The Pre-Start
RIO ($280B) - Rio delivered its first Simandou iron ore shipment while cyclones cut Pilbara shipments by~8Mt; 2026 guidance unchanged
LYC ($20.5B) - Lynas produced 3.2kt REO, including 2kt NdPr in Q3, booked $265m revenue, and closed with $1.1B cash (+$39.1m QoQ)
BTO.TO (C$9B) - B2Gold expects lower Q2 output from Goose mine after fire damage, maintaining full-year guidance of 170-230koz
YAL ($8.7B) - Yancoal produced 9Mt saleable coal, holds cash $2B with guidance retained, but flagged diesel supply risk and costs at the top end
EMR ($4.3B) - Emerald reported 45m at 4.1 g/t gold from 619m at Dingo Range
OBM ($3B) - Ora Banda will include Golden Pole in Waihi R&R updates this quarter after 11.3m at 10.5 g/t gold
SMR ($2B) - Stanmore produced 14Mt metallurgical coal, recorded US$385m underlying EBITDA and a US$47m net loss, and guided 2026 output to 12.8–13.4Mt at US$93–97/t FOB cash costs
MAH ($1.8B) - Macmahon was selected as preferred contractor for CTPJV's Groundrush exploration decline, with a $38m 14-month scope starting Sep Q
RXL ($625m) - Rox hit 5m at 14.2 g/t gold at United North, indicating ounces outside the Youanmi DFS plan
MAU ($586m) - Magnetic lodged updated Mining Proposal and MCP for Lady Julie, adopting a single integrated TSF within the WRD
QTWO.V (C$537m) - Q2 Metals reported a maiden resource at Cisco of 295Mt at 1.36% Li₂O, with the deposit open in all directions
AAR ($342m) - Astral updated Mandilla MRE to 54Mt at 1 g/t gold (1.7Moz), with a maiden 1.3Mt at 1.3 g/t measured resource
BML ($259m) - Boab signed a 6-year diesel supply deal with CGL Fuel, supporting first concentrate in H2 2027
AUE ($256m) - Aurum confirmed mineralisation outside the MRE at BDT2, Boundiali, with drilling including 36m at 1.99 g/t gold from 280m
MKR ($149m) - Manuka commenced crushing/screening at Mt Boppy for Wonawinta, targeting first gold by June and silver in the Sept Q
TLG ($133m) - Talga is advancing funding for Vittangi via a €150m EIB facility, with 5ktpa graphite FEED targeting 2027–28
ARN ($105m) - Aldoro targets updated Kameelburg MRE within two weeks, with drilling returning 57m at 1.85% TREO and 5.56% SrCO₃ from surface
ASN ($96m) - Anson lodged a Small Mining Operations NOI for a 10ktpa Li₂CO₃ plant at Green River, the final major permit before construction
STM ($86m) - Sunstone's Bramaderos gold-copper scoping study returned US$0.9B NPV₇.₅ (post-tax) at US$3.5k/oz and capex US$511m
ADV ($75m) - Ardiden reported 29.2m at 5 g/t gold from 57m at Astoria, Rouyn
FEG ($46m) - Far East Gold's met tests at Sua, Idenburg achieved ~95% gold recovery via gravity+CIL on 1.1–39.8 g/t composites
CPN ($31m) - Caspin hit 13m at 1.2% Sn from 103m at Kelpie
High Grade It
Australian government urges France to invest in critical minerals projects from scratch (The West)
The Russian Central Bank has sold 700k ounces of gold so far this year, or ~1% of its holding (Mining.com)
Peru reauthorised Southern Copper's $1.8B Tía María project amid election chaos (MW)
Zambia's Mopani & Chambishi copper smelters to shut for maintenance, impacting copper and sulphuric acid supply (Reuters)
BHP warns union resurgence at Pilbara mines may shift investment elsewhere (The West)
Rio Tinto warns of Middle East supply-chain risks (Reuters)
The Collective Property Fund offers exposure to a diversified portfolio across multiple sectors, locations and asset classes, designed to deliver consistent monthly income and long-term performance. With $40M+ units already issued and backed by real, income-generating assets, the fund is built for stability.
For wholesale investors seeking flexible, diversified property exposure through a strategy-led approach, we invite you to review The Collective and see whether it aligns with your investment objectives.
Wheelin’ n Dealin’
USA Rare Earth said it will buy Brazilian rare earths miner Serra Verde in a cash-and-stock deal worth US$2.8B, months after the US gov’t took a stake in the group (Reuters) USAR ▲ 13%, (Serra Verde is private)
Matt Latimore and Indonesia’s Widjaja family have submitted a joint bid for Sanjeev Gupta’s Tahmoor mine in NSW (AFR)
BHP & Mitsubishi to review QLD coal mines' financial health amid royalty concerns (Bloomberg) we still tip a sale process by year end
WAF ($3.9B) - West African will sell 25% of Kiaka to Burkina’s SOPAMIB for $175m under a government decree, with proceeds intended for a special dividend once completed by end CY26
US companies eye Congo mining assets, including Rubaya, according to State Dept officials (Mining.com) What could go wrong in Kivu!
RUP.TO ($2.8B) - Agnico Eagle is acquiring Rupert Resources at a 67% premium to last close, in a scrip deal valuing it at ~C$2.9B. Rupert shares are valued at C$12, plus contingent consideration of up to C$3 | ▲ 66%
BTO.TO (C$9B) - B2 Gold will sell its 70% interest in its Finnish JV Fingold to Agnico Eagle for US$325m in cash, with Aurion waiving its ROFR
GL1 ($158m) - Global Lithium trading halt pending strategic investment & divestment
Rattlin’ the Tin
MIN ($12.3B) - MinRes priced US$1.3B senior unsecured notes (6%/6.25%) to refinance debt and repay its iron ore prepayment, reducing its average cost of debt to 7.4% and extending tenor to 5 years
RML ($168m) - Resolution in halt pending a capital raise
FRB ($40m) - Firebird is in a halt pending a funding agreement announcement
The US government's Project Vault is to closing the first funding tranche for its critical minerals reserve (Reuters)
Sunshine Silver plans US$400m IPO to reopen Idaho's Silver Valley mine (Bloomberg)
Banyan raised $34m for exploration at AurMac (Mining.com)
New Found Gold secures $150m for Queensway project, starting 2027 (NM)
AIM Mining proposes $105m capital raising for Wiluna Mining to pay down debts (The West) alternative to IPO proposed by Creasy
Word on the Decline
So much activity in the last 24 hours that is worthy of some deal speculation.
Firstly, the Q2 Metals maiden resource today is special. We’re sure the brokers have been pitching hard to list it on the ASX for months. The PMET case study slide will be in every deck.
Then there’s the acquisition of Serra Verde by USA Rare Earths today for US$2.8. It’s a big win for the private equity groups Vision Blue and Denham Capital. And while the Brazilian ionic clay project has yet to really hit its straps operationally, the deal validates the prospects of corporate activity for ASX developers Viridis (▲ 22%) and Meteoric (halted, raising capital).
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
Stockpiling returns as a metal-price driver (Dryblower)
Just how copper equivalent are the major diversified miners? (Mining Valuation Substack)
Minerals Council forgets whose side it wants to be on (AFR Rear Window)
Were you forwarded this email from someone else?
Today’s Top Tweet
Market largely shrugging this one off (only down 1%)
Ownership & Oversight
Devil’s in the Detail
On the Serra Verde acquisition by USA Rare Earths today, pay attention to the SPV that gets the offtake.
The SPV is the best seat at the table here. 100% supply with downside-protected pricing. We’d love to know who the private investors are!
Our Latest Show
