The Pre-Start
VAU ($4.2B) - Vault has commenced final commissioning of KoTH stage 1 to lift capacity to 6Mtpa, with first ore to the new crusher on 31 Mar, and stage 2 on schedule for Q2 FY27 to reach 7.5–8Mtpa
NIC ($4.1B) - Nickel Industries reported a contractor fatality during transmission-line construction for the ENC project on the Hengjaya Mines haul road
MI6 ($1.5B) - Minerals 260 said 83.3m shares issued to Norton for Bullabulling will be released from escrow on 3 Apr
BMN ($773m) - Bannerman signed a definitive power supply agreement with NamPower and reported Etango early works with bulk earthworks 66.5% complete, Phase 1 water pipeline 70% and dry plant design 93%
FEX ($272m) - Fenix flagged Geraldton Port’s cyclone closure and diesel supply constraints will delay March-Q shipments & sales, but kept sales guidance at 4.2–4.8Mt, assuming an early-April port restart and normalised fuel supply
STN ($243m) - Saturn appointed Ausenco to complete the Apollo Hill DFS, based on an updated MRE due Q2 CY26, with DFS completion targeted for Q4
WTM ($195m) - Waratah hit 80m at 1.78 g/t gold from 271m at Consols | ▲ 11%
FXG ($138m) - Felix confirmed DSO from Treasure Creek meets U.S. military concentrate spec at 71.9% Sb, with smelting/electrowinning producing metal, and Worley finalising U.S. site selection for tolling targeted H2 2026 | ▲ 11%
ARN ($88m) - Aldoro drilled 603m at 0.8% TREO and 2.4% SrCO₃ at Kameelburg
RML ($86m) - Resolution reported 1.85% WO₃ from a 94kg composite of historical stockpiles at the newly acquired Johnson Creek mill | ▲ 12%
CRS ($69m) - Caprice intersected 11m at 7.1 g/t gold from 353m at Vadrians in the Island gold project, extending the southern zone 100m down plunge
NMR ($65m) - Native Mineral Resources poured 0.6koz gold doré at Blackjack and remains on track to start mining at Podosky in April
NMT ($41m) - Neometals reported silver assays for previously announced copper hits at Rinaldi including 7m at 25.9 g/t silver from 82m (with 1.72% copper)
DGR ($31m) - DGR Global received $45m net from the first tranche of its SolGold sale to Jiangxi, and expects ~$23m more in early April | another discount-to-NAV cash box
JAV ($30m) - Javelin secured an expanded Mining Lease at Eureka, with approval expected within weeks ahead of gold mining under the MEGA JV
EVR ($24m) - EV Resources began refurbishing the grinding circuit at the Tecomatln antimony plant in Mexico, targeting late‑April commissioning
PSL ($24m) - Paterson will recalibrate the Grace MRE after Phase I RC returned 23m at 2.3 g/t gold from 72m | ▼ 9%
High Grade It
Andrew Forrest cautioned CMRG against "creating a cartel" and said it shouldn't "poke a bear," referring to Australia's economy (Bloomberg)
Cyclone Narelle is set to lash Australian LNG and Iron Ore ports
(Bloomberg)Wright Prospecting posts $239m profit from Rio royalties deal (BN)
Nickel prices jumped ~3% after the world’s largest producer Indonesia agreed to tax outbound shipments (Mining.com)
Sparkies vote to strike at BHP’s Pilbara mines in ‘dangerous’ move that could ignite mass union onslaught (West)
Miners slam NSW bans on new coal, greenfield sites exploration (Australian)
BHP’s first iron ore strike in decades over double pay (up to $400k) and own rosters (Australian)
A new paradigm in commodity and currency markets? Perhaps, but we have seen several “new paradigms” since we started in 2004. One resource market paradigm best avoided is as old as time. Capital structure destruction through excessive equity dilution in the pre-production/ramp-up years.
Sensible, well-structured hedging is not about “giving up the commodity upside”; it’s about respecting the facts. Markets are volatile, costs generally increase, mines often underperform the best laid mine plans and the equity market should not be treated like a cash machine.
The cost of hedging related to debt, measured with hindsight, must always be measured against the long-term value of the equity dilution avoided. If you think there’s a better way to get into production and get that debt repaid, other than perpetual right issues, get in touch with the team at Noah's Rule.
Wheelin’ n Dealin’
LYC ($20.2B) - Lynas entered a framework agreement with LS Eco Energy to establish rare earth metal processing in Vietnam, alongside reciprocal ~$30m convertible cross‑subscriptions each, all subject to definitive agreements
ORE ($1.4B) - Orezone closed the acquisition of Casa Berardi and Quebec exploration portfolio from Hecla, paying US$160m cash and issuing 65.8m shares (9.9%)
SBM ($690m) - St Barbara cleared CPs for Lingbao’s investment in New Simberi, targeting 1 Apr 2026 completion
AIS ($503m) - Aeris completed the sale of its North QLD copper assets to Dingo Minerals, receiving $5m cash and $6.5m from bond releases
PSC ($256m) - Prospect lifted its stake in Mumbezhi to 90% after completing a US$4.3m purchase of an extra 5% from GDC Consulting Zambia
CBE ($96m) - Cobre signed definitive agreements with MSB to secure operational control & a pathway to 56% of the Sierra Atacama copper project
BTM ($21m) - Breakthrough completed the 100% acquisition of the North QLD Cu-Au project, adding an 18.8Mt at 1.07% CuEq MRE (200kt CuEq), with consideration of 41.5m shares, 15m performance rights and a 1.8% NSR | ▲ 9%
Rattlin’ the Tin
In the Weeds
How handwritten forms give big investors a 12% hidden edge (AFR)
Matt Latimore 250 List (Australian)
Coercing Right Back at the US (Syncretica) What the war means for Asia
China has already won the Iran war (AFR oped)
Mineral Resources accuses Destec of contempt over videos on website (BN)
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Today’s Top Tweet
Ownership & Oversight
LIN ($1.4B) - Lindian appointed former CFO Teck Lim as NED as Yves Occello resigned
29M ($620m) - BUMA Singapore bought $15m of 29Metals shares, lifting its holding to 22.1%
SVM ($456m) - Sprott ceased to be a substantial holder in Sovereign
INR ($354m) - Ioneer director Tim Woodall bought 200k shares on-market
CTM ($305m) - Centaurus appointed Thiago Costa as Jaguar project director to lead development, targeting FID in Q3 | ▲ 15%
CY5 ($165m) - Ocean Partners lifted its stake in Cygnus Metals to 12.8%
AVL ($79m) - Australian Vanadium appointed James McClements as a non-exec director (co-founder of RCF)
VBX ($60m) - VBX director Ryan de Franck bought $65k on market
LSA ($38m) - Lachlan Star appointed Tony Kiernan as Chair in a board refresh that adds Alan Thom, shifts Gary Steinepreis to NED and sees Brendan Bradley step down | $38m Goyder company, TK is a titan who we only ever see on the Boards of ASX200 companies yet the stock is flat on open. Make it make sense.
Devil’s in the Detail
Fortuitous timing from Vault.
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