% Cu from 111m at Danvers 1, extending mineralised footprint 218m southwest
MTH ($42m) - Mithril upgraded the mine-constrained, diluted MRE at Target 1, Copalquin, reporting 3.4Mt at 3.15 g/t gold and 77.8 g/t silver indicated, totalling 464koz AuEq
LMG ($41m) - Latrobe Magnesium said its demonstration plant construction is 33% complete, with first magnesium production targeted in H2 CY2026
GA8 ($40m) - GoldArc Resources completed phase-one grade control at Mt Stirling, advancing mine planning pending MDCP approval
LEX ($33m) - Lefroy started a scoping study for the Mt Martin Gold project (9.1Mt at 1.6 g/t Au, 460koz), targeting completion by the September quarter
High Grade It
Mercuria signs $30m uranium financing deal with Malawi miner Lotus for 3Mlb over 30 months (Bloomberg)
Queensland to review clean-up fees for small mining explorers (AFR) Not negligible for those juniors!
Manufacturing Australia issues its demands as Bowen’s gas reservation policy faces crunch with LNG exporters (Australian)
Canada & Japan discuss joint mining projects and stockpiling for critical minerals like graphite & gallium (MiningMX)
Energy Transition Minerals slams Greenland as ‘not open for business’ after licence rejection (Australian)
Cobalt miners in the DRC will be required to surrender unused export quotas (Bloomberg)
Chinese copper smelters reject Antofagasta's spot-indexed ore pricing proposal, fearing financial strain (Reuters)
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Barrenjoey, Morgans launch $84m block trade in BMC Minerals (AFR) At $2.85/share - BMC UK selling 10.8% stake
IGO ($5.5B) - IGO acquired the remaining 49% of Copper Wolf in Arizona from Buxton Resources for $6.2m
DYL ($1.4B) - Deep Yellow to acquire ERA's 50% of the Cooper Creek JV in the Alligator Rivers Uranium Province, NT, for $648k
EZL ($208m) - Euroz Hartleys will sell its Capital Markets business to BMO Financial Group for $145m and return post-tax proceeds to shareholders (mostly fully franked dividend)
CLA ($19m), Celsius will sell its 95% stake in the Namibian Opuwo cobalt-copper project to Chinalco for US$15m, proceeds earmarked for its Philippine MCB copper-gold project | ▲ 25% the non-core project sells for more than its market cap…
Wiluna Mining opens $200m IPO after billionaire stoush (AFR) EV of $320m - shares to be sold at 65 - 70c
Mercuria signs first uranium financing deal with Malawi miner Lotus (Bloomberg)
VTX ($33m) - Vertex completed $9m convertible loan funding convertible at the lesser of $0.14 and 5‑day VWAP with 1‑for‑3 $0.15 options
Tactical Resources is de-SPACing onto Nasdaq at US$500m pre-money equity to advance its Peak rare earths project in West Texas (Mining.com)
Word on the Decline
West African Resources may be the gold stock Chinese buyers should like, provided they can stomach the flag next to the ounces. Ghana has become awkward. Burkina is different. It is less institutional, more sovereign, but arguably more aligned with Beijing’s orbit.
That makes Zijin the obvious name. It wants African gold, has already moved on Akyem and Allied, and WAF offers what Allied does not: one big operating platform, serious cash flow and a valuation still carrying a Burkina discount.
WAF could do three things: sell, buy with SOPAMIB’s blessing, or do nothing and print cash. A full Zijin bid feels premature while Allied is still stuck in Beijing. But we think the two companies have held talks in the past.
Got Word on the Decline? Reply or email [email protected]. We will always take your privacy seriously.
Ownership & Oversight
In the Weeds
The fundie who delivered 90% last year has a new stock on his watchlist (Livewire) Rick Squire: Comet Ridge, Meeka, DevEx
Mark Creasy orchestrates mergers among small Australian miners, signaling a trend of consolidation (Dryblower)
China will lead both renewable energy and coal consumption (Reuters oped)
Argonaut Funds Management's David Franklyn shares resource sector investing strategies amid volatile market conditions (Stockhead)
How South Africa became 3rd world (YouTube documentary)
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