The Pre-Start

  • MAH ($2.0B) - Macmahon secured a 12‑month extension to provide services at Majestic for Black Cat

  • TVN ($681m) - Tivan's Turiscai stream sediments returned up to 434 ppm copper and 0.8 ppm gold

  • GLN ($548m) - Galan Lithium suspended pending Hombre Muerto West commissioning update

  • SVM ($410m) - Sovereign confirmed monazite containing Dy, Tb and Yttrium in Year‑1 pits at Kasiya, recoverable from tailings in the DFS flowsheet, with a study underway on by‑product economics

  • BGD ($225m) - Barton’s Area 51 drilling at Tunkillia returned 43m at 1.8 g/t gold from 39m, indicating potential extensions of the optimised open pit and supporting a PFS targeted by end-2026

  • AA2 ($109m) - Ariana Resources’ revised PFS for Dokwe shows post-tax NPV₁₀ US$740m at US$4.3k/oz gold, US$164m capex and 1.1Moz LoP production

  • E25 ($88m) - Element 25 reviewing US HPMSM plan, renegotiating GM agreements after timeline CPs were not met, prioritising Butcherbird expansion

  • CRS ($87m) - Caprice reported 12m at 3 g/t gold from 118m in a parallel structure at Island, with 50,000m drilling continuing

  • CRI ($73m) - Critica's Jupiter pilot plant achieved a 14x upgrade to 3% TREO concentrate with 95% mass rejection, informing Sedgman's Scoping Study

  • AGR ($44m) - Aguia secured Ministry of Agriculture approval to commercialise Pampafos, with 24tph commissioning underway

  • VRX ($39m) - VRX Silica’s 2026 BFS at Arrowsmith North returned NPV₈ $179.2m from 221Mt at 99.5% SiO₂, with capex up $8.3m

  • NVO ($32m) - Novo regains control of Egina gold project after Northern Star exits earn-in; Northern Star and IMC below 10% and 5%

  • YUG ($32m) - Yugo reported first drilling results at Erak (Sinjakovo), returning 8m at 1.2 g/t AuEq from 26.1m

  • PRX ($27m) - Prodigy’s scoping study for Hyperion outlines 230koz gold, NPV₁₀ $107m at $4,250/oz, capex $24m and AISC $3.4k/oz

High Grade It

  • China halts operations at 109 coal mines after Shanxi disaster, impacting 122Mt capacity (Bloomberg)

  • Outgoing Lynas boss Amanda Lacaze to lead Minerals Council (AFR)

  • BHP cites technology limitations for delaying Pilbara decarbonisation projects (Mining.com)

  • Codelco halts operations in Antofagasta after 6.9-magnitude earthquake (Reuters)

  • NSW approves $700m Copi mine to produce 400kt of mineral sands annually (AFR)

  • Codelco and SQM allocate US$3B for lithium project in Chile (Bloomberg)

New in Mineral Metrics: build custom bubble charts across project data. Learn more about our Mineral Metrics data product.

Wheelin’ n Dealin’

  • ENR ($140m) - Encounter signed a non-binding MoU with Echion and Switch to progress an integrated niobium-lithium battery supply chain in Australia

  • AGC ($48m) - Australian Gold & Copper will acquire New South Resources, owner of the Junee gold project, for 30m shares (~$5.4m), and raise $5m at 15.5c

  • Russia fails to auction Uzhuralzoloto stake for second time amid nationalization efforts (Reuters)

Rattlin’ the Tin

  • SLM ($28m) - Solis entered a trading halt pending a capital raise

  • MNB ($21m) - Minbos executed IDC security for its US$16m facility and lodged a US$4.8m drawdown

  • Vizsla Silver secured a $10m loan from FIFOMI for Panuco project in Mexico (Mining.com)

  • Sunshine Silver targets $2.3B valuation in US IPO to raise $330m for Idaho mine restart (Mining.com)

  • PT Merdeka Gold plans Hong Kong listing to raise at least $500m (Bloomberg)

Word on the Decline

  • We hear the “synergies” touted in the proposed Vault and Regis merger could inspire the next wave of gold M&A. Not because combining two miners suddenly makes trucks drive faster, but because today’s gold price allows ageing assets to be effectively revalued through a merger.

  • Many old mines still sit on balance sheets at stale historical values despite generating vastly higher margins at record gold prices. Resetting that asset base can increase future depreciation deductions and materially reduce cash tax paid. Vault and Regis claim more than A$500 million in tax benefits from the deal alone. Who woulda thought the hottest exploration target might just be deferred tax.

Got Word on the Decline? Reply or email [email protected]. We will always take your privacy seriously.

Ownership & Oversight

  • RSG ($2.9B) - Resolute appointed Gina Jardine to the board; Adrian Reynolds resigned

  • SX2 ($2.6B) - Darren Morcombe & Springtide bought $10m of Southern Cross, lifting to 11.7%

  • WTM ($289m) - Waratah appointed Johan Van Vuuren as NED

  • PEN ($204m) - Soul Patts became a substantial holder in Peninsula at 7.5% after subscribing $10m in the entitlement offer

  • LRM ($89m) - Lion Rock appointed directors Duncan Craib and David Brophy as Robert Boston and Phillip Gallagher resigned

  • KLI ($39m) - Nev Power lifted his stake in Killi to 8.6% via conversion of 7m performance rights

  • QML ($38m) - QIC became a 12.4% holder in QMines

In the Weeds

Were you forwarded this email from someone else?

Today’s Top Tweet

Devil’s in the Detail

  • The latest Celsius ($CLA) announcement is quite something to behold

  • Of all the salaries, fees and ticket clipping we could list, we’ll give you a just a taster

  • Not bad for a $20m market cap company…

Our Latest Show

🟢Spotify | 🟣 Apple | 🟥 Youtube

The End for Australian Exploration?

This newsletter is for general information, education & entertainment. Money of Mine is not licensed and does not know your circumstances. Nothing here is financial, legal or tax advice – seek professional advice and read any PDS before acting. We aim for accuracy but make no guarantees and accept no liability. Views are opinions only and may include forward-looking statements that may not occur. See our Privacy Policy.

Reply

Avatar

or to participate

Keep Reading