The Pre-Start
RMS ($5.9B) - Ramelius produced 53.5koz Au in the June quarter (FY26 192koz within guidance) and closed with $650m cash and gold
PDI ($3.7B) - Predictive Discovery poured 64koz gold in the June quarter, closing with $530m cash and bullion
ALK ($2.0B) - Alkane produced 42.5koz AuEq in the June quarter and 168koz AuEq for FY26 (top half of guidance), closing with $432m cash (+$104m QoQ)
MI6 ($1.7B) - Minerals 260’s PFS for Bullabulling returned NPV₅ $2.3B, 43% IRR, AISC $2.5k/oz and ~150koz Au pa from a 5Mtpa plant, with 2.5Moz reserves and first production targeted Q4 2028
ORE ($1.7B) - Orezone set 2026 guidance for Casa Berardi at 62–67koz gold with AISC of US$2,600–2,800/oz | ▼ 8%
MC2 ($1.1B) - Marimaca extended mineralisation 300m south at Pampa Medina with 40m at 2.04% Cu and 11.1 g/t Ag from 670m
MMI ($552m) - Metro shipped 1.8m wmt bauxite in Q2 and guided CY26 shipments to 6.6–7.1m wmt
INR ($463m) - Ioneer signed non-binding MOUs with KIND (potential equity) and Hyundai Engineering (procurement support) to advance Rhyolite Ridge
AZY ($408m) - Antipa said PFS test-work for Minyari Dome confirms a standalone conventional gold-copper flowsheet with 89–98% gold recoveries and ~22% Cu concentrate, while steeper pit slopes support deeper pit
SVM ($387m) - At Sovereign, Rio Tinto declined operatorship of Kasiya Rutile-Graphite, ending its marketing/pre‑emption rights; it will prioritise a US-focused strategy
BTR ($384m) - Brightstar will update the Sandstone MRE this month, with drilling returning 7m at 6.18 g/t gold from 22m
MM8 ($351m) - Medallion confirmed Teddy Bear as a second gold opportunity at Forrestania, with stockpile drilling averaging 0.95 g/t gold to support early processing studies
NTU ($286m) - Northern Minerals says most shares in the 17.6% Treasurer-ordered divestment remain unsold after 2 July; registry data provided to FIRB
MM1 ($212m) - Midas reported 30.1m at 5.4% CuEq from 326m at the T-13 deposit, Otavi | ▲ 6%
AQD ($71m) - AusQuest reported 10m at 0.37% copper from 176m at the Playa Kali
TNC ($66m) - True North Copper's geophysics extended the Aquila copper target to ~1.8km strike, with drilling underway at Mt Oxide and first assays expected late July
EMH ($62m) - European Metals flagged replacing DFS rotary kilns with a tunnel kiln at Cinovec, potentially saving US$112m capex and US$10m pa opex; decision due Q4 2026
DRX ($60m) - Diatreme's partner Sibelco exercised a call option, injecting $4.4m into Cape Silica and restoring stakes to 73.2%/Diatreme, 26.8%/Sibelco
CZR ($48m) - CZR reported 9m at 2.67 g/t gold from 166m, Top Camp, Croydon gold project; rock chips to 16.7% Cu
DGR ($30m) - DGR Global said the Panel ordered Tenstar Trading not to deal in its shares for up to 2 months
CPN ($26m) - Caspin reported 20m at 2.11% Sn from 107m at Kelpie's Errols Zone, outside the current resource at Bygoo Tin | ▲ 25%
China's CATL secures safety permit to restart Jianxiawo lithium mine after year-long suspension (Mining.com)
Chile's Codelco struggles with $25B debt amid lowest copper output in 28 years (Bloomberg)
De Beers implements significant diamond price cuts amid declining buyer interest (Bloomberg)
China central bank boosts gold reserves by 480koz in June, largest rise since 2023 (Mining.com)
BHP secures environmental approval for $15B copper expansion at Escondida (SMM)
Mining companies model their own costs. WOODY's number tells the real story. WOODY rebuilds each project's costs independently and ranks them on one curve, so you see how they really stack up. |
LRV ($662m) - Larvotto said Hammer's NBIO from Austral hasn't triggered its 5‑day matching right, and Hammer still recommends the Larvotto scheme
CBE ($319m) - Cobre will invest US$12m in Sierra Atacama to lift its interest in Sierra Atacama to 54.4%, with options amended to enable 63.5% by Dec 2026
ZNC ($62m) - Zenith reaffirmed its unanimous recommendation to accept Forrestania's scrip takeover
PGO ($50m) - Pacgold seeks GM approval to sell the Alice River Gold and St George Gold-Antimony assets to Manda for $16m scrip
DES ($32m) - DeSoto and Fortuna's JV High Guinea Gold signed an HOA to acquire seven gold projects in the Siguiri Basin, Guinea for staged consideration up to US$605k
Caterpillar acquires Skycatch to enhance AI-powered mining technology with spatial data and digital twin capabilities (Mining.com)
Sibanye-Stillwater eyes new gold acquisitions in Africa for future growth (MiningMX)
Word on the Decline

Headline from MiningMX overnight
One day, Sibanye is going to have to bite the bullet and buy the 49.9% of DRD Gold it doesn't already own. It's too good a business to leave half-owned.
Elsewhere in Africa, Gerald Group has wrestled control of the Soremi gold project from China's CNG in the Republic of Congo. If anyone was going to pull that off, it was a commodity trader.
Got Word on the Decline? Reply or email [email protected]. We will always take your privacy seriously.
Ownership & Oversight
GGP ($8.0B) - Greatland appointed Nick Strong as COO from Oct, with Otto Richter moving to CTO
ORE ($1.7B) - Orezone’s former director Joseph Conway did not stand for re-election
ARU ($1.3B) - Arafura appointed Angela Bigg CFO from Aug
VHM ($86m) - Ellison ceased to be a substantial holder in VHM after selling $854k of shares
In the Weeds
Chris Ellison’s stealth $10m airline buyout (AFR’s Rear Window)
The ASX crackdown on mining company announcements (Strictly Boardroom)
Liberal frontbencher gorges on nuclear freebies (AFR’s Rear Window)
James Aitken on why the price of AI will pop, Kevin Warsh, gold and inflation (BTBS Pod) When James speaks, we tune in
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Devil’s in the Detail

Remember when pre-production capex was pre-production capex?



