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%

  • DVP ($2.1B) - Develop awarded a $70m mining and crushing contract to MLG Oz at Pioneer Dome, WA, with DSO sales in December quarter (MLG ▲ 7%)

  • 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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Wheelin’ n Dealin’

  • 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…

Rattlin’ the Tin

  • 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

  • SRL ($2.7B) - Sunrise director Sam Riggall sold $309k of shares

  • MTM ($288m) - Metallium directors Michael Walshe & John Hannaford bought $121k and $58k of shares

  • PEN ($206m) - Davidson Kempner took a 7.7% stake in Peninsula Energy via off-market conversion of a US$4.2m convertible loan

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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