The Pre-Start
DPM ($12.3B) - DPM produced 245koz gold and 30Mlb copper in 2025 at AISC of US$1,121/oz, generated US$505m free cash flow with US$498m cash (no debt), and guides to 305-365koz GEO in 2026 as Vares ramps to 850ktpa by end-2026
RMS ($7.4B) - Ramelius produced 38koz gold, reiterated mid-point FY26 guidance and closed with $607m cash & gold, while flagging current diesel prices (~$2.10/L vs $0.95 assumed) may require AISC guidance updates
CMM ($5.3B) - Capricorn produced 30koz gold, closed with $508m cash (+$50m QoQ), and remains on track for the upper end of FY26 guidance
RXR ($1.8B) - Robex produced 39koz gold at Kiniero in Q1 as ramp-up continued, closed with US$255m cash and bullion, and Nampala produced 10koz
MC2 ($1.2B) - Marimaca reported complete silver assays from the Pampa Medina deposit, including 74m at 1.62% copper and 11.9 g/t silver from 162m
CXO ($758m) - Core awarded a $50m surface mining contract to NRW to restart open-pit mining at Grants within Finniss, targeting ore production in May, ~134kt of SC5 from ~784kt of ore, and first spodumene shipment early in the Dec Q, with BP33 box cut works underway
CHN ($615m) - Chalice appointed Odin as strategic advisor, with Mark Cutifani & Tony O'Neill joining its advisory board to advise on strategy, technical review and capital markets
WC8 ($543m) - Wildcat extended the Bolt Cutter Central discovery ~300m north to a 2.3km footprint and reported metallurgical-core assays including 9.4m at 1.3% Li₂O from 23m
SGQ ($503m) - St George reported 179m at 4.3% TREO and 0.8% Nb₂O₅ from surface at Araxa | ▲ 8%
MTM ($449m) - Metallium completed a U.S. Department of War SBIR Phase I demonstrating recovery of gallium from semiconductor and e‑waste using its FJH process
MMI ($442m) - Metro maintained CY26 guidance at 6.6–7.1Mwmt bauxite from Bauxite Hills, shipped 100kwmt in March after 7 lost days to Cyclone Narelle, with barging expected back at full capacity mid‑April
LOT ($389m) - Lotus suspended processing at Kayelekera after a fire damaged two electrical control panels, expects about 3 weeks' downtime with mining continuing, and still targets steady‑state U₃O₈ production in Q2 | ▼ 8%
BM1 ($311m) - Ballard set an H1 CY27 FID target for the Mt Ida gold project, held unaudited $75m cash, with a maiden Baldock Ore Reserve due mid-CY26
BHM ($238m) - Broken Hill Mines produced 78.6koz silver, 2.5kt lead and 3.1kt zinc in the March quarter
6KA ($214m) - 6K Additive broke ground on a Burgettstown campus expansion to lift metal powder capacity to 1kt pa
CVV ($182m) - Caravel delayed the Caravel copper project DFS by 3 months to Sep 2026 to complete groundwater bore installation and ERD updates
DLI ($154m) - Delta Lithium rejected an AFR-quoted $93B in‑ground rubidium valuation at Mt Ida as non‑compliant | ▲ 7%
MLG ($124m) - MLG Oz secured new work and extensions expected to add $20.0m pa, including a five‑year Gruyere site‑services extension ($4.0m pa), a mobile crushing contract with Northern Star to Sep 2028, and a $6.0m three‑month civil job for Endurance Mining starting Apr '26
ETM ($119m) - Energy Transition Minerals received a draft decision that Greenland will recommend declining renewal of the Kvanefjeld exploration licence, which it will contest; separately, it secured Spanish FDI approval for the Penouta tin-tantalum mine acquisition pending licence transfer
PHO ($66m) - PhosCo intersected 42.5m phosphate from 37.5m at KM, with maiden MREs for KM and SAB due in April to feed an updated scoping study for the Gasaat project
MYE ($59m) - Mastermyne executed 12‑month extensions to its Anglo American contracts covering 3 QLD operations to Apr 2027, estimating $50m revenue
ODY ($52m) - Odyssey Gold lodged an NVCP application for the Tuckanarra gold project
FEG ($50m) - Far East Gold will pause exploration at Woyla after failing to agree a direct path to 100% ownership, retaining 51% with no FS commenced
PL3 ($43m) - Patagonia reported 5m at 219 ppm lithium from 165–170m at Formentera, with RBRC tests indicating 9.1–18.0% drainable porosity | ▼ 6%
GA8 ($31m) - GoldArc reported RC infill results at Eclipse in the Leonora South gold project, led by 4m at 9.4 g/t gold from 46m
MRZ ($31m) - Mont Royal said the updated Ashram PEA is 80% complete
High Grade It
France pulled its last gold held in US out for US$15B gain (Mining.com)
Kenya has invited expressions of interest in its prized deposit of rare earths at Mrima Hill (FT)
Two tankers carrying LNG from Qatar appear to be attempting to exit the Persian Gulf via the Strait, for the first time since in a month (Bloomberg)
Panama to authorise First Quantum to export stockpiled ore from Cobre Panama (Mining.com)
Japan PM Sanae Takaichi plans Australia visit to discuss rare earths supply chains (Reuters)
Tronox seeks expedited approvals for WA rare earths plant with US$600m funding (The West)
Turkey's gold reserves plummet by 118t amid Iran war fallout (Mining.com)
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Wheelin’ n Dealin’
Altius acquires 9.9% stake in TNR Gold for C$4.2m (Mining.com)
Versamet acquired a $360m gold stream from Skeena Resources' Eskay Creek project (Mining.com)
CMOC and Zijin join CCECC in US$1.24B upgrade of Tazara railway in Tanzania (Mining.com)
Rattlin’ the Tin
RXL ($653m) - Rox executed a $350m syndicated debt package to fund the Youanmi gold project, targeting first drawdown in Q3 2026 and first pour mid-27
Barrick engaged Goldman Sachs for IPO of North American gold mines (Mining.com)
Tharisa seeks US$300m from US, European lenders for Karo platinum project in Zimbabwe (MiningMX)
Word on the Decline
Does anyone have intel that IGO and Tianqi’s Kwinana refinery may have finally turned a corner? We heard one bit of information that leads us to think it might have. But a turnaround still seems so incredibly unlikely that we are reluctant to believe it without more intel just yet…
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
Strait of Hormuz: A Citrini Field Trip (Substack) Analyst #3 on Assignment
Waking the Hegemon (Cample Ramble) Great read. “We remain positioned defensively, and we remain worried. Not about crude. About everything crude feeds.”
Rio’s Matt Holcz is on a $20b, two-decade mine opening treadmill (AFR)
The investors reaping huge rewards as soaring gold price creates paper fortunes (Australian)
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Ownership & Oversight
LIN ($1.3B) - Lindian appointed Derek Bideshi as CFO
BMN ($816m) - Sprott lifted its stake in Bannerman to 12.6% via on‑market buying
A1G ($572m) - African Gold director Silvia Bottero sold $1.8m of shares off-market and now holds no shares
TOK ($412m) - Tolu Minerals director Larry Andagali sold 1m shares on‑market via LLA Investments for $1.5m and now holds 10.4m shares (direct and indirect)
POL ($226m) - Jupiter sold $4m of Polymetals shares, reducing its stake to 9.8%
MM1 ($163m) - Acorn Capital bought $1.8m of Midas shares to become a 6% holder
MTC ($85m) - MetalsTech received a requisition from >5% holder Minerva to convene a meeting to vote on removing director Candice Stevenson
CLA ($52m) - Celsius appointed Bardin Davis as MD
VML ($33m) - Vital Metals lifted MD Lisa Riley's base pay to C$441k
Devil’s in the Detail
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