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)
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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)
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.
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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 ($38m) - QIC became a 12.4% holder in QMines
In the Weeds
Leaked documents from BHP (Four Corners)
George Orwell on Mining — Kind of… (Strictly Boardroom)
Inside the Fortescue vs BHP war in the Pilbara (AFR)
A Penny for Your Thoughts… and a Ton of Copper (Fred’s Corner)
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Today’s Top Tweet
Devil’s in the Detail
The latest Celsius ($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…



