The Pre-Start

  • RRL ($5.0B) - Regis declared 7Mt at 1.1 g/t Au (270koz) open-pit MRE for Beamish South at Duketon, within a $3.9k/oz pit shell

  • NWH ($3.3B) - NRW's Golding won a $150m, 3-year EHSA with OneSteel and a $41–45m rail-diversion contract for Anglo

  • SMI ($522m) - Santana volunteered a pause in fast‑track approvals to provide additional data, with an RFI pending and statutory timeframes maintained

  • INR ($477m) - Ioneer received a conditional US Army lease for a boron processing facility at Tooele Army Depot, targeting operations by 2028 | ▲ 7%

  • SLS ($275m) - Solstice hit 30.7m at 1.41% Cu, 0.34 g/t Au from 461m at Nanadie, extending mineralisation >300m below MRE | ▲ 17%

  • CAY ($237m) - Canyon needs US$160m for Minim Martap Stage 2, with first bauxite shipment targeted Q4 2026; locomotives delivered

  • TER ($120m) - TerraCom guided to FY26 sales of 1.5Mt coal at $120/t cost (ex-royalty), and is planning >2.0Mt in FY27

  • AQD ($79m) - AusQuest halted RC drilling at the Coober Pedy IOCG project, after completing 3 of 15 planned holes; assays due end-July, with drilling to restart in Q3 using mud rotary

  • CHW ($78m) - Chilwa announced clay-hosted rare earths averaging 525 ppm TREO over ~8km beneath Mposa

  • ASN ($74m) - Anson Resources received a 249D notice to remove Bruce Richardson and Gregory Knox and appoint Andrew Woskett and Erle Spratt

  • AON ($60m) - Apollo secured admission to Euronext Growth Paris

  • MAT ($54m) - Matsa reports AngloGold Ashanti drilling at Lake Carey gold outlined a 2km trend; 14m at 3.13 g/t Au from 153m | ▲ 18%

  • DGR ($31m) - DGR Global will launch an on-market buy-back for up to 10% of shares, holding $61m cash after repaying $40m debt

  • S2R ($30m) - S2 Resources had two ELs granted in Jillewarra JV, WA

High Grade It

  • Indonesia delays setting 2026 nickel production quota to align with downstream demand (Mining.com)

  • Chris Ellison’s brother’s failed garnet bet costs MinRes $260m (AFR)

  • Fortescue seeks to connect Pilbara miners to its green energy power grid (BN)

  • Vale shareholders head to vote after board rejects push to oust chair (FT)

  • WA's EPA approves RameliusRoe project, enabling early mining works this year (BN)

  • ICBC halts retail gold trading services amid market volatility in China (Bloomberg)

  • Fortescue target of sexual harassment class action over mining site culture (AFR)

  • Rio in talks with Vitol over venture to cut freight costs (Bloomberg)

Wheelin’ n Dealin’

  • GMD ($6.5B) - Genesis completed the $639m Magnetic acquisition

  • CXO ($955m) - Core will spin out its gold and non-lithium tenements into Axiant Resources, which plans an $8m–$10m IPO at $0.20; Core to retain ~30%

  • FEG ($65m) - Far East Gold's independent expert found Xingye's $0.13 offer neither fair nor reasonable, valuing shares at $0.324–$0.444

  • CZR ($48m) - CZR will acquire Zuleika Gold via an off‑market scrip offer of 0.1742 CZR per ZAG (valuing ZAG at $45m)

  • Azure nears sale of Avalon and Cawse nickel mines in WA (West)

  • Goldsky closes Agnico deal to become sole owner of Swedish project (Mining.com)

Rattlin’ the Tin

  • HBO.TO (C$13.3B) Hudbay completed its US$52m, 4.5% Copper World bond offering

  • PEN ($231m) - Peninsula eliminated its Davidson Kempner debt via converting US$4.2m into 21.1m shares, US$30m Soul Patts facility remains subject to CPs | Conversion at half of current share price

  • NILI.C (C$190m) Surge Battery Metals completed an upsized C$36m raising

  • Generation Mining nears C$1B funding for copper project in Canada (Mining.com)

Word on the Decline

  • “Non-Core Resources” was a close runner-up name for SpinCo

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Ownership & Oversight

  • BHP ($302B) - BHP split its Americas presidency, appointing Jessica Farrell President North America and interim South America

  • EQR ($1.4B) - EQR said Elmet exercised an option for 20m shares, taking its holding to 23.7m

  • MMI ($514m) - Metro appointed Rudi Cohrssen General Counsel; Robin Bates departs 31 Jul

  • SGQ ($421m) - Hancock bought $19m of St George shares, including $14m off-market

  • CYM ($237m) - Cyprium appointed Christofer Catania as Chief Technical Officer

  • IBR ($87m) - Iron Bear appointed Simon Lill as non-executive chairman

In the Weeds

  • Strikes, soaring costs and M&A await BHP's new CEO Craig (Reuters)

  • "The Greatest Trick the Devil Ever Pulled" (Le Shrub) Since the “Greenspan Put”, we’ve had the Bernanke, Yellen & Powell Put, and now … a hawkish Warsh?! Give me a break.

  • BHP Billiton: 25th Anniversary Special (Bush Valuations)

  • Lowell’s John Forwood highlights shift to 'value over volume' in copper (Stockhead)

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Today’s Top Tweet

Poor fella must’ve thought T2 stood for “terms 2 be revisited” if the price goes down. Honest mistake.

Devil’s in the Detail

  • But the slogan has done a lot of heavy lifting. In that period BHP has merged, demerged steel, bought WMC, built the iron ore cash machine, spun South32, tried shale, quit shale, quit petroleum, trimmed coal, doubled down on copper, and bet the farm paddock on potash.

  • Same bumper sticker. Different truck.

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