The Pre-Start
GLEN.L (£67B) - Glencore closed its agreement with Gécamines for land access at Kamoto Copper (DRC)
CIA ($2.8B) - Champion Iron is in a trading pause pending an announcement
DVP ($2.0B) - Develop targets June FID for an 850kt lithium DSO at Pioneer Dome, with $35-40m capex to be debt-funded via offtake | 3rd lithium supply announcement this week?
FRS ($753m) - Forrestania reported 21m at 2.5 g/t gold from 21m at Lady Lila
GLN ($548m) - Galan completed commissioning at HMW with first processed LiCl brine, targeting H2 2026 LiCl concentrate sales
BTR ($384m) - Brightstar reported visible gold in several drillholes at Two Mile Hill, Sandstone, with assays pending
BOC ($289m) - Bougainville said KPMG resigned as auditor
GRX ($282m) - GreenX defined an Exploration Target at Tannenberg of 144–279Mt at 0.9–1.4% copper, 15–21 g/t silver (1.3–3.9Mt Cu; 69–188Moz Ag)
WWI ($230m) - West Wits completed the 1 West decline at Qala Shallows, accessing 2 Level stopes; expanded scoping study due end‑July 2026
MEU ($120m) - Marmota reported 9m at 7.1 g/t gold from 82m at Greenewood | ▲ 18%
AA2 ($117m) - Ariana reissued its Dokwe PFS with a reasonable basis statement, showing post-tax NPV₁₀ US$740m at US$4,250/oz and capex US$164m
GHM ($116m) - Golden Horse drilled 12m at 7 g/t gold at Hopes Hill North, a 1km step-out, putting mineralisation at >3km strike
CXU ($100m) - Cauldron set a 9–42Mlb U₃O₈ Exploration Target on four acquired Yanrey tenements
CHW ($92m) - Chilwa was commissioned by Lindian to prepare grade-control drill samples at its Zalewa lab for Kangankunde
OSM ($56m) - Osmond reported outcrop channel samples up to 29.3% THM at Orin; consultants will use them in the MRE
PGO ($50m) - Pacgold started irrigating 100kt of re-crushed ore at White Dam and restarted drilling at Vertigo to support a mining restart
GA8 ($48m) - GoldArc reported 1m at 106 g/t gold at Mt Stirling, with grade control results feeding open-pit mine planning
LEL ($42m) - Lithium Energy outlined 23–46Mt at 12–16% TGC graphite Exploration Target between Burke & Mt Dromedary
VKA ($27m) - Viking Mines produced 62.5% WO₃ concentrate at 59.8% recovery at Linka, validating a gravity-plus-flotation flowsheet | ▲ 9%
BDM ($24m) - Burgundy said BC's Supreme Court extended the stay to 28 Jul and approved debtor financing and a sales process for ACDC's assets
High Grade It
US-backed rare earth rivals MP Materials & USA Rare Earths clash over alleged technology theft (FT)
AustralianSuper urges Glencore to consider ASX listing to boost valuation (Reuters)
BHP & Fortescue warn of tougher iron ore contract negotiations with China (West)
Peru presidential candidates' mining plans cast doubt on investment, industry leader says (Reuters)
Get the number before the study. Independent project economics on thousands of mining assets. Built on Costmine cost models. Stress-test any scenario in minutes. |
POSCO to partner with Matt Latimore in Whyalla steelworks bid amid furnace closure (Australian)
BlackRock's Olivia Markham advocates for more mining M&A to attract investors (AFR)
Zambia's ZCCM-IH signs deal with China's Sinoma for lime supply (Bloomberg)
Ionic Rare Earths partners with AML for US magnet rare earth oxide supply (Mining.com)
MAU ($576m) - Magnetic said cash elections in its takeover exceed the cap, triggering scaleback
FEG ($33m) - Far East Gold received an off-market takeover offer from Xingye Gold at $0.13 cash per share | ▲ 39%
VUL ($1.7B) - Vulcan reached financial close on the €2.2B ($3.9B) funding package for Lionheart | ▲ 6%
SHN ($123m) - Sunshine raised ~$8m to fund the Mt Moss acquisition and Liontown start-up
COD ($56m) - Coda is in halt as it raises $4m at 15c
VRX ($32m) - VRX Silica launched an entitlement at 4c (43% discount) to raise up to ~$6m to fund Arrowsmith North | ▲ 10%
Quilla considers IPO after restarting Chapi mine in Peru, needing US$200-300m for upcoming capex (Bloomberg)
Word on the Decline
Our read is that BHP is is trying to engineer a clean exit of Mt Keith and Leinster and the diversified major is very likely to retain major rehab liabilities themselves from their sale
Anyone want to join our consortium to pay $1 if BHP underwrites all holding costs too?
Got Word on the Decline? Reply or email [email protected]. We will always take your privacy seriously.
Ownership & Oversight
PDN ($5.1B) - Kopernik bought $238m of Paladin, becoming a 5.1% holder
AUC ($471m) - L1 bought $8.5m of Ausgold, lifting its stake to 7.5%
TTM ($214m) - Franklin bought $12m of Titan shares, taking its stake to 5%
PEN ($207m) - Davidson Kempner bought $10m of Peninsula, holding 5.4%
SPD ($205m) - Southern Palladium director Lindi Nkosi-Thomas sold $86k of shares
VHM ($87m) - Chris Ellison participated in the placement, now holding 6.2%
ANX ($49m) - Tribeca acquired $2.4m of Anax, becoming a 6.7% holder
In the Weeds
April 2026 Fund performance (Ausyield)
From Geology to Geography (Massif Cap)
The mining boom is back – and Australia is getting in its own way (AFR)
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